Registered number
10364075
Artificial Grass Online Ltd
Unaudited Filleted Accounts
30 September 2023
Artificial Grass Online Ltd
Registered number: 10364075
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 3,000 4,000
Tangible assets 4 155,615 94,672
158,615 98,672
Current assets
Stocks 549,821 150,000
Debtors 5 37,353 39,668
Cash at bank and in hand 476,281 745,775
1,063,455 935,443
Creditors: amounts falling due within one year 6 (494,071) (530,772)
Net current assets 569,384 404,671
Total assets less current liabilities 727,999 503,343
Creditors: amounts falling due after more than one year 7 (21,825) (47,482)
Provisions for liabilities (37,016) (16,475)
Net assets 669,158 439,386
Capital and reserves
Called up share capital 10 10
Profit and loss account 669,148 439,376
Shareholder's funds 669,158 439,386
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Colin Potts
Director
Approved by the board on 10 April 2024
Artificial Grass Online Ltd
Notes to the Accounts
for the year ended 30 September 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 10 8
3 Intangible fixed assets £
Goodwill:
Cost
At 1 October 2022 10,000
At 30 September 2023 10,000
Amortisation
At 1 October 2022 6,000
Provided during the year 1,000
At 30 September 2023 7,000
Net book value
At 30 September 2023 3,000
At 30 September 2022 4,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 October 2022 32,571 118,703 151,274
Additions 12,388 100,035 112,423
At 30 September 2023 44,959 218,738 263,697
Depreciation
At 1 October 2022 13,517 43,085 56,602
Charge for the year 7,567 43,913 51,480
At 30 September 2023 21,084 86,998 108,082
Net book value
At 30 September 2023 23,875 131,740 155,615
At 30 September 2022 19,054 75,618 94,672
5 Debtors 2023 2022
£ £
Trade debtors 13,767 13,167
Other debtors 23,586 26,501
37,353 39,668
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 15,742 19,617
Trade creditors 299,447 342,348
Taxation and social security costs 141,746 123,157
Other creditors 27,136 35,650
494,071 530,772
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 16,667 26,582
Obligations under finance lease and hire purchase contracts 5,158 20,900
21,825 47,482
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 97,471 43,481
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Colin Eric Potts
Loan to/(from) director (31,784) 96,101 (87,610) (23,293)
(31,784) 96,101 (87,610) (23,293)
10 Controlling party
Colin Potts controlled the company by virtue of his 100% ownership of the company's issued ordinary share capital.
11 Other information
Artificial Grass Online Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 5, Carnfield Place
Walton Summit
Bamber Bridge
Preston
PR5 8AN
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