Dales Garden Services Limited Filleted accounts for Companies House (small and micro)

Dales Garden Services Limited Filleted accounts for Companies House (small and micro)

DALES GARDEN SERVICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04544446
Dales Garden Services Limited
Filleted Unaudited Financial Statements
30 September 2020
Dales Garden Services Limited
Statement of Financial Position
30 September 2020
2020
2019
Note
£
£
Fixed assets
Intangible assets
5
1
1
Tangible assets
6
18,210
12,197
--------
--------
18,211
12,198
Current assets
Stocks
780
780
Debtors
7
1,661
6,662
Cash at bank and in hand
9,450
11,981
--------
--------
11,891
19,423
Creditors: amounts falling due within one year
8
3,731
7,213
--------
--------
Net current assets
8,160
12,210
--------
--------
Total assets less current liabilities
26,371
24,408
Creditors: amounts falling due after more than one year
9
22,000
22,000
Provisions
3,460
2,317
--------
--------
Net assets
911
91
--------
--------
Capital and reserves
Called up share capital
15
15
Profit and loss account
896
76
----
----
Shareholders funds
911
91
----
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Dales Garden Services Limited
Statement of Financial Position (continued)
30 September 2020
These financial statements were approved by the board of directors and authorised for issue on 16 November 2020 , and are signed on behalf of the board by:
Mr P Thompson
Director
Company registration number: 04544446
Dales Garden Services Limited
Notes to the Financial Statements
Year ended 30 September 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Beornhow, Barningham, Richmond, North Yorkshire, DL11 7DU.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Motor vehicles
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2019: 2 ).
5. Intangible assets
Goodwill
£
Cost
At 1 October 2019 and 30 September 2020
12,000
--------
Amortisation
At 1 October 2019 and 30 September 2020
11,999
--------
Carrying amount
At 30 September 2020
1
--------
At 30 September 2019
1
--------
6. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 October 2019
41,329
20,220
61,549
Additions
16,500
–
16,500
Disposals
( 3,000)
–
( 3,000)
--------
--------
--------
At 30 September 2020
54,829
20,220
75,049
--------
--------
--------
Depreciation
At 1 October 2019
39,242
10,110
49,352
Charge for the year
3,632
5,055
8,687
Disposals
( 1,200)
–
( 1,200)
--------
--------
--------
At 30 September 2020
41,674
15,165
56,839
--------
--------
--------
Carrying amount
At 30 September 2020
13,155
5,055
18,210
--------
--------
--------
At 30 September 2019
2,087
10,110
12,197
--------
--------
--------
7. Debtors
2020
2019
£
£
Trade debtors
1,661
6,662
-------
-------
8. Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
82
264
Corporation tax
–
2,500
Social security and other taxes
1,214
1,904
Other creditors
2,435
2,545
-------
-------
3,731
7,213
-------
-------
9. Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
22,000
22,000
--------
--------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2020
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr P Thompson
( 7,148)
( 5,000)
5,055
( 7,093)
Mrs A D Thompson
( 7,146)
( 5,000)
5,055
( 7,091)
Mr M W P Thompson
( 9,101)
( 5,000)
5,000
( 9,101)
--------
--------
--------
--------
( 23,395)
( 15,000)
15,110
( 23,285)
--------
--------
--------
--------
2019
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr P Thompson
( 11,059)
3,911
–
( 7,148)
Mrs A D Thompson
( 11,057)
3,911
–
( 7,146)
Mr M W P Thompson
( 9,875)
774
–
( 9,101)
--------
-------
----
--------
( 31,991)
8,596
–
( 23,395)
--------
-------
----
--------