Registration number:
Greens of Devon Ltd
Filleted
for the Year Ended 28 February 2021
Greens of Devon Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Greens of Devon Ltd
Company Information
Director |
Ms J James |
Registered office |
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Accountants |
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Greens of Devon Ltd
(Registration number: 6796682)
Balance Sheet as at 28 February 2021
Note |
2021 |
2020 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
- |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
170 |
170 |
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Share premium reserve |
11,988 |
11,988 |
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Profit and loss account |
(55,503) |
(57,476) |
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Shareholders' deficit |
(43,345) |
(45,318) |
For the financial year ending 28 February 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Greens of Devon Ltd
(Registration number: 6796682)
Balance Sheet as at 28 February 2021
.........................................
Director
Greens of Devon Ltd
Notes to the Financial Statements for the Year Ended 28 February 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These 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.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The accounts are presented in £ sterling and are rounded to £1.
Judgements
In the application of the company’s accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the profit and loss.
Greens of Devon Ltd
Notes to the Financial Statements for the Year Ended 28 February 2021
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Vine and vine structure costs |
5% straight line basis |
Plant and machinery |
15% reducing balance |
Computer equipment |
33% straight line basis |
Winemaking equipment |
20% straight line basis |
Winery building |
10% straight line basis |
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Patents |
5 years straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Greens of Devon Ltd
Notes to the Financial Statements for the Year Ended 28 February 2021
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Financial instruments
Classification
Recognition and measurement
Impairment
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows, discounted at the assets original effective interest rate.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset’s carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Greens of Devon Ltd
Notes to the Financial Statements for the Year Ended 28 February 2021
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Intangible assets |
Trademarks, patents and licenses |
Total |
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Cost or valuation |
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At 1 March 2020 |
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Additions acquired separately |
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At 28 February 2021 |
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Amortisation |
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At 1 March 2020 |
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Amortisation charge |
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At 28 February 2021 |
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Carrying amount |
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At 28 February 2021 |
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At 29 February 2020 |
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Greens of Devon Ltd
Notes to the Financial Statements for the Year Ended 28 February 2021
Tangible assets |
Winery building |
Vine and vine structure costs |
Computer equipment |
Plant, machinery and equipment |
Total |
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Cost or valuation |
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At 1 March 2020 |
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At 28 February 2021 |
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Depreciation |
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At 1 March 2020 |
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Charge for the year |
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- |
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At 28 February 2021 |
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Carrying amount |
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At 28 February 2021 |
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- |
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At 29 February 2020 |
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- |
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Included within the net book value of land and buildings above is £14,227 (2020 - £17,084) in respect of short leasehold land and buildings.
Greens of Devon Ltd
Notes to the Financial Statements for the Year Ended 28 February 2021
Stocks |
2021 |
2020 |
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Stocks of herbs and winemaking supplies |
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Stock of packaging materials |
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Debtors |
2021 |
2020 |
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Other debtors |
- |
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- |
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Creditors |
Creditors: amounts falling due within one year
2021 |
2020 |
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Due within one year |
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Taxation and social security |
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- |
Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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57 |
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57 |
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13 |
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13 |
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