Grass Guzzlers Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC351882 (Scotland)

Financial Statements for the Year Ended 30 November 2017

for

Grass Guzzlers Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J S Dick

Mrs G M Dick

SECRETARY:

Mrs G M Dick

REGISTERED OFFICE:

Northton Farm

Cullerlie

Echt

Westhill

Aberdeenshire

AB32 6US

REGISTERED NUMBER:

SC351882 (Scotland)

FIXED ASSETS

Tangible assets

4

132,454

112,723

CURRENT ASSETS

Stocks

3,610

2,850

Debtors

5

139,229

147,263

Cash at bank

307,784

308,585

450,623

458,698

CREDITORS

Amounts falling due within one year

6

119,146

119,548

NET CURRENT ASSETS

331,477

339,150

TOTAL ASSETS LESS CURRENT LIABILITIES

463,931

451,873

PROVISIONS FOR LIABILITIES

7

26,491

21,567

NET ASSETS

437,440

430,306

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

437,438

430,304

SHAREHOLDERS' FUNDS

437,440

430,306

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 7 March 2018 and were signed on its behalf by:

J S Dick - Director

Mrs G M Dick - Director

1.	STATUTORY INFORMATION

Grass Guzzlers Limited is a private company, limited by shares , registered in Scotland. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Shed

-

2% on cost

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

Shed

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 December 2016

3,741

119,471

97,298

2,994

223,504

Additions

1,905

80,809

-

-

82,714

Disposals

-

(25,000

)

(13,300

)

-

(38,300

)

At 30 November 2017

5,646

175,280

83,998

2,994

267,918

DEPRECIATION

At 1 December 2016

75

60,080

48,215

2,411

110,781

Charge for year

113

23,040

11,482

192

34,827

Eliminated on disposal

-

-

(10,144

)

-

(10,144

)

At 30 November 2017

188

83,120

49,553

2,603

135,464

NET BOOK VALUE

At 30 November 2017

5,458

92,160

34,445

391

132,454

At 30 November 2016

3,666

59,391

49,083

583

112,723

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

127,049

134,303

Other debtors

12,180

12,960

139,229

147,263

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

55,347

53,581

Taxation and social security

61,796

62,787

Other creditors

2,003

3,180

119,146

119,548

7.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

26,491

21,567

Deferred

tax

£

Balance at 1 December 2016

21,567

Provided during year

4,924

Balance at 30 November 2017

26,491

8.	RELATED PARTY DISCLOSURES

During the year under review the company paid a management charge of £12,600 to the partnership of James S

Dick being a partnership controlled by the directors. The company also hired plant from that partnership at a cost

of £16,065 and purchased a tractor utilized as a trade in at a value of £25,000..

The balance due from that partnership at 30 November 2017 was £9,924..

9.	ULTIMATE CONTROLLING PARTY

The company was under the control of Mr and Mrs Dick throughout the year under review. Mr and Mrs Dick are

both directors and majority joint shareholders.