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COMPANY REGISTRATION NUMBER: 09430747
Greenfield Projects And Developments Limited
Filleted Unaudited Financial Statements
28 February 2023
Greenfield Projects And Developments Limited
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
95,050
43,706
Current assets
Stocks
45,000
45,000
Debtors
7
192,732
31,155
Cash at bank and in hand
10,643
51,842
---------
---------
248,375
127,997
Creditors: amounts falling due within one year
8
210,224
215,753
---------
---------
Net current assets/(liabilities)
38,151
( 87,756)
---------
--------
Total assets less current liabilities
133,201
( 44,050)
Creditors: amounts falling due after more than one year
9
84,493
52,280
---------
--------
Net assets/(liabilities)
48,708
( 96,330)
---------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
48,608
( 96,430)
--------
--------
Shareholders funds/(deficit)
48,708
( 96,330)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 28 February 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Greenfield Projects And Developments Limited
Statement of Financial Position (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 28 March 2023 , and are signed on behalf of the board by:
Mr K A Brigginshaw
Mr C C L Goundry
Director
Director
Company registration number: 09430747
Greenfield Projects And Developments Limited
Notes to the Financial Statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Granary, Hayfield Business Park, Aspley Guise, Milton Keynes, MK17 8HL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Tax on profit/(loss)
Major components of tax income
2023
2022
£
£
Current tax:
UK current tax income
( 24,346)
Adjustments in respect of prior periods
( 66,864)
( 20,281)
--------
--------
Total current tax
( 91,210)
( 20,281)
--------
--------
--------
--------
Tax on profit/(loss)
( 91,210)
( 20,281)
--------
--------
Reconciliation of tax income
The tax assessed on the profit/(loss) on ordinary activities for the year is lower than (2022: higher than) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).
2023
2022
£
£
Profit/(loss) on ordinary activities before taxation
53,828
( 123,968)
--------
---------
Profit/(loss) on ordinary activities by rate of tax
10,227
( 23,554)
Adjustment to tax charge in respect of prior periods
(66,863)
Effect of expenses not deductible for tax purposes
1,856
2,563
Effect of capital allowances and depreciation
( 11,379)
( 1,090)
Utilisation of tax losses
( 25,051)
1,800
--------
---------
Tax on profit/(loss)
( 91,210)
( 20,281)
--------
---------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 March 2022
12,105
1,336
77,609
6,895
97,945
Additions
4,720
73,943
375
79,038
Disposals
( 29,275)
( 29,275)
--------
-------
---------
-------
---------
At 28 February 2023
16,825
1,336
122,277
7,270
147,708
--------
-------
---------
-------
---------
Depreciation
At 1 March 2022
6,133
1,157
44,781
2,168
54,239
Charge for the year
1,839
48
15,695
677
18,259
Disposals
( 19,840)
( 19,840)
--------
-------
---------
-------
---------
At 28 February 2023
7,972
1,205
40,636
2,845
52,658
--------
-------
---------
-------
---------
Carrying amount
At 28 February 2023
8,853
131
81,641
4,425
95,050
--------
-------
---------
-------
---------
At 28 February 2022
5,972
179
32,828
4,727
43,706
--------
-------
---------
-------
---------
7. Debtors
2023
2022
£
£
Trade debtors
157,389
14,404
Other debtors
35,343
16,751
---------
--------
192,732
31,155
---------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
13,900
13,900
Trade creditors
69,933
80,972
Social security and other taxes
79,794
73,862
Other creditors - desc in a/cs
285
Other creditors
46,597
46,734
---------
---------
210,224
215,753
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
38,449
52,280
Other creditors
46,044
--------
--------
84,493
52,280
--------
--------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr K A Brigginshaw
( 4,848)
569
( 4,279)
Mr C C L Goundry
( 25,781)
8,289
( 17,492)
Mr T M O'Hara
( 14,338)
1,168
( 13,170)
--------
----
--------
--------
( 44,967)
10,026
( 34,941)
--------
----
--------
--------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr K A Brigginshaw
6,438
7,332
( 18,618)
( 4,848)
Mr C C L Goundry
16,857
27,362
( 70,000)
( 25,781)
Mr T M O'Hara
( 18,647)
( 2,872)
7,181
( 14,338)
--------
--------
--------
--------
4,648
31,822
( 81,437)
( 44,967)
--------
--------
--------
--------