Company registration number 09793341 (England and Wales)
GREENBEAN TECHNICAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
GREENBEAN TECHNICAL LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
GREENBEAN TECHNICAL LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
172,234
171,401
Tangible assets
4
634
4,046
172,868
175,447
Current assets
Debtors
5
59,362
Cash at bank and in hand
6,053
144
65,415
144
Creditors: amounts falling due within one year
6
(12,117)
(11,225)
Net current assets/(liabilities)
53,298
(11,081)
Total assets less current liabilities
226,166
164,366
Creditors: amounts falling due after more than one year
7
(84,559)
(12,600)
Net assets
141,607
151,766
Capital and reserves
Called up share capital
170
170
Share premium account
249,932
249,932
Profit and loss reserves
(108,495)
(98,336)
Total equity
141,607
151,766
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her 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.
GREENBEAN TECHNICAL LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2023
30 September 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 19 March 2024
Dr S Taylor
Director
Company Registration No. 09793341
GREENBEAN TECHNICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
1
Accounting policies
Company information
Greenbean Technical Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1030 Heeley Close, Kent Science Park, Sittingbourne, Kent, ME9 8HL.
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. The principal accounting policies adopted are set out below.
1.2
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.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
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:
Internally generated asset
10 year straight line
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
20% straight line
Office equipment
25% reducing balance
1.4
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 statement of financial position 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.
GREENBEAN TECHNICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2
Employees
2023
2022
Number
Number
Total
1
1
GREENBEAN TECHNICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 5 -
3
Intangible fixed assets
Internally generated asset
£
Cost
At 1 October 2022
171,401
Additions
833
At 30 September 2023
172,234
Amortisation and impairment
At 1 October 2022 and 30 September 2023
Carrying amount
At 30 September 2023
172,234
At 30 September 2022
171,401
4
Tangible fixed assets
Plant and equipment
Office equipment
Total
£
£
£
Cost
At 1 October 2022
17,610
1,123
18,733
Additions
263
263
At 30 September 2023
17,610
1,386
18,996
Depreciation and impairment
At 1 October 2022
14,088
599
14,687
Depreciation charged in the year
3,522
153
3,675
At 30 September 2023
17,610
752
18,362
Carrying amount
At 30 September 2023
634
634
At 30 September 2022
3,522
524
4,046
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
449
Prepayments and accrued income
58,913
59,362
GREENBEAN TECHNICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
39
37
Taxation and social security
210
Other creditors
10,678
9,818
Accruals and deferred income
1,400
1,160
12,117
11,225
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
84,559
12,600