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Registered number: 02473115










GREATWOOD PROPERTY MANAGEMENT LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
GREATWOOD PROPERTY MANAGEMENT LIMITED
REGISTERED NUMBER: 02473115

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

13 Months ended 31 December
Period Ended 30 November
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,885
5,142

  
2,885
5,142

Current assets
  

Debtors: amounts falling due within one year
 5 
1,244,820
1,150,795

Cash at bank and in hand
  
182,498
116,550

  
1,427,318
1,267,345

Creditors: amounts falling due within one year
 6 
(328,296)
(276,947)

Net current assets
  
 
 
1,099,022
 
 
990,398

Total assets less current liabilities
  
1,101,907
995,540

Creditors: amounts falling due after more than one year
 7 
-
(25,292)

Provisions for liabilities
  

Deferred tax
 9 
-
(1,286)

  
 
 
-
 
 
(1,286)

Net assets
  
1,101,907
968,962


Capital and reserves
  

Called up share capital 
 10 
2
2

Profit and loss account
  
1,101,905
968,960

  
1,101,907
968,962


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 by: 

N G Foster
Director
Date: 28 August 2024

The notes on pages 3 to 10 form part of these financial statements.
Page 1

 
GREATWOOD PROPERTY MANAGEMENT LIMITED
REGISTERED NUMBER: 02473115

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023


Page 2

 
GREATWOOD PROPERTY MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Greatwood Property Management Limited is a private company limited by shares and registered in England and Wales. The company's registered office address is Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, HP2 7DN.

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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable for services during the period, excluding discounts, rebates, value added tax and other sales taxes. 

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
GREATWOOD PROPERTY MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. 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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
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, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
Office equipment
-
25%
Computer equipment
-
25%

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 profit or loss.

 
2.7

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.

Page 4

 
GREATWOOD PROPERTY MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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.

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

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.


3.


Employees

The average monthly number of employees, including directors, during the period was 18 (2022 - 22).

Page 5

 
GREATWOOD PROPERTY MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

4.


Tangible fixed assets







Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 December 2022
6,594
37,270
16,637
60,501



At 31 December 2023

6,594
37,270
16,637
60,501



Depreciation


At 1 December 2022
4,465
37,270
13,622
55,357


Charge for the period
1,065
-
1,194
2,259



At 31 December 2023

5,530
37,270
14,816
57,616



Net book value



At 31 December 2023
1,064
-
1,821
2,885



At 30 November 2022
2,129
-
3,015
5,144


5.


Debtors

13 months ended 31 December
Period ended 30 November
2023
2022
£
£


Trade debtors
8,880
10,112

Amounts owed by group undertakings
1,202,842
1,121,790

Other debtors
12,530
11,286

Prepayments and accrued income
20,150
7,607

Deferred taxation
418
-

1,244,820
1,150,795


Page 6

 
GREATWOOD PROPERTY MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

6.


Creditors: amounts falling due within one year

13 months ended 31 December
Period ended 30 November
2023
2022
£
£

Bank loans
-
10,170

Trade creditors
14,314
20,388

Amounts owed to group undertakings
89,302
-

Corporation tax
41,409
63,331

Other taxation and social security
52,751
61,024

Other creditors
6,020
2,473

Accruals and deferred income
124,500
119,561

328,296
276,947



7.


Creditors: amounts falling due after more than one year

13 months ended 31 December
Period ended 30 November
2023
2022
£
£

Bank loans
-
25,292

-
25,292


Page 7

 
GREATWOOD PROPERTY MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

8.


Loans


Analysis of the maturity of loans is given below:


13 months ended 31 December
Period ended 30 November
2023
2022
£
£

Amounts falling due within one year

Bank loans
-
10,170


-
10,170

Amounts falling due 1-2 years

Bank loans
-
10,170


-
10,170

Amounts falling due 2-5 years

Bank loans
-
15,122


-
15,122


-
35,462


Page 8

 
GREATWOOD PROPERTY MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

9.


Deferred taxation






2023


£






At beginning of year
(1,286)


Charged to profit or loss
1,704



At end of year
418

The deferred taxation balance is made up as follows:

13 months ended 31 December
Period ended 30 November
2023
2022
£
£


Accelerated capital allowances
(721)
(1,286)

Fixed asset timing differences
1,139
-

418
(1,286)


10.


Share capital

13 months ended 31 December
Period ended 30 November
2023
2022
£
£
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1.00 each
2
2



11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £10,593 (2022: £8,998).
No contributions were outstanding in the current or prior year.

Page 9

 
GREATWOOD PROPERTY MANAGEMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

12.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

31 December
30 November
2023
2022
£
£


Not later than 1 year
6,017
-

Later than 1 year and not later than 5 years
2,030
-

8,047
-


13.


Related party transactions

At the balance sheet date the company was owed £8,031 by Chansecs Limited (30 November 2022: £nil), £266,549 by Chaneys Limited (30 November 2022: £266,549) and £928,262 by Copley Duncan Surveyors Limited (30 November 2022: £855,241).
The company owed £89,302 to Trinity Property Group at the balance sheet date (30 November 2022: £nil).
At the balance sheet date Greatwood Property Management Limited owed £nil to its directors (30 November 2022: £416).


14.


Auditors' information

The auditors' report on the financial statements for the period ended 31 December 2023 was unqualified.

The audit report was signed on 29 August 2024 by Alexander Peal BSc(Hons) FCA DChA (Senior statutory auditor) on behalf of .

Page 10