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frs-bus:Consolidated 2021-08-31 2022-08-31
Registered number: 09921245
Greensafe Holdings Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 August 2023
Contents
Page
Company Information 1
Strategic Report 2
Directors' Report 3
Independent Auditor's Report 4—6
Consolidated Profit and Loss Account 7
Consolidated Statement of Comprehensive Income 8
Consolidated Balance Sheet 9
Company Balance Sheet 10
Consolidated Statement of Changes in Equity 11
Company Statement of Changes in Equity 12
Consolidated Statement of Cash Flows 13
Notes to the Consolidated Statement of Cash Flows 14
Notes to the Financial Statements 15—24
Page 1
Company Information
Directors Mr J A Sansom
Mr M Utsumi
Mr J J Sansom
Company Number 09921245
Registered Office Aventine House
Edwin Avenue
Kidderminster
Worcestershire
DY11 7RA
Business Aventine House
Edwin Avenue
Kidderminster
Worcestershire
DY11 7RA
Accountants Harrison Partners Limited
Masonic Building Mill Street
Sutton Coldfield
B72 1TJ
Auditors Harrison Partners Limited
Masonic Building
9 Mill Street
Sutton Coldfield
B72 1TJ
Page 1
Page 2
Strategic Report
The directors present their strategic report for the year ended 31 August 2023.
Principal Activity
The group's principal activity continues to be that of the provision of IT services and the recycling of IT related assets.
Review of the Business
The profit for the year after taxation amounted to £117,093 (£368,249).  No dividends were paid in the year.
Throughout the year managements' focus was on the key metrics of new customer acquisition and the growth of existing customer accounts.  As a result, the group experienced an increase in its annual turnover of £1.7m, representing growth of circa 16%.  The overall market sector is sizeable and this presents significant opportunities for future growth.  The directors are confident that they will achieve continued growth, but this growth will now also focus on improved margins.  In this regard the group has continued to invest in automation, controls and processes.
Principal Risks and Uncertainties
The group’s policy in respect of risks is to preserve the resources upon which its continuing reputation, viability and profitability are built, in order to enable its corporate objects to be achieved.
The principal risk is the concentration of services within certain key customer accounts.  The sales team have been tasked with the continued widening of the customer base.  The group also faces wider recruitment challenges that are prevalent within the IT industry.  The group is seeking to manage these challenges by recruiting employees and developing them in house with robust training programmes.  Finally, the group has credit risk, in respect of trade debtors, which it manages through its effective credit control procedures.
Post Balance Sheet Events
On 31 January 2024, the group incorporated a new wholly owned subsidiary Greensafe Property (Droitwich) Ltd.  On 13 May 2024 this new subsidiary acquired freehold premises in Droitwich at the cost of £3,593,500 (including stamp duty).  This purchase was financed by way of a new secured loan facility provided by NatWest Bank.  The new premises will allow for on-going expansion of the group's business.
Going Concern
The group made a profit in the current financial year and post year end has continued to make satisfactory profits.  The directors have assessed going concern with reference to profit and cashflow forecasts and have no concern as to the ability of the group to meet its liabilities as they fall due for a period beyond the required 12 months.
On behalf of the board
Mr J A Sansom
Director
31 August 2024
Page 2
Page 3
Directors' Report
The directors present their report and the financial statements for the year ended 31 August 2023.
Directors
The directors who held office during the year were as follows:
Mr J A Sansom
Mr M Utsumi
Mr J J Sansom
Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.
Independent Auditors
The auditors, Harrison Partners Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr J A Sansom
Director
31 August 2024
Page 3
Page 4
Independent Auditor's Report
Qualified opinion
We have audited the financial statements of Greensafe Holdings Limited (the "parent company") and its subsidiaries (the "group") for the year ended 31 August 2023 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". 
In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:
  • give a true and fair view of the state of the group's and of the parent company's affairs as at 31 August 2023  and of the group's profit/(loss) for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 
  • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for Qualified Opinion
We were not appointed auditor of the group until after 31 August 2022 and did not observe the counting of physical stock as at that date.  We were unable to satisfy ourselves by alternative means of the stock quantities held at 31 August 2022.  These are included within the accounts at a value of £565,221.  Consequently, we were unable to determine whether any adjustment to this amount was necessary.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
As described in the basis for qualified opinion section of this report, we were unable to satisfy ourselves concering the inventory quantities valued at £565,221 held as at 31 August 2022.  We have concluded that where the other information refers to the prior year inventory balance and related balances such as cost of sales, it may be materially misstated for the same reason.
Opinions on Other Matters Prescribed by the Companies Act 2006
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:
  • the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
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Page 5
Matters on Which We Are Required to Report by Exception
Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
  • adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
  • the parent company financial statements are not in agreement with the accounting records or returns; or
  • certain disclosures of directors' remuneration specified by law are not made;  
Arising solely from the limitation on the scope of our work relating to stock, referred to above:
  • we have not received all the information and explanations that we consider necessary for the purposes of our audit; and
  • we were unable to determine whether adequate accounting records had been kept.
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
We identified the laws and regulations applicable to the group through discussions with directors and other management and from our commercial knowledge and experience of the information technology sector.  We obtained an understanding of the legal and regulatory frameworks that the group operates in, and identified specific laws and regulations that have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006 and UK GAAP, FRS102 in particular. We also considered other laws and regulations which may be fundamental to the group’s ability to operate or to avoid a material penalty. These included the Health and Safety at Work Act 1974 and the Waste Electrical and Electronic Equipment Regulations 2013.
We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and ensuring proper policies and procedures are in place. Moreover, the laws and regulations were communicated to the audit team, who remained alert to instances of non-compliance throughout the audit.  We also assessed the susceptibility of the group’s financial statements to material misstatement by making enquiries of management as to where they considered there was a susceptibility to fraud, their knowledge of actual or suspected frauds and through a consideration of the internal controls that might mitigate the risk of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and the override of controls, we performed substantive testing of material balance sheet assets and liabilities, plus directional testing of revenue, expenses and payroll.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Neil Harrison (Senior Statutory Auditor)
for and on behalf of Harrison Partners Limited , Statutory Auditor
31 August 2024
Harrison Partners Limited
Masonic Building
9 Mill Street
Sutton Coldfield
B72 1TJ
Page 6
Page 7
Consolidated Profit and Loss Account
2023 2022
Notes £ £
TURNOVER 3 12,198,273 10,485,108
Cost of sales (3,707,125 ) (3,919,596 )
GROSS PROFIT 8,491,148 6,565,512
Administrative expenses (8,285,046 ) (6,143,944 )
Other operating income 7,038 10,538
OPERATING PROFIT 5 213,140 432,106
Profit on disposal of fixed assets 114 7,732
Other interest receivable and similar income 10 910 7
Interest payable and similar charges 11 (82,678 ) (48,048 )
PROFIT BEFORE TAXATION 131,486 391,797
Tax on Profit 12 (14,393 ) (23,548 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT 117,093 368,249
All of the activities of the group are classed as continuing.
The notes on pages 14 to 24 form part of these financial statements.
Page 7
Page 8
Consolidated Statement of Comprehensive Income
2023 2022
£ £
PROFIT FOR THE FINANCIAL YEAR 117,093 368,249
OTHER COMPREHENSIVE INCOME:
(Loss)/gain on revaluation of property, plant and equipment (968,532 ) 978,009
Tax credit/(expense) on components of other comprehensive income 240,678 (298,889 )
TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT (610,761 ) 1,047,369
Page 8
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Consolidated Balance Sheet
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 13 108,498 60,601
Tangible Assets 14 3,961,045 4,843,661
4,069,543 4,904,262
CURRENT ASSETS
Stocks 16 371,071 565,221
Debtors 17 1,854,109 2,659,399
Cash at bank and in hand 698,284 35,162
2,923,464 3,259,782
Creditors: Amounts Falling Due Within One Year 18 (1,677,478 ) (2,239,863 )
NET CURRENT ASSETS (LIABILITIES) 1,245,986 1,019,919
TOTAL ASSETS LESS CURRENT LIABILITIES 5,315,529 5,924,181
Creditors: Amounts Falling Due After More Than One Year 19 (2,104,037 ) (1,848,733 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 22 (394,869 ) (648,064 )
NET ASSETS 2,816,623 3,427,384
CAPITAL AND RESERVES
Called up share capital 24 2 2
Share premium account 333,000 333,000
Revaluation reserve 1,018,282 1,746,136
Profit and Loss Account 1,465,339 1,348,246
SHAREHOLDERS' FUNDS 2,816,623 3,427,384
The financial statements were approved by the board of directors on 31 August 2024 and were signed on its behalf by:
Mr J A Sansom
Director
31 August 2024
The notes on pages 14 to 24 form part of these financial statements.
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Company Balance Sheet
2023 2022
Notes £ £ £ £
FIXED ASSETS
Investments 15 100 100
100 100
CURRENT ASSETS
Debtors 17 759,934 759,934
759,934 759,934
Creditors: Amounts Falling Due Within One Year 18 (8,600 ) (4,300 )
NET CURRENT ASSETS (LIABILITIES) 751,334 755,634
TOTAL ASSETS LESS CURRENT LIABILITIES 751,434 755,734
NET ASSETS 751,434 755,734
CAPITAL AND RESERVES
Called up share capital 24 2 2
Share premium account 333,000 333,000
Profit and Loss Account 418,432 422,732
SHAREHOLDERS' FUNDS 751,434 755,734
In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's loss for the year was £4,300 (2022: £4,200).
The financial statements were approved by the board of directors on 31 August 2024 and were signed on its behalf by:
Mr J A Sansom
Director
31 August 2024
The notes on pages 14 to 24 form part of these financial statements.
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Consolidated Statement of Changes in Equity
Share Capital Share Premium Revaluation reserve Profit and Loss Account Total
£ £ £ £ £
As at 31 August 2021 2 333,000 1,067,016 979,997 2,380,015
Profit for year - - - 368,249 368,249
Surplus on revaluation - - 978,009 - 978,009
Deficit on revaluation - - (298,889) - (298,889)
Other comprehensive income for the year - - 679,120 - 679,120
Total comprehensive income for the year - - 679,120 368,249 1,047,369
As at 31 August 2022 and 1 September 2022 2 333,000 1,746,136 1,348,246 3,427,384
Profit for year - - - 117,093 117,093
Surplus on revaluation - - 240,678 - 240,678
Deficit on revaluation - - (968,532) - (968,532)
Other comprehensive income for the year - - (727,854 ) - (727,854 )
Total comprehensive income for the year - - (727,854) 117,093 (610,761)
As at 31 August 2023 2 333,000 1,018,282 1,465,339 2,816,623
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Company Statement of Changes in Equity
Share Capital Share Premium Profit and Loss Account Total
£ £ £ £
As at 31 August 2021 2 333,000 426,932 759,934
Loss for the year and total comprehensive income - - (4,200 ) (4,200)
As at 31 August 2022 and 1 September 2022 2 333,000 422,732 755,734
Loss for the year and total comprehensive income - - (4,300 ) (4,300)
As at 31 August 2023 2 333,000 418,432 751,434
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Consolidated Statement of Cash Flows
2023 2022
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 1,028,482 959
Interest paid (82,678 ) (48,048 )
Net cash generated from/(used in) operating activities 945,804 (47,089 )
Cash flows from investing activities
Purchase of intangible assets (61,960 ) (25,783 )
Purchase of tangible assets (261,518 ) (284,044 )
Proceeds from disposal of tangible assets 13,915 44,359
Grants received 7,038 7,038
Interest received 910 7
Net cash used in investing activities (301,615 ) (258,423 )
Cash flows from financing activities
Proceeds from new bank borrowings 770,000 -
Repayment of bank borrowings (735,830 ) (96,484 )
Repayment of finance leases (107,807 ) (113,494 )
Proceeds from new HP borrowings 92,570 187,225
Net cash generated from/(used in) financing activities 18,933 (22,753 )
Increase/(decrease) in cash and cash equivalents 663,122 (328,265 )
Cash and cash equivalents at beginning of year 2 35,162 363,427
Cash and cash equivalents at end of year 2 698,284 35,162
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Notes to the Consolidated Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2023 2022
£ £
Profit for the financial year 117,093 368,249
Adjustments for:
Tax on profit 14,393 23,548
Interest expense 82,678 48,048
Interest income (910 ) (7 )
Amortisation of intangible assets 14,063 7,865
Depreciation of tangible assets 161,801 189,489
Profit on disposal of tangible assets (114) (7,732)
Grant income (7,038) (7,038)
Movements in working capital:
Decrease/(increase) in stocks 194,150 (230,251 )
Decrease/(increase) in trade and other debtors 805,290 (1,510,351 )
(Decrease)/increase in trade and other creditors (352,924 ) 1,119,139
Net cash generated from operations 1,028,482 959
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2023 2022
£ £
Cash at bank and in hand 698,284 35,162
3. Analysis of changes in net debt
As at 1 September 2022 Cash flows New finance leases As at 31 August 2023
£ £ £ £
Cash at bank and in hand 35,162 663,122 - 698,284
Finance leases (236,923) 107,807 (92,570) (221,686)
Debts falling due within one year (101,446 ) 21,107 - (80,339 )
Debts falling due after more than one year (1,140,442) (55,277) - (1,195,719)
(1,443,649) 736,759 (92,570) (799,460)
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Notes to the Financial Statements
1. General Information
Greensafe Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09921245 . The registered office is Aventine House, Edwin Avenue, Kidderminster, Worcestershire, DY11 7RA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 August 2023.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.
Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.
Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.
Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.
2.3. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the group and parent company's ability to continue as a going concern.
2.4. Significant judgements and estimations
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.  The judgements that management has made in the process of applying the group's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:
  • Estimated life of fixed assets
  • Valuation of the group's trading premises
Accounting estimates and assumptions are made concerning the future and by their nature, will rarely equal the related actual outcome.  The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are as follows:
  • Market value of the group's trading premises
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2.5. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.6. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets comprise the Group website.  It is amortised to profit and loss account over its estimated economic life of 10 years.
2.7. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold held at valuation
Plant & Machinery 20% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 20% to 25% reducing balance
Computer Equipment 3 years straight line
2.8. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.9. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.10. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
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2.11. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.12. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Turnover
Analysis of turnover by geographical market is as follows:
2023 2022
£ £
United Kingdom 12,198,273 10,485,108
12,198,273 10,485,108
4. Other Operating Income
2023 2022
£ £
Grant income 7,038 7,038
Other operating income - 3,500
7,038 10,538
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5. Operating Profit
The operating profit is stated after charging:
2023 2022
£ £
Exchange differences - (760 )
Depreciation of tangible fixed assets 161,801 189,489
Amortisation of intangible fixed assets 14,063 7,865
6. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2023 2022
£ £
Audit Services
Audit of the group and company's financial statements 6,900 4,800
Other Services
Audit-related assurance services 6,750 6,300
Taxation compliance service 750 650
7,500 6,950
7. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2023 2022
£ £
Wages and salaries 5,078,850 3,202,213
Social security costs 422,989 221,034
Other pension costs 83,798 55,244
5,585,637 3,478,491
8. Average Number of Employees
Group
Average number of employees, including directors, during the year was as follows:
2023 2022
Office and administration 52 35
Sales, marketing and distribution 11 7
Technical 47 46
Warehouse 93 42
203 130
Company
Average number of employees, including directors, during the year was: NIL (2022: NIL)
- -
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9. Directors' remuneration
2023 2022
£ £
Emoluments 75,000 40,000
Company contributions to money purchase pension schemes 1,321 1,013
76,321 41,013
10. Interest Receivable and Similar Income
2023 2022
£ £
Bank interest receivable 910 7
11. Interest Payable and Similar Charges
2023 2022
£ £
Bank loans and overdrafts 72,810 38,976
Interest payable on other loans - 23
Finance charges payable under finance leases and hire purchase contracts 9,868 9,049
82,678 48,048
12. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2023 2022
2023 2022 £ £
Current tax
UK Corporation Tax 21.5% 19.0% 26,910 905
Deferred Tax
Deferred taxation (12,517 ) 22,643
Total tax charge for the period 14,393 23,548
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2023 2022
£ £
Profit before tax 131,486 391,797
Tax on profit at 21.5% (UK standard rate) 25,960 75,534
Goodwill/depreciation not allowed for tax 34,124 31,684
Expenses not deductible for tax purposes 1,296 930
Capital allowances (20,550 ) (10,100 )
Short term timing differences (12,517 ) -
Tax losses unutilised carried forward (13,920 ) (74,500 )
Total tax charge for the period 14,393 23,548
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13. Intangible Assets
Group
Other
£
Cost
As at 1 September 2022 78,672
Additions 61,960
As at 31 August 2023 140,632
Amortisation
As at 1 September 2022 18,071
Provided during the period 14,063
As at 31 August 2023 32,134
Net Book Value
As at 31 August 2023 108,498
As at 1 September 2022 60,601
Company
The company had no intangible fixed assets at 31 August 2023 or 31 August 2022.
14. Tangible Assets
Group
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost or Valuation
As at 1 September 2022 4,250,000 517,440 390,674 415,505
Additions 118,532 18,471 58,990 10,889
Disposals - - (37,950 ) -
Revaluation (968,532) - - -
As at 31 August 2023 3,400,000 535,911 411,714 426,394
Depreciation
As at 1 September 2022 - 318,674 168,717 258,024
Provided during the period - 43,448 60,329 37,103
Disposals - - (24,149 ) -
As at 31 August 2023 - 362,122 204,897 295,127
Net Book Value
As at 31 August 2023 3,400,000 173,789 206,817 131,267
As at 1 September 2022 4,250,000 198,766 221,957 157,481
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Computer Equipment Total
£ £
Cost or Valuation
As at 1 September 2022 62,175 5,635,794
Additions 54,636 261,518
Disposals - (37,950 )
Revaluation - (968,532 )
As at 31 August 2023 116,811 4,890,830
Depreciation
As at 1 September 2022 46,718 792,133
Provided during the period 20,921 161,801
Disposals - (24,149 )
As at 31 August 2023 67,639 929,785
Net Book Value
As at 31 August 2023 49,172 3,961,045
As at 1 September 2022 15,457 4,843,661
The freehold property was revalued as at 23 February 2024 by Bruton Knowles Chartered Surveyors and valuers.  In the opinion of the directors this represents the value at the year end date of 31 August 2023.
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2023 2022
£ £
Plant & Machinery 19,266 24,083
Fixtures & Fittings 5,586 6,982
Motor Vehicles 163,391 157,318
188,243 188,383
15. Investments
Company
Subsidiaries
£
Cost
As at 1 September 2022 100
As at 31 August 2023 100
Provision
As at 1 September 2022 -
As at 31 August 2023 -
Net Book Value
As at 31 August 2023 100
As at 1 September 2022 100
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Subsidiaries
Details of the company's subsidiaries as at 31 August 2023 are as follows:
Name of undertaking Registered Office Class of shares held Direct holding Indirect holding
Greensafe IT Limited Aventine House, Hoo Farm Ind Estate, DY11 7RA Ordinary 100.00% -
Greensafe Property Limited Aventine House, Hoofarm Ind Estate, DY11 7RA Ordinary 0.01% -
The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:
Capital and Reserves Profit/(loss)
£ £
Greensafe IT Limited 952,389 106,267
Greensafe Property Limited 1,112,900 15,126
16. Stocks
2023 2022
£ £
Stock 371,071 565,221
17. Debtors
Group Company
2023 2022 2023 2022
£ £ £ £
Due within one year
Trade debtors 1,180,548 2,241,625 - -
Prepayments and accrued income 658,703 407,659 - -
Other debtors 14,858 10,115 - -
Amounts owed by group undertakings - - 759,934 759,934
1,854,109 2,659,399 759,934 759,934
Amounts owed by group undertakings are interest free, unsecured and are repayable on demand.
18. Creditors: Amounts Falling Due Within One Year
Group Company
2023 2022 2023 2022
£ £ £ £
Net obligations under finance lease and hire purchase contracts 105,922 96,033 - -
Trade creditors 792,531 1,288,625 - -
Bank loans and overdrafts 80,339 101,446 - -
Other creditors 105,444 111,618 100 100
Corporation tax 43,273 16,363 - -
Taxation and social security 477,202 350,917 - -
Accruals and deferred income 72,767 274,861 8,500 4,200
1,677,478 2,239,863 8,600 4,300
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19. Creditors: Amounts Falling Due After More Than One Year
Group
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 115,764 140,890
Bank loans 1,195,719 1,140,442
Other creditors 658,822 426,631
Accruals and deferred income 133,732 140,770
2,104,037 1,848,733
20. Loans
An analysis of the maturity of loans is given below:
Group
2023 2022
£ £
Amounts falling due within one year or on demand:
Bank loans 80,339 101,446
Group
2023 2022
£ £
Amounts falling due between one and five years:
Bank loans 1,195,719 1,140,442
There are legal charges dated 27 January 2016 and 1 December 2017 in favour of Nat West Bank Plc in place, containing fixed and floating charges over all property and undertakings of the Group's subsidiary Greensafe Property Limited.  The fellow subsidiary Greensafe IT Limited has provided a £1,200,000 guarantee in respect of the bank loan.
21. Obligations Under Finance Leases and Hire Purchase
Group
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 105,922 96,033
Later than one year and not later than five years 115,764 140,890
221,686 236,923
221,686 236,923
22. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Other timing differences 394,869 648,064
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23. Provisions for Liabilities
Group
Deferred Tax Total
£ £
As at 1 September 2022 648,064 648,064
Reversals (253,195 ) (253,195)
Balance at 31 August 2023 394,869 394,869
24. Share Capital
2023 2022
Allotted, called up and fully paid £ £
200 Ordinary Shares of £ 0.01 each 2 2
25. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 88,731 118,308
Later than one year and not later than five years - 88,731
88,731 207,039
26. Pension Commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £83,798 (2022: £55,244).
At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.
27. Post Balance Sheet Events
As set out in the Strategic Report, on 31 January 2024, the Group incorporated a new wholly owned subsidiary Greensafe Property (Droitwich) Ltd.  On 13 May 2024 this new subsidiary acquired freehold premises in Droitwich at the cost of £3,593,500 (inc stamp duty).  This purchase was financed by way of a new secured loan facility provided by NatWest Bank.  The new premises will allow for on-going expansion of the business.
28. Related Party Disclosures
Within other creditors due after one year is an amount of £658,822 (2022: £426,236) due to the director J A Sansom.  This balance comprises funds forwarded by the director to assist the group with liquidity.
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