REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2020 |
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GROTECH PRODUCTION LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2020 |
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FOR |
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GROTECH PRODUCTION LIMITED |
GROTECH PRODUCTION LIMITED (REGISTERED NUMBER: 04437601) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 June 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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GROTECH PRODUCTION LIMITED |
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COMPANY INFORMATION |
for the Year Ended 30 June 2020 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Beckside Court |
Annie Reed Road |
Beverley |
East Yorkshire |
HU17 0LF |
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BANKERS: |
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PO Box 1385 |
2 Arena Court |
Sheffield |
S92 2WU |
GROTECH PRODUCTION LIMITED (REGISTERED NUMBER: 04437601) |
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BALANCE SHEET |
30 June 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 7 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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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. |
GROTECH PRODUCTION LIMITED (REGISTERED NUMBER: 04437601) |
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BALANCE SHEET - continued |
30 June 2020 |
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The financial statements were approved by the director and authorised for issue on
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GROTECH PRODUCTION LIMITED (REGISTERED NUMBER: 04437601) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 June 2020 |
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1. | STATUTORY INFORMATION |
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Grotech Production Limited is a private company, limited by shares, registered in England. The company's registered number is 04437601 and registered office is at Britannia Road, Goole, East Yorkshire, DN14 6ET, United Kingdom. |
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The financial statements have been presented in the Pound Sterling (£) as this is the functional currency of business activities. |
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The principal activity of Grotech Production Limited is the production and packing of agrochemicals. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Having regard to liquidity risk, current market conditions and other factors affecting the company, the use of the going concern basis of accounting is appropriate as, in the opinion of the director, there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern. |
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Turnover |
Turnover is the amount derived from ordinary activities, measured at the fair value of the consideration received or receivable. Turnover excludes value added tax and trade discounts. |
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Turnover from the sale of goods is recognised at the point of sale. |
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Turnover from services is recognised on completion of service, or when those services span the year end date, by reference to the stage of completion at the balance sheet date. |
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Tangible fixed assets |
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Land and buildings | - |
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Plant and machinery etc | - |
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Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. |
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Stocks |
Stock are stated at the lower of cost, using the first in first out method, and selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion. |
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GROTECH PRODUCTION LIMITED (REGISTERED NUMBER: 04437601) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2020 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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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. |
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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. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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GROTECH PRODUCTION LIMITED (REGISTERED NUMBER: 04437601) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2020 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 July 2019 |
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Additions |
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Reclassification/transfer |
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At 30 June 2020 |
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DEPRECIATION |
At 1 July 2019 |
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Charge for year |
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Reclassification/transfer |
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At 30 June 2020 |
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NET BOOK VALUE |
At 30 June 2020 |
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At 30 June 2019 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
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Plant and |
machinery |
etc |
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COST |
At 1 July 2019 |
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Transfer to ownership | (47,196 | ) |
At 30 June 2020 |
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DEPRECIATION |
At 1 July 2019 |
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Charge for year |
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Transfer to ownership | (47,196 | ) |
At 30 June 2020 |
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NET BOOK VALUE |
At 30 June 2020 |
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At 30 June 2019 |
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GROTECH PRODUCTION LIMITED (REGISTERED NUMBER: 04437601) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2020 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2020 | 2019 |
£ | £ |
Hire purchase contracts |
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Other creditors |
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8. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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Included in creditors are amounts owing to the director, Mr M J Usher , totalling £1,019,835 (2019: £1,019,835). The amounts outstanding at 30 June 2018 are as follows: |
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Due within one year |
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Current account £119,835 (2019: £119,835) |
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Due after more than one year |
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Loan account £900,000 (2019: £900,000) |
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The current account balance is repayable on demand. |
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The loan of £900,000 is an unsecured loan, which is due after more than one year. No interest is payable on the loan. |