Cedar Green Projects Limited
Unaudited Financial Statements
For the year ended 31 March 2023
Pages for Filing with Registrar
Company Registration No. 07237706 (England and Wales)
Cedar Green Projects Limited
Company Information
Directors
Ms P M Foley
Mr D M Bulch
Company number
07237706
Registered office
The Midstall
Randolphs Farm, Bedlam Street
Hurstpierpoint
Hassocks
West Sussex
BN6 9EL
Accountants
Moore Kingston Smith LLP
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
Business address
The Midstall
Randolphs Farm, Bedlam Street
Hurstpierpoint
Hassocks
West Sussex
BN6 9EL
Cedar Green Projects Limited
Balance Sheet
As at 31 March 2023
31 March 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
257,194
262,729
Current assets
Stock
30,000
20,000
Debtors
4
545,678
422,434
Cash at bank and in hand
124,634
186,213
700,312
628,647
Creditors: amounts falling due within one year
5
(498,986)
(379,320)
Net current assets
201,326
249,327
Total assets less current liabilities
458,520
512,056
Creditors: amounts falling due after more than one year
6
(66,565)
(32,500)
Provisions for liabilities
7
(35,136)
(36,792)
Net assets
356,819
442,764
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
356,719
442,664
Total equity
356,819
442,764

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 members have 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.

Cedar Green Projects Limited
Balance Sheet (Continued)
As at 31 March 2023
31 March 2023
Page 2
The financial statements were approved by the board of directors and authorised for issue on 24 December 2023 and are signed on its behalf by:
Ms P M Foley
Director
Company Registration No. 07237706
Cedar Green Projects Limited
Notes to the Financial Statements
For the year ended 31 March 2023
Page 3
1
Accounting policies
Company information

Cedar Green Projects Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Midstall, Randolphs Farm, Bedlam Street, Hurstpierpoint, Hassocks, West Sussex, BN6 9EL.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of 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 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, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% on reducing balance and 10% on cost
Fixtures and fittings
25% on reducing balance
Computers
33% on cost
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stock

Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.

Cedar Green Projects Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 4
1.5
Cash at bank and in hand

Cash at bank and in hand 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.

1.6
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as ‘other’ or basic instruments measured at fair value.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Cedar Green Projects Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 5
1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
10
11
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
634,439
Additions
62,298
Disposals
(16,550)
At 31 March 2023
680,187
Depreciation and impairment
At 1 April 2022
371,710
Depreciation charged in the year
59,156
Eliminated in respect of disposals
(7,873)
At 31 March 2023
422,993
Carrying amount
At 31 March 2023
257,194
At 31 March 2022
262,729
Cedar Green Projects Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 6
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
510,818
357,724
Corporation tax recoverable
3,017
53,792
Other debtors
31,843
10,918
545,678
422,434
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
286,499
230,637
Corporation tax
39,818
35,634
Other taxation and social security
137,427
84,692
Other creditors
11,290
1,649
Accruals and deferred income
13,952
16,708
498,986
379,320
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
23,333
32,500
Other creditors
43,232
-
0
66,565
32,500
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
8
35,136
36,792
Cedar Green Projects Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 7
8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
35,136
36,792
2023
Movements in the year:
£
Liability at 1 April 2022
36,792
Credit to profit or loss
(1,656)
Liability at 31 March 2023
35,136
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of 50p each
200
200
100
100
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
Within one year
12,310
12,310
Between two and five years
3,807
3,807
16,117
16,117
11
Related party transactions

Included within Other Creditors at the Balance Sheet date was a balance due from the directors of £27 (2022: £806). During the year, dividends totalling £263,660 (2022: £246,500) were paid to the directors.

 

Included within Trade Debtors at the Balance Sheet date was a balance due from a close family member of one of the directors of £3,928 (2022: £3,928).

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