Greenes Of Sussex Limited - Period Ending 2015-10-31

Registration number: 07054769

Greenes Of Sussex Limited

trading as Greenes of Sussex Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 October 2015
 

Kevin Alderton and Team
Chartered Accountants
14 South Way
Newhaven
East Sussex
BN9 9LL

Greenes Of Sussex Limited
trading as Greenes of Sussex Limited
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 Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Greenes Of Sussex Limited
trading as Greenes of Sussex Limited
for the Year Ended 31 October 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Greenes Of Sussex Limited for the year ended 31 October 2015 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 Greenes Of Sussex Limited, 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 Greenes Of Sussex Limited 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 Greenes Of Sussex Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Greenes Of Sussex Limited 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 Greenes Of Sussex Limited. You consider that Greenes Of Sussex Limited 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 Greenes Of Sussex Limited. 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.

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

Kevin Alderton and Team
Chartered Accountants
14 South Way
Newhaven
East Sussex
BN9 9LL

29 July 2016

Page 1

Greenes Of Sussex Limited
trading as Greenes of Sussex Limited
(Registration number: 07054769)
Abbreviated Balance Sheet at 31 October 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					7,545			7,794
Current assets
Stocks					15,000			30,000
Debtors					131,415			82,431
Cash at bank and in hand					29,344			65,739
					175,759			178,170
Creditors: Amounts falling due within one year					(181,392)			(183,890)
Net current liabilities					(5,633)			(5,720)
Total assets less current liabilities					1,912			2,074
Provisions for liabilities					(1,509)			(1,559)
Net assets					403			515
Capital and reserves
Called up share capital		3			2			2
Profit and loss account					401			513
Shareholders' funds					403			515

For the year ending 31 October 2015 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 directors acknowledge their 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 Board on 29 July 2016 and signed on its behalf by:

.........................................
Ms Donna Taplin
Director

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

Greenes Of Sussex Limited
trading as Greenes of Sussex Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2015
......... 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 & machinery	25% on reducing balance
Van	25% on reducing balance
Computer	25% on reducing balance

Research and development

Research and development expenditure is written off as incurred.

Work in progress

Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

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.

Page 3

Greenes Of Sussex Limited
trading as Greenes of Sussex Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 November 2014		13,419			13,419
Additions		2,266			2,266
At 31 October 2015		15,685			15,685
Depreciation
At 1 November 2014		5,625			5,625
Charge for the year		2,515			2,515
At 31 October 2015		8,140			8,140
Net book value
At 31 October 2015		7,545			7,545
At 31 October 2014		7,794			7,794

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		2			2			2			2

4	Related party transactions

Directors' advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
Mr Stephen Paul Reilly
Advances	37,525	26,620	36,871	12,657
Ms Donna Taplin
Advances	41,824	28,309	37,968	12,673

Page 4