Company Registration No. 04860985 (England and Wales)
GRO-WELL SALADS LTD
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JANUARY 2015
GRO-WELL SALADS LTD
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2 - 3
Notes to the abbreviated accounts
4 - 5
GRO-WELL SALADS LTD
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GRO-WELL SALADS LTD FOR THE YEAR ENDED 31 JANUARY 2015
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gro-Well Salads Ltd for the year ended 31 January 2015 set out on pages 2 to 5 from the company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to the Board of Directors of Gro-Well Salads Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Gro-Well Salads Ltd and state those matters that we have agreed to state to the Board of Directors of Gro-Well Salads Ltd, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gro-Well Salads Ltd and it's Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Gro-Well Salads Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Gro-Well Salads Ltd. You consider that Gro-Well Salads Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Gro-Well Salads Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Moore and Smalley LLP
Chartered Accountants
Richard House
9 Winckley Square
Preston
PR1 3HP
1 October 2015
GRO-WELL SALADS LTD
ABBREVIATED BALANCE SHEET
AS AT
31 JANUARY 2015
31 January 2015
- 2 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
664,856
296,495
Current assets
Stocks
116,776
128,680
Debtors
124,357
151,221
Cash at bank and in hand
434
52,069
241,567
331,970
Creditors: amounts falling due within one year
3
(316,059)
(286,623)
Net current (liabilities)/assets
(74,492)
45,347
Total assets less current liabilities
590,364
341,842
Creditors: amounts falling due after more than one year
4
(358,688)
(83,137)
Provisions for liabilities
(34,967)
(33,609)
196,709
225,096
Capital and reserves
Called up share capital
5
100
100
Profit and loss account
196,609
224,996
Shareholders' funds
196,709
225,096
GRO-WELL SALADS LTD
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2015
31 January 2015
- 3 -
For the financial year ended 31 January 2015 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 30 September 2015
Mr M R Fletcher
Mrs P H Fletcher
Director
Director
Mr R Fletcher
Mrs P D H McDiarmid
Director
Director
Company Registration No. 04860985
GRO-WELL SALADS LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JANUARY 2015
- 4 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the period, adjusted for the value of growing crops.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land & Buildings Freehold
2% p.a
G/House
10% on written down value
Drainage & Site Alterations
2% p.a
Tools & Equipment
10% on cost
Tractors, Van & Forklifts
10% on cost
1.5
Stock
Stock
s are
valued at the lower of cost and net realisable value
, after making due allowance for obsolete and slow moving items.
The value of growing crops has been adjusted against turnover.
1.6
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.7
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
GRO-WELL SALADS LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2015
- 5 -
2
Fixed assets
Tangible assets
£
Cost
At 1 February 2014
874,891
Additions
429,367
At 31 January 2015
1,304,258
Depreciation
At 1 February 2014
578,396
Charge for the year
61,006
At 31 January 2015
639,402
Net book value
At 31 January 2015
664,856
At 31 January 2014
296,495
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £45,879 (2014 - £0).
4
Creditors: amounts falling due after more than one year
2015
2014
£
£
Analysis of loans repayable in more than five years
Total amounts repayable by instalments which are due in more than five years
(50)
-
5
Share capital
2015
2014
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100