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Greenwood Mills Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 January 2023

Registration number: 03863574

 

Greenwood Mills Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 6

 

Greenwood Mills Limited

Balance Sheet

31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

135,613

141,028

Current assets

 

Stocks

79,337

149,824

Debtors

5

2,793

2,584

Cash at bank and in hand

 

101,062

29,300

 

183,192

181,708

Creditors: Amounts falling due within one year

6

(104,713)

(71,153)

Net current assets

 

78,479

110,555

Net assets

 

214,092

251,583

Capital and reserves

 

Called up share capital

7

6,059

386,059

Profit and loss account

208,033

(134,476)

Total equity

 

214,092

251,583

 

Greenwood Mills Limited

Balance Sheet

31 January 2023

For the financial year ending 31 January 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 his 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 20 September 2023
 

.........................................
B R Mills
Director

   
     

Company Registration Number: 03863574

 

Greenwood Mills Limited

Notes to the Financial Statements

Year Ended 31 January 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:
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006.

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 functional and presentational currency is pounds sterling.

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 value added tax and discounts.

The company recognises revenue when it can be reliably measured and it is probable that future economic benefits will flow to the entity.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Greenwood Mills Limited

Notes to the Financial Statements

Year Ended 31 January 2023

Tangible assets

Tangible assets are stated 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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold Property

2% straight line

Fixtures and fittings

15% straight line

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as an employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

 

Greenwood Mills Limited

Notes to the Financial Statements

Year Ended 31 January 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

4

Tangible assets

Land and buildings
£

Fixtures and fittings
 £

Total
£

Cost or valuation

At 1 February 2022

245,864

186,033

431,897

At 31 January 2023

245,864

186,033

431,897

Depreciation

At 1 February 2022

105,697

185,172

290,869

Charge for the year

4,917

498

5,415

At 31 January 2023

110,614

185,670

296,284

Carrying amount

At 31 January 2023

135,250

363

135,613

At 31 January 2022

140,167

861

141,028

Included within the net book value of land and buildings above is £135,250 (2022 - £140,167) in respect of freehold land and buildings.
 

5

Debtors

2023
£

2022
£

Prepayments

1,379

1,309

Other debtors

1,414

1,275

2,793

2,584

 

Greenwood Mills Limited

Notes to the Financial Statements

Year Ended 31 January 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

15,262

23,068

Corporation tax

60,495

-

Taxation and social security

1,661

2,653

Other creditors

10,156

32,203

Accruals and deferred income

17,139

13,229

104,713

71,153

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

6,059

6,059

386,059

386,059