REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 May 2022 |
for |
Green Team Interiors Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 May 2022 |
for |
Green Team Interiors Limited |
Green Team Interiors Limited (Registered number: 03918487) |
Contents of the Financial Statements |
for the Year Ended 31 May 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Green Team Interiors Limited |
Company Information |
for the Year Ended 31 May 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Carlson Suite |
Vantage Point Business Village |
Mitcheldean |
Gloucestershire |
GL17 0DD |
Green Team Interiors Limited (Registered number: 03918487) |
Balance Sheet |
31 May 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Green Team Interiors Limited (Registered number: 03918487) |
Notes to the Financial Statements |
for the Year Ended 31 May 2022 |
1. | STATUTORY INFORMATION |
Green Team Interiors Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Intangible fixed assets held in the balance sheet represent purchased Goodwill. Purchased Goodwill is the difference between the cost and the aggregate of the fair values of assets and liabilities acquired. |
Positive Goodwill is capitalised, classified on the balance sheet as an asset and amortised on a straight line basis over its useful economic life which the directors estimate to be 4 years. It is reviewed for impairment at the end of each financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable. |
Goodwill was acquired pre-2011 and has all been amortised to date. |
Amortisation |
Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value,over their expected economic life as follows: |
Goodwill 4 years straight line |
Tangible fixed assets |
Tangible assets is stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. |
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. |
Depreciation |
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows: |
Asset class - Depreciation method and rate |
Office Machinery & Systems and Software - over 4 years and over 3 years |
Furniture and Fittings - over 5 years |
External Gardening Equipment - over 2 years |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Green Team Interiors Limited (Registered number: 03918487) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2022 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 June 2021 |
and 31 May 2022 |
AMORTISATION |
At 1 June 2021 |
and 31 May 2022 |
NET BOOK VALUE |
At 31 May 2022 |
At 31 May 2021 |
Green Team Interiors Limited (Registered number: 03918487) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2022 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 June 2021 |
Additions |
At 31 May 2022 |
DEPRECIATION |
At 1 June 2021 |
Charge for year |
At 31 May 2022 |
NET BOOK VALUE |
At 31 May 2022 |
At 31 May 2021 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2022 | 2021 |
£ | £ |
Within one year |
Between one and five years |
Green Team Interiors Limited (Registered number: 03918487) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2022 |
8. | LEASING AGREEMENTS - continued |
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. |
Lease payments recognised as an expense in the accounts totals: £28,320. |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |