Company registration number 06561091 (England and Wales)
GREEN ON GREEN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
GREEN ON GREEN LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
GREEN ON GREEN LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
4
1,750,350
1,750,350
Current assets
Debtors
5
556,098
465,711
Cash at bank and in hand
15,955
14,277
572,053
479,988
Creditors: amounts falling due within one year
6
(96,892)
(57,516)
Net current assets
475,161
422,472
Total assets less current liabilities
2,225,511
2,172,822
Creditors: amounts falling due after more than one year
7
(1,384,401)
(1,409,850)
Provisions for liabilities
(26,565)
(53,804)
Net assets
814,545
709,168
Capital and reserves
Called up share capital
11
11
Profit and loss reserves
814,534
709,157
Total equity
814,545
709,168
GREEN ON GREEN LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 21 November 2023 and are signed on its behalf by:
Dr E D Bawa
Director
Company Registration No. 06561091
GREEN ON GREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Green On Green Limited is a private company limited by shares incorporated in England and Wales. The registered office is Rosemount House, 2-4 Chequers Road, Basingstoke, Hampshire, RG21 7PU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is recognised at cost, which includes the purchase cost and any directly attributable expenditure.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company only enters into Basic financial instrument transactions.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
GREEN ON GREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The 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
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 the tax assessments.
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.
The company's liability for current and deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
GREEN ON GREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
4
Investment property
2023
£
At 1 April 2022 and 31 March 2023
1,750,350
Investment property comprises of three rental properties included on an historical cost basis.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
22,485
10,597
Other debtors
532,932
453,100
Prepayments and accrued income
681
2,014
556,098
465,711
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
29,239
36,446
Trade creditors
3,937
977
Corporation tax
20,094
15,359
Other creditors
38,042
Accruals and deferred income
5,580
4,734
96,892
57,516
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,184,401
1,209,850
Other creditors
200,000
200,000
1,384,401
1,409,850
The bank loan is secured by a fixed and floating charge over the undertaking and all property and assets within the company.
GREEN ON GREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
8
Related party transactions
At the balance sheet date, the company held the following outstanding amounts:
2023
2022
Amounts due to related parties
£
£
Other related parties
200,000
200,000
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Entities under common control
300,020
296,820
Other related parties
232,208
155,096