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Registration number: 13058388

Green South Ltd

Annual Report and Unaudited Financial Statements Year Ended 31 December 2023

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Chartered Accountants

 

Green South Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 7

 

Green South Ltd

Company Information

Director

Mr O Jefferies

Registered office

131 Cranleigh Road
Bournemouth
Dorset
BH6 5JY

Accountants

Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Green South Ltdfor the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Green South Ltd for the year ended 31 December 2023 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Green South Ltd, as a body, in accordance with the terms of our engagement letter dated 20 September 2024. Our work has been undertaken solely to prepare for your approval the accounts of Green South Ltd and state those matters that we have agreed to state to the Board of Directors of Green South Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Green South Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Green South Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Green South Ltd. You consider that Green South Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Green South Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.






Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

25 September 2024

 

Green South Ltd

(Registration number: 13058388)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

167,048

167,048

Current assets

 

Debtors

5

448

334

Cash at bank and in hand

 

1,633

2,894

 

2,081

3,228

Creditors: Amounts falling due within one year

6

(60,060)

(51,214)

Net current liabilities

 

(57,979)

(47,986)

Total assets less current liabilities

 

109,069

119,062

Creditors: Amounts falling due after more than one year

6

(119,257)

(119,250)

Net liabilities

 

(10,188)

(188)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(10,288)

(288)

Shareholders' deficit

 

(10,188)

(188)

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 25 September 2024
 



Mr O Jefferies
Director

 

Green South Ltd

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

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:
131 Cranleigh Road
Bournemouth
Dorset
BH6 5JY

These financial statements were authorised for issue by the director on 25 September 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 show a net liability. However, the financial statements have been prepared on a going concern basis as the director has confirmed that they will continue to support the company to ensure it meets its debts as they fall due, for a period of at least twelve months from the date of signing the Balance Sheet.

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

 

Green South Ltd

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

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Investment properties

2023
£

At 1 January

167,048

At 31 December

167,048

The investment properties class of fixed assets were adjusted on 31 December 2023 to fair value by the director who is internal to the company. The basis of this valuation was open market value.
The class of asset has a current value of £167,048 (2022 - £167,048) and a carrying amount at historical cost of £167,048 (2022 - £167,048). The depreciation on this historical cost is nil (2022 - £nil).
 

There has been no valuation of investment property by an independent valuer.

 

Green South Ltd

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

5

Debtors

Current

2023
£

2022
£

Prepayments

184

70

Other debtors

264

264

 

448

334

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Accruals and deferred income

2,171

1,331

Other creditors

57,889

49,883

60,060

51,214

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

119,257

119,250

7

Share capital

Allotted, called up and not fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

119,257

119,250

Bank borrowings

Bank borrowings include bank loans not repayable by instalments of £119,257 (2022 - £119,250) due after more than five years.

The Mortgage Works (UK) PLC has a first fixed charge over the investment property.

 

Green South Ltd

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

9

Related party transactions

Transactions with the director

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Mr O Jefferies

(49,883)

7

(8,013)

(57,889)

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Mr O Jefferies

100

563

(50,546)

(49,883)