Premium Artificial Grass Limited 08952002 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of the supply and installation of artificial grass. Digita Accounts Production Advanced 6.30.9574.0 true false 08952002 2023-04-01 2024-03-31 08952002 2024-03-31 08952002 bus:OrdinaryShareClass1 2024-03-31 08952002 core:RetainedEarningsAccumulatedLosses 2024-03-31 08952002 core:ShareCapital 2024-03-31 08952002 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 08952002 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 08952002 core:FurnitureFittingsToolsEquipment 2024-03-31 08952002 core:MotorVehicles 2024-03-31 08952002 core:OtherPropertyPlantEquipment 2024-03-31 08952002 bus:SmallEntities 2023-04-01 2024-03-31 08952002 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08952002 bus:FilletedAccounts 2023-04-01 2024-03-31 08952002 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 08952002 bus:RegisteredOffice 2023-04-01 2024-03-31 08952002 bus:Director1 2023-04-01 2024-03-31 08952002 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 08952002 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08952002 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 08952002 core:MotorVehicles 2023-04-01 2024-03-31 08952002 core:OfficeEquipment 2023-04-01 2024-03-31 08952002 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 08952002 core:PlantMachinery 2023-04-01 2024-03-31 08952002 1 2023-04-01 2024-03-31 08952002 countries:EnglandWales 2023-04-01 2024-03-31 08952002 2023-03-31 08952002 core:FurnitureFittingsToolsEquipment 2023-03-31 08952002 core:MotorVehicles 2023-03-31 08952002 core:OtherPropertyPlantEquipment 2023-03-31 08952002 2022-04-01 2023-03-31 08952002 2023-03-31 08952002 bus:OrdinaryShareClass1 2023-03-31 08952002 core:RetainedEarningsAccumulatedLosses 2023-03-31 08952002 core:ShareCapital 2023-03-31 08952002 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 08952002 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 08952002 core:FurnitureFittingsToolsEquipment 2023-03-31 08952002 core:MotorVehicles 2023-03-31 08952002 core:OtherPropertyPlantEquipment 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 08952002

Premium Artificial Grass Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2024

 

Premium Artificial Grass Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 9

 

Premium Artificial Grass Limited

(Registration number: 08952002)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

49,129

72,942

Current assets

 

Stocks

5

16,697

18,975

Debtors

3,078

19,863

Cash at bank and in hand

 

63,181

83,732

 

82,956

122,570

Prepayments and accrued income

 

3,311

3,219

Creditors: Amounts falling due within one year

(36,674)

(71,446)

Net current assets

 

49,593

54,343

Total assets less current liabilities

 

98,722

127,285

Creditors: Amounts falling due after more than one year

(14,806)

(27,686)

Provisions for liabilities

(9,334)

(15,537)

Accruals and deferred income

 

(2,420)

(2,416)

Net assets

 

72,162

81,646

Capital and reserves

 

Called up share capital

10

10

Profit and loss account

72,152

81,636

Total equity

 

72,162

81,646

For the financial year ending 31 March 2024 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Premium Artificial Grass Limited

(Registration number: 08952002)
Abridged Balance Sheet as at 31 March 2024

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 May 2024 and signed on its behalf by:
 

.........................................
Mr Justin Brown
Director

 

Premium Artificial Grass Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

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:
Enterprise House
36 Essex Road
Stevenage
Herts
SG1 3EX

These financial statements were authorised for issue by the Board on 8 May 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 abridged 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 abridged financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

 

Premium Artificial Grass Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

2

Accounting policies (continued)

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services and sale of goods 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.

Government grants

Grants relating to revenue are recognised in income on a systematic basis over the periods in which the busniess recognises related costs which the grant is intended to compensate.

A grant that becomes receivable as compensation for expenses or losses already incureed or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

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.

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.

 

Premium Artificial Grass Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

2

Accounting policies (continued)

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

Motor vehicles

20% Reducing balance

Office equipment

25% Straight line

Plant and machinery

25% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods provided and services performed in the ordinary course of busines.

Trade debtors are recognised at transaction price.

Trade debtors are reviewed for bad debts on an annual basis. Any adjustment is made accordingly through the profit and loss account.

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.

 

Premium Artificial Grass Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

2

Accounting policies (continued)

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 at the transaction price.

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.

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.

 

Premium Artificial Grass Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 3).

 

Premium Artificial Grass Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

7,505

55,661

89,850

153,016

Additions

-

-

1,498

1,498

At 31 March 2024

7,505

55,661

91,348

154,514

Depreciation

At 1 April 2023

4,732

26,205

49,137

80,074

Charge for the year

1,138

5,891

18,282

25,311

At 31 March 2024

5,870

32,096

67,419

105,385

Carrying amount

At 31 March 2024

1,635

23,565

23,929

49,129

At 31 March 2023

2,773

29,456

40,713

72,942

5

Stocks

2024
£

2023
£

Other inventories

16,697

18,975

 

Premium Artificial Grass Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

10

10

10

10

       

7

Dividends

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £550 (2023 - £550). The company has a one month rolling contract on the storage facility that they rent. The amount disclosed is the total amount due for one months storage costs.

9

Related party transactions

Transactions with directors

10

Ultimate controlling party

The ultimate controlling party is Mr J Brown and Mrs E Brown, by virtue of their shareholdings.