REGISTERED NUMBER: |
Greentown Housing (UK) Limited |
Financial Statements for the Year Ended 31 December 2022 |
REGISTERED NUMBER: |
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: |
Registered office: |
Registered number: |
Senior statutory auditor: |
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 |
Current assets |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital | 8 |
Retained earnings | ( |
) | ( |
) |
Shareholders' funds | ( |
) | ( |
) |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
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 |
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 |
Net book value |
At 31 December 2022 |
At 31 December 2021 |
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 |
Other debtors |
VAT |
Prepayments |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
7. | Creditors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to related parties | 24,342,521 | 13,604,487 |
Social security and other taxes |
Net wages control | - | 42,635 |
Pension control | 16,044 | 57,923 |
Other creditors |
Accrued expenses |
8. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
9. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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 |
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. |