Greasy Grass Ltd - Period Ending 2014-06-30

Registration number: 03928744

Greasy Grass Ltd

Unaudited Abbreviated Accounts

for the Year Ended 30 June 2014
 

Lewis and Co Chartered Accountants
19A Goodge Street
London
W1T 2PH

Greasy Grass Ltd
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Greasy Grass Ltd
for the Year Ended 30 June 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Greasy Grass Ltd for the year ended 30 June 2014 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Greasy Grass Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Greasy Grass Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Greasy Grass Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Greasy Grass Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Greasy Grass Ltd. You consider that Greasy Grass Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Greasy Grass Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Lewis and Co Chartered Accountants
19A Goodge Street
London
W1T 2PH

Date:.............................

Page 1

Greasy Grass Ltd
(Registration number: 03928744)
Abbreviated Balance Sheet at 30 June 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					30,481			73,485
Current assets
Debtors					36,397			28,122
Cash at bank and in hand					9,757			88,220
					46,154			116,342
Creditors: Amounts falling due within one year					(58,922)			(79,338)
Net current (liabilities)/assets					(12,768)			37,004
Net assets					17,713			110,489
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					17,613			110,389
Shareholders' funds					17,713			110,489

For the year ending 30 June 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 26 March 2015

.........................................
Mr Frederick Scott
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Greasy Grass Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 June 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% straight line
Fixtures and fittings	25% straight line
Office equipment	25% straight line
Improvements to property	10% straight line

Research and development

Research and development expenditure is written off as incurred.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 3

Greasy Grass Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 June 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 July 2013		396,659			396,659
Additions		501			501
At 30 June 2014		397,160			397,160
Depreciation
At 1 July 2013		323,174			323,174
Charge for the year		43,505			43,505
At 30 June 2014		366,679			366,679
Net book value
At 30 June 2014		30,481			30,481
At 30 June 2013		73,485			73,485

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary of £1 each		100			100			100			100

Page 4