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REGISTERED NUMBER: 04609776 (England and Wales)















Unaudited Financial Statements for the Year Ended 31st December 2023

for

Greenwills Ltd

Greenwills Ltd (Registered number: 04609776)






Contents of the Financial Statements
for the Year Ended 31st December 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


Greenwills Ltd (Registered number: 04609776)

Balance Sheet
31st December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 29,863 37,923
Investment property 5 773,000 776,000
802,863 813,923

CURRENT ASSETS
Debtors 6 210 185
Cash at bank 14,108 17,351
14,318 17,536
CREDITORS
Amounts falling due within one year 7 36,509 44,022
NET CURRENT LIABILITIES (22,191 ) (26,486 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

780,672

787,437

CREDITORS
Amounts falling due after more than one year 8 (135,311 ) (152,292 )

PROVISIONS FOR LIABILITIES (58,181 ) (50,960 )
NET ASSETS 587,180 584,185

CAPITAL AND RESERVES
Called up share capital 10 150 150
Non distributable reserve 226,270 226,270
Retained earnings 360,760 357,765
SHAREHOLDERS' FUNDS 587,180 584,185

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Greenwills Ltd (Registered number: 04609776)

Balance Sheet - continued
31st December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14th August 2024 and were signed on its behalf by:





Dr E Kamel - Director


Greenwills Ltd (Registered number: 04609776)

Notes to the Financial Statements
for the Year Ended 31st December 2023

1. COMPANY INFORMATION

Greenwills Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 04609776

Registered office: 19 Chase Way
London
N14 5EB

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the provision of professional services is recognised on delivery of the service.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 25% on cost
Motor vehicles - 20% on reducing balance

Tangible Fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment loss.

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 the profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Greenwills Ltd (Registered number: 04609776)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023

2. ACCOUNTING POLICIES - continued

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 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1st January 2023
and 31st December 2023 6,921 56,545 63,466
DEPRECIATION
At 1st January 2023 5,186 20,357 25,543
Charge for year 823 7,237 8,060
At 31st December 2023 6,009 27,594 33,603
NET BOOK VALUE
At 31st December 2023 912 28,951 29,863
At 31st December 2022 1,735 36,188 37,923

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1st January 2023
and 31st December 2023 55,528
DEPRECIATION
At 1st January 2023
and 31st December 2023 11,106
NET BOOK VALUE
At 31st December 2023 44,422
At 31st December 2022 44,422

Greenwills Ltd (Registered number: 04609776)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st January 2023 776,000
Revaluations (3,000 )
At 31st December 2023 773,000
NET BOOK VALUE
At 31st December 2023 773,000
At 31st December 2022 776,000

Fair value at 31st December 2023 is represented by:
£   
Valuation in 2016 590,721
Valuation in 2017 (20,721 )
Valuation in 2018 (16,000 )
Valuation in 2019 53,000
Valuation in 2020 24,000
Valuation in 2021 58,000
Valuation in 2022 87,000
Valuation in 2023 (3,000 )
773,000

Investment property comprises of two properties. In accordance with FRS102 1A, the costs of obtaining an external valuation were considered to be undue for the company. As such, fair value has been estimated by the director on an open market value basis by reference to market evidence of transaction prices for similar properties.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Prepayments 210 185

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 13,764 13,764
Hire purchase contracts 4,315 4,315
Corporation tax payable 4,769 5,373
Directors' current accounts 12,905 19,833
Accrued expenses 756 737
36,509 44,022

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans - 1-2 years 13,764 13,764
Bank loans - 2-5 years 41,291 41,291
Bank loans more 5 yr by instal 57,073 69,739
Hire purchase contracts 23,183 27,498
135,311 152,292

Greenwills Ltd (Registered number: 04609776)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.12.23 31.12.22
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 57,073 69,739

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 125,892 138,558
Hire purchase contracts 27,498 31,813
153,390 170,371

There is a fixed and floating charge and a negative pledge with Lloyds Bank PLC relating to the two investment properties over the undertaking and all property and assets of the company.

The hire purchase creditors are secured on the assets they are financing.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
75 Ordinary A £1 75 75
75 Ordinary B £1 75 75
150 150

The A Shares confer on the holders the right to vote upon any resolution proposed at any general meeting of the company.

The B Shares do not confer on the holders the right to vote upon any resolution proposed at any general meeting of the company.

The A and B Shares rank pari passu in respect of dividend and capital distribution rights.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st December 2023 and 31st December 2022:

31.12.23 31.12.22
£    £   
Dr E Kamel
Balance outstanding at start of year (19,833 ) (19,754 )
Amounts advanced 9,240 233
Amounts repaid (2,312 ) (312 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (12,905 ) (19,833 )

The loan is repayable on demand and no interest was charged during the year.

Greenwills Ltd (Registered number: 04609776)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023

12. CONTROL

The ultimate controlling party is Dr Essam Kamel by virtue of holding 100% of the voting rights.