Greenwood Direct Limited |
Notes to the Accounts |
for the year ended 30 June 2016 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015). |
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At 30th June 2016 the company had net liabilities of £13,101 (£32,941:2015). The company is reliant on the continued support of the director. The director has confirmed his support to the company. |
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On the above basis the director considers that the accounts should be prepared on a going concern basis. |
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Turnover |
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Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. |
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Depreciation |
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Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
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Plant and machinery |
25% straight line |
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Computer equipment |
33% straight line |
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Motor vehicles |
25% straight line |
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Stocks |
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Stock is valued at the lower of cost and net realisable value. |
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Deferred taxation |
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Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse. |
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Foreign currencies |
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Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account. |
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Pensions |
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The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. |
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2 |
Operating profit |
2016 |
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2015 |
£ |
£ |
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This is stated after charging: |
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Depreciation of owned fixed assets |
935 |
|
975 |
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Directors' remuneration |
2,400 |
|
7,467 |
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Pension costs |
3,600 |
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3,600 |
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Taxation |
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The company has tax losses carried forward at the balance sheet date amounting to £13,910 (2015:£33,836). The asset that would arise in respect of these amounting to £2,782 (2015:£6,767) calculated at 20%, has not been recognised as the director is unable to satisfy himself that it is more likely than not that sufficient taxable profits will arise in the next accounting period. |
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3 |
Tangible fixed assets |
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Plant and machinery etc |
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Office and Computer equipment |
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Motor vehicles |
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Total |
£ |
£ |
£ |
£ |
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Cost |
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At 1 July 2015 |
9,707 |
|
8,435 |
|
1,000 |
|
19,142 |
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Additions |
- |
|
849 |
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- |
|
849 |
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At 30 June 2016 |
9,707 |
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9,284 |
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1,000 |
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19,991 |
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Depreciation |
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At 1 July 2015 |
9,707 |
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7,714 |
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1,000 |
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18,421 |
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Charge for the year |
- |
|
935 |
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- |
|
935 |
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At 30 June 2016 |
9,707 |
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8,649 |
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1,000 |
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19,356 |
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Net book value |
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At 30 June 2016 |
- |
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635 |
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- |
|
635 |
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At 30 June 2015 |
- |
|
721 |
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- |
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721 |
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4 |
Debtors |
2016 |
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2015 |
£ |
£ |
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Trade debtors |
1,626 |
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2,228 |
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Other debtors |
2,593 |
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2,645 |
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4,219 |
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4,873 |
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5 |
Creditors: amounts falling due within one year |
2016 |
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2015 |
£ |
£ |
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Trade creditors |
10,200 |
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11,592 |
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Other taxes and social security costs |
9,597 |
|
3,285 |
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Other creditors |
25,809 |
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30,691 |
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45,606 |
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45,568 |
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6 |
Share capital |
Nominal |
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2016 |
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2016 |
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2015 |
value |
Number |
£ |
£ |
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Allotted, called up and fully paid: |
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Ordinary shares |
£1 each |
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- |
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1 |
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1 |
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7 |
Profit and loss account |
2016 |
£ |
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At 1 July 2015 |
(32,942) |
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Profit for the year |
19,840 |
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At 30 June 2016 |
(13,102) |
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8 |
Related party transactions |
2016 |
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2015 |
£ |
£ |
|
T J Walton |
|
Director |
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Amount due from (to) the related party |
(24,383) |
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(29,690) |
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9 |
Ultimate controlling party |
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The ultimate controlling party of the company was Mr T Walton who owns 100% of the share capital of the company. |