Artificial Grass Online Ltd - Filleted accounts

Artificial Grass Online Ltd - Filleted accounts


Registered number
10364075
Artificial Grass Online Ltd
Filleted Accounts
30 September 2017
Artificial Grass Online Ltd
Registered number: 10364075
Balance Sheet
as at 30 September 2017
Notes 2017
£
Fixed assets
Intangible assets 3 9,000
Tangible assets 4 10,645
19,645
Current assets
Stocks 15,000
Cash at bank and in hand 55,098
70,098
Creditors: amounts falling due within one year 5 (72,355)
Net current liabilities (2,257)
Total assets less current liabilities 17,388
Provisions for liabilities (1,099)
Net assets 16,289
Capital and reserves
Called up share capital 10
Profit and loss account 16,279
Shareholders' funds 16,289
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Colin Potts
Director
Approved by the board on 29 June 2018
Artificial Grass Online Ltd
Notes to the Accounts
for the period from 7 September 2016 to 30 September 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2017
Number
Average number of persons employed by the company 3
3 Intangible fixed assets £
Goodwill:
Cost
Additions 10,000
At 30 September 2017 10,000
Amortisation
Provided during the period 1,000
At 30 September 2017 1,000
Net book value
At 30 September 2017 9,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
Additions 685 13,508 14,193
At 30 September 2017 685 13,508 14,193
Depreciation
Charge for the period 171 3,377 3,548
At 30 September 2017 171 3,377 3,548
Net book value
At 30 September 2017 514 10,131 10,645
5 Creditors: amounts falling due within one year 2017
£
Trade creditors 39,302
Taxation and social security costs 7,271
Other creditors 25,782
72,355
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Colin Eric Potts
Loan to/(from) director - 77,713 (100,651) (22,938)
- 77,713 (100,651) (22,938)
7 Related party transactions
The company acquired the business from Colin Potts who was previously a sole trader trading as Artificial Grass Direct, and purchased the net assets for £86,436 (including goodwill) being the value on 1st October 2016. The director considers this to be a fair market value.
8 Controlling party
Colin Potts controlled the company by virtue of his 100% ownership of the company's issued ordinary share capital.
9 Other information
Artificial Grass Online Ltd is a private company limited by shares and incorporated in England. Its registered office is:
225 Dawson Place
Walton Summit Centre
Bamber Bridge
Preston
PR5 8AL
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