GRASSTEK LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 NOVEMBER 2023
Company Registration Number: 11673293
GRASSTEK LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 10
GRASSTEK LTD
COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023
DIRECTORS
M N Walker
Mrs C M Walker
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
West Mead
Church Lane
Shilton
Burford
Oxon
OX18 4AE
COMPANY REGISTRATION NUMBER
11673293 England and Wales
GRASSTEK LTD
BALANCE SHEET
AS AT 30 NOVEMBER 2023
Notes 2023 2022
£ £
FIXED ASSETS
Tangible assets 5 193,304 131,780
CURRENT ASSETS
Stock 18,116 17,813
Debtors 6 117,251 75,597
Cash at bank and in hand 3,343 -
138,710 93,410
CREDITORS: Amounts falling due within one year 7 267,121 180,178
NET CURRENT LIABILITIES (128,411) (86,768)
TOTAL ASSETS LESS CURRENT LIABILITIES 64,893 45,012
CREDITORS: Amounts falling due after more than one year 8 65,676 32,909
Provisions for liabilities and charges 48,326 32,945
NET LIABILITIES (49,109) (20,842)
CAPITAL AND RESERVES
Called up share capital 100 100
Distributable profit and loss account (49,209) (20,942)
SHAREHOLDERS' DEFICIT (49,109) (20,842)
GRASSTEK LTD
BALANCE SHEET
AS AT 30 NOVEMBER 2023
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
M N Walker Mrs C M Walker
Director Director
Date approved by the board: 30 August 2024
GRASSTEK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
1 GENERAL INFORMATION
Grasstek Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office is:
West Mead
Church Lane
Shilton
Burford
Oxon
OX18 4AE
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Going concern
The accounts have been drawn up on the going concern basis. The company owes the directors £167,894, which could be required for repayment without notice. The company is therefore dependent upon the continued support of the directors. The directors do not consider their own support likely to be withdrawn.
If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for additional liabilities that might arise and to reclassify fixed assets as current assets.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of landscape services as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
GRASSTEK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Plant and machinery Reducing balance basis at 25% per annum
Office equipment Straight line basis at 25% per annum
Motor vehicles Reducing balance basis at 20% per annum
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
GRASSTEK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Stock
Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a first in first out basis.
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, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
GRASSTEK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Leases
Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.
The company has entered into some hire purchase agreements for certain assets that include the option to purchase the items at the end of the lease term for a nominal amount, which is expected to be much lower than their fair value at that date. The hire purchase agreements have been classified as finance leases as it is reasonably certain that the option will be exercised.
Assets held under finance leases are recognised in accordance with the company's policy for tangible fixed assets. The corresponding obligations to lessors under finance leases are treated in the balance sheet as a liability. The assets and liabilities under finance leases are recognised at amounts equal to the fair value of the assets, or if lower, the present value of minimum lease payments, determined at the inception of the lease.
Minimum lease payments are apportioned between finance charges and the reduction in the outstanding liabilities using the effective interest method. The finance charge is allocated to each period during the lease so as to produce a constant rate of interest on the remaining balance of the liabilities. Finance charges are recognised in the profit and loss account.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. 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 taxable profits.
Deferred tax is measured using 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.
Current and deferred tax assets and liabilities are not discounted.
Pensions
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
GRASSTEK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2023 2022
Average number of employees 8 6
5 TANGIBLE ASSETS
Plant and machinery Office equipment Motor vehicles Total
£ £ £ £
Cost
At 1 December 2022 179,912 3,728 9,500 193,140
Additions 99,257 724 - 99,981
Disposals (3,153) - - (3,153)
At 30 November 2023 276,016 4,452 9,500 289,968
Accumulated depreciation and impairments
At 1 December 2022 56,248 1,591 3,521 61,360
Charge for year 34,917 919 1,196 37,032
Disposals (1,728) - - (1,728)
At 30 November 2023 89,437 2,510 4,717 96,664
Net book value
At 1 December 2022 123,664 2,137 5,979 131,780
At 30 November 2023 186,579 1,942 4,783 193,304
GRASSTEK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
6 DEBTORS
2023 2022
£ £
Trade debtors 22,727 21,816
Prepayments and accrued income 22,913 9,583
Other debtors 71,611 44,198
117,251 75,597
7 CREDITORS: Amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 6,000 7,320
Trade creditors 26,503 14,961
Taxation and social security 16,605 6,928
Hire purchase contracts and finance leases 39,721 25,190
Accruals and deferred income 2,179 2,984
Other creditors 176,113 122,795
267,121 180,178
8 CREDITORS: Amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 9,000 15,000
Hire purchase contracts and finance leases 56,676 17,909
65,676 32,909
Included in the amounts falling due after more than one year are the following amounts which are due in more
than five years:
2023 2022
£ £
Bank loans and overdrafts - 15,000
9 SECURED DEBTS
The hire purchase contracts and finance leases are secured on the assets concerned.
GRASSTEK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
10 RELATED PARTY TRANSACTIONS
During the year, the following transactions with related parties took place:
M N Walker
Director 2023 2022
£ £
Advances to company The director has made advances to the company which are repayable on demand. No interest has been charged on these advances. At the year end, the company owed the director the following amount: 155,120 112,340
Mrs C M Walker
Director 2023 2022
£ £
Advances to company The director has made advances to the company which are repayable on demand. No interest has been charged on these advances. At the year end, the company owed the director the following amount: 12,774 9,155
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