REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 September 2023 |
for |
Siems Turfgrass Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 September 2023 |
for |
Siems Turfgrass Ltd |
Siems Turfgrass Ltd (Registered number: SC673826) |
Contents of the Financial Statements |
for the Year Ended 30 September 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Siems Turfgrass Ltd |
Company Information |
for the Year Ended 30 September 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
26 Victoria Street |
Rutherglen |
Glasgow |
G73 1DS |
Siems Turfgrass Ltd (Registered number: SC673826) |
Balance Sheet |
30 September 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Siems Turfgrass Ltd (Registered number: SC673826) |
Balance Sheet - continued |
30 September 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Siems Turfgrass Ltd (Registered number: SC673826) |
Notes to the Financial Statements |
for the Year Ended 30 September 2023 |
1. | STATUTORY INFORMATION |
Siems Turfgrass Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is derived from turfgrass services supplied by the company. |
Turnover is measure at the fair value of the service provided, net of discounts and excluding value added tax, and is recognised at the point that the company obtains the right to consideration. |
Tangible fixed assets |
Plant and machinery etc | - |
Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and accumulated impairment loss. |
At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Siems Turfgrass Ltd (Registered number: SC673826) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
The director has a firm expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Siems Turfgrass Ltd (Registered number: SC673826) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 October 2022 |
Additions |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
etc |
£ |
COST |
At 1 October 2022 |
and 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Siems Turfgrass Ltd (Registered number: SC673826) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Hire purchase contracts | 21,685 | 31,358 |
Hire purchase contracts are secured over the assets concerned. |
10. | RELATED PARTY DISCLOSURES |
At the 30th September 2023, the company owed Mr K Siems (director) £53,607 (2022: £64,764), Mrs D Siems (shareholder) £58,884 (2022: £66,763) and Mr J Siems (shareholder) £938 (2022: £138). |
There are no fixed repayment terms and no interest is charged on amounts owed. |