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COMPANY REGISTRATION NUMBER: 09696788
Green Parks Holdings (Ilfracombe) Ltd
Filleted Unaudited Financial Statements
31 July 2023
Green Parks Holdings (Ilfracombe) Ltd
Financial Statements
Year ended 31 July 2023
Contents
Page
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Green Parks Holdings (Ilfracombe) Ltd
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Green Parks Holdings (Ilfracombe) Ltd
Year ended 31 July 2023
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 July 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
HARPER SHELDON LIMITED Chartered accountants
Midway House Staverton Technology Park Herrick Way, Staverton Cheltenham, Glos. GL51 6TQ
16 April 2024
Green Parks Holdings (Ilfracombe) Ltd
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
4,113,158
4,133,524
Current assets
Debtors
6
5,235,146
5,235,146
Cash at bank and in hand
102
109
------------
------------
5,235,248
5,235,255
Creditors: amounts falling due within one year
7
13,199
12,980
------------
------------
Net current assets
5,222,049
5,222,275
------------
------------
Total assets less current liabilities
9,335,207
9,355,799
Creditors: amounts falling due after more than one year
8
2,739,110
2,746,248
------------
------------
Net assets
6,596,097
6,609,551
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
6,595,997
6,609,451
------------
------------
Shareholders funds
6,596,097
6,609,551
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Green Parks Holdings (Ilfracombe) Ltd
Statement of Financial Position (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 16 April 2024 , and are signed on behalf of the board by:
Mr P Sullivan
Director
Company registration number: 09696788
Green Parks Holdings (Ilfracombe) Ltd
Notes to the Financial Statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Valley House, Kingsway South, Gateshead, NE11 0JW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Intangible assets
Goodwill
£
Cost
At 1 August 2022 and 31 July 2023
200,000
---------
Amortisation
At 1 August 2022 and 31 July 2023
200,000
---------
Carrying amount
At 31 July 2023
---------
At 31 July 2022
---------
5. Tangible assets
Freehold property
Fixtures & Fittings
Total
£
£
£
Cost
At 1 August 2022 and 31 July 2023
3,997,750
360,000
4,357,750
------------
---------
------------
Depreciation
At 1 August 2022
224,226
224,226
Charge for the year
20,366
20,366
------------
---------
------------
At 31 July 2023
244,592
244,592
------------
---------
------------
Carrying amount
At 31 July 2023
3,997,750
115,408
4,113,158
------------
---------
------------
At 31 July 2022
3,997,750
135,774
4,133,524
------------
---------
------------
6. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
5,235,146
5,235,146
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,999
9,500
Other creditors
3,200
3,480
--------
--------
13,199
12,980
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
19,923
30,190
Amounts owed to group undertakings and undertakings in which the company has a participating interest
308,698
305,569
Other creditors
2,410,489
2,410,489
------------
------------
2,739,110
2,746,248
------------
------------