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Sage Accounts Production 21.0 - FRS102_2021
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01569157
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2022-01-01
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2023-01-01
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2022-01-01
2022-12-31
01569157
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2023-12-31
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2022-12-31
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2022-12-31
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2023-12-31
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2022-12-31
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2023-12-31
Company registration number:
01569157
Greendale Carpets and Floorings Limited
Company limited by guarantee
Filleted financial statements
31 December 2023
Greendale Carpets and Floorings Limited
Company limited by guarantee
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Greendale Carpets and Floorings Limited
Company limited by guarantee
Directors and other information
|
|
|
|
|
Directors |
Mr Gary Neil Matthews |
(Resigned 19 December 2023) |
|
|
Mr Garry Dell |
|
|
|
Mr Nicholas Warren Lang |
|
|
|
Mr Eamonn Shaun Prescott |
|
|
|
Mr Nicholas Norman Walters |
|
|
|
Mr David Corbett Glenister |
|
|
|
Mrs Katie Sarah Courtney-Jones |
(Appointed 31 August 2023) |
|
|
|
|
|
|
|
|
|
Company number |
01569157 |
|
|
|
|
|
|
|
|
|
|
Registered office |
Greendale House |
|
|
|
Whitestone Business Park |
|
|
|
Whitestone |
|
|
|
Herefordshire |
|
|
|
HR1 3SE |
|
|
|
|
|
|
|
|
|
|
Business address |
Greendale House |
|
|
|
Whitestone Business Park |
|
|
|
Whitestone |
|
|
|
Herefordshire |
|
|
|
HR1 3SE |
|
|
|
|
|
|
|
|
|
|
Auditor |
Forshaws Accountants Limited |
|
|
|
Crossens Way |
|
|
|
Southport |
|
|
|
PR9 9LY |
|
|
|
|
|
Greendale Carpets and Floorings Limited
Company limited by guarantee
Directors responsibilities statement
Year ended 31 December 2023
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgments and accounting estimates that are reasonable and prudent; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Greendale Carpets and Floorings Limited
Company limited by guarantee
Statement of financial position
31 December 2023
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
13 |
10,192 |
|
|
|
14,406 |
|
|
Investments |
|
14 |
100 |
|
|
|
100 |
|
|
|
|
|
_________ |
|
|
|
_________ |
|
|
|
|
|
|
|
10,292 |
|
|
|
14,506 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
333,272 |
|
|
|
402,871 |
|
|
Debtors |
|
15 |
535,535 |
|
|
|
475,813 |
|
|
Cash at bank and in hand |
|
|
126,570 |
|
|
|
151,569 |
|
|
|
|
|
_________ |
|
|
|
_________ |
|
|
|
|
|
995,377 |
|
|
|
1,030,253 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
16 |
(
524,200) |
|
|
|
(
514,933) |
|
|
|
|
|
_________ |
|
|
|
_________ |
|
|
Net current assets |
|
|
|
|
471,177 |
|
|
|
515,320 |
|
|
|
|
|
_________ |
|
|
|
_________ |
Total assets less current liabilities |
|
|
|
|
481,469 |
|
|
|
529,826 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
17 |
|
|
(
177,667) |
|
|
|
(
189,167) |
|
|
|
|
|
_________ |
|
|
|
_________ |
Net assets |
|
|
|
|
303,802 |
|
|
|
340,659 |
|
|
|
|
|
_________ |
|
|
|
_________ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Contingency reserve |
|
19 |
|
|
100,000 |
|
|
|
100,000 |
Profit and loss account |
|
19 |
|
|
203,802 |
|
|
|
240,659 |
|
|
|
|
|
_________ |
|
|
|
_________ |
Members funds |
|
|
|
|
303,802 |
|
|
|
340,659 |
|
|
|
|
|
_________ |
|
|
|
_________ |
|
|
|
|
|
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
09 September 2024
, and are signed on behalf of the board by:
Mr Nicholas Warren Lang
Director
Company registration number:
01569157
Greendale Carpets and Floorings Limited
Company limited by guarantee
Statement of changes in equity
Year ended 31 December 2023
|
|
|
Contingency reserve |
|
Profit and loss account |
Total |
|
|
|
|
|
|
|
£ |
|
£ |
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 January 2022 |
|
|
100,000 |
|
256,094 |
356,094 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the year |
|
|
|
|
(
9,837) |
(
9,837) |
|
|
|
|
|
|
|
_________ |
|
_________ |
_________ |
|
|
|
|
Total comprehensive income for the year |
|
|
- |
|
(
9,837) |
(
9,837) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share of surplus introduced by new members |
|
|
- |
|
2,702 |
2,702 |
|
|
|
|
Share of surplus repayable to retiring members |
|
|
- |
|
(
8,300) |
(
8,300) |
|
|
|
|
|
|
|
_________ |
|
_________ |
_________ |
|
|
|
|
Total investments by and distributions to owners |
|
|
- |
|
(
5,598) |
(
5,598) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_________ |
|
_________ |
_________ |
|
|
|
|
At 31 December 2022 and 1 January 2023 |
|
|
100,000 |
|
240,659 |
340,659 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the year |
|
|
|
|
(
38,297) |
(
38,297) |
|
|
|
|
|
|
|
_________ |
|
_________ |
_________ |
|
|
|
|
Total comprehensive income for the year |
|
|
- |
|
(
38,297) |
(
38,297) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share of surplus introduced by new members |
|
|
- |
|
5,232 |
5,232 |
|
|
|
|
Share of surplus repayable to retiring members |
|
|
- |
|
(
3,792) |
(
3,792) |
|
|
|
|
|
|
|
_________ |
|
_________ |
_________ |
|
|
|
|
Total investments by and distributions to owners |
|
|
- |
|
1,440 |
1,440 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_________ |
|
_________ |
_________ |
|
|
|
|
At 31 December 2023 |
|
|
100,000 |
|
203,802 |
303,802 |
|
|
|
|
|
|
|
_________ |
|
_________ |
_________ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Greendale Carpets and Floorings Limited
Company limited by guarantee
Notes to the financial statements
Year ended 31 December 2023
1.
General information
The company is a private company limited by guarantee, registered in England. The address of the registered office is Greendale House, Whitestone Business Park, Whitestone, Herefordshire, HR1 3SE.
The principal activity of the company is that of a carpet and flooring buying co-operative.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Leasehold properties |
- |
Straight line over the life of the lease |
|
|
Plant and machinery |
- |
10% Straight line |
|
|
Fittings fixtures and equipment |
- |
25% Straight line |
|
|
Motor vehicles |
- |
25% Straight line |
|
|
Computer equipment |
- |
25% Straight line |
|
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution pension plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4.
Share of profit introduced and repaid
New members are required when joining the company to introduce an amount equivalent to an existing member's share of the accumulated surplus on the profit and loss account; retiring members are refunded an equivalent sum. These amounts are reflected in the profit and loss account as movement on reserves.
5.
Group accounts
The company is entitled to the exemption under Section 398 of Companies Act 2006 from the obligation to prepare group accounts.
6.
Subscriptions receivable
Subscriptions receivable from the members are recognised in the year to which they relate and are reflected in the accounts within other operating income.
7.
Rebates receivable
Rebates receivable from suppliers are recognised in the year to which they relate. Rebates relating to the company's own purchases are reflected in the accounts within cost of sales and rebates relating to members' purchases are reflected in the accounts within other operating income.
8.
Limited by guarantee
The company is limited by guarantee. In the event of the company having insufficient funds to meet its liabilities on liquidation, each member has guaranteed to contribute the sum of £1.
9.
Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
10.
Other operating income
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Subscriptions receivable |
|
108,919 |
114,049 |
|
Supplier rebates |
|
156,873 |
137,051 |
|
Other operating income |
|
2,267 |
1,400 |
|
|
|
_________ |
_________ |
|
|
|
268,059 |
252,500 |
|
|
|
_________ |
_________ |
|
|
|
|
|
11.
Auditors remuneration
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Fees payable to Forshaws Accountants Limited |
|
|
|
|
Fees payable for the audit of the financial statements |
|
7,500 |
7,150 |
|
|
|
_________ |
_________ |
|
|
|
|
|
12.
Employee numbers
The average number of persons employed by the company during the year amounted to
15
(2022:
15
).
13.
Tangible assets
|
|
Short leasehold property |
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Computer equipment |
Total |
|
|
|
£ |
£ |
£ |
£ |
£ |
£ |
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 January 2023 |
3,303 |
288,278 |
48,469 |
42,109 |
169,274 |
551,433 |
|
|
Additions |
- |
- |
689 |
- |
4,005 |
4,694 |
|
|
Disposals |
- |
- |
- |
(
15,375) |
- |
(
15,375) |
|
|
|
_________ |
_________ |
_________ |
_________ |
_________ |
_________ |
|
|
At 31 December 2023 |
3,303 |
288,278 |
49,158 |
26,734 |
173,279 |
540,752 |
|
|
|
_________ |
_________ |
_________ |
_________ |
_________ |
_________ |
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 January 2023 |
3,303 |
284,131 |
47,132 |
42,109 |
160,352 |
537,027 |
|
|
Charge for the year |
- |
1,647 |
52 |
- |
7,209 |
8,908 |
|
|
Disposals |
- |
- |
- |
(
15,375) |
- |
(
15,375) |
|
|
|
_________ |
_________ |
_________ |
_________ |
_________ |
_________ |
|
|
At 31 December 2023 |
3,303 |
285,778 |
47,184 |
26,734 |
167,561 |
530,560 |
|
|
|
_________ |
_________ |
_________ |
_________ |
_________ |
_________ |
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 December 2023 |
- |
2,500 |
1,974 |
- |
5,718 |
10,192 |
|
|
|
_________ |
_________ |
_________ |
_________ |
_________ |
_________ |
|
|
At 31 December 2022 |
- |
4,147 |
1,337 |
- |
8,922 |
14,406 |
|
|
|
_________ |
_________ |
_________ |
_________ |
_________ |
_________ |
|
|
|
|
|
|
|
|
|
|
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
|
|
|
|
|
|
|
|
|
|
|
Computer equipment |
|
|
|
|
|
|
|
|
£ |
|
|
|
|
|
|
|
At 31 December 2023 |
- |
|
|
|
|
|
|
|
|
_________ |
|
|
|
|
|
|
|
At 31 December 2022 |
3,620 |
|
|
|
|
|
|
|
|
_________ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14.
Investments
|
|
Shares in group undertakings and participating interests |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 January 2023 and 31 December 2023 |
100 |
100 |
|
|
|
|
|
|
_________ |
_________ |
|
|
|
|
|
Impairment |
|
|
|
|
|
|
|
At 1 January 2023 and 31 December 2023 |
- |
- |
|
|
|
|
|
|
_________ |
_________ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 December 2023 |
100 |
100 |
|
|
|
|
|
|
_________ |
_________ |
|
|
|
|
|
At 31 December 2022 |
100 |
100 |
|
|
|
|
|
|
_________ |
_________ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in group undertakings |
|
|
|
|
|
|
|
|
|
|
|
Subsidiary undertakings |
|
Registered office |
Class of share |
Percentage of shares held |
|
Stockholding Solutions Limited |
|
Greendale House, Whitestone, Herefordshire, HR1 3SE |
Ordinary |
100 |
|
|
|
|
|
|
|
|
|
|
|
|
15.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade debtors |
|
360,372 |
319,987 |
|
Amounts owed by group undertakings |
|
- |
24,456 |
|
Other debtors |
|
175,163 |
131,370 |
|
|
|
_________ |
_________ |
|
|
|
535,535 |
475,813 |
|
|
|
_________ |
_________ |
|
|
|
|
|
16.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
10,000 |
10,000 |
|
Trade creditors |
|
339,792 |
317,002 |
|
Amounts owed to group undertakings |
|
6,738 |
- |
|
Corporation tax |
|
- |
266 |
|
Social security and other taxes |
|
69,452 |
65,274 |
|
Other creditors |
|
98,218 |
122,391 |
|
|
|
_________ |
_________ |
|
|
|
524,200 |
514,933 |
|
|
|
_________ |
_________ |
|
|
|
|
|
17.
Creditors: amounts falling due after more than one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
19,167 |
29,167 |
|
Other creditors |
|
158,500 |
160,000 |
|
|
|
_________ |
_________ |
|
|
|
177,667 |
189,167 |
|
|
|
_________ |
_________ |
|
|
|
|
|
Other creditors includes an amount of £158,500 (2022 £160,000) which represents interest free loans received from each member of the company in the amount of £2,000 per member and £500 per new member. These amounts are unsecured, interest free and are repayable to the members should they resign their membership of the company.
18.
Obligations under finance leases
Company lessee
The total future minimum lease payments under finance lease agreements are as follows:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Not later than 1 year |
|
- |
4,023 |
|
Less: future finance charges |
|
- |
(
103) |
|
|
|
_________ |
_________ |
|
Present value of minimum lease payments |
|
- |
3,920 |
|
|
|
_________ |
_________ |
|
|
|
|
|
19.
Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.Contingency Reserve:The contingency reserve is intended to cover costs that would be incurred if the company were to be wound up. New members do not have to contribute to the reserve and members who leave are not entitled to a share of it.The contingency reserve was created by transfers from distributable reserves. These transfers were made over a period of 10 years at £10,000 per year and the reserve was capped at £100,000, which was the maximum level set by the management committee.
20.
Summary audit opinion
The auditor's report for the year dated
09 September 2024
was unqualified.
The senior statutory auditor was
Andrew Goddard
for and on behalf of
Forshaws Accountants Limited
21.
Related party transactions
During the year the company entered into the following transactions with related parties:
|
|
Transaction value |
|
Balance owed by / (to) |
|
|
|
2023 |
2022 |
2023 |
2022 |
|
|
£ |
£ |
£ |
£ |
|
Arditti Carpets Limited |
92,445 |
101,524 |
11,521 |
6,384 |
|
N.D. Walters Limited
|
43,856 |
52,144 |
52
|
3,560
|
|
David Glenister Flooring Limited
|
17,493
|
18,625
|
308
|
24
|
|
Gainsborough House Limited
|
73,770
|
90,152
|
6,058
|
(
1,807) |
|
J & I Carpets Limited
|
59,351
|
- |
6,512
|
- |
|
|
_________ |
_________ |
_________ |
_________ |
|
|
|
|
|
|
The above debtors have been received from the members since the balance sheet date. All related party transactions are deemed to be on an arm's length basis. During the year the company paid £80,000 (2022 - £80,000) in respect of rent, and charged £12,500 (2022 - £12,000) in respect of management charges to Greendale House Limited, a company under the common control of the directors. During the year the company sold goods to the value of £57,913 (2022 - £120,362) and charged £89,385 (2022 - £69,822) in respect of expenses and management charges to its subsidiary, Stockholding Solutions Limited. As at 31 December 2023, creditors included an amount of £6,738 due to that company (2022 - debtors included an amount of £24,456 due from that company). The balance outstanding was unsecured and interest-free.
22.
Controlling party
The company is not under the control of any single party.