Registered number
05223259
Greenwood Direct Limited
Unaudited Abbreviated Accounts
30 June 2014
Greenwood Direct Limited
Chartered Accountants' report to the board of directors on the preparation of the unaudited abbreviated accounts of Greenwood Direct Limited for the year ended 30 June 2014
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abbreviated accounts of Greenwood Direct Limited for the year ended 30 June 2014 which comprise of 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
15.03.15
Greenwood Direct Limited
Registered number: 05223259
Abbreviated Balance Sheet
as at 30 June 2014
Notes 2014 2013
£ £
Fixed assets
Tangible assets 2 1,487 660
Current assets
Stocks 6,172 10,851
Debtors 5,148 9,415
Cash at bank and in hand 3,327 6,573
14,647 26,839
Creditors: amounts falling due within one year (23,736) (34,061)
Net current liabilities (9,089) (7,222)
Total assets less current liabilities (7,602) (6,562)
Creditors: amounts falling due after more than one year (4,600) (4,600)
Net liabilities (12,202) (11,162)
Capital and reserves
Called up share capital 3 1 1
Profit and loss account (12,203) (11,163)
Shareholders' funds (12,202) (11,162)
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 15.03.15
Greenwood Direct Limited
Notes to the Abbreviated Accounts
for the year ended 30 June 2014
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).
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
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 Tangible fixed assets £
Cost
At 1 July 2013 17,191
Additions 1,743
At 30 June 2014 18,934
Depreciation
At 1 July 2013 16,531
Charge for the year 916
At 30 June 2014 17,447
Net book value
At 30 June 2014 1,487
At 30 June 2013 660
3 Share capital Nominal 2014 2014 2013
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each - 1 1
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