Registered number
05223259
Greenwood Direct Limited
Report and Unaudited Accounts
30 June 2016
Greenwood Direct Limited
Report and accounts
Contents
Page
Company information 1
Directors' report 2
Chartered Accountants' report 3
Profit and loss account 4
Balance sheet 5
Notes to the accounts 6
Greenwood Direct Limited
Company Information
Directors
T J Walton
Secretary
Mrs B Walton
Accountants
Karen Crawford Limited
2 Highbank,
Slaughterford,
Chippenham
SN14 8RG
Registered office
20 The Bassetts
Box
Corsham
Wiltshire
SN13 8ER
Registered number
05223259
Greenwood Direct Limited
Registered number: 05223259
Directors' Report
The directors present their report and accounts for the year ended 30 June 2016.
Principal activities
The company's principal activity during the year continued to be the manufacture and supply of timber building materials, the import and sale of axes.
Directors
The following persons served as directors during the year:
T J Walton
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 16.03.17 and signed on its behalf.
T J Walton
Director
Greenwood Direct Limited
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Greenwood Direct Limited for the year ended 30 June 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Greenwood Direct Limited for the year ended 30 June 2016 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at
icaew.com/membershandbook.
Our work has been undertaken in accordance with AAF 2/10 as detailed at icaew.com/compilation.
Karen Crawford Limited
Chartered Accountants
2 Highbank,
Slaughterford,
Chippenham
SN14 8RG
16.03.17
Greenwood Direct Limited
Profit and Loss Account
for the year ended 30 June 2016
Notes 2016 2015
£ £
Turnover 157,372 57,035
Cost of sales (89,658) (41,136)
Gross profit 67,714 15,899
Distribution costs (6,795) (3,274)
Administrative expenses (41,079) (33,364)
Operating profit/(loss) 2 19,840 (20,739)
Profit/(loss) on ordinary activities before taxation 19,840 (20,739)
Tax on profit/(loss) on ordinary activities - -
Profit/(loss) for the financial year 19,840 (20,739)
Greenwood Direct Limited
Balance Sheet
as at 30 June 2016
Notes 2016 2015
£ £
Fixed assets
Tangible assets 3 635 721
Current assets
Stocks 11,530 5,599
Debtors 4 4,219 4,873
Cash at bank and in hand 16,121 1,434
31,870 11,906
Creditors: amounts falling due within one year 5 (45,606) (45,568)
Net current liabilities (13,736) (33,662)
Net liabilities (13,101) (32,941)
Capital and reserves
Called up share capital 6 1 1
Profit and loss account 7 (13,102) (32,942)
Shareholders' funds (13,101) (32,941)
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 in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
T J Walton
Director
Approved by the board on 16.03.17
Greenwood Direct Limited
Notes to the Accounts
for the year ended 30 June 2016
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
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.
On the above basis the director considers that the accounts should be prepared on a going concern basis.
Turnover
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.
Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Plant and machinery 25% straight line
Computer equipment 33% straight line
Motor vehicles 25% straight line
Stocks
Stock is valued at the lower of cost and net realisable value.
Deferred taxation
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.
Foreign currencies
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.
Pensions
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.
2 Operating profit 2016 2015
£ £
This is stated after charging:
Depreciation of owned fixed assets 935 975
Directors' remuneration 2,400 7,467
Pension costs 3,600 3,600
Taxation
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.
3 Tangible fixed assets
Plant and machinery etc Office and Computer equipment Motor vehicles Total
£ £ £ £
Cost
At 1 July 2015 9,707 8,435 1,000 19,142
Additions - 849 - 849
At 30 June 2016 9,707 9,284 1,000 19,991
Depreciation
At 1 July 2015 9,707 7,714 1,000 18,421
Charge for the year - 935 - 935
At 30 June 2016 9,707 8,649 1,000 19,356
Net book value
At 30 June 2016 - 635 - 635
At 30 June 2015 - 721 - 721
4 Debtors 2016 2015
£ £
Trade debtors 1,626 2,228
Other debtors 2,593 2,645
4,219 4,873
5 Creditors: amounts falling due within one year 2016 2015
£ £
Trade creditors 10,200 11,592
Other taxes and social security costs 9,597 3,285
Other creditors 25,809 30,691
45,606 45,568
6 Share capital Nominal 2016 2016 2015
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each - 1 1
7 Profit and loss account 2016
£
At 1 July 2015 (32,942)
Profit for the year 19,840
At 30 June 2016 (13,102)
8 Related party transactions 2016 2015
£ £
T J Walton
Director
Amount due from (to) the related party (24,383) (29,690)
9 Ultimate controlling party
The ultimate controlling party of the company was Mr T Walton who owns 100% of the share capital of the company.
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