Greensea Hydroponics & Plant Lighting Lt - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05578181 (England and Wales)

Unaudited Financial Statements

for the Period 29 September 2016 to 27 September 2017

for

Greensea Hydroponics and

Plant Lighting Limited

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTOR:

Mr J D Human

SECRETARY:

REGISTERED OFFICE:

25 Rowan Walk

Mildenhall

Bury St Edmunds

Suffolk

IP28 7PP

REGISTERED NUMBER:

05578181 (England and Wales)

ACCOUNTANTS:

Knights Lowe

Chartered Accountants

Eldo House, Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

FIXED ASSETS

Tangible assets

5

2,748

3,388

CURRENT ASSETS

Stocks

15,007

12,702

Debtors

6

1,661

1,647

Cash at bank and in hand

350

452

17,018

14,801

CREDITORS

Amounts falling due within one year

7

57,630

49,487

NET CURRENT LIABILITIES

(40,612

)

(34,686

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(37,864

)

(31,298

)

CAPITAL AND RESERVES

Called up share capital

10

50,600

50,600

Retained earnings

(88,464

)

(81,898

)

SHAREHOLDERS' FUNDS

(37,864

)

(31,298

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 27 September 2017.

The members have not required the company to obtain an audit of its financial statements for the period ended 27 September 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 20 August 2018 and were signed by:

Mr J D Human - Director

1.	STATUTORY INFORMATION

Greensea Hydroponics and Plant Lighting Limited is a private company, limited by shares , registered in England

and Wales. The company's registered number and registered office address can be found on the Company

Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the period ended 27 September 2017 are the first that are prepared in

accordance with FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK

GAAP, the date of transition to FRS 102 Section 1A is 30 September 2015.

There are no transitional adjustments upon adoption of FRS 102 to be disclosed.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Property improvements

-

20% on reducing balance

Fixtures and equipment

-

15% on reducing balance

Website

-

20% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other accounts receivable and payable, or other related parties.

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value

of the future payments and subsequently at amortised cost using the effective interest method. Debt

instruments that are payable or receivable within one year, typically trade payables or receivables, are

measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected

to be paid or received. However if the arrangements of a short-term instrument constitute a financing

transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of

interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset

or liability is measured, initially and subsequently, at the present value of the future payment discounted at a

market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period

for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is

recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an

asset's carrying amount and the present value of estimated cash flows discounted at the asset's original

effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any

impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference

between an asset's carrying amount and best estimate, which is an approximation of the amount that the

company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an

enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to

realise the asset and settle the liability simultaneously.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except

to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the period end and that are expected to apply to the

reversal of the timing difference.

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.

Leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Impairment

At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but

excluding investment properties, are assessed to determine whether there is an indication that the carrying

amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is

an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use

and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is

lower, the carrying amount of the asset is written down to its estimated recoverable amount and an

impairment loss is recognised in profit and loss.

Going concern

The company has negative reserves and a net current liabilities position on the balance sheet. It is reliant upon

the support of the director to continue trading. The director has confirmed his support for the company for a

period of at least 12 months from the balance sheet date therefore the accounts are prepared on a going

concern basis.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 (2016 - 2 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 29 September 2016

and 27 September 2017

6,645

13,823

20,468

DEPRECIATION

At 29 September 2016

6,024

11,056

17,080

Charge for period

124

516

640

At 27 September 2017

6,148

11,572

17,720

NET BOOK VALUE

At 27 September 2017

497

2,251

2,748

At 28 September 2016

621

2,767

3,388

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

1,661

1,647

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loan and overdraft

9,983

8,414

Trade creditors

13,301

12,353

Taxation and social security

2,810

1,713

Other creditors

31,536

27,007

57,630

49,487

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2017

2016

£

£

Between one and five years

5,200

5,200

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdrafts

9,983

8,414

Company bank borrowings are secured by way of a director's personal guarantee.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

1,265

Ordinary

£40

50,600

50,600

11.	FIRST YEAR ADOPTION

There were no transitional adjustments arising upon adoption of FRS 102.