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REGISTERED NUMBER: SC339243 (Scotland)




















Greens & Blues Limited

Unaudited Financial Statements

for the Year Ended 31 March 2023






Greens & Blues Limited (Registered number: SC339243)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Greens & Blues Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mrs G P Ross
Mr B J Ross



SECRETARY: Mrs G P Ross



REGISTERED OFFICE: 59 High Street
North Berwick
East Lothian
EH39 4HG



REGISTERED NUMBER: SC339243 (Scotland)



ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



BANKERS: TSB
41 High Street
North Berwick
East Lothian
EH39 4HH

Greens & Blues Limited (Registered number: SC339243)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 3,467 4,875
Investments 6 3,500 3,500
6,967 8,375

CURRENT ASSETS
Stocks 6,600 27,000
Debtors 7 864 274
Cash at bank and in hand 1,697 2,474
9,161 29,748
CREDITORS
Amounts falling due within one year 8 89,124 100,661
NET CURRENT LIABILITIES (79,963 ) (70,913 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(72,996

)

(62,538

)

CREDITORS
Amounts falling due after more than
one year

9

(8,637

)

(13,448

)

PROVISIONS FOR LIABILITIES (659 ) (833 )
NET LIABILITIES (82,292 ) (76,819 )

Greens & Blues Limited (Registered number: SC339243)

Balance Sheet - continued
31 March 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (82,392 ) (76,919 )
SHAREHOLDERS' FUNDS (82,292 ) (76,819 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 September 2023 and were signed on its behalf by:





Mr B J Ross - Director


Greens & Blues Limited (Registered number: SC339243)

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

1. STATUTORY INFORMATION

Greens & Blues Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover and revenue recognition
Turnover represents sales and commissions earned on sale of artworks, excluding value added tax. Turnover is recognised when the goods are supplied to the customer.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost, 15% on cost and 10% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at fair value.

Inventories
Inventories have been valued at the lower of cost estimated selling price less costs to sell. In respect of work in progress and finished goods, cost included a relevant proportion of overheads according to the stage of manufacture/completion.

Financial instruments
Financial instruments comprise financial assets and financial liabilities which are recognised when the company become a party to the contractual provisions of the instrument. Financial instruments are classified as "basic" in accordance with FRS 102 and are accounted for at amortised cost using the effective interest method.The effective interest rate is the rate that exactly discounts estimated future cash flows over the life of the financial assets or liability to the net carrying amount on initial recognition. Discounting is not applied to short-term receivables and payables, where the effect is immaterial.

Financial assets at cost compromise bank and other debtors. Financial liabilities compromise trade creditors, accruals and other creditors.


Greens & Blues Limited (Registered number: SC339243)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Going concern
The financial statements have been prepared on the going concern principle, which assumes that the company will continue to trade in the foreseeable future. In order to do so the company will require the continued support of its directors. The directors will continue to support the company and are confident of the continued support of the bank and other creditors.

Government grants
Government grants in relation to tangible fixed asset are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

Provisions
Provisions are recognised where the company has a present obligation as a result of a past event, it is probable the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 6 ) .

Greens & Blues Limited (Registered number: SC339243)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 56,000
AMORTISATION
At 1 April 2022
and 31 March 2023 56,000
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 61,417
Additions 2,560
Disposals (18,546 )
At 31 March 2023 45,431
DEPRECIATION
At 1 April 2022 56,542
Charge for year 1,387
Eliminated on disposal (15,965 )
At 31 March 2023 41,964
NET BOOK VALUE
At 31 March 2023 3,467
At 31 March 2022 4,875

Greens & Blues Limited (Registered number: SC339243)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2022
and 31 March 2023 3,500
NET BOOK VALUE
At 31 March 2023 3,500
At 31 March 2022 3,500

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 864 274

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 4,009 3,813
Trade creditors 24,704 29,679
Amounts owed to subsidiary 53,948 47,853
Taxation and social security 3,725 16,735
Other creditors 2,738 2,581
89,124 100,661

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 8,637 13,448

10. SECURED DEBTS

The bank loan is secured by a personal guarantee from the directors.