Go Green Batteries Limited - Filleted accounts

Go Green Batteries Limited - Filleted accounts

GO GREEN BATTERIES LIMITED - Company Information

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Registered number
07822649
Go Green Batteries Limited
Unaudited Filleted Accounts
31 December 2017
Go Green Batteries Limited
Registered number: 07822649
Balance Sheet
as at 31 December 2017
Notes 2017 2016
£ £
Fixed assets
Intangible assets 3 9,600 12,000
Tangible assets 4 13,414 17,058
23,014 29,058
Current assets
Stocks 578,547 307,704
Cash at bank and in hand 118,105 90,671
696,652 398,375
Creditors: amounts falling due within one year 5 (445,892) (235,151)
Net current assets 250,760 163,224
Total assets less current liabilities 273,774 192,282
Provisions for liabilities (2,173) (2,996)
Net assets 271,601 189,286
Capital and reserves
Called up share capital 100 100
Profit and loss account 271,501 189,186
Shareholders' funds 271,601 189,286
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S J Fieldsend
Director
Approved by the board on 28 September 2018
Go Green Batteries Limited
Notes to the Accounts
for the year ended 31 December 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures and Fittings 25% reducing balance
Computer Equipment 33% strainght line
Plant and equipment 25% reducing balance
Land and buildings 25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2017 2016
Number Number
Average number of persons employed by the company 10 9
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2017 24,000
At 31 December 2017 24,000
Amortisation
At 1 January 2017 12,000
Provided during the year 2,400
At 31 December 2017 14,400
Net book value
At 31 December 2017 9,600
At 31 December 2016 12,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2017 6,440 14,712 9,750 30,902
Additions - 2,171 - 2,171
At 31 December 2017 6,440 16,883 9,750 33,073
Depreciation
At 1 January 2017 2,282 10,140 1,422 13,844
Charge for the year 1,610 2,643 1,562 5,815
At 31 December 2017 3,892 12,783 2,984 19,659
Net book value
At 31 December 2017 2,548 4,100 6,766 13,414
At 31 December 2016 4,158 4,572 8,328 17,058
5 Creditors: amounts falling due within one year 2017 2016
£ £
Trade creditors 107,645 66,665
Corporation tax 32,511 34,687
Other taxes and social security costs 106,203 15,077
Other creditors 199,533 118,722
445,892 235,151
6 Controlling party
Mr S J and Mrs N K Fieldsend are the controlling party owning 100% of the issued share capital.
7 Other information
Go Green Batteries Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 4, Shireoaks Network Centre
Unit 4, Shireoaks Network Centre
Coach Crescent
Shireoaks
Worksop
S81 8AD
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