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(1) General Information
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| ALLURE GREENS LIMITED is a private company limited by shares, domiciled and incorporated in England and Wales. Its registered office is 6 Prykes Drive, , Chelmsford, England, , CM1 1TP. |
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(2) Summary of significant accounting policies
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The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
a) Statement of compliance
These individual financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A and Companies Act 2006, as applicable to companies subject to the small companies' regime. These financial statements for the year ended 31 July 2020 are the first financial statements of the company prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A. The date of transition is 01 August 2019. The transition from {Enter old standard} to FRS 102 Section 1A is not considered to have had a material effect on the financial statements. [this paragraph is only used in the first year of transition to FRS 102 1A.]
b) Basis of preparation
The financial statements have been prepared on the historical cost basis and in accordance with the Companies Act 2006. The presentation and functional currency of the company is pounds sterling. The financial statements are presented in pound units (£) unless stated otherwise.
c) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met as described below.
Sale of goods
Sales of goods are recognised when the company has delivered the goods to the customer, no other significant obligation remains unfulfilled that may affect the customer's acceptance of the products and risks and rewards of ownership have transferred to them.
Rendering of services
Rendering of services Revenue from provision of services rendered in the reporting period is recognised when the outcome of a transaction for the rendering of services can be estimated reliably in terms of revenue, costs and its stage of completion of the specific transaction at the end of the reporting period. The stage of completion is determined on the basis of the actual completion of a proportion of the total services to be rendered. When the outcome of a service contract cannot be estimated reliably the company only recognises revenue to the extent of the recoverable expenses recognised.
d) Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation and impairment losses. Part of an item of property, plant and equipment having different useful lives are accounted for as separate items.
Depreciation is recognised so as to write off the cost or valuation of assets (other than freehold land) less their residual values over their useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.
Depreciation is provided to write off the cost less estimated residual value, of each asset over its expected useful life as follows:
| Asset class and depreciation rate | | Land And Buildings | | | Plant and Machinery | | | Short Leasehold Properties | | | Investment Properties | | | Long Leasehold Properties | | | Commercial Vehicles | | | Fixtures and Fittings | | | Equipment | | | Motor Cars | |
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss, and included in other operating income.
e) Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill, plant, property and equipment and investments in group undertakings are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.
If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.
f) 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 debtors, cash and cash equivalents, trade and other payables, and loans and borrowings.
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instruments. Financial assets and financial liabilities are initially measured at fair value.
Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments. These include:
Trade and other debtors
Trade and other debtors are initially recognised at fair value, based upon discounted cash flows at prevailing interest rates for similar instruments, or at their nominal amount less impairment losses if due in less than 12 months. Subsequent to initial recognition, trade and other receivables are valued at amortised cost less impairment losses [or if a trade debt is deferred beyond normal business terms, it is measured at the present value of the future cash flows discounted at prevailing interest rates for similar instruments].
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits. The cash and cash equivalents are stated at their nominal values, as this approximates to amortised cost.
Other financial liabilities
Other financial liabilities are subsequently measured at amortised cost using the effective interest method.
Loans and borrowings
These are initially recognised at fair value, based upon the nominal amount outstanding. Subsequent to initial recognition, they are recorded at amortised cost. Borrowing costs arising on bank borrowings are expensed as incurred within financial expense using the effective interest method.
Trade and other payables
Trade and other payables are initially recognised at fair value, based upon the nominal amount outstanding. Subsequent to initial recognition, they are recorded at amortised cost.
Effective interest method
The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition.
Impairment of financial assets
Financial assets, other than those at fair value, are assessed for indicators of impairment at the end of each reporting period. These financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected. Objective evidence of impairment could include default by a debtor and/or significant financial difficulty of the debtors or counterparty. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
For financial assets carried at amortised cost, the amount of the impairment loss recognised is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.
Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount reported in the balance sheet if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities simultaneously.
Derecognition of financial assets
The company derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. Any interest in such transferred financial assets that is created or retained by the company is recognised as a separate asset or liability.
Derecognition of financial liabilities
The company derecognises financial liabilities when, and only when, the company's obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in profit or loss.
g) Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
Deferred tax
A deferred tax asset or liability is recognised for tax recoverable or payable in future periods in respect of transactions and events recognised in the financial statements of current and previous periods.
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. Timing differences result from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is recognised on all timing differences at the reporting date apart from certain exceptions. Unrelieved tax losses and other deferred tax assets are only 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 liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. |
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(3) Critical accounting judgements and key sources of estimation uncertainty
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No significant judgements have had to be made by management in preparing these financial statements. ******************************************************OR****************************************************************
In the application of the company's accounting policies, the directors of the company are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. The estimates and underlying assumptions are reviewed on an ongoing basis. Actual results may differ from these estimates.
Impairment of land and buildings
Determining whether the company's land and buildings have been impaired requires estimations of its values in use. The value in use calculations require the entity to estimate the future cash flows expected to arise from the use of the asset over its estimated useful life and suitable discount rate in order to calculate present values.
Trade and other receivables
The total carrying amount of trade and other receivables are net of impairment losses after giving consideration to past experience of collecting payments, the number of delayed payments in the portfolio, as well as observable changes in national or local economic conditions. A different assessment of these considerations may result in different values being determined.
Contingent liability
Key assumptions have also been made in respect of a contingent liability for legal action taken against the company and are outlined in Note. |
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(4) Employees
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| During the year, the average number of employees including directors was 0 (2019 : 0) |
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(5) Fixed assets
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| Tangible
£ | Totals
£ | | Cost | | | | As at 01 August 2019 | 1,538,856 | 1,538,856 | | As at 31 July 2020 | 1,538,856 | 1,538,856 | | Depreciation/Amortisation | | | | As at 01 August 2019 | 419 | 419 | | As at 31 July 2020 | 419 | 419 | | Net book value | | | | As at 31 July 2020 | 1,538,437 | 1,538,437 | | As at 31 July 2019 | 1,538,437 | 1,538,437 |
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(6) Loans and borrowings
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| The company has aggregate outstanding borrowing facilities of £ {Please enter amount} ({Please enter year}: £ {Please enter amount}) at the reporting date and is secured by a floating charge over the assets of the company. The loans in respect of the hire purchase agreements are secured against the assets to which they relate. Analysis of creditors falling due after more than five years: | | 01 August 2019 | | 31 July 2019 | | | Aggregate of non-instalment debts that fall due for repayment after five years | {Please enter amount} | | {Please enter amount} | | Aggregate of instalments that fall due for repayment after five years | {Please enter amount} | | {Please enter amount} | | 0 | | 0 |
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(7) Related Party Transactions
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| Amounts receivable from group undertakings - £891,160.24 { Last Year it was £845,760.16} |
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(8) Accountant Notes
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| Due to lack of documentation these accounts prepared based on Directors advise over telephone and as per the bank statements. We don't have any physical documents to check validity of Transactions. |
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