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REGISTERED NUMBER: 03688968 (England and Wales)












Financial Statements

for the Year Ended 31 December 2023

for

Greenfield Engineering (Sheet Metal) Ltd

Greenfield Engineering (Sheet Metal) Ltd (Registered number: 03688968)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Greenfield Engineering (Sheet Metal) Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr F E Green
Mrs M D Green
Mr G P Burnard
Mr S Walker





REGISTERED OFFICE: 69 High Street
Bideford
Devon
EX39 2AT





REGISTERED NUMBER: 03688968 (England and Wales)





AUDITORS: Sumer Auditco Ltd
Statutory Auditors and Chartered Accountants
69 High Street
Bideford
Devon
EX39 2AT

Greenfield Engineering (Sheet Metal) Ltd (Registered number: 03688968)

Abridged Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 1,330,157 1,107,801

CURRENT ASSETS
Stocks 542,022 493,252
Debtors 891,945 1,457,914
Cash at bank 411,487 1,219,359
1,845,454 3,170,525
CREDITORS
Amounts falling due within one year 1,110,676 1,512,808
NET CURRENT ASSETS 734,778 1,657,717
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,064,935

2,765,518

CREDITORS
Amounts falling due after more than one
year

(482,126

)

(327,903

)

PROVISIONS FOR LIABILITIES (259,549 ) (192,956 )
NET ASSETS 1,323,260 2,244,659

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 1,323,160 2,244,559
SHAREHOLDERS' FUNDS 1,323,260 2,244,659

Greenfield Engineering (Sheet Metal) Ltd (Registered number: 03688968)

Abridged Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 September 2024 and were signed on its behalf by:




Mr F E Green - Director



Mrs M D Green - Director


Greenfield Engineering (Sheet Metal) Ltd (Registered number: 03688968)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

Greenfield Engineering (Sheet Metal) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The principal accounting policies adopted in the preparation of the financial statements are set out below and remain unchanged from the previous period, and also have been consistently applied within the same accounts.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - Over period of the lease
Improvements to property - Straight line over 10 years
Plant and machinery - Straight line between 3 and 10 years and Straight line over 20 years
Fixtures and fittings - Straight line over 3 years
Motor vehicles - Straight line over 4 years

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs.


Greenfield Engineering (Sheet Metal) Ltd (Registered number: 03688968)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals under operating leases are charged to the profit and loss account as they fall due.

Pension costs and other post-retirement benefits
The company makes contributions to a defined contribution scheme. Contributions payable to the pension scheme are charged to the profit and loss account in the period to which they relate.

Going concern
Having regard to the company's anticipated future revenues and costs including repayment of debt where appropriate, together with the expected availability of working capital, the directors consider that it is appropriate to prepare the financial statements on the going concern basis.

Deferred grant income
Grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the assets to which they relate.

Grants of a revenue nature are credited to the profit an loss account in the same period as the related expenditure.

Greenfield Engineering (Sheet Metal) Ltd (Registered number: 03688968)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 63 (2022 - 64 ) .

5. AUDITORS' REMUNERATION
2023 2022
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

15,000

-

6. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023 5,593,692
Additions 530,025
At 31 December 2023 6,123,717
DEPRECIATION
At 1 January 2023 4,485,891
Charge for year 307,669
At 31 December 2023 4,793,560
NET BOOK VALUE
At 31 December 2023 1,330,157
At 31 December 2022 1,107,801


7. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 312,526 193,943
Between one and five years 462,337 297,369
774,863 491,312

Greenfield Engineering (Sheet Metal) Ltd (Registered number: 03688968)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


7. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Within one year 199,449 44,947
Between one and five years 1,826,240 36,654
2,025,689 81,601

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 774,863 491,312

The hire purchase contracts are secured on the assets to which they relate.

9. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £    £   
49 A Ordinary £1 49 49
49 B Ordinary £1 49 49
1 C Ordinary £1 1 1
1 D Ordinary £1 1 1
100 100

Greenfield Engineering (Sheet Metal) Ltd (Registered number: 03688968)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion
We were not appointed as auditor of the company until after 31 December 2022 and thus did not observe the counting of physical inventories at the beginning of the period. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 December 2021 and 31 December 2022, which are included in the balance sheet at £564,531 and £493,252 respectively, by using other audit procedures. Consequently we were unable to determine whether any adjustment to these amounts were necessary or whether there was any consequential effect on the cost of sales for the year ended 31 December 2023 and also for the year ended 31 December 2022. Our audit opinion on the financial statements for the year ended 31 December 2023 has been modified accordingly.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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.

Edward Meardon FCA (Senior Statutory Auditor)
for and on behalf of Sumer Auditco Ltd

11. CONTINGENT LIABILITIES

The company has provided security for borrowings of £1,049,097 owed by GFE Holdings Ltd, the parent company.

12. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements - 340,000

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
Mr F E Green and Mrs M D Green
Balance outstanding at start of year - -
Amounts advanced 56,743 98,274
Amounts repaid (56,743 ) (98,274 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

The maximum overdrawn balance during the year was £45,261.

Interest was charged on the loan at the official interest rate.

Greenfield Engineering (Sheet Metal) Ltd (Registered number: 03688968)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


14. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

15. ULTIMATE CONTROLLING PARTY

The controlling party is GFE Holdings Ltd.

The ultimate controlling party is Mr F E and Mrs M D Green.