Greens of Devon Ltd 6796682 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is a Vineyard and herb growing Digita Accounts Production Advanced 6.30.9574.0 true true 6796682 2022-03-01 2023-02-28 6796682 2023-02-28 6796682 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-02-28 6796682 bus:OrdinaryShareClass2 bus:Non-cumulativeNon-redeemableShares 2023-02-28 6796682 bus:OrdinaryShareClass3 bus:Non-cumulativeNon-redeemableShares 2023-02-28 6796682 core:CurrentFinancialInstruments 2023-02-28 6796682 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 6796682 core:PatentsTrademarksLicencesConcessionsSimilar 2023-02-28 6796682 core:ConstructionInProgressAssetsUnderConstruction 2023-02-28 6796682 core:FurnitureFittings 2023-02-28 6796682 core:LandBuildings core:ShortLeaseholdAssets 2023-02-28 6796682 core:OtherPropertyPlantEquipment 2023-02-28 6796682 bus:SmallEntities 2022-03-01 2023-02-28 6796682 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 6796682 bus:FullAccounts 2022-03-01 2023-02-28 6796682 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 6796682 bus:RegisteredOffice 2022-03-01 2023-02-28 6796682 bus:Director1 2022-03-01 2023-02-28 6796682 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2022-03-01 2023-02-28 6796682 bus:OrdinaryShareClass2 bus:Non-cumulativeNon-redeemableShares 2022-03-01 2023-02-28 6796682 bus:OrdinaryShareClass3 bus:Non-cumulativeNon-redeemableShares 2022-03-01 2023-02-28 6796682 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 6796682 core:PatentsTrademarksLicencesConcessionsSimilar 2022-03-01 2023-02-28 6796682 core:Buildings 2022-03-01 2023-02-28 6796682 core:ComputerEquipment 2022-03-01 2023-02-28 6796682 core:ConstructionInProgressAssetsUnderConstruction 2022-03-01 2023-02-28 6796682 core:FurnitureFittings 2022-03-01 2023-02-28 6796682 core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28 6796682 core:LandBuildings 2022-03-01 2023-02-28 6796682 core:LandBuildings core:ShortLeaseholdAssets 2022-03-01 2023-02-28 6796682 core:OtherPropertyPlantEquipment 2022-03-01 2023-02-28 6796682 core:PlantMachinery 2022-03-01 2023-02-28 6796682 countries:EnglandWales 2022-03-01 2023-02-28 6796682 2022-02-28 6796682 core:PatentsTrademarksLicencesConcessionsSimilar 2022-02-28 6796682 core:ConstructionInProgressAssetsUnderConstruction 2022-02-28 6796682 core:FurnitureFittings 2022-02-28 6796682 core:LandBuildings core:ShortLeaseholdAssets 2022-02-28 6796682 core:OtherPropertyPlantEquipment 2022-02-28 6796682 2021-03-01 2022-02-28 6796682 2022-02-28 6796682 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2022-02-28 6796682 bus:OrdinaryShareClass2 bus:Non-cumulativeNon-redeemableShares 2022-02-28 6796682 bus:OrdinaryShareClass3 bus:Non-cumulativeNon-redeemableShares 2022-02-28 6796682 core:CurrentFinancialInstruments 2022-02-28 6796682 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 6796682 core:PatentsTrademarksLicencesConcessionsSimilar 2022-02-28 6796682 core:ConstructionInProgressAssetsUnderConstruction 2022-02-28 6796682 core:FurnitureFittings 2022-02-28 6796682 core:LandBuildings core:ShortLeaseholdAssets 2022-02-28 6796682 core:OtherPropertyPlantEquipment 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 6796682

Greens of Devon Ltd

Filleted and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Greens of Devon Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Greens of Devon Ltd

Company Information

Director

Ms J James

Registered office

17 Morley Road
Exeter
EX4 7BD

Accountants

Redwoods
Chartered Certified Accountants
2 Clyst Works
Clyst Road
Topsham
Exeter
Devon
EX3 0DB

 

Greens of Devon Ltd

(Registration number: 6796682)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

742

1,133

Tangible assets

5

19,684

20,830

 

20,426

21,963

Current assets

 

Stocks

6

9,000

9,000

Debtors

17

4,500

Cash at bank and in hand

 

1,113

442

 

10,130

13,942

Creditors: Amounts falling due within one year

7

(72,184)

(72,194)

Net current liabilities

 

(62,054)

(58,252)

Net liabilities

 

(41,628)

(36,289)

Capital and reserves

 

Called up share capital

8

170

170

Share premium reserve

11,988

11,988

Retained earnings

(53,786)

(48,447)

Shareholders' deficit

 

(41,628)

(36,289)

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 September 2023
 

.........................................
Ms J James
Director

 

Greens of Devon Ltd

Notes to the Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
17 Morley Road
Exeter
EX4 7BD

These financial statements were authorised for issue by the director on 28 September 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The accounts are presented in £ sterling and are rounded to £1.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements

In the application of the company’s accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Greens of Devon Ltd

Notes to the Financial Statements for the Year Ended 28 February 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.
At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the profit and loss.

Tangible assets

Tangible assets are stated in the balance sheet 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

Vine and vine structure costs

5% straight line basis

Plant and machinery

15% reducing balance

Computer equipment

33% straight line basis

Winemaking equipment

20% straight line basis

Winery building

10% straight line basis

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents

5 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Greens of Devon Ltd

Notes to the Financial Statements for the Year Ended 28 February 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Greens of Devon Ltd

Notes to the Financial Statements for the Year Ended 28 February 2023

Financial instruments

Classification
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities, such as trade and other accounts receivable and payable and loans from banks/other third parties.
 Recognition and measurement
Debt instruments like loans are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payable or receivables, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. In the case of a non current liability not at a market rate of interest, the financial liability is measured initially and subsequently at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows, discounted at the assets original effective interest rate.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset’s carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Greens of Devon Ltd

Notes to the Financial Statements for the Year Ended 28 February 2023

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 March 2022

1,956

1,956

At 28 February 2023

1,956

1,956

Amortisation

At 1 March 2022

823

823

Amortisation charge

391

391

At 28 February 2023

1,214

1,214

Carrying amount

At 28 February 2023

742

742

At 28 February 2022

1,133

1,133

 

Greens of Devon Ltd

Notes to the Financial Statements for the Year Ended 28 February 2023

5

Tangible assets

Winery building
£

Vine and vine structure costs
 £

Computer equipment
£

Plant, machinery and equipment
 £

Total
£

Cost or valuation

At 1 March 2022

28,572

12,268

2,357

24,858

68,055

Additions

-

-

413

3,600

4,013

At 28 February 2023

28,572

12,268

2,770

28,458

72,068

Depreciation

At 1 March 2022

17,202

7,344

2,357

20,322

47,225

Charge for the year

2,857

613

136

1,553

5,159

At 28 February 2023

20,059

7,957

2,493

21,875

52,384

Carrying amount

At 28 February 2023

8,513

4,311

277

6,583

19,684

At 28 February 2022

11,370

4,924

-

4,536

20,830

Included within the net book value of land and buildings above is £8,513 (2022 - £11,370) in respect of short leasehold land and buildings.
 

 

Greens of Devon Ltd

Notes to the Financial Statements for the Year Ended 28 February 2023

6

Stocks

2023
£

2022
£

Stocks of herbs and winemaking supplies

3,283

3,283

Stock of packaging materials

5,717

5,717

9,000

9,000

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

-

231

Accruals and deferred income

1,775

1,733

Other creditors

70,409

70,230

72,184

72,194

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A Shares of £1 each

100

100

100

100

Ordinary B Shares of £1 each

57

57

57

57

Ordinary C Shares of £1 each

13

13

13

13

 

170

170

170

170