Green Shack Ltd 12125448 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is the sale of used cars and specialised car parts Digita Accounts Production Advanced 6.30.9574.0 true true 12125448 2022-08-01 2023-07-31 12125448 2023-07-31 12125448 bus:OrdinaryShareClass1 2023-07-31 12125448 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 12125448 core:FurnitureFittingsToolsEquipment 2023-07-31 12125448 bus:SmallEntities 2022-08-01 2023-07-31 12125448 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 12125448 bus:FullAccounts 2022-08-01 2023-07-31 12125448 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 12125448 bus:RegisteredOffice 2022-08-01 2023-07-31 12125448 bus:Director1 2022-08-01 2023-07-31 12125448 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 12125448 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 12125448 core:FurnitureFittingsToolsEquipment 2022-08-01 2023-07-31 12125448 core:OfficeEquipment 2022-08-01 2023-07-31 12125448 core:KeyManagementPersonnel 2022-08-01 2023-07-31 12125448 countries:EnglandWales 2022-08-01 2023-07-31 12125448 2022-07-31 12125448 core:FurnitureFittingsToolsEquipment 2022-07-31 12125448 2021-08-01 2022-07-31 12125448 2022-07-31 12125448 bus:OrdinaryShareClass1 2022-07-31 12125448 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 12125448 core:FurnitureFittingsToolsEquipment 2022-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 12125448

Green Shack Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Green Shack Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Green Shack Ltd

Company Information

Director

Mr P Turner

Registered office

20-22 Wenlock Road
London
N1 7GU

 

Green Shack Ltd

(Registration number: 12125448)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

382

478

Current assets

 

Stocks

5

2,750

-

Cash at bank and in hand

 

6

6

 

2,756

6

Creditors: Amounts falling due within one year

6

(3,115)

(3,764)

Net current liabilities

 

(359)

(3,758)

Net assets/(liabilities)

 

23

(3,280)

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

22

(3,281)

Shareholders' funds/(deficit)

 

23

(3,280)

For the financial year ending 31 July 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 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 January 2024
 

.........................................
Mr P Turner
Director

 

Green Shack Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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:
20-22 Wenlock Road
London
N1 7GU

The principal place of business is:
46 The Wold
Claverley
Shropshire
WV5 7BD

These financial statements were authorised for issue by the director on 29 January 2024.

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 includingSection 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' 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.

Going concern

The financial statements have been prepared on a going concern basis with the Director having given due consideration to the impact of Brexit and Covid-19. He is of the opinion that neither the Company's ability to trade nor the value of its assets will be significantly impaired. He has also committed his financial support for the foreseeable future.

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.

 

Green Shack Ltd

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

Government grants

Government revenue grants are recognised in the period in which they are received as other operating income. Any directly attributable expenses are recognised in the same period as the income but are disclosed within administrative expenses, with no offset.

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.

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.

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

Fixtures, fittings and equipment

20% 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.

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.

 

Green Shack Ltd

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

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Green Shack Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2022

747

747

At 31 July 2023

747

747

Depreciation

At 1 August 2022

269

269

Charge for the year

96

96

At 31 July 2023

365

365

Carrying amount

At 31 July 2023

382

382

At 31 July 2022

478

478

5

Stocks

2023
£

2022
£

Other inventories

2,750

-

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

513

-

Accruals and deferred income

363

113

Other creditors

2,239

3,651

3,115

3,764

 

Green Shack Ltd

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

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         

8

Related party transactions

Key management personnel

At the year end the Company owed key management £2,239. These monies are repayable upon demand and have been advanced on an unsecured, interest free basis.