Knotty Green Limited
Unaudited Financial Statements
For the year ended 31 March 2024
Pages for Filing with Registrar
Company Registration No. 05970959 (England and Wales)
Knotty Green Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
Knotty Green Limited
Balance Sheet
As at 31 March 2024
Page 1
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Investments
2
324,999
325,999
Current assets
Stock
3
1,309,261
1,562,553
Debtors
4
191,445
94,208
Cash at bank and in hand
532,736
88,174
2,033,442
1,744,935
Creditors: amounts falling due within one year
5
(871,423)
(520,642)
Net current assets
1,162,019
1,224,293
Net assets
1,487,018
1,550,292
Capital and reserves
Called up share capital
6
50
50
Profit and loss reserves
1,486,968
1,550,242
Total equity
1,487,018
1,550,292

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their 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.

Knotty Green Limited
Balance Sheet (Continued)
As at 31 March 2024
Page 2
The financial statements were approved by the board of directors and authorised for issue on 20 August 2024 and are signed on its behalf by:
R G Baldwin
Director
Company Registration No. 05970959
Knotty Green Limited
Notes to the Financial Statements
For the year ended 31 March 2024
Page 3
1
Accounting policies
Company information

Knotty Green Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 Victoria Square, St Albans, Hertfordshire, AL1 3TF.

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
Going concern

The directors have assessed whether the use of going concern is appropriate and have considered financial information for the current year to date, projections and conditions that might cast significant doubt on the ability of the company to continue as a going concern and concluded that going concern is an appropriate basis on which to draw up the accounts.true

1.3
Turnover

Turnover represents amounts receivable for consultancy services and the gross proceeds from property sales during the year. Turnover from property sales is recognised at the date of exchange of contract unless conditions are placed upon a contract until completion.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.5
Stock

Stock are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial

instruments classified as other, or basic financial instruments measured at fair value.

Knotty Green Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 4
1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Prior year errors
Material prior year errors are corrected retrospectively by restating the comparative amounts for the prior period presented.  Prior year's results were restated following a discovery of a property sale recorded in 2024 but relating to the year ended 31 March 2023.  This resulted in the reduction in net assets of £8,551 in 2023..
2
Fixed asset investments
2024
2023
£
£
Investments
324,999
325,999

 

Knotty Green Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
2
Fixed asset investments
(Continued)
Page 5
Movements in fixed asset investments
£
Cost or valuation
At 1 April 2023
325,999
Valuation changes
(1,000)
At 31 March 2024
324,999
Carrying amount
At 31 March 2024
324,999
At 31 March 2023
325,999
3
Stock
2024
2023
£
£
Property stock
1,295,761
1,549,053
Number plates
13,500
13,500
1,309,261
1,562,553
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
191,445
-
0
Other debtors
-
94,208
191,445
94,208
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
39,823
25,945
Other creditors
825,000
481,791
Accruals and deferred income
6,600
12,906
871,423
520,642
Knotty Green Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 6
6
Called up share capital
2024
2023
£
£
Alloted, called up and fully paid
10 Ordinary Shares of £5 each
50
50
7
Prior period adjustment

Prior year's results were restated following a discovery of a property sale recorded in 2024 but relating to the year ended 31 March 2023. This resulted in the net decrease to profit and loss reserve of £8,551.

Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Mar 2023
£
£
£
Current assets
Stock
1,972,553
(410,000)
1,562,553
Creditors due within one year
Other creditors
(896,146)
401,449
(494,697)
Net assets
1,558,843
(8,551)
1,550,292
Capital and reserves
Profit and loss reserves
1,558,793
(8,551)
1,550,242
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 March 2023
£
£
£
Turnover
3,544,299
407,995
3,952,294
Cost of sales
(3,233,536)
(416,546)
(3,650,082)
Profit for the financial period
110,606
(8,551)
102,055
Knotty Green Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
7
Prior period adjustment
(Continued)
Page 7
Reconciliation of changes in equity
31 March
2023
£
Adjustments to prior year
Decrease in other creditors
407,995
Increase in cost of sales
(410,000)
Increase in Cost of sales
(6,546)
Total adjustments
(8,551)
Equity as previously reported
1,558,843
Equity as adjusted
1,550,292
Analysis of the effect upon equity
Profit and loss reserves
(8,551)
(8,551)
8
Control
The ultimate controlling party is R.G Baldwin by virtue of his shareholding.
9
Related party transactions

During the year R. G. Baldwin was paid dividends of £203,017 (2023: £90,150 ).

 

Included within other creditors as at 31 March 2024 is a balance of £825,000 (2023 : £481,791) due to Silverbridge Properties Limited, a company of which R. G. Baldwin is a director. £25,000 was recharged to Silverbridge Properties Limited during the year.

 

Included within other debtors as at 31 March 2024 is a balance of £nil (2023: £94,208) due from BBL Properties Limited, a company of which R. G. Baldwin is a director.

 

During the year ended 31 March 2024 the company received the following consultancy fees from companies of which R. G. Baldwin is a director

- £3,000 (2023: £14,000) from BBL Properties Limited

- £18,000 (2023: £26,000) from Silverbridge Properties Limited

- £3,000 (2023: £6,000) from Rupa Estate Limited

- £10,500 (2023: £nil) from Ethorpe Properties Limited.

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