Registered number
03727202
Green Fields Properties (Northern) Limited
Unaudited Filleted Accounts
31 March 2023
Green Fields Properties (Northern) Limited
Registered number: 03727202
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 5,307 6,329
Current assets
Debtors 4 14,649 14,975
Cash at bank and in hand 50,956 47,667
65,605 62,642
Creditors: amounts falling due within one year 5 (4,092) (12,650)
Net current assets 61,513 49,992
Total assets less current liabilities 66,820 56,321
Provisions for liabilities (1,008) (1,203)
Net assets 65,812 55,118
Capital and reserves
Called up share capital 102 102
Profit and loss account 65,710 55,016
Shareholders' funds 65,812 55,118
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D A Baardman
Director
Approved by the board on 17 November 2023
Green Fields Properties (Northern) Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 including section 1A, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Leasehold improvements 10% straight line
Plant and machinery 15% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
1 Accounting policies continued
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2022 21,215 55,910 77,125
Additions - 71 71
At 31 March 2023 21,215 55,981 77,196
Depreciation
At 1 April 2022 20,854 49,942 70,796
Charge for the year 183 910 1,093
At 31 March 2023 21,037 50,852 71,889
Net book value
At 31 March 2023 178 5,129 5,307
At 31 March 2022 361 5,968 6,329
4 Debtors 2023 2022
£ £
Trade debtors 601 601
Other debtors 14,048 14,374
14,649 14,975
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors - 4,971
Corporation tax 2,639 6,226
Other creditors 1,453 1,453
4,092 12,650
6 Other information
Green Fields Properties (Northern) Limited is a private company limited by shares and incorporated in England. Its registered office is:
1 Bewicke View
Bright Meadow, Northside
Birtley
Tyne & Wear
DH3 1RD
Green Fields Properties (Northern) Limited 03727202 false 2022-04-01 2023-03-31 2023-03-31 VT Final Accounts October 2023 release 2 D A Baardman No description of principal activity 03727202 2021-04-01 2022-03-31 03727202 core:WithinOneYear 2022-03-31 03727202 core:ShareCapital 2022-03-31 03727202 core:RetainedEarningsAccumulatedLosses 2022-03-31 03727202 2022-04-01 2023-03-31 03727202 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 03727202 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 03727202 bus:Director40 2022-04-01 2023-03-31 03727202 1 2022-04-01 2023-03-31 03727202 2 2022-04-01 2023-03-31 03727202 core:LandBuildings 2022-04-01 2023-03-31 03727202 core:PlantMachinery 2022-04-01 2023-03-31 03727202 countries:England 2022-04-01 2023-03-31 03727202 bus:FRS102 2022-04-01 2023-03-31 03727202 bus:FullAccounts 2022-04-01 2023-03-31 03727202 2023-03-31 03727202 core:WithinOneYear 2023-03-31 03727202 core:ShareCapital 2023-03-31 03727202 core:RetainedEarningsAccumulatedLosses 2023-03-31 03727202 core:LandBuildings 2023-03-31 03727202 core:PlantMachinery 2023-03-31 03727202 2022-03-31 03727202 core:LandBuildings 2022-03-31 03727202 core:PlantMachinery 2022-03-31 iso4217:GBP xbrli:pure