Company Registration No. 05185168 (England and Wales)
GRASSFORM TURF CARE LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
LB GROUP
The Octagon Suite E2
2nd Floor Middleborough
Colchester
Essex
CO1 1TG
GRASSFORM TURF CARE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
GRASSFORM TURF CARE LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
6,861
7,333
Investment properties
5
700,000
650,000
706,861
657,333
Current assets
Debtors
6
107,204
103,067
Cash at bank and in hand
120,345
488,258
227,549
591,325
Creditors: amounts falling due within one year
7
(441,604)
(853,456)
Net current liabilities
(214,055)
(262,131)
Total assets less current liabilities
492,806
395,202
Creditors: amounts falling due after more than one year
8
(274,696)
(274,043)
Provisions for liabilities
(39,905)
(27,405)
Net assets
178,205
93,754
GRASSFORM TURF CARE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2023
28 February 2023
- 2 -
Capital and reserves
Called up share capital
100
100
Other reserves
114,216
76,716
Profit and loss reserves
63,889
16,938
Total equity
178,205
93,754

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 23 November 2023 and are signed on its behalf by:
Mr M J Dunning
Mr S P Dunning
Director
Director
Company Registration No. 05185168
GRASSFORM TURF CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information

Grassform Turf Care Limited is a private company limited by shares incorporated in England and Wales. The registered office is Little Woodbarns Farm, Green Street, Ingatestone, Essex, Uk, CM4 0NT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.

1.2
Going concern

The company is in a net current liability position of £214,056 at the balance sheet date due to amounts owed to connected companies of £429,939 (2022: £839,951).true

 

The directors will not recall this amount until the company is in a position to be able to repay this and for at least 12 months from the date these financial statements are signed.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% Reducing Balance
GRASSFORM TURF CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

GRASSFORM TURF CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Judgements and key sources of estimation uncertainty

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

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

GRASSFORM TURF CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022
10,220
Additions
1,390
At 28 February 2023
11,610
Depreciation and impairment
At 1 March 2022
2,887
Depreciation charged in the year
1,862
At 28 February 2023
4,749
Carrying amount
At 28 February 2023
6,861
At 28 February 2022
7,333
5
Investment property
2023
£
Fair value
At 1 March 2022
650,000
Revaluations
50,000
At 28 February 2023
700,000

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the income statement.

 

Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

GRASSFORM TURF CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 7 -
6
Debtors
2023
2022
as restated
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
10
10
Other debtors
107,194
103,057
107,204
103,067
7
Creditors: amounts falling due within one year
2023
2022
as restated
£
£
Bank loans and overdrafts
9,486
8,744
Trade creditors
-
0
3,027
Corporation tax
504
187
Other taxation and social security
-
0
797
Other creditors
431,614
840,701
441,604
853,456

A fixed charge in the name of National Westminster Bank PLC dated 12th October 2020 is currently held over the land and buildings of the company.

 

A fixed and floating charge in the name of National Westminster Bank PLC dated 30th September 2020 is currently held over all property and undertaking of the company.

8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
274,696
274,043

A fixed charge in the name of National Westminster Bank PLC dated 12th October 2020 is currently held over the land and buildings of the company.

 

A fixed and floating charge in the name of National Westminster Bank PLC dated 30th September 2020 is currently held over all property and undertaking of the company.

GRASSFORM TURF CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 8 -
9
Operating lease commitments
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2023
2022
as restated
£
£
40,000
100,000
10
Directors' transactions

No guarantees have been given or received during the period.

11
Prior period adjustment
Reconciliation of changes in equity
1 March
28 February
2021
2022
£
£
Adjustments to prior year
Adjustment of rent receivable in 2021
-
(62,500)
Adjustment of corporation tax in 2021
-
7,394
Adjustment of rent receivable in 2022
-
60,000
Adjustment of recharges in 2021
-
1,414
Adjustment of recharges in 2022
-
19,143
Total adjustments
-
25,451
Equity as previously reported
39,875
68,303
Equity as adjusted
39,875
93,754
Analysis of the effect upon equity
Profit and loss reserves
-
25,451
Reconciliation of changes in profit for the previous financial period
2022
£
Adjustments to prior year
Adjustment of rent receivable in 2022
60,000
Adjustment of recharges in 2022
19,143
Total adjustments
79,143
Profit as previously reported
28,428
Profit as adjusted
107,571
GRASSFORM TURF CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
11
Prior period adjustment
(Continued)
- 9 -
Notes to reconciliation
Adjustment of rent receivable

A prior year adjustment has been made in respect of over stated rent receivable in 2021 of £62,500 and under stated rent receivable in 2022 of £60,000.

Adjustment of corporation tax

A prior year adjustment has been made to corporation tax payable in the 2021 financial year as a result of the adjustment to rent receivable.

Adjustment of recharges

A prior year adjustment has been made in respect of under stated connected company recharges in 2021 of £1,414 and 2022 of £19,142.

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