Green Commute Initiative Ltd 10315668 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is renting and leasing of recreational and sports goods. Digita Accounts Production Advanced 6.30.9574.0 true true 10315668 2023-03-01 2024-02-29 10315668 2024-02-29 10315668 core:CurrentFinancialInstruments 2024-02-29 10315668 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 10315668 bus:SmallEntities 2023-03-01 2024-02-29 10315668 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 10315668 bus:FullAccounts 2023-03-01 2024-02-29 10315668 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 10315668 bus:RegisteredOffice 2023-03-01 2024-02-29 10315668 bus:CompanySecretaryDirector1 2023-03-01 2024-02-29 10315668 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 10315668 core:OtherRelatedParties 2023-03-01 2024-02-29 10315668 countries:EnglandWales 2023-03-01 2024-02-29 10315668 2021-09-01 2023-02-28 10315668 2023-02-28 10315668 core:CurrentFinancialInstruments 2023-02-28 10315668 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 iso4217:GBP xbrli:pure

Registration number: 10315668

Green Commute Initiative Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Green Commute Initiative Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 3

 

Green Commute Initiative Ltd

(Registration number: 10315668)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Current assets

 

Debtors

5

832,664

800,439

Cash at bank and in hand

 

61,283

98,130

 

893,947

898,569

Creditors: Amounts falling due within one year

6

(893,946)

(898,568)

Net assets

 

1

1

Capital and reserves

 

Called up share capital

1

1

Shareholders' funds

 

1

1

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 October 2024 and signed on its behalf by:
 

R N Howes
Company secretary and director

   
     
 

Green Commute Initiative Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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:
Unit F, Membury Business Park
Ermin Street
Lambourn Woodlands
Hungerford
Berkshire
RG17 7TU
United Kingdom

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 have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services related to the renting and leasing of recreational and sports goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Income is received and recognised in full on the inception of the rental or lease and represents the full lease receipt from the Customer. Consequently the cost of the asset purchase for the rental or lease is fully amortised or expended on inception or commencement of the rental or lease, as explained in the fixed asset investment note below.

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.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

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.

 

Green Commute Initiative Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4

Fixed Asset Investments

The Company retains title to the assets it rents to customers, however due to the nature of the asset and rental the remaining value associated with these assets is £NIL, consequently the full cost of the asset is recognised in the profit and loss account on purchase.

5

Debtors

Current

2024
£

2023
£

Trade debtors

832,664

800,439

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

52,458

89,105

Taxation and social security

143,773

134,181

Other creditors

697,715

675,282

893,946

898,568

7

Related party transactions

Summary of transactions with other related parties

The company purchases all of its assets from PROC2W Ltd, a company in which R N Howes is a director and shareholder; these purchases total £18,720,282 (2023: £24,021,821).