Registered number
08965391
Elliotts Turf Limited
Filleted Accounts
28 February 2022
Elliotts Turf Limited
Registered number: 08965391
Balance Sheet
as at 28 February 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 4 123,583 75,961
Current assets
Stocks 246,916 95,123
Debtors 5 203,787 140,423
Cash at bank and in hand 164,178 230,859
614,881 466,405
Creditors: amounts falling due within one year 6 (459,408) (310,025)
Net current assets 155,473 156,380
Total assets less current liabilities 279,056 232,341
Creditors: amounts falling due after more than one year 7 (35,026) (49,010)
Provisions for liabilities (23,480) (14,432)
Net assets 220,550 168,899
Capital and reserves
Called up share capital 100 100
Profit and loss account 220,450 168,799
Shareholders' funds 220,550 168,899
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.
Approved by the board on 5 September 2022
A Y Evans
Director
Elliotts Turf Limited
Notes to the Accounts
for the year ended 28 February 2022
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
Motor vehicles 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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 8 7
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2021 160,000
At 28 February 2022 160,000
Amortisation
At 1 March 2021 160,000
At 28 February 2022 160,000
Net book value
At 28 February 2022 -
Goodwill was written off in equal annual instalments over its estimated economic life of 3 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2021 88,281 75,370 163,651
Additions 20,982 72,000 92,982
Disposals (5,000) (15,097) (20,097)
At 28 February 2022 104,263 132,273 236,536
Depreciation
At 1 March 2021 40,037 47,653 87,690
Charge for the year 14,573 26,400 40,973
On disposals (3,813) (11,897) (15,710)
At 28 February 2022 50,797 62,156 112,953
Net book value
At 28 February 2022 53,466 70,117 123,583
At 28 February 2021 48,244 27,717 75,961
5 Debtors 2022 2021
£ £
Trade debtors 202,208 138,508
Other debtors 1,579 1,915
203,787 140,423
6 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 9,687 7,108
Obligations under finance lease and hire purchase contracts 4,079 4,079
Trade creditors 201,963 129,929
Taxation and social security costs 63,701 64,840
Other creditors 179,978 104,069
459,408 310,025
7 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 32,987 42,892
Obligations under finance lease and hire purchase contracts 2,039 6,118
35,026 49,010
8 Other financial commitments 2022 2021
£ £
Total future minimum payments under non-cancellable operating leases - 16,875
9 Controlling party
A Y Evans, a director, is the company's ultimate controlling party.
10 Other information
Elliotts Turf Limited is a private company limited by shares and incorporated in England. Its registered office is:
17 Rancliffe Avenue
Keyworth
Nottingham
NG12 5HY
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