Used4Turf Limited 13177084 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is the retail of turfcare machinery to golf courses, sports facilities, landscaper, turf growers, local authorities and private estates. Digita Accounts Production Advanced 6.30.9574.0 true true 13177084 2022-03-01 2023-02-28 13177084 2023-02-28 13177084 bus:OrdinaryShareClass1 2023-02-28 13177084 bus:Original 2023-02-28 13177084 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-02-28 13177084 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-02-28 13177084 core:CurrentFinancialInstruments 2023-02-28 13177084 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 13177084 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 13177084 core:FurnitureFittingsToolsEquipment 2023-02-28 13177084 core:MotorVehicles 2023-02-28 13177084 core:OtherPropertyPlantEquipment 2023-02-28 13177084 bus:SmallEntities 2022-03-01 2023-02-28 13177084 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 13177084 bus:FullAccounts 2022-03-01 2023-02-28 13177084 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 13177084 bus:RegisteredOffice 2022-03-01 2023-02-28 13177084 bus:Director1 2022-03-01 2023-02-28 13177084 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 13177084 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 13177084 core:ComputerEquipment 2022-03-01 2023-02-28 13177084 core:FurnitureFittings 2022-03-01 2023-02-28 13177084 core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28 13177084 core:MotorVehicles 2022-03-01 2023-02-28 13177084 core:OtherPropertyPlantEquipment 2022-03-01 2023-02-28 13177084 core:PlantMachinery 2022-03-01 2023-02-28 13177084 core:VehiclesPlantMachinery 2022-03-01 2023-02-28 13177084 countries:AllCountries 2022-03-01 2023-02-28 13177084 2022-02-28 13177084 core:FurnitureFittingsToolsEquipment 2022-02-28 13177084 core:MotorVehicles 2022-02-28 13177084 core:OtherPropertyPlantEquipment 2022-02-28 13177084 2021-03-01 2022-02-28 13177084 2022-02-28 13177084 bus:OrdinaryShareClass1 2022-02-28 13177084 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-02-28 13177084 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-02-28 13177084 core:CurrentFinancialInstruments 2022-02-28 13177084 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 13177084 core:Non-currentFinancialInstruments core:AfterOneYear 2022-02-28 13177084 core:FurnitureFittingsToolsEquipment 2022-02-28 13177084 core:MotorVehicles 2022-02-28 13177084 core:OtherPropertyPlantEquipment 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 13177084

Used4Turf Limited

trading as Used4Turf

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

Used4Turf Limited

trading as Used4Turf

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Used4Turf Limited

trading as Used4Turf

Company Information

Director

Mr N Peachey

Registered office

6 The Blundens
Stoke by Nayland
CO6 4RH

Accountants

Hodson Lewis Ltd
First Floor
Abbotsgate House
Hollow Road
Bury St Edmunds
Suffolk
IP32 7FA

 

Used4Turf Limited

trading as Used4Turf

(Registration number: 13177084)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

40,417

18,051

Current assets

 

Stocks

5

125,615

125,332

Debtors

6

63,250

98,382

Cash at bank and in hand

 

87,565

21,889

 

276,430

245,603

Creditors: Amounts falling due within one year

7

(120,714)

(153,284)

Net current assets

 

155,716

92,319

Total assets less current liabilities

 

196,133

110,370

Creditors: Amounts falling due after more than one year

7

(6,250)

-

Provisions for liabilities

(7,280)

-

Net assets

 

182,603

110,370

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

182,503

110,270

Shareholders' funds

 

182,603

110,370

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.

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 November 2023
 

 

Used4Turf Limited

trading as Used4Turf

(Registration number: 13177084)
Balance Sheet as at 28 February 2023

.........................................
Mr N Peachey
Director

 

Used4Turf Limited

trading as Used4Turf

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

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

The address of its registered office is:
6 The Blundens
Stoke by Nayland
CO6 4RH

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

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.

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.

 

Used4Turf Limited

trading as Used4Turf

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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

Vehicles

20% Strraight Line

Computer Equipment

25% Straight Line

Plant & Machinery

10% Straight Line

Fixtures & Fittings

10% 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.

 

Used4Turf Limited

trading as Used4Turf

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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).

 

Used4Turf Limited

trading as Used4Turf

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2022

4,041

15,909

2,548

22,498

Additions

5,775

32,735

1,560

40,070

Disposals

-

(10,500)

-

(10,500)

At 28 February 2023

9,816

38,144

4,108

52,068

Depreciation

At 1 March 2022

1,010

3,182

255

4,447

Charge for the year

1,507

7,412

385

9,304

Eliminated on disposal

-

(2,100)

-

(2,100)

At 28 February 2023

2,517

8,494

640

11,651

Carrying amount

At 28 February 2023

7,299

29,650

3,468

40,417

At 28 February 2022

3,031

12,727

2,293

18,051

5

Stocks

2023
£

2022
£

Other inventories

125,615

125,332

6

Debtors

Current

2023
£

2022
£

Trade debtors

62,408

84,552

Prepayments

842

-

Other debtors

-

13,830

 

63,250

98,382

7

Creditors

Creditors: amounts falling due within one year

 

Used4Turf Limited

trading as Used4Turf

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

5,000

-

Trade creditors

 

17,257

77,622

Taxation and social security

 

18,898

21,452

Accruals and deferred income

 

730

900

Other creditors

 

78,829

53,310

 

120,714

153,284

 

Used4Turf Limited

trading as Used4Turf

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

6,250

-

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

6,250

-

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

5,000

-

10

Dividends

   

2023

 

2022

   

£

 

£

Final dividend of £1.00 (2022 - £2.00) per ordinary share

 

-

 

-

Interim dividend of £3.00 (2022 - £4.00) per ordinary share

 

14,000

 

-

   

14,000

 

-

         

11

Related party transactions

 

Used4Turf Limited

trading as Used4Turf

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

11,658

8,778