Flavell_Verdure_Limited_-TA_Greenthumb_North_West_31_Mar_2017_companies_house_set_of_accounts.html
Flavell_Verdure_Limited_-TA_Greenthumb_North_West_31_Mar_2017_companies_house_set_of_accounts.html
Company registration number:
Report to the directors on the preparation of the unaudited statutory financial statements of Flavell Verdure Limited -T/A Greenthumb North West
Year ended 31 March 2017
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Flavell Verdure Limited -T/A Greenthumb North West for the year ended 31 March 2017 which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given me.
As a practising member of the Association of Chartered Certified Accountants, I am subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made solely to the Board of Directors of Flavell Verdure Limited -T/A Greenthumb North West , as a body, in accordance with the terms of my engagement letter dated 25 September 2017. My work has been undertaken solely to prepare for your approval the financial statements of Flavell Verdure Limited -T/A Greenthumb North West and state those matters that I have agreed to state to the Board of Directors of Flavell Verdure Limited -T/A Greenthumb North West , as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/uk/en/technical-activities/technical-resources-search/2009/october/factsheet-163-audit-exempt-companies.html.
To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Flavell Verdure Limited -T/A Greenthumb North West and its Board of Directors, as a body, for my work or for this report.
It is your duty to ensure that Flavell Verdure Limited -T/A Greenthumb North West has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Flavell Verdure Limited -T/A Greenthumb North West . You consider that Flavell Verdure Limited -T/A Greenthumb North West is exempt from the statutory audit requirement for the year.
First Floor
53 Lord Street
Leigh
Lancashire
WN7 1BY
United Kingdom
53 Lord Street
Leigh
Lancashire
WN7 1BY
United Kingdom
Date:
25 September 2017
Statement of Financial Position
| 2017 | 2016 | ||||
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| Note | £ | £ | |||
| Fixed assets | |||||
| Intangible assets | 5 |
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| Tangible assets | 6 |
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| Current assets | |||||
| Stocks |
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| Debtors | 7 |
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| Cash at bank and in hand |
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| Creditors: amounts falling due within one year | 8 |
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| Net current liabilities |
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| Total assets less current liabilities | 54,636 | 48,075 | |||
| Creditors: amounts falling due after more than one year | 9 |
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| Net assets |
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| Capital and reserves | |||||
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| Profit and loss account |
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| Shareholders funds |
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For the year ending 31 March 2017 , the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476; The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 September 2017 , and are signed on behalf of the board by:
| Director |
Company registration number:
09597297
Notes to the Financial Statements
Year ended 31 March 2017
1 General information
The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is 1 Sanderling Drive , Leigh , Lancashire , WN7 1HU , United Kingdom.
2 Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.
3 Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The financial statements are prepared in sterling, which is the functional currency of the company.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Current tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Goodwill
Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.
Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed five years.
Tangible assets
Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
| Plant and machinery | |
| Office equipment | |
| Fixtures and fittings | |
| Motor vehicles |
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4 Average number of employees
The average number of persons employed by the company during the year was 4 (2016: 4 ).
5 Intangible assets
| Goodwill | ||
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| £ | ||
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| Amortisation | ||
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| At 31 March 2016 |
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6 Tangible assets
| Plant and machinery etc. | ||
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| Depreciation | ||
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| Carrying amount | ||
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| At 31 March 2016 |
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7 Debtors
| 2017 | 2016 | |||
|---|---|---|---|---|
| £ | £ | |||
| Trade debtors |
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| Other debtors |
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8 Creditors: amounts falling due within one year
| 2017 | 2016 | |||
|---|---|---|---|---|
| £ | £ | |||
| Bank loans and overdrafts |
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| Trade creditors |
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| Taxation and social security |
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| Other creditors |
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9 Creditors: amounts falling due after more than one year
| 2017 | 2016 | |||
|---|---|---|---|---|
| £ | £ | |||
| Bank loans and overdrafts |
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