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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 December 2016 |
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for |
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GRAHAMS GARDEN MACHINERY LTD |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 December 2016 |
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for |
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GRAHAMS GARDEN MACHINERY LTD |
GRAHAMS GARDEN MACHINERY LTD (REGISTERED NUMBER: 06414633) |
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Contents of the Financial Statements |
for the year ended 31 December 2016 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 | to | 3 |
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Notes to the Financial Statements | 4 | to | 9 |
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GRAHAMS GARDEN MACHINERY LTD |
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Company Information |
for the year ended 31 December 2016 |
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DIRECTORS: |
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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 |
Woodlands Court |
Truro Business Park |
Truro |
Cornwall |
TR4 9NH |
GRAHAMS GARDEN MACHINERY LTD (REGISTERED NUMBER: 06414633) |
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Balance Sheet |
31 December 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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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 |
8 |
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( |
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PROVISIONS FOR LIABILITIES | 9 | ( |
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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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GRAHAMS GARDEN MACHINERY LTD (REGISTERED NUMBER: 06414633) |
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Balance Sheet - continued |
31 December 2016 |
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The directors acknowledge their 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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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GRAHAMS GARDEN MACHINERY LTD (REGISTERED NUMBER: 06414633) |
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Notes to the Financial Statements |
for the year ended 31 December 2016 |
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1. | STATUTORY INFORMATION |
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Grahams Garden Machinery Ltd is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared in accordance with Financial Reporting Standard 102 |
Section 1A "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the |
Companies Act 2006. The financial statements have been prepared under the historical cost |
convention except for the modification to a fair value basis for certain financial instruments as specified |
in the accounting policies below. |
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The financial statements are prepared in sterling which is the functional currency of the company. |
Monetary amounts in these financial statements are rounded to the nearest pound sterling. |
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The directors, after making enquiries and having considered the company's business, its financial |
plans and the facilities available to finance the business, have a reasonable expectation that the |
company has adequate resources to continue in operational existence for the foreseeable future. |
Accordingly, the going concern basis is adopted in preparing the financial statements. |
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Turnover |
Revenue is measured at the fair value of the consideration received or receivable. |
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Goodwill |
Goodwill, being the amount paid in connection with the acquisition of business in 2008, is being |
amortised evenly over its estimated useful life of twenty years. |
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Goodwill impairment |
The directors have considered the period of amortisation of the goodwill and believe the longevity of |
the business and its consistent turnover lead the period of 20 years to be considered reasonable. The |
directors will review the value of goodwill on an annual basis. |
GRAHAMS GARDEN MACHINERY LTD (REGISTERED NUMBER: 06414633) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2016 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Plant and machinery | - |
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Leasehold Improvements | - |
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Motor vehicles | - |
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Impairment of fixed assets |
At each reporting end date, the company reviews the carrying amounts of its tangible assets to |
determine whether there is any indication that those assets have suffered an impairment loss. If any |
such indication exists, the recoverable amount of the asset is estimated in order to determine the |
extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of |
an individual asset, the company estimates the recoverable amount of the cash-generating unit to |
which the asset belongs. |
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The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing |
value in use, the estimated future cash flows are discounted to their present value using a pre-tax |
discount rate that reflects current market assessments of the time value of money and the risks |
specific to the asset for which the estimates of future cash flows have not been adjusted. |
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If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying |
amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable |
amount. An impairment loss is recognised immediately in profit or loss. |
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Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have |
ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset |
(or cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the |
increased carrying amount does not exceed the carrying amount that would have been determined had |
no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of |
an impairment loss is recognised immediately in profit or loss. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
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GRAHAMS GARDEN MACHINERY LTD (REGISTERED NUMBER: 06414633) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2016 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax |
assets are recognised when tax paid exceeds the tax payable. |
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Current and deferred tax is charged or credited to the profit or loss, except when it relates to items |
charged or credited to other comprehensive income or equity, when the tax follows the transaction or |
event it relates to and is also charged or credited to other comprehensive income, or equity. |
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Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are |
offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends |
either to settle on the net basis or to realise the asset and settle the liability simultaneously. |
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Current tax is based on taxable profit for the year. Taxable profit differs from total comprehensive |
income because it excludes items of income or expense that are taxable or deductible in other periods. |
Current tax assets and liabilities are measured using tax rates that have been enacted or substantively |
enacted by the reporting period. |
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Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date where transactions or events have occurred at that date that will result in an |
obligation to pay more, or a right to pay less or to receive more, tax, with the following exceptions: |
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Deferred tax assets are recognised only to the extent that the directors consider that it is more likely |
than not that there will be suitable taxable profits from which the future reversal of the underlying timing |
differences can be deducted. |
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Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the |
periods in which timing differences reverse, based on tax rates and laws enacted or substantively |
enacted at the balance sheet date. |
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Financial instruments |
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and |
Section 12 "Other Financial Instruments" of FRS102 to all of its financial instruments. |
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Financial assets and liabilities are recognised in the company's statement of financial position when |
the company becomes party to the contractual provisions of the instrument. |
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Financial assets and liabilities are classified into specified categories. The classification depends on |
the nature and purpose of the financial asset or liability and is determined at the time of recognition. |
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Basic financial assets, which include trade and other receivables and cash and bank balances, are |
initially measured at transaction price including transaction costs and are subsequently carried at |
amortised cost using the effective interest method, unless the arrangement constitute a financing |
transaction, where the transaction is measure at the present value of the future receipts discounted at |
a market rate of interest. |
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Basic financial liabilities, which include trade and other parables are initially measured at transaction |
price, unless the arrangement constitutes a financing transaction, where the debt instrument is |
measured at the present value of the future payments discounted at a market rate of interest |
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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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GRAHAMS GARDEN MACHINERY LTD (REGISTERED NUMBER: 06414633) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2016 |
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2016 |
and 31 December 2016 |
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AMORTISATION |
At 1 January 2016 |
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Charge for year |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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5. | TANGIBLE FIXED ASSETS |
Plant and | Leasehold | Motor |
machinery | Improvements | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2016 |
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Additions |
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At 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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Included within the above are assets held under finance leases or hire purchase contracts as follows: |
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2016 | 2015 |
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Net Book
Value |
Depreciation
Charge |
Net Book
Value |
Depreciation
Charge |
£ | £ | £ | £ |
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Motor Vehicles | 12,249 | 583 | 12,832 | 583 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade debtors |
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Other debtors |
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GRAHAMS GARDEN MACHINERY LTD (REGISTERED NUMBER: 06414633) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2016 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
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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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2016 | 2015 |
£ | £ |
Hire purchase contracts |
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9. | PROVISIONS FOR LIABILITIES |
2016 | 2015 |
£ | £ |
Deferred tax | 8,234 | 5,554 |
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Deferred |
tax |
£ |
Balance at 1 January 2016 |
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Movements in the year | 2,680 |
Balance at 31 December 2016 |
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10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 December 2016 |
and 31 December 2015: |
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2016 | 2015 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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11. | RELATED PARTY DISCLOSURES |
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At the balance sheet date, the
company owed
to
the directors
the following amounts, which is included
within Creditors:Amounts falling due within One Year: |
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2016 | 2015 |
£ | £ |
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G R Denslow & J Denslow | (30,517 | ) | (4,897 | ) |
M J Gresty | 13,504 | 18,747 |
GRAHAMS GARDEN MACHINERY LTD (REGISTERED NUMBER: 06414633) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2016 |
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12. | ULTIMATE CONTROLLING PARTY |
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Mrs J Denslow, G R Denslow and M J Gresty, the directors, being related parties, are the ultimate |
controlling party by virtue of their majority shareholding. |