Grey Tree Developments Ltd
Registered number: 09610901
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 10,226 25,014
Current assets
Stocks 120,000 140,000
Debtors 4 2,225 2,747
Cash at bank and in hand 30,599 24,682
152,824 167,429
Creditors: amounts falling due within one year 5 (80,474) (124,088)
Net current assets 72,350 43,341
Total assets less current liabilities 82,576 68,355
Creditors: amounts falling due after more than one year 6 (24,179) (41,832)
Net assets 58,397 26,523
Capital and reserves
Called up share capital 100 100
Profit and loss account 58,297 26,423
Shareholder's funds 58,397 26,523
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Mr C K Leach
Director
Approved by the board on 10 October 2023
Grey Tree Developments Ltd
Notes to the Accounts
for the year ended 31 March 2023
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.
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.
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 20% reducing balance
Motor vehicles 25% reducing balance
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 7,171 45,332 52,503
Disposals - (27,500) (27,500)
At 31 March 2023 7,171 17,832 25,003
Depreciation
At 1 April 2022 3,790 23,699 27,489
Charge for the year 678 2,508 3,186
On disposals - (15,898) (15,898)
At 31 March 2023 4,468 10,309 14,777
Net book value
At 31 March 2023 2,703 7,523 10,226
At 31 March 2022 3,381 21,633 25,014
4 Debtors 2023 2022
£ £
Other debtors 2,225 2,747
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 15,733 15,013
Obligations under finance lease and hire purchase contracts - 4,126
Trade creditors 26,055 25,270
Taxation and social security costs 23,069 18,672
Other creditors 15,617 61,007
80,474 124,088
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 24,179 40,113
Obligations under finance lease and hire purchase contracts - 1,719
24,179 41,832
7 Related party transactions 2023 2022
£ £
Grey Tree (Holdings) Ltd
Parent company
Dividends paid 24,000 20,000
8 Controlling party
The company is a wholly owned subsidiary of Grey Tree (Holdings) Ltd, a company registered in England and Wales.
9 Other information
Grey Tree Developments Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Demar House, 14 Church Road
East Wittering
Chichester
West Sussex
PO20 8PS
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