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Registration number: 03532535

Grasslands Ltd.

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2023

 

Grasslands Ltd.

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Grasslands Ltd.

Company Information

Directors

Mr S Baxter

Mr P Baxter

Mr J Baxter

Company secretary

Ms C Bunting

Registered office

Grasslands Ashford Road
New Romney
Kent
TN28 8TH

 

Grasslands Ltd.

(Registration number: 03532535)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

2,144,037

2,018,921

Current assets

 

Stocks

6

1,640,240

1,624,000

Debtors

7

458,373

496,943

Cash at bank and in hand

 

1,790,975

1,470,753

 

3,889,588

3,591,696

Creditors: Amounts falling due within one year

8

(366,991)

(261,157)

Net current assets

 

3,522,597

3,330,539

Total assets less current liabilities

 

5,666,634

5,349,460

Provisions for liabilities

10

(501,469)

(433,268)

Net assets

 

5,165,165

4,916,192

Capital and reserves

 

Called up share capital

11

251,000

251,000

Profit and loss account

4,914,165

4,665,192

Shareholders' funds

 

5,165,165

4,916,192

 

Grasslands Ltd.

(Registration number: 03532535)
Balance Sheet as at 31 January 2023 (continued)

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.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 October 2023 and signed on its behalf by:
 

.........................................
Mr S Baxter
Director

.........................................
Mr P Baxter
Director

 
     
 

Grasslands Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

1

General information

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

The address of its registered office is:
Grasslands Ashford Road
New Romney
Kent
TN28 8TH

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.

Going concern

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

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.

Tax

The tax expense for the period comprises current and deferred 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.

 

Grasslands Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023 (continued)

2

Accounting policies (continued)

The current income 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Plant and Machinery

Between 5 and 10 years straight line

Fixtures and Fittings

20% on reducing balance

Motor Vehicles

Between 4 and 10 years straight line

Office Equipment

5 years straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Grasslands Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023 (continued)

2

Accounting policies (continued)

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

Goodwill

10 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.

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.

 

Grasslands Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 30 (2022 - 29).

 

Grasslands Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2022

175,974

175,974

At 31 January 2023

175,974

175,974

Amortisation

At 1 February 2022

175,974

175,974

At 31 January 2023

175,974

175,974

Carrying amount

At 31 January 2023

-

-

At 31 January 2022

-

-

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2022

405,563

1,620,541

11,756

2,016,814

4,054,674

Additions

66,191

165,448

-

338,226

569,865

Disposals

-

(10,115)

-

(159,407)

(169,522)

At 31 January 2023

471,754

1,775,874

11,756

2,195,633

4,455,017

Depreciation

At 1 February 2022

296,887

707,818

10,614

1,020,434

2,035,753

Charge for the year

34,971

158,849

757

227,613

422,190

Eliminated on disposal

-

(9,812)

-

(137,151)

(146,963)

At 31 January 2023

331,858

856,855

11,371

1,110,896

2,310,980

Carrying amount

At 31 January 2023

139,896

919,019

385

1,084,737

2,144,037

At 31 January 2022

108,676

912,723

1,142

996,380

2,018,921

 

Grasslands Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023 (continued)

6

Stocks

2023
£

2022
£

Raw materials and consumables

1,640,240

1,624,000

7

Debtors

Current

2023
£

2022
£

Trade debtors

344,829

400,794

Prepayments

113,544

96,149

 

458,373

496,943

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

172,030

73,174

Taxation and social security

 

90,084

69,576

Other creditors

 

57,953

47,004

Directors current account

 

46,924

71,403

 

366,991

261,157

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Directors current account

46,924

71,403

 

Grasslands Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023 (continued)

10

Provisions for liabilities

Deferred tax
£

Total
£

At 1 February 2022

433,268

433,268

Increase (decrease) in existing provisions

68,201

68,201

At 31 January 2023

501,469

501,469

The deferred tax liability is due to the timing difference between the tax treatment and accounting treatment of fixed assets.

11

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

Ordinary A non voting shares of £1 each

250,000

250,000

250,000

250,000

 

251,000

251,000

251,000

251,000

12

Dividends


 

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £60.00 per each Ordinary shares

 

60,000

 

60,000

Interim dividend of £Nil (2022 - £0.03) per each Ordinary A

 

-

 

7,500

   

60,000

 

67,500


 

 

Grasslands Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023 (continued)

13

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

79,817

76,292

Contributions paid to money purchase schemes

1,321

101,320

81,138

177,612

Dividends paid to directors

   

2023
£

 

2022
£

Mr S Baxter

       

Interim dividends

 

20,940

 

20,940

         

Mr P Baxter

       

Interim dividends

 

30,060

 

30,060

Interim dividends

 

-

 

7,500

   

30,060

 

37,560

Mr J Baxter

       

Interim dividends

 

9,000

 

9,000

         

 

Grasslands Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023 (continued)

13

Related party transactions (continued)

Loans from related parties

2023

Key management
£

Total
£

At start of period

71,403

71,403

Repaid

(24,479)

(24,479)

At end of period

46,924

46,924

2022

Key management
£

Total
£

At start of period

97,803

97,803

Repaid

(26,400)

(26,400)

At end of period

71,403

71,403

Terms of loans from related parties

There are no terms of repayments or interest charged on the loans owed to key management.
 

14

Ultimate controlling party

The ultimate controlling party are the directors, by virtue of their joint shareholding.