Goodlife Garden Services Ltd 31/12/2017 iXBRL

Goodlife Garden Services Ltd 31/12/2017 iXBRL

GOODLIFE GARDEN SERVICES LIMITED - Company Information

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31/12/2017 2017-12-31 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2017-01-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 06418465 2017-01-01 2017-12-31 06418465 2017-12-31 06418465 2016-12-31 06418465 2016-01-01 2016-12-31 06418465 2016-12-31 06418465 2015-12-31 06418465 core:NetGoodwill 2017-01-01 2017-12-31 06418465 bus:Director1 2017-01-01 2017-12-31 06418465 bus:Director2 2017-01-01 2017-12-31 06418465 core:WithinOneYear 2017-12-31 06418465 core:WithinOneYear 2016-12-31 06418465 core:NetGoodwill 2017-12-31 06418465 core:PlantMachinery 2016-12-31 06418465 core:FurnitureFittingsToolsEquipment 2016-12-31 06418465 core:MotorVehicles 2016-12-31 06418465 core:PlantMachinery 2017-12-31 06418465 core:FurnitureFittingsToolsEquipment 2017-12-31 06418465 core:MotorVehicles 2017-12-31 06418465 core:PlantMachinery 2017-01-01 2017-12-31 06418465 core:FurnitureFittingsToolsEquipment 2017-01-01 2017-12-31 06418465 core:MotorVehicles 2017-01-01 2017-12-31 06418465 core:ShareCapital 2017-12-31 06418465 core:ShareCapital 2016-12-31 06418465 core:RetainedEarningsAccumulatedLosses 2017-12-31 06418465 core:RetainedEarningsAccumulatedLosses 2016-12-31 06418465 core:NetGoodwill 2016-12-31 06418465 core:PlantMachinery 2016-12-31 06418465 core:MotorVehicles 2016-12-31 06418465 bus:Director1 2016-12-31 06418465 bus:Director1 2017-12-31 06418465 bus:Director2 2016-12-31 06418465 bus:Director2 2017-12-31 06418465 bus:Director1 2015-12-31 06418465 bus:Director1 2016-12-31 06418465 bus:Director2 2015-12-31 06418465 bus:Director2 2016-12-31 06418465 bus:Director1 2016-01-01 2016-12-31 06418465 bus:Director2 2016-01-01 2016-12-31 06418465 bus:SmallEntities 2017-01-01 2017-12-31 06418465 bus:AuditExemptWithAccountantsReport 2017-01-01 2017-12-31 06418465 bus:FullAccounts 2017-01-01 2017-12-31 06418465 bus:SmallCompaniesRegimeForAccounts 2017-01-01 2017-12-31 06418465 bus:PrivateLimitedCompanyLtd 2017-01-01 2017-12-31
Company registration number: 06418465
Goodlife Garden Services Ltd
Unaudited filleted financial statements
31 December 2017
GOODLIFE GARDEN SERVICES LTD
Contents
Statement of financial position
Notes to the financial statements
GOODLIFE GARDEN SERVICES LTD
STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2017
2017 2016
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 22,276 22,852
_______ _______
22,276 22,852
Current assets
Debtors 7 32,376 86,530
Cash at bank and in hand 91,561 32,605
_______ _______
123,937 119,135
Creditors: amounts falling due
within one year 8 ( 44,121) ( 33,491)
_______ _______
Net current assets 79,816 85,644
_______ _______
Total assets less current liabilities 102,092 108,496
Provisions for liabilities ( 4,010) ( 3,931)
_______ _______
Net assets 98,082 104,565
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 9 97,982 104,465
_______ _______
Shareholders funds 98,082 104,565
_______ _______
For the year ending 31 December 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 13 August 2018 , and are signed on behalf of the board by:
Mr Robert Cruze
Director
Company registration number: 06418465
GOODLIFE GARDEN SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Queens House, New Street, Honiton, Devon, EX14 1BJ.
Principal activity
The principal activity of the company during the year was that of landscape gardening.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in 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 financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 20 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts 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, except to the extent 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 in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 15% reducing balance
Computer equipment - 1/3 straight line
Motor vehicles - 25% reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2016: 10 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 January 2017 and 31 December 2017 60,000 60,000
_______ _______
Amortisation
At 1 January 2017 and 31 December 2017 60,000 60,000
_______ _______
Carrying amount
At 31 December 2017 - -
_______ _______
At 31 December 2016 - -
_______ _______
6. Tangible assets
Plant and machinery Computer equipment Motor vehicles Total
£ £ £ £
Cost
At 1 January 2017 24,165 2,711 37,199 64,075
Additions 2,015 - 4,679 6,694
Disposals - - ( 16,900) ( 16,900)
_______ _______ _______ _______
At 31 December 2017 26,180 2,711 24,978 53,869
_______ _______ _______ _______
Depreciation
At 1 January 2017 13,726 2,711 24,786 41,223
Charge for the year 1,868 - 3,897 5,765
Disposals - - ( 15,395) ( 15,395)
_______ _______ _______ _______
At 31 December 2017 15,594 2,711 13,288 31,593
_______ _______ _______ _______
Carrying amount
At 31 December 2017 10,586 - 11,690 22,276
_______ _______ _______ _______
At 31 December 2016 10,439 - 12,413 22,852
_______ _______ _______ _______
7. Debtors
2017 2016
£ £
Trade debtors 31,721 55,628
Other debtors 655 30,902
_______ _______
32,376 86,530
_______ _______
8. Creditors: amounts falling due within one year
2017 2016
£ £
Trade creditors 5,447 -
Accruals and deferred income 1,545 1,500
Social security and other taxes 28,213 31,991
Other creditors 8,916 (-)
_______ _______
44,121 33,491
_______ _______
9. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Loans to / (from) directors at 1 January 2017 Loans to / (from) the directors Amounts repaid Balance at 31 December 2017
£ £ £ £
Director 1 11,983 13,774 ( 28,659) ( 2,902)
Director 2 9,989 12,657 ( 28,660) ( 6,014)
_______ _______ _______ _______
21,972 26,431 ( 57,319) ( 8,916)
_______ _______ _______ _______
Loans to / (from) directors at 1 January 2016 Loans to / (from) the directors Amounts repaid Balance at 31 December 2016
£ £ £ £
Director 1 2,791 12,238 ( 3,046) 11,983
Director 2 855 12,180 ( 3,046) 9,989
_______ _______ _______ _______
3,646 24,418 ( 6,092) 21,972
_______ _______ _______ _______
Loans are repayable on demand and interest is charged at the official rate on overdrawn balances.