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Registration number: 09440105

Greens Models Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

Greens Models Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Greens Models Ltd

Company Information

Directors

S J Green

A J Green

Registered office

Unit 15 Priory Farm
Chewton Mendip
Radstock
Somerset
BA3 4NT

Accountants

Burton Sweet Limited
Chartered Accountants and Business Advisers
Cooper House
Lower Charlton Estate
Shepton Mallet
Somerset
BA4 5QE

 

Greens Models Ltd

(Registration number: 09440105)
Balance Sheet
28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

865

948

Current assets

 

Stocks

5

26,492

32,756

Debtors

6

1,764

-

Cash at bank and in hand

 

26,238

15,855

 

54,494

48,611

Creditors: Amounts falling due within one year

7

(21,297)

(17,208)

Net current assets

 

33,197

31,403

Total assets less current liabilities

 

34,062

32,351

Creditors: Amounts falling due after more than one year

7

(6,999)

(9,998)

Net assets

 

27,063

22,353

Capital and reserves

 

Called up share capital

1

1

Retained earnings

27,062

22,352

Shareholders' funds

 

27,063

22,353

 

Greens Models Ltd

(Registration number: 09440105)
Balance Sheet
28 February 2023

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.

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 17 October 2023 and signed on its behalf by:
 

.........................................
S J Green
Director

 

Greens Models Ltd

Notes to the Unaudited Financial Statements
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:
Unit 15 Priory Farm
Chewton Mendip
Radstock
Somerset
BA3 4NT

These financial statements were authorised for issue by the Board on 17 October 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.

Going concern

The financial statements have been prepared on a going concern basis due to the continued support of the director, given the reported a negative reserves position.

Revenue recognition

Turnover comprises the fair value of the consideration receivable for the sale of goods in the ordinary course of the company’s activities and is shown net of value added tax.

Tax

The tax expense for the period comprises current 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.

 

Greens Models Ltd

Notes to the Unaudited Financial Statements
Year Ended 28 February 2023

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.

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

Fixture & Fittings

25% reducing balance

Office equipment

25% reducing balance

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 goods sold or services performed in the ordinary course of business.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers and are recorded at transaction price. 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.

 

Greens Models Ltd

Notes to the Unaudited Financial Statements
Year Ended 28 February 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 March 2022

503

2,689

3,192

Additions

-

205

205

At 28 February 2023

503

2,894

3,397

Depreciation

At 1 March 2022

424

1,820

2,244

Charge for the year

20

268

288

At 28 February 2023

444

2,088

2,532

Carrying amount

At 28 February 2023

59

806

865

At 28 February 2022

79

869

948

5

Stocks

2023
£

2022
£

Stock for resale

26,492

32,756

 

Greens Models Ltd

Notes to the Unaudited Financial Statements
Year Ended 28 February 2023

6

Debtors

2023
£

2022
£

Other debtors

1,764

-

1,764

-

 

Greens Models Ltd

Notes to the Unaudited Financial Statements
Year Ended 28 February 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

12,366

3,000

Trade creditors

 

1,020

2,059

Taxation and social security

 

6,117

4,919

Other creditors

 

1,794

7,230

 

21,297

17,208

Due after one year

 

Loans and borrowings

8

6,999

9,998

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

6,999

9,998

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

6,999

9,998

2023
£

2022
£

Current loans and borrowings

Bank borrowings

3,000

3,000

Other borrowings

9,366

-

12,366

3,000