Company registration number 04944733 (England and Wales)
GREENKEY SOLUTIONS LTD
FORMERLY MG ELECTRICAL CONTRACTING LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
GREENKEY SOLUTIONS LTD
FORMERLY MG ELECTRICAL CONTRACTING LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
GREENKEY SOLUTIONS LTD
FORMERLY MG ELECTRICAL CONTRACTING LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,473
10,491
Current assets
Debtors
4
25,053
12,383
Cash at bank and in hand
36,226
107,468
61,279
119,851
Creditors: amounts falling due within one year
5
(5,186)
(12,729)
Net current assets
56,093
107,122
Total assets less current liabilities
63,566
117,613
Provisions for liabilities
(1,869)
(1,993)
Net assets
61,697
115,620
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
60,697
114,620
Total equity
61,697
115,620

The director of the company has 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 director acknowledges his 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.

GREENKEY SOLUTIONS LTD
FORMERLY MG ELECTRICAL CONTRACTING LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 8 September 2024
M Green
Director
Company registration number 04944733 (England and Wales)
GREENKEY SOLUTIONS LTD
FORMERLY MG ELECTRICAL CONTRACTING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Greenkey Solutions Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 10 Main Street, Lambley, Nottingham, NG4 4PN.

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
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and trade discounts.

1.3
Tangible fixed assets

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% reducing balance basis
Computer equipment
25% reducing balance basis
Motor vehicles
25% reducing balance basis
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

GREENKEY SOLUTIONS LTD
FORMERLY MG ELECTRICAL CONTRACTING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

1.6
Equity instruments

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

1.7
Taxation

The tax expense represents the sum of the tax currently receivable and deferred tax.

Current tax

The tax currently receivable is based on taxable losses carried back against prior period taxable profits. Taxable losses differs from net losses 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.

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.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

GREENKEY SOLUTIONS LTD
FORMERLY MG ELECTRICAL CONTRACTING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
3
Tangible fixed assets
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
23,764
8,741
36,014
68,519
Additions
638
1,397
-
0
2,035
Disposals
(21,722)
(5,769)
-
0
(27,491)
At 31 March 2024
2,680
4,369
36,014
43,063
Depreciation and impairment
At 1 April 2023
21,111
4,508
32,409
58,028
Depreciation charged in the year
660
929
901
2,490
Eliminated in respect of disposals
(21,069)
(3,859)
-
0
(24,928)
At 31 March 2024
702
1,578
33,310
35,590
Carrying amount
At 31 March 2024
1,978
2,791
2,704
7,473
At 31 March 2023
2,653
4,233
3,605
10,491
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
19,721
10,656
Corporation tax recoverable
3,503
-
0
Other debtors
1,829
1,727
25,053
12,383
GREENKEY SOLUTIONS LTD
FORMERLY MG ELECTRICAL CONTRACTING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
-
0
5,100
Other taxation and social security
1,166
2,580
Other creditors
4,020
5,049
5,186
12,729
6
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
5,659
10,186
7
Directors' transactions

Interest free loans have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors Loan Account
-
108
564
(312)
360
108
564
(312)
360

The above balance is included within other debtors.

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