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Greenford Limited
Filleted accounts
31 August 2023
Company registration number: 03691006
Greenford Limited
Directors and other information
Directors R Hutton
P M Hawley
S P Rogers
Secretary S P Rogers
Company number 03691006
Registered office Unit 1
London Road
Wheatley
Oxfordshire
OX33 1JH
Accountants Cox Hinkins & Co. Limited
Accountants and Taxation Advisors
The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
Greenford Limited
Balance sheet
31st August 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - 10,400
Tangible assets 6 1,406,455 1,406,455
_______ _______
1,406,455 1,416,855
Current assets
Stocks 98,696 53,632
Debtors 7 174,645 161,145
Cash at bank and in hand 760,103 513,855
_______ _______
1,033,444 728,632
Creditors: amounts falling due
within one year 8 ( 702,942) ( 359,923)
_______ _______
Net current assets 330,502 368,709
_______ _______
Total assets less current liabilities 1,736,957 1,785,564
Creditors: amounts falling due
after more than one year 9 ( 95,596) ( 170,862)
Provisions for liabilities 10 ( 11,274) ( 11,274)
_______ _______
Net assets 1,630,087 1,603,428
_______ _______
Capital and reserves
Called up share capital 12 5,555 5,555
Other reserves 168,402 168,402
Profit and loss account 1,456,130 1,429,471
_______ _______
Shareholders funds 1,630,087 1,603,428
_______ _______
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Profit & loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 18 December 2023 , and are signed on behalf of the board by:
R Hutton
Director
Company registration number: 03691006
Greenford Limited
Notes to the financial statements
Year ended 31st August 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit 1, London Road, Wheatley, Oxfordshire, OX33 1JH. There was no significant change in the company's principal activity during the year which continued to be that of the provision of civil engineering and construction services .
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The principal accounting policies are set out below. The financial statements are prepared in sterling which is the functional currency of the entity.
Turnover
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 rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at their fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated impairment losses.
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:
Software - 20% on a straight line basis
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.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. Cost is calculated using the first in, first out formula. Provision is made for damaged, obsolete and slow moving stock where appropriate.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractualarrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties. Financial assets that are measured at cost and amortised and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
Long-term contracts
Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of the total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are foreseen.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 27 (2022: 35 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1st September 2022 12,000 12,000
Disposals (12,000) (12,000)
_______ _______
At 31st August 2023 - -
_______ _______
Amortisation
At 1st September 2022 1,600 1,600
Charge for the year 2,200 2,200
Disposals ( 3,800) ( 3,800)
_______ _______
At 31st August 2023 - -
_______ _______
Carrying amount
At 31st August 2023 - -
_______ _______
At 31st August 2022 10,400 10,400
_______ _______
6. Tangible assets
Investment property Total
£ £
Fair value
At 1st September 2022 and 31st August 2023 1,406,455 1,406,455
_______ _______
7. Debtors
2023 2022
£ £
Trade debtors 113,574 109,293
Other debtors 61,071 51,852
_______ _______
174,645 161,145
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 46,051 36,035
Trade creditors 323,220 196,613
Social security and other taxes 95,803 89,476
Other creditors 237,868 37,799
_______ _______
702,942 359,923
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 95,596 170,862
_______ _______
10. Provisions
Deferred tax (note 11) Total
£ £
At 1st September 2022 and 31st August 2023 11,274 11,274
_______ _______
11. Deferred tax
The deferred tax included in the Balance sheet is as follows:
2023 2022
£ £
Included in provisions (note 10) 11,274 11,274
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Fair value adjustment of investment property 11,274 11,274
_______ _______
12. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 5,555 5,555 5,555 5,555
_______ _______ _______ _______