Company Registration No. 09824408 (England and Wales)
Keeley Green Designs Limited
Annual report and unaudited financial statements
For the year ended 31 March 2019
Pages for filing with registrar
KEELEY GREEN DESIGNS LIMITED
Keeley Green Designs Limited
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
KEELEY GREEN DESIGNS LIMITED
Keeley Green Designs Limited
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 1 -
2019
2018
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,091
1,455
Investments
4
50
50
1,141
1,505
Current assets
Debtors
5
373,824
217,126
Cash at bank and in hand
2,196
13,208
376,020
230,334
Creditors: amounts falling due within one year
6
(442,663)
(289,057)
Net current liabilities
(66,643)
(58,723)
Total assets less current liabilities
(65,502)
(57,218)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(65,602)
(57,318)
Total equity
(65,502)
(57,218)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
KEELEY GREEN DESIGNS LIMITED
Keeley Green Designs Limited
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2019
31 March 2019
- 2 -
The financial statements were approved and signed by the director and authorised for issue on
28 February 2020
K A Green
Director
Company Registration No. 09824408
KEELEY GREEN DESIGNS LIMITED
Keeley Green Designs Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 3 -
1
Accounting policies
Company information
Keeley Green Designs Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
55 Loudoun Road, St John's Wood, London, NW8 0DL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company recorded a loss of £
8,284
(201
8
: £
73,551 loss (restated)
) for the year. The company continues to meet its day-to-day working capital requirements from the continued support of its director. The director is satisfied that she can continue to finance the business in this manner. Accordingly, the director considers it appropriate to prepare these financial statements on a going concern basis. The financial statements do not include any adjustment that would result from a withdrawal of the support of the director.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
KEELEY GREEN DESIGNS LIMITED
Keeley Green Designs Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.6
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand
and
deposits.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Taxation
2019
2018
£
£
Current tax
Adjustments in respect of prior periods
-
(2,643)
The company has estimated losses of £
66,663
(201
8
: £
58,743
) available for carry forward against future trading profits.
KEELEY GREEN DESIGNS LIMITED
Keeley Green Designs Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2018 and 31 March 2019
2,587
Depreciation and impairment
At 1 April 2018
1,132
Depreciation charged in the year
364
At 31 March 2019
1,496
Carrying amount
At 31 March 2019
1,091
At 31 March 2018
1,455
4
Fixed asset investments
2019
2018
£
£
Investments
50
50
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2018 & 31 March 2019
50
Carrying amount
At 31 March 2019
50
At 31 March 2018
50
KEELEY GREEN DESIGNS LIMITED
Keeley Green Designs Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 6 -
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Corporation tax recoverable
2,643
2,643
Amounts owed by group undertakings
371,101
212,865
Other debtors
80
1,618
373,824
217,126
6
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
479
-
Other creditors
442,184
289,057
442,663
289,057
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary share of £1 each
100
100
8
Related party transactions
Ailanto Limited
is a company in which
Keeley Green Designs Limited own 50% of the share holding
. At the period end the company was owed £371,101
(201
8
:
212,865 (restated)
)
by
Ailanto Limited.
9
Prior period adjustment
The director identified an error in the
administrative expenses
that had been reported in the financial statements
and which entity had paid these expenses, for the year ended
31
March
201
8
. The comparative figures in these financial statements therefore include a prior year adjustment. This correction has increased
overall administrative expenses
by £
40,439 also increasing amounts due from Ailanto Ltd by £5,097 and Trade creditors £45,536, this adjustment was due to expenses not being included within the year. There was also an adjustment for expenses allocated to the Directors Loan account being reallocated to Trade creditors, decreasing the DLA balance by £228,673 and increasing the trade creditor balance by £228.673. Retained earnings have been decreased by £40,439 for the year ended 31 March 2018.