Year Ended
Registration number:
Greenwood Mills Limited
Balance Sheet
31 January 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
( |
|
Total equity |
|
|
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 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
......................................... |
Company Registration Number: 03863574
Greenwood Mills Limited
Notes to the Financial Statements
Year Ended 31 January 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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
• Short term trade and other debtors and creditors; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
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
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Tangible assets |
Land and buildings |
Fixtures and fittings |
Total |
|
Cost or valuation |
|||
At 1 February 2022 |
|
|
|
At 31 January 2023 |
|
|
|
Depreciation |
|||
At 1 February 2022 |
|
|
|
Charge for the year |
|
|
|
At 31 January 2023 |
|
|
|
Carrying amount |
|||
At 31 January 2023 |
|
|
|
At 31 January 2022 |
|
|
|
Included within the net book value of land and buildings above is £135,250 (2022 - £140,167) in respect of freehold land and buildings.
Debtors |
2023 |
2022 |
|
Prepayments |
|
|
Other debtors |
|
|
|
|
Greenwood Mills Limited
Notes to the Financial Statements
Year Ended 31 January 2023
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
|
Due within one year |
||
Trade creditors |
|
|
Corporation tax |
60,495 |
- |
Taxation and social security |
|
|
Other creditors |
|
|
Accruals and deferred income |
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
6,059 |
|
386,059 |