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Registration number: 10246105

Greenfield Removals Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Greenfield Removals Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Greenfield Removals Limited

Company Information

Directors

Mr Peter John Dunion

Mr Ian James Yates

Mr Luke Taylor

Registered office

Unit 30 East Terrace
Euxton Lane
Euxton
Chorley
PR7 6TE

Accountants

Harrison Salmon Associates Limited
Suite 21 Chorley Business & Technology Centre
East Terrace
Euxton Lane
Chorley
Lancashire
PR7 6TE

 

Greenfield Removals Limited

(Registration number: 10246105)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

235,039

164,762

Current assets

 

Stocks

5

18,000

21,000

Debtors

6

929,812

968,732

Cash at bank and in hand

 

285,299

221,723

 

1,233,111

1,211,455

Creditors: Amounts falling due within one year

7

(726,912)

(838,941)

Net current assets

 

506,199

372,514

Total assets less current liabilities

 

741,238

537,276

Creditors: Amounts falling due after more than one year

7

(16,988)

(51,817)

Provisions for liabilities

(55,799)

(37,920)

Net assets

 

668,451

447,539

Capital and reserves

 

Called up share capital

8

75

75

Retained earnings

668,376

447,464

Shareholders' funds

 

668,451

447,539

For the financial year ending 30 June 2024 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 August 2024 and signed on its behalf by:
 

 

Greenfield Removals Limited

(Registration number: 10246105)
Balance Sheet as at 30 June 2024

.........................................
Mr Peter John Dunion
Director

.........................................
Mr Ian James Yates
Director

 

Greenfield Removals Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 30 East Terrace
Euxton Lane
Euxton
Chorley
PR7 6TE
England

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

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services 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.

 

Greenfield Removals Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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.

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

Motor vehicles

25% reducing balance basis

Plant and machinery

15% reducing balance basis

Furniture, fittings, tools and equipment

15% reducing balance basis

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 merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Greenfield Removals Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2023 - 15).

 

Greenfield Removals Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2023

22,897

148,977

68,525

240,399

Additions

6,305

93,460

17,002

116,767

Disposals

-

(15,820)

-

(15,820)

At 30 June 2024

29,202

226,617

85,527

341,346

Depreciation

At 1 July 2023

7,844

52,849

14,944

75,637

Charge for the year

2,586

28,007

9,158

39,751

Eliminated on disposal

-

(9,081)

-

(9,081)

At 30 June 2024

10,430

71,775

24,102

106,307

Carrying amount

At 30 June 2024

18,772

154,842

61,425

235,039

At 30 June 2023

15,053

96,128

53,581

164,762

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

18,000

21,000

6

Debtors

Current

2024
£

2023
£

Trade debtors

811,459

867,752

Prepayments

44,232

24,113

Other debtors

74,121

76,867

 

929,812

968,732

7

Creditors

Creditors: amounts falling due within one year

 

Greenfield Removals Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

5,662

5,662

Trade creditors

 

153,871

138,128

Taxation and social security

 

263,565

178,503

Accruals and deferred income

 

12,200

53,080

Other creditors

 

291,614

463,568

 

726,912

838,941

Bibby invoice finance is included in other creditors and is secured against trade debtors.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

16,988

51,817

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share capital of £0.50 each

150

75

150

75

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

29,167

Hire purchase contracts

16,988

22,650

16,988

51,817

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

5,662

5,662

Other borrowings

 

Greenfield Removals Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

The carrying amount of Bibby invoice finance at year end is £(34,415) (2023 - £225,612).

Bibby Financial Services ( previously Aldermore invoice finance) is secured against Trade Debtors. No borrowings are secured against any assets.

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

10,825

16,137

Later than one year and not later than five years

12,853

21,271

23,678

37,408

11

Related party transactions

 

Greenfield Removals Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

75,558

47,171

Summary of transactions with other related parties


Included within other creditors at the year end is an amount of £288,791 owed to Directors (2023 , £199,981)

No related party transactions.