Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-304property investment2022-12-01false4falsetruefalse 03471973 2022-12-01 2023-11-30 03471973 2021-12-01 2022-11-30 03471973 2023-11-30 03471973 2022-11-30 03471973 c:Director2 2022-12-01 2023-11-30 03471973 d:FurnitureFittings 2022-12-01 2023-11-30 03471973 d:FurnitureFittings 2023-11-30 03471973 d:FurnitureFittings 2022-11-30 03471973 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 03471973 d:CurrentFinancialInstruments 2023-11-30 03471973 d:CurrentFinancialInstruments 2022-11-30 03471973 d:Non-currentFinancialInstruments 2023-11-30 03471973 d:Non-currentFinancialInstruments 2022-11-30 03471973 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 03471973 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 03471973 d:ShareCapital 2023-11-30 03471973 d:ShareCapital 2022-11-30 03471973 d:RetainedEarningsAccumulatedLosses 2023-11-30 03471973 d:RetainedEarningsAccumulatedLosses 2022-11-30 03471973 c:FRS102 2022-12-01 2023-11-30 03471973 c:Audited 2022-12-01 2023-11-30 03471973 c:FullAccounts 2022-12-01 2023-11-30 03471973 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 03471973 c:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 03471973 2 2022-12-01 2023-11-30 03471973 6 2022-12-01 2023-11-30 03471973 2 2023-11-30 03471973 2 2022-11-30 03471973 f:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure

Registered number: 03471973









GREENTREE ESTATES LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
GREENTREE ESTATES LIMITED
REGISTERED NUMBER: 03471973

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
1,284
1,434

Investments
 5 
113,861
91,473

  
115,145
92,907

Current assets
  

Stocks
 6 
13,939,320
11,694,716

Debtors
 7 
13,975,398
17,114,423

Cash at bank and in hand
 8 
1,932,282
273,202

  
29,847,000
29,082,341

Creditors: amounts falling due within one year
 9 
(4,349,292)
(4,816,148)

Net current assets
  
 
 
25,497,708
 
 
24,266,193

Total assets less current liabilities
  
25,612,853
24,359,100

  

Net assets
  
25,612,853
24,359,100


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
25,612,753
24,359,000

  
25,612,853
24,359,100


Page 1

 
GREENTREE ESTATES LIMITED
REGISTERED NUMBER: 03471973
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 August 2024.




S Mattey
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
GREENTREE ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Greentree Estates Limited is a private company, limited by shares and incorporated in England and Wales, United Kingdom, with a registration number 03471973. The address of the registered office is Lawrence House, Goodwyn Avenue, Mill Hill, London, NW7 3RH. The principal activity of the company is that of buying and selling real estate.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue represents the amounts received in respect of lease extensions and freehold sales.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Page 3

 
GREENTREE ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Fixtures and fittings
-
10%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted
prospectively if appropriate, or if there is an indication of a significant change since the last reporting
date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount
and are recognised in the Statement of Comprehensive Income.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.8

Stocks

Unsold properties held for resale are stated at the lower of cost and net realisable value. Cost includes all ancillary expenses of purchase. Sums received for lease period extensions are deducted from the original cost where the company owns the relevant freehold reversions.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
GREENTREE ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary
Page 5

 
GREENTREE ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)

course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 4.

Page 6

 
GREENTREE ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 December 2022
13,496



At 30 November 2023

13,496



Depreciation


At 1 December 2022
12,062


Charge for the year on owned assets
150



At 30 November 2023

12,212



Net book value



At 30 November 2023
1,284



At 30 November 2022
1,434

Page 7

 
GREENTREE ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


Fixed asset investments





Investments in subsidiary companies
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 December 2022
1,002
222,976
223,978



At 30 November 2023

1,002
222,976
223,978



Impairment


At 1 December 2022
-
132,505
132,505


Charge for the period
-
(22,388)
(22,388)



At 30 November 2023

-
110,117
110,117



Net book value



At 30 November 2023
1,002
112,859
113,861



At 30 November 2022
1,002
90,471
91,473

Page 8

 
GREENTREE ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

6.


Stocks

2023
2022
£
£

Stock of properties for resale
13,939,320
11,694,716

13,939,320
11,694,716



7.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
-
500,000

-
500,000

Due within one year

Trade debtors
-
3,500,000

Amounts owed by group undertakings
5,516,414
6,016,414

Other debtors
8,364,754
7,098,009

Prepayments and accrued income
94,230
-

13,975,398
17,114,423



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,932,282
273,202

1,932,282
273,202


Page 9

 
GREENTREE ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
-
7,711

Amounts owed to group undertakings
453,090
453,520

Corporation tax
-
820,162

Other taxation and social security
30,233
38,457

Other creditors
3,865,969
3,496,298

4,349,292
4,816,148



10.


Related party transactions

At the year-end the following amounts were due from/(to) the following:


2023
2022
£
£

Entities over which the entity has common control, joint control or significant 
influence
5,063,324
5,562,894


11.


Post balance sheet events

In May 2024, the Leasehold and Freehold Reform Act was passed although most of the changes have not yet been enacted as they require secondary legislation.  Some of the changes brought in by the Act include the standard lease extension term being extended to 990 years and changes to the use of the ‘marriage value’ in the calculation of lease extension values.
The company, together with its subsidiaries, will be impacted by the changes brought in by the Act as it receives income which will be affected by the changes that are proposed in the Act. However, until the secondary legislation has been enacted, it is difficult to estimate the impact that the changes will have, both on the income of the company and its subsidiaries and also on the values of properties that the companies hold. 


12.


Auditors' information

The auditors' report on the financial statements for the year ended 30 November 2023 was unqualified.

The audit report was signed on 22 August 2024 by Matthew Wells ACA (Senior Statutory Auditor) on behalf of Haslers.

 
Page 10