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GREENS TEAM NURSERY LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024
Greens Team Nursery Limited is a private company, limited by shares, incorporated in England and Wales. Its registered office address is 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD and its principal place of business is Cotswold, Perrymead, Bath, BA2 5AX.
The Company started trading from its incorporation date of 11 December 2023. Its principal activity is that of the provision of facility vehicles to the landscape construction industry.
It changed its name from Greens Team Hire Limited on 11 January 2024.
The Company's functional and presentational currency is £ sterling.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The Company made a loss of £7,517 during the period and at the reporting date had net liabilities of £7,417. The director, who is also the ultimate controlling party, is satisfied the Company will have sufficient funds to be able to meet its obligations as and when they fall due for at least twelve months from the date he approves the accounts. Based on the continued financial support of companies under common control, he has prepared the financial statements on a going concern basis.
Turnover comprises revenue recognised by the Company in respect of vehicle hire services supplied during the year, exclusive of Value Added Tax.
Revenue from vehicle hire is recognised in the period the hire takes place.
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Current and deferred taxation
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The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
a) The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
b) Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
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