Company registration number 00216210 (England and Wales)
GREENCROFT ESTATE COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
GREENCROFT ESTATE COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
GREENCROFT ESTATE COMPANY LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
31 March 2023
31 October 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
441,000
5,497,104
Investment property
6
3,893,346
Investments
7
9,414,328
1,241,748
9,855,328
10,632,198
Current assets
Debtors
8
23,114
153,664
Cash at bank and in hand
1,194,892
466,403
1,218,006
620,067
Creditors: amounts falling due within one year
9
(780,485)
(110,161)
Net current assets
437,521
509,906
Total assets less current liabilities
10,292,849
11,142,104
Provisions for liabilities
(57,300)
(830,401)
Net assets
10,235,549
10,311,703
Capital and reserves
Called up share capital
11
58,170
58,170
Revaluation reserve
12
426,000
8,929,985
Capital redemption reserve
374,999
374,999
Distributable profit and loss reserves
9,376,380
948,549
Total equity
10,235,549
10,311,703
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 period 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 period 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.
GREENCROFT ESTATE COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 January 2024 and are signed on its behalf by:
Mr R Guiramand
Director
Company registration number 00216210 (England and Wales)
GREENCROFT ESTATE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Greencroft Estate Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 32 Portland Terrace, Jesmond, Newcastle upon Tyne, NE2 1QP. The company's number is 00216210.
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, (modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value). The principal accounting policies adopted are set out below.
1.2
Reporting period
The accounting period has been shortened by 1 day and the comparative amounts presented in the financial statements (including the related notes) are not therefore entirely comparable.
1.3
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.
Turnover represents amounts receivable for rent of property and for farming.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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:
Entitlement to Single Farm Payment
20% per annum straight line
GREENCROFT ESTATE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.5
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:
Land and buildings Freehold
2% per annum straight line on buildings only.
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.
Buildings are depreciated over 50 years where the perceived estimated residual value is less than deemed cost. Buildings with estimated residual value greater than deemed cost are not depreciated.
1.6
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.8
Cash at bank and in hand
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.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
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 measured at transaction price including transaction costs.
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.
GREENCROFT ESTATE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
1.10
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.11
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.
GREENCROFT ESTATE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 6 -
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 period was:
2023
2022
Number
Number
Total
2
2
4
Intangible fixed assets
Other
£
Cost
At 1 November 2022 and 31 March 2023
6,354
Amortisation and impairment
At 1 November 2022 and 31 March 2023
6,354
Carrying amount
At 31 March 2023
At 31 October 2022
GREENCROFT ESTATE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 7 -
5
Tangible fixed assets
Land and buildings
£
Cost or valuation
At 1 November 2022
5,533,432
Disposals
(5,092,432)
At 31 March 2023
441,000
Depreciation and impairment
At 1 November 2022
36,328
Eliminated in respect of disposals
(36,328)
At 31 March 2023
Carrying amount
At 31 March 2023
441,000
At 31 October 2022
5,497,104
The carrying value of land and buildings comprises 57 acres of agricultural land valued by Galbraith, Chartered Surveyors, at market value for existing agricultural use at at 31 March 2023.
6
Investment property
2023
£
Fair value
At 1 November 2022
3,893,346
Disposals
(3,893,346)
At 31 March 2023
7
Fixed asset investments
2023
2022
£
£
Investments
9,414,328
1,241,748
GREENCROFT ESTATE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
7
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 November 2022
1,241,748
Additions
8,256,549
Valuation changes
17,262
Disposals
(101,231)
At 31 March 2023
9,414,328
Carrying amount
At 31 March 2023
9,414,328
At 31 October 2022
1,241,748
GREENCROFT ESTATE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 9 -
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,294
26,252
Other debtors
21,820
127,412
23,114
153,664
9
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
21,932
53,705
Corporation tax
736,853
33,000
Other creditors
21,700
23,456
780,485
110,161
10
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Revaluations
53,000
830,401
Statutory database figures differ from the trial balance:
Deferred tax balances
57,300
830,401
Difference
(4,300)
-
2023
Movements in the period:
£
Liability at 1 November 2022
830,401
Credit to profit or loss
(777,401)
Liability at 31 March 2023
53,000
Balance per TB
57,300
Warning - Difference exists; check stat db entries
4,300
GREENCROFT ESTATE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
10
Deferred taxation
(Continued)
- 10 -
The deferred tax provision relates to the revaluation of the land retained after the majority of property was sold during the period.
Deferred tax on the value of retained land has been provided at 25% in accordance with UK standards.
11
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
5,817 Ordinary shares of £10 each
58,170
58,170
12
Revaluation reserve
2023
2022
£
£
At the beginning of the period
8,929,985
7,364,460
Revaluation surplus arising in the period
50,550
1,596,382
Deferred tax on revaluation of tangible assets
-
(30,857)
Transfer to retained earnings
(8,554,535)
At the end of the period
426,000
8,929,985
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