45 01/01/2023 31/12/2023 2023-12-31 false false false false true false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-01-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP NI013581 2023-01-01 2023-12-31 NI013581 2023-12-31 NI013581 2022-12-31 NI013581 2022-01-01 2022-12-31 NI013581 2022-12-31 NI013581 2021-12-31 NI013581 bus:RegisteredOffice 2023-01-01 2023-12-31 NI013581 bus:LeadAgentIfApplicable 2023-01-01 2023-12-31 NI013581 bus:Director1 2023-01-01 2023-12-31 NI013581 bus:Director2 2023-01-01 2023-12-31 NI013581 bus:CompanySecretary1 2023-01-01 2023-12-31 NI013581 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 NI013581 core:PlantMachinery 2022-12-31 NI013581 core:MotorVehicles 2022-12-31 NI013581 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 NI013581 core:PlantMachinery 2023-12-31 NI013581 core:MotorVehicles 2023-12-31 NI013581 core:WithinOneYear 2023-12-31 NI013581 core:WithinOneYear 2022-12-31 NI013581 core:AfterOneYear 2023-12-31 NI013581 core:AfterOneYear 2022-12-31 NI013581 core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 NI013581 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 NI013581 core:PlantMachinery 2023-01-01 2023-12-31 NI013581 core:MotorVehicles 2023-01-01 2023-12-31 NI013581 core:ShareCapital 2023-12-31 NI013581 core:ShareCapital 2022-12-31 NI013581 core:RetainedEarningsAccumulatedLosses 2023-12-31 NI013581 core:RetainedEarningsAccumulatedLosses 2022-12-31 NI013581 core:ShareCapital 2021-12-31 NI013581 core:RetainedEarningsAccumulatedLosses 2021-12-31 NI013581 core:PreviouslyStatedAmount core:ShareCapital 2023-12-31 NI013581 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 NI013581 core:PlantMachinery 2022-12-31 NI013581 core:MotorVehicles 2022-12-31 NI013581 bus:Director1 2022-12-31 NI013581 bus:Director1 2023-12-31 NI013581 bus:Director2 2022-12-31 NI013581 bus:Director2 2023-12-31 NI013581 bus:Director1 2021-12-31 NI013581 bus:Director1 2022-12-31 NI013581 bus:Director2 2021-12-31 NI013581 bus:Director2 2022-12-31 NI013581 bus:Director1 2022-01-01 2022-12-31 NI013581 bus:Director2 2022-01-01 2022-12-31 NI013581 bus:SmallEntities 2023-01-01 2023-12-31 NI013581 bus:Audited 2023-01-01 2023-12-31 NI013581 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI013581 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI013581 bus:FullAccounts 2023-01-01 2023-12-31
Company registration number: NI013581
Greenville IDC Limited
Filleted financial statements
31 December 2023
Greenville IDC Limited
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Greenville IDC Limited
Directors and other information
Directors Mr Brian Atkinson
Mrs Karen Connolly
Secretary Karen Connolly
Company number NI013581
Registered office 16 Cedarhurst Road
Newtownbreda
Belfast
BT8 7RH
Business address 16 Cedarhurst Road
Newtownbreda
Belfast
BT8 7RH
Auditor Finegan Gibson Ltd
Finegan Gibson Ltd
Causeway Tower
Belfast
BT2 8DN
Accountants Finegan Gibson
2nd Floor Causeway Tower
9 James Street South
Belfast
BT2 8DN
Bankers Danske Bank
Donegall Square West
Belfast
BT1 6JS
Greenville IDC Limited
Directors responsibilities statement
Year ended 31 December 2023
The directors are responsible for preparing 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 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 profit or loss of the company for that period.
In preparing these 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; and
- 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's transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Greenville IDC Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 997,589 1,008,710
_______ _______
997,589 1,008,710
Current assets
Stocks 2,448,765 1,912,027
Debtors 6 2,335,111 2,752,105
Cash at bank and in hand 43,358 411,593
_______ _______
4,827,234 5,075,725
Creditors: amounts falling due
within one year 7 ( 2,946,034) ( 3,111,485)
_______ _______
Net current assets 1,881,200 1,964,240
_______ _______
Total assets less current liabilities 2,878,789 2,972,950
Creditors: amounts falling due
after more than one year 8 ( 1,146,398) ( 1,514,305)
_______ _______
Net assets 1,732,391 1,458,645
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 1,732,389 1,458,643
_______ _______
Shareholders funds 1,732,391 1,458,645
_______ _______
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 September 2024 , and are signed on behalf of the board by:
Mr Brian Atkinson
Director
Company registration number: NI013581
Greenville IDC Limited
Statement of changes in equity
Year ended 31 December 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 January 2022 2 575,397 575,399
Profit for the year 883,246 883,246
_______ _______ _______
Total comprehensive income for the year - 883,246 883,246
_______ _______ _______
At 31 December 2022 and 1 January 2023 2 1,458,643 1,458,645
Profit for the year 273,746 273,746
_______ _______ _______
Total comprehensive income for the year - 273,746 273,746
_______ _______ _______
At 31 December 2023 2 1,732,389 1,732,391
_______ _______ _______
Greenville IDC Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 16 Cedarhurst Road, Newtownbreda, Belfast, BT8 7RH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 45 (2022: 41 ).
5. Tangible assets
Freehold property Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 825,000 266,209 347,282 1,438,491
Additions - 28,755 48,719 77,474
Disposals - ( 65,739) ( 104,478) ( 170,217)
_______ _______ _______ _______
At 31 December 2023 825,000 229,225 291,523 1,345,748
_______ _______ _______ _______
Depreciation
At 1 January 2023 - 215,059 214,722 429,781
Charge for the year - 23,386 57,884 81,270
Disposals - ( 65,739) ( 97,153) ( 162,892)
_______ _______ _______ _______
At 31 December 2023 - 172,706 175,453 348,159
_______ _______ _______ _______
Carrying amount
At 31 December 2023 825,000 56,519 116,070 997,589
_______ _______ _______ _______
At 31 December 2022 825,000 51,150 132,560 1,008,710
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 2,262,100 2,612,271
Other debtors 73,011 139,834
_______ _______
2,335,111 2,752,105
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 1,072,084 142,457
Trade creditors 1,582,212 2,504,456
Corporation tax 194,628 327,270
Social security and other taxes 37,414 47,101
Other creditors 59,696 90,201
_______ _______
2,946,034 3,111,485
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 171,931 309,730
Other creditors 974,467 1,204,575
_______ _______
1,146,398 1,514,305
_______ _______
9. Summary audit opinion
The auditor's report dated 30 September 2024 was unqualified.
The senior statutory auditor was Conor Dolan for and on behalf of Finegan Gibson Ltd
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr Brian Atkinson ( 559,738) 115,687 ( 444,051)
Mrs Karen Connolly ( 585,054) 114,737 ( 470,317)
_______ _______ _______
( 1,144,792) 230,424 ( 914,368)
_______ _______ _______
2022
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr Brian Atkinson ( 639,004) 79,266 ( 559,738)
Mrs Karen Connolly ( 658,178) 73,124 ( 585,054)
_______ _______ _______
( 1,297,182) 152,390 ( 1,144,792)
_______ _______ _______