Greenway Developments (South West) Ltd 11869491 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is residential property development Digita Accounts Production Advanced 6.30.9574.0 true true 11869491 2022-04-01 2023-03-31 11869491 2023-03-31 11869491 core:CurrentFinancialInstruments 2023-03-31 11869491 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 11869491 core:OtherPropertyPlantEquipment 2023-03-31 11869491 bus:SmallEntities 2022-04-01 2023-03-31 11869491 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 11869491 bus:FullAccounts 2022-04-01 2023-03-31 11869491 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 11869491 bus:RegisteredOffice 2022-04-01 2023-03-31 11869491 bus:CompanySecretary1 2022-04-01 2023-03-31 11869491 bus:Director1 2022-04-01 2023-03-31 11869491 bus:Director2 2022-04-01 2023-03-31 11869491 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 11869491 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 11869491 countries:England 2022-04-01 2023-03-31 11869491 2021-04-01 2022-03-31 11869491 2022-03-31 11869491 core:CurrentFinancialInstruments 2022-03-31 11869491 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 11869491

Greenway Developments (South West) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Greenway Developments (South West) Ltd

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

Detailed Profit and Loss Account

9

 

Greenway Developments (South West) Ltd

Company Information

Directors

Mr Paul David Trott

Mr Simon Charles Trott

Company secretary

Welch Company Services Limited

Registered office

2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ

Accountants

Welch & Co (South West) Limited
2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ

 

Greenway Developments (South West) Ltd

Directors' Report for the Year Ended 31 March 2023

The directors present their report and the financial statements for the year ended 31 March 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr Paul David Trott

Mr Simon Charles Trott

Principal activity

The principal activity of the company is residential property development

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 3 October 2023 and signed on its behalf by:
 

.........................................
Mr Paul David Trott
Director

.........................................
Mr Simon Charles Trott
Director

 

Greenway Developments (South West) Ltd

(Registration number: 11869491)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

81

-

Current assets

 

Stocks

6

53,770

16,250

Debtors

7

59

533

Cash at bank and in hand

 

4,724

11,060

 

58,553

27,843

Creditors: Amounts falling due within one year

8

(61,079)

(28,215)

Net current liabilities

 

(2,526)

(372)

Net liabilities

 

(2,445)

(372)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

(2,545)

(472)

Shareholders' deficit

 

(2,445)

(372)

For the financial year ending 31 March 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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.

Approved and authorised by the Board on 3 October 2023 and signed on its behalf by:
 

.........................................
Mr Paul David Trott
Director

.........................................
Mr Simon Charles Trott
Director

 

Greenway Developments (South West) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ

2

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

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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:

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.

 

Greenway Developments (South West) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

 

Greenway Developments (South West) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Loss/profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

27

-

 

Greenway Developments (South West) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

Additions

108

108

At 31 March 2023

108

108

Depreciation

Charge for the year

27

27

At 31 March 2023

27

27

Carrying amount

At 31 March 2023

81

81

6

Stocks

2023
£

2022
£

Other inventories

53,770

16,250

7

Debtors

Current

2023
£

2022
£

Other debtors

59

533

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

60,497

27,915

Trade creditors

 

(18)

-

Accruals and deferred income

 

600

300

 

61,079

28,215

9

Share capital

10

Loans and borrowings

 

Greenway Developments (South West) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2023
£

2022
£

Current loans and borrowings

Other borrowings

60,497

27,915

 

Greenway Developments (South West) Ltd

Detailed Profit and Loss Account for the Year Ended 31 March 2023

2023
 £

2022
 £

Cost of sales

Opening raw materials

16,250

5,500

Materials

17,991

6,719

Closing raw materials

(53,770)

(16,250)

Consumable tools

171

988

Subcontract cost

18,357

-

Freight and carriage

95

-

(906)

(3,043)

Establishment costs

Water rates

(1,210)

(142)

Insurance

(252)

-

(1,462)

(142)

General administrative expenses

Sundry expenses

(7)

-

Motor expenses

(148)

(11)

Payroll

(45)

(39)

Accountancy fees

(800)

(500)

Legal and professional fees

(400)

(619)

(1,400)

(1,169)

Finance charges

Bank charges

(90)

(24)

Depreciation costs

Depreciation of plant and machinery (owned)

(27)

-

Operating (loss)/profit

(2,073)

1,708

(Loss)/profit before tax

(2,073)

1,708