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Registration number: 10299662

Green Tree Commercial Lettings Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Green Tree Commercial Lettings Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Green Tree Commercial Lettings Limited

Company Information

Directors

L Frost

A K Kenny

Registered office

19 The Croft
Beverley
North Humberside
HU17 7HT

 

Green Tree Commercial Lettings Limited

(Registration number: 10299662)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

15,037

10,705

Investment property

5

381,485

381,485

 

396,522

392,190

Current assets

 

Debtors

6

2,009

1,763

Cash at bank and in hand

 

29,991

64,669

 

32,000

66,432

Creditors: Amounts falling due within one year

7

(80,538)

(97,261)

Net current liabilities

 

(48,538)

(30,829)

Total assets less current liabilities

 

347,984

361,361

Creditors: Amounts falling due after more than one year

7

(147,725)

(199,431)

Provisions for liabilities

(2,312)

(2,034)

Net assets

 

197,947

159,896

Capital and reserves

 

Called up share capital

100

100

Retained earnings

197,847

159,796

Shareholders' funds

 

197,947

159,896

For the financial 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.

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 April 2024 and signed on its behalf by:
 

.........................................
L Frost
Director

.........................................
A K Kenny
Director

 
     
 

Green Tree Commercial Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 10299662.

The address of its registered office is:
19 The Croft
Beverley
North Humberside
HU17 7HT
United Kingdom

The principal place of business is:
Units 1-3 Deans Park Industrial Estate
Grovehill Road
Beverley
North Humberside
HU17 9HQ
United Kingdom

These financial statements were authorised for issue by the Board on 15 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover comprises of rental income received in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Green Tree Commercial Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss account.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss has been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account.Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Investment property

No depreciation

Improvements to property

2% on cost

Fixtures and fittings

15% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods and the provision of services in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Green Tree Commercial Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Other property, plant and equipment
£

Total
£

Cost or valuation

At 1 August 2022

2,641

11,013

13,654

Additions

-

4,720

4,720

At 31 July 2023

2,641

15,733

18,374

Depreciation

At 1 August 2022

1,628

1,321

2,949

Charge for the year

152

236

388

At 31 July 2023

1,780

1,557

3,337

Carrying amount

At 31 July 2023

861

14,176

15,037

At 31 July 2022

1,013

9,692

10,705

 

Green Tree Commercial Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

5

Investment properties

2023
£

At 1 August

381,485

At 31 July

381,485

The directors consider the property to be included at fair value.

There was no independent valuation during the year.

6

Debtors

2023
£

2022
£

Trade debtors

99

-

Prepayments

1,910

1,763

2,009

1,763

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

68,282

86,805

Taxation and social security

 

8,650

7,595

Accruals and deferred income

 

1,506

1,361

Other creditors

 

2,100

1,500

 

80,538

97,261

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

147,725

199,431

 

Green Tree Commercial Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

147,725

199,431

2023
£

2022
£

Current loans and borrowings

Bank borrowings

15,444

9,967

Other borrowings

52,838

76,838

68,282

86,805

Other borrowings include unsecured director borrowings.

The bank borrowings are secured on the investment property.

Included in the loans and borrowings are the following amounts due after more than five years:

Borrowings due after five years

Bank loan £52,695.

9

Related party transactions

Other transactions with Directors

At the year end the company owed the directors £52,838 (2022: £76,838). Loans made to the company by the directors are unsecured, interest free and repayable on demand.