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REGISTERED NUMBER: 10781977 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023


FOR



GREENGARTH PROPERTIES LIMITED


GREENGARTH PROPERTIES LIMITED (REGISTERED NUMBER: 10781977)








CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023





Page




Company Information  

1




Statement of Financial Position  

2




Notes to the Financial Statements  

3





GREENGARTH PROPERTIES LIMITED



COMPANY INFORMATION

FOR THE YEAR ENDED 31 MAY 2023









DIRECTORS:

Mr Y C Anastasiou


Mrs M Anastasiou







REGISTERED OFFICE:

869 High Road


London


N12 8QA







REGISTERED NUMBER:

10781977 (England and Wales)







ACCOUNTANTS:

EA


Chartered Accountants


869 High Road


London


N12 8QA


GREENGARTH PROPERTIES LIMITED (REGISTERED NUMBER: 10781977)



STATEMENT OF FINANCIAL POSITION

31 MAY 2023



2023

2022



Notes

£   

£   

£   

£   


FIXED ASSETS

Investment property

4

26,500


26,500




CURRENT ASSETS

Cash at bank and in hand

197


197




CREDITORS

Amounts falling due within one year

5

26,030


26,030



NET CURRENT LIABILITIES

(25,833

)

(25,833

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

667


667




PROVISIONS FOR LIABILITIES

500


500



NET ASSETS

167


167




CAPITAL AND RESERVES

Called up share capital

100


100



Non-distributable reserves

1,500


1,500



Retained earnings

(1,433

)

(1,433

)


SHAREHOLDERS' FUNDS

167


167




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


The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 19 October 2023 and were signed on its behalf by:






Mr Y C Anastasiou - Director



GREENGARTH PROPERTIES LIMITED (REGISTERED NUMBER: 10781977)



NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023


1.

STATUTORY INFORMATION



Greengarth Properties Limited is a private company, limited by shares , registered in England and Wales. 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 as modified by the revaluation of certain assets.    



The financial statements have been prepared on a going concern basis as the directors are satisfied that the company will have adequate resources to meet its liabilities to third parties as they fall due. The directors will not seek repayment of their loan until such time as the company is trading profitably and can afford it.



The company was dormant throughout the year ended 31 May 2023. However, reference to information relating to the year ended 31 May 2022 has been made where appropriate.



TURNOVER


Turnover represents ground rent receivable, net of value added tax.



INVESTMENT PROPERTY


Investment properties are carried at fair value. Revaluation surpluses are recognised in the income statement. Deferred Taxation is provided on these gains at the rate expected to apply when the property is sold. No depreciation is provided in respect of investment properties.



The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in FRS 102 (Section 1A). The directors consider that, because these properties are not held for consumption but for their investment potential, to depreciate them would not give a true and fair view and that it is necessary to adopt FRS 102 (Section 1A) in order to give a true and fair view. If this departure from the Act had not been made, the profit for the financial year would have been decreased by the amount of depreciation.



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 statement of financial position date.


DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3.

EMPLOYEES AND DIRECTORS



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


GREENGARTH PROPERTIES LIMITED (REGISTERED NUMBER: 10781977)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2023


4.

INVESTMENT PROPERTY


Total

£   



FAIR VALUE


At 1 June 2022


and 31 May 2023

26,500




NET BOOK VALUE


At 31 May 2023

26,500




At 31 May 2022

26,500





Fair value at 31 May 2023 is represented by:

£   



Valuation in 2023

26,500





If investment properties had not been revalued they would have been included at the following historical cost:


2023

2022


£   

£   



Cost

26,500


24,500





Investment properties were valued on a fair value basis on 31 May 2023 by the directors .


5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022


£   

£   



Other creditors

26,030


26,030




6.

RELATED PARTY DISCLOSURES


Included in creditors, amounts falling due within one year, is an interest free amount of £25,550 (2022: £25,550) owing to the directors of the company, Mr Y Anastasiou and Mrs M Anastasiou.

7.

ULTIMATE CONTROLLING PARTY



During the year under review, the company was not under the control of any one individual.