Greasy Grass Limited - Period Ending 2016-12-31

Registration number: 03928744

Greasy Grass Limited

Unaudited Abbreviated Accounts

for the Period from 1 July 2015 to 31 December 2016

 

Greasy Grass 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 Director on the Preparation of the Unaudited Statutory Accounts of
Greasy Grass Limited
for the Period Ended 31 December 2016

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 Limited for the period ended 31 December 2016 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 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 Greasy Grass 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 Greasy Grass Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Greasy Grass 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 Greasy Grass Limited. You consider that Greasy Grass Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Greasy Grass 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.

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

Lewis & Co Chartered Accountants
75 Kenton Street
London
WC1N 1NN

17 September 2017

Page 1

Greasy Grass Limited
(Registration number: 03928744)
Abbreviated Balance Sheet at 31 December 2016

		Note			31 December 2016 £			30 June 2015 £
Fixed assets
Tangible fixed assets					5,340			8,877
Current assets
Debtors					72,594			25,255
Cash at bank and in hand					12,397			27,403
					84,991			52,658
Creditors: Amounts falling due within one year					(70,792)			(60,572)
Net current assets/(liabilities)					14,199			(7,914)
Total assets less current liabilities					19,539			963
Creditors: Amounts falling due after more than one year					(18,792)			-
Net assets					747			963
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					647			863
Shareholders' funds					747			963

For the year ending 31 December 2016 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 17 September 2017

.........................................
F B Scott
Director

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

Greasy Grass Limited
Notes to the Abbreviated Accounts for the Period from 1 July 2015 to 31 December 2016
......... 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 January 2015).

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.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included 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 Limited
Notes to the Abbreviated Accounts for the Period from 1 July 2015 to 31 December 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 July 2015		396,210			396,210
Additions		7,117			7,117
Disposals		(22,434)			(22,434)
At 31 December 2016		380,893			380,893
Depreciation
At 1 July 2015		387,333			387,333
Charge for the period		10,655			10,655
Eliminated on disposals		(22,435)			(22,435)
At 31 December 2016		375,553			375,553
Net book value
At 31 December 2016		5,340			5,340
At 30 June 2015		8,877			8,877

3	Share capital

Allotted, called up and fully paid shares

	31 December 2016						30 June 2015
		No.			£			No.			£
Ordinary of £1 each		100			100			100			100

Page 4