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REGISTERED NUMBER: 10235541 (England and Wales)















Greentown Housing (UK) Limited

Financial Statements for the Year Ended 31 December 2022






Greentown Housing (UK) Limited (Registered number: 10235541)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Greentown Housing (UK) Limited

Company Information
for the Year Ended 31 December 2022







Director: B M O'Neill



Registered office: Box Cottage
Appleby Street
Cheshunt
EN7 6QZ



Registered number: 10235541 (England and Wales)



Senior statutory auditor: Clive Edwards



Auditors: Haines Watts Wales LLP, Statutory Auditors
7 Neptune Court
Vanguard Way
Cardiff
CF24 5PJ

Greentown Housing (UK) Limited (Registered number: 10235541)

Balance Sheet
31 December 2022

2022 2021
Notes £    £   
Fixed assets
Investments 5 6 6

Current assets
Debtors 6 12,637,319 5,937,053
Cash at bank 169,888 4,872
12,807,207 5,941,925
Creditors
Amounts falling due within one year 7 (26,470,482 ) (15,783,843 )
Net current liabilities (13,663,275 ) (9,841,918 )
Total assets less current liabilities (13,663,269 ) (9,841,912 )

Capital and reserves
Called up share capital 8 1 1
Retained earnings (13,663,270 ) (9,841,913 )
Shareholders' funds (13,663,269 ) (9,841,912 )

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 March 2024 and were signed by:





B M O'Neill - Director


Greentown Housing (UK) Limited (Registered number: 10235541)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. Statutory information

Greentown Housing (UK) 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Going Concern
The company had net liabilities at the period end. Most of the costs incurred during the period related to continued investment costs incurred in the development of the company's modular housing solution. At the time of approving the financial statements, the director has a reasonable expectation that the company will obtain adequate resources to continue in operational existence for the foreseeable future. There are material uncertainties which may cast doubt about the company's ability to continue as a going concern and therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business.A detailed assessment has been carried out on the company's business plan. The director is confident that the business plan will deliver significant financial returns and allow repayment of investment costs incurred. The key assumption underlying this assessment is that the company will successfully raise required funding to invest in realising its business plan.

The company also has a letter of support from the groups ultimate parent company to provide necessary funding for at least 12 months from the approval of the financial statements. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue, although at the date of approval of these financial statements, they have no reason to believe that it will not do so.

Consequently, the Directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

Preparation of consolidated financial statements
The financial statements contain information about Greentown Housing (UK) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost

Financial instruments
Financial instruments are classified and accounted for according to the substance of the contractual arrangements as either financial assets, financial liabilities or equity instruments, and are held at amortised cost. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all its liabilities.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value of the future payments discounted at a market rate of interest for a similar debt instrument.


Greentown Housing (UK) Limited (Registered number: 10235541)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 38 (2021 - 29 ) .

4. Auditors' remuneration
2022 2021
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

5,150

5,880

5. Fixed asset investments
Shares in
group
undertakings
£   
Cost
At 1 January 2022
and 31 December 2022 6
Net book value
At 31 December 2022 6
At 31 December 2021 6

Greentown Housing (UK) Limited (Registered number: 10235541)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

5. Fixed asset investments - continued

Fixed asset investments comprise of the following:

100% ownership of the issued share capital of Greentown (Pershore) Limited

100% ownership of the issued share capital of Greentown (Witchford) Limited

100% ownership of the issued share capital of Greentown Manufacturing Limited

100% ownership of the issued share capital of Greentown Construction Services Limited

100% ownership of the issued share capital of Greentown (Bacton) Limited

100% ownership of the issued share capital of Greentown (Heartlands 3A) Limited

6. Debtors
2022 2021
£    £   
Amounts falling due within one year:
Amounts owed by related parties 12,410,477 5,696,666
Other debtors 4,952 22,850
VAT 4,092 4,981
Prepayments 67,798 62,556
12,487,319 5,787,053

Amounts falling due after more than one year:
Other debtors 150,000 150,000

Aggregate amounts 12,637,319 5,937,053

7. Creditors: amounts falling due within one year
2022 2021
£    £   
Bank loans and overdrafts - 3
Trade creditors 153,649 148,725
Amounts owed to related parties 24,342,521 13,604,487
Social security and other taxes 1,303,064 1,618,965
Net wages control - 42,635
Pension control 16,044 57,923
Other creditors 4,992 1,600
Accrued expenses 650,212 309,505
26,470,482 15,783,843

8. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
1 Ordinary £1 1 1

9. Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

Clive Edwards (Senior Statutory Auditor)
for and on behalf of Haines Watts Wales LLP, Statutory Auditors

Greentown Housing (UK) Limited (Registered number: 10235541)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

10. Ultimate controlling party

The ultimate controlling party is B M O'Neill.

The immediate parent company is Greentown Investments (UK) Limited.

The largest and smallest group for which group financial statements are prepared, and of which the company is a member, is as follows:

Name: Ableon Limited
Country of Incorporation: Ireland
Address from where copies of the 22 Avoca Wood
Group financial statements can be obtained Avoca
Co. Wicklow

11. Security

The company has a charge over its share capital in relation to loans provided by third party lenders to Greentown (Witchford) Limited (Company No 11599029), Greentown (Pershore) Limited (Company No 11712319) and Greentown (Bacton) Limited (Company No 11989089), all being wholly owned subsidiaries.

A further charge has been registered by a third party lender on 31st January 2022 that contains fixed charges and a negative pledge over the company's shares.