Greencore Construction Ltd - Period Ending 2017-05-31
Greencore Construction Ltd - Period Ending 2017-05-31
Registration number:
Greencore Construction Ltd
for the Year Ended 31 May 2017
Beaver House
23-38 Hythe Bridge Street
Oxford
OX1 2EP
Greencore Construction Ltd
Contents
Balance Sheet |
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Notes to the Financial Statements |
Greencore Construction Ltd
(Registration number: 08754406)
Balance Sheet as at 31 May 2017
Note |
2017 |
2016 |
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£ |
£ |
£ |
£ |
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Fixed assets |
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Tangible assets |
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Other financial assets |
203,000 |
203,000 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
Page 1 |
Greencore Construction Ltd
(Registration number: 08754406)
Balance Sheet as at 31 May 2017
For the financial year ending 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
I J Pritchett
Director
Page 2 |
Greencore Construction Ltd
Notes to the Financial Statements for the Year Ended 31 May 2017
General information |
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
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.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
20% reducing balance |
Motor vehicles |
20% reducing balance |
Furniture and fittings |
15% reducing balance |
Page 3 |
Greencore Construction Ltd
Notes to the Financial Statements for the Year Ended 31 May 2017
Office equipment |
Straight line over 3 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Page 4 |
Greencore Construction Ltd
Notes to the Financial Statements for the Year Ended 31 May 2017
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 5 |
Greencore Construction Ltd
Notes to the Financial Statements for the Year Ended 31 May 2017
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 June 2016 |
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Additions |
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- |
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At 31 May 2017 |
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Depreciation |
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At 1 June 2016 |
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Charge for the year |
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At 31 May 2017 |
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Carrying amount |
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At 31 May 2017 |
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At 31 May 2016 |
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Other financial assets (current and non-current) |
Financial assets at cost less impairment |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 June 2016 |
203,000 |
203,000 |
At 31 May 2017 |
203,000 |
203,000 |
Carrying amount |
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At 31 May 2017 |
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203,000 |
Page 6 |
Greencore Construction Ltd
Notes to the Financial Statements for the Year Ended 31 May 2017
Stocks |
2017 |
2016 |
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Work in progress |
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Debtors |
2017 |
2016 |
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Trade debtors |
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Other debtors |
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Less non-current portion |
( |
( |
Total current trade and other debtors |
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Details of non-current trade and other debtors
£605,383 (2016 -£431,818) of the company' s loan to Hempsec Ltd is classified as non current. The loan capital and interest is due to be repaid on 17 December 2018. The loan is secured by a floating charge against all of the assets of Hempsec Ltd including the net assets of Hempsec, and any intellectual property rights, and any rights to future income from franchising agreements which have been signed or will be signed by Hempsec.
Creditors |
Note |
2017 |
2016 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Page 7 |
Greencore Construction Ltd
Notes to the Financial Statements for the Year Ended 31 May 2017
Loans and borrowings |
2017 |
2016 |
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Non-current loans and borrowings |
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Other borrowings |
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Related party transactions |
Transactions with directors |
2017 |
At 1 June 2016 |
Repayments by director |
At 31 May 2017 |
I J Pritchett |
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7% interest, unsecured and repayable on demand |
150,000 |
( |
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2016 |
At 1 June 2015 |
At 31 May 2016 |
I J Pritchett |
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7% interest, unsecured and repayable on demand |
150,000 |
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Loans to related parties
2017 |
Key management |
At start of period |
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Repaid |
( |
Interest transactions |
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At end of period |
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Page 8 |
Greencore Construction Ltd
Notes to the Financial Statements for the Year Ended 31 May 2017
2016 |
Key management |
At start of period |
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Interest transactions |
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At end of period |
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Terms of loans to related parties
Loan capital totalling £130,000 was repaid by the director during the year. Interest charged by Greencore Construction Limited on this loan totalling £20,000 was also paid by the director. The outstanding loan balance comprises £20,000 capital and £4,938 interest.
Transition to FRS 102 |
Page 9 |