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REGISTERED NUMBER: 05733303 (England and Wales)














Report of the Directors and

Financial Statements

for the Year Ended 31 March 2024

for

Greens Combustion Limited

Greens Combustion Limited (Registered number: 05733303)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Income Statement 7

Statement of Financial Position 8

Notes to the Financial Statements 9


Greens Combustion Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr D W G James
Mr A W Gooderham
Mr R Withnall
Mr M M Sanghavi
Mr G H Sheth



REGISTERED OFFICE: Unit A31 Arena Business Park
Holyrood Close
Poole
Dorset
BH17 7FJ



REGISTERED NUMBER: 05733303 (England and Wales)



SENIOR STATUTORY AUDITOR: Mr I M Rodd BSc FCA FCCA



AUDITORS: Ward Goodman Audit Services Ltd
4 Cedar Park
Ferndown Industrial Estate
Wimborne
Dorset
BH21 7SF

Greens Combustion Limited (Registered number: 05733303)

Report of the Directors
for the Year Ended 31 March 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

Mr D W G James
Mr A W Gooderham
Mr R Withnall
Mr M M Sanghavi
Mr G H Sheth

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of 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 judgements and accounting estimates that are reasonable and prudent;
-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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Ward Goodman Audit Services Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.


Greens Combustion Limited (Registered number: 05733303)

Report of the Directors
for the Year Ended 31 March 2024

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mr R Withnall - Director


7 October 2024

Report of the Independent Auditors to the Members of
Greens Combustion Limited

Opinion
We have audited the financial statements of Greens Combustion Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Statement of Financial Position and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
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 opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Greens Combustion Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Greens Combustion Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

- We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector in which they operate. We determined that the following laws and regulations were most significant: the Companies Act 2006, the UK Corporate Governance Code and UK corporate taxation laws.
- We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making inquires to the management. We corroborated our inquiries through our review of board minutes.
- We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the Audit engagement team included:
o Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
o Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
o Challenging assumptions and judgments made by management in its significant accounting estimates;
o Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and
o Assessing the extent of compliance with the relevant law and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mr I M Rodd BSc FCA FCCA (Senior Statutory Auditor)
for and on behalf of Ward Goodman Audit Services Ltd
4 Cedar Park
Ferndown Industrial Estate
Wimborne
Dorset
BH21 7SF

9 October 2024

Greens Combustion Limited (Registered number: 05733303)

Income Statement
for the Year Ended 31 March 2024

2024 2023
Notes £    £   

TURNOVER 6,640,744 5,856,339

Cost of sales 4,158,519 3,828,181
GROSS PROFIT 2,482,225 2,028,158

Administrative expenses 1,915,978 1,621,302
566,247 406,856

Other operating income - 10,410
OPERATING PROFIT 4 566,247 417,266

Interest receivable and similar income 4,036 875
570,283 418,141

Interest payable and similar expenses 14,123 19,300
PROFIT BEFORE TAXATION 556,160 398,841

Tax on profit 134,569 130,396
PROFIT FOR THE FINANCIAL YEAR 421,591 268,445

Greens Combustion Limited (Registered number: 05733303)

Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 885,643 943,188
Investments 6 425 425
886,068 943,613

CURRENT ASSETS
Stocks 44,312 42,826
Debtors 7 2,728,907 2,623,261
Cash at bank and in hand 1,267,364 412,333
4,040,583 3,078,420
CREDITORS
Amounts falling due within one year 8 2,142,725 1,648,006
NET CURRENT ASSETS 1,897,858 1,430,414
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,783,926

2,374,027

PROVISIONS FOR LIABILITIES 10 185,077 196,769
NET ASSETS 2,598,849 2,177,258

CAPITAL AND RESERVES
Called up share capital 11 2,352 2,352
Share premium 1,073,648 1,073,648
Retained earnings 1,522,849 1,101,258
SHAREHOLDERS' FUNDS 2,598,849 2,177,258

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

The financial statements were approved by the Board of Directors and authorised for issue on 7 October 2024 and were signed on its behalf by:





Mr R Withnall - Director


Greens Combustion Limited (Registered number: 05733303)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Greens Combustion Limited 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.

2. ACCOUNTING POLICIES

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

Significant judgements and estimates
In the application of the company's accounting policies, which are described below, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources.

The most significant judgement required is the valuation of work in progress based on the stage of completion. This estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The useful economic life of fixed assets is the only source of estimation uncertainty. The carrying value of fixed assets is £886,068.

Turnover
Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated by reference to the value of work performed to date as a proportion of the total contract value.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machineryStraight line over 4 years
Fixtures and fittingsStraight line over 4 years
Test rigStraight line over 3-20 years
Computer equipmentStraight line over 4 years

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


Greens Combustion Limited (Registered number: 05733303)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

Development costs
Development costs are capitalised only to the extent that they lead to the creation of an enduring asset delivering benefits at least as great as the amount capitalised. If there is insufficient evidence on which to base reasonable estimates of the economic benefits that will be generated in the period the costs are charged to the profit and loss account as incurred.

Development costs are amortised over 10 years.

Debtors
Short term debtors are measured at transaction price, less any provisions for amounts considered irrecoverable.

Creditors
Short term creditors are measured at transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 18 ) .

Greens Combustion Limited (Registered number: 05733303)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 95,594 115,203
Auditors' remuneration 10,838 7,750
Auditors' remuneration for non audit work 1,293 3,500

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings Test rig equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 27,368 32,026 1,389,729 79,025 1,528,148
Additions - 11,307 26,878 - 38,185
Disposals - - (136 ) - (136 )
At 31 March 2024 27,368 43,333 1,416,471 79,025 1,566,197
DEPRECIATION
At 1 April 2023 27,367 31,394 451,541 74,658 584,960
Charge for year - 1,677 92,307 1,610 95,594
At 31 March 2024 27,367 33,071 543,848 76,268 680,554
NET BOOK VALUE
At 31 March 2024 1 10,262 872,623 2,757 885,643
At 31 March 2023 1 632 938,188 4,367 943,188

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 425
NET BOOK VALUE
At 31 March 2024 425
At 31 March 2023 425

Greens Combustion Limited (Registered number: 05733303)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,761,656 1,024,314
Amounts recoverable on contract 478,520 994,356
Other debtors 446,400 540,964
VAT - 18,913
Prepayments 42,331 44,714
2,728,907 2,623,261

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 760,271 729,410
Amounts owed to group undertakings 228,608 337,017
Tax 111,623 94,838
Social security and other taxes 26,767 23,332
VAT 18,159 -
Other creditors 242,788 155,695
Accrued expenses 754,509 307,714
2,142,725 1,648,006

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 6,695 -

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 185,077 196,769

Deferred
tax
£   
Balance at 1 April 2023 196,769
Provided during year (11,692 )
Balance at 31 March 2024 185,077

Greens Combustion Limited (Registered number: 05733303)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2,000 Ordinary A £1 2,000 2,000
352 Ordinary B £1 352 352
2,352 2,352

12. RELATED PARTY DISCLOSURES

Included in amounts owed to group undertakings is a balance of £228,608 (2023 - £336,592) payable to AFG Combustion International Pte Ltd, a company also under the control of Airoil Flaregas PVT Ltd.

Included in amounts owed from group undertakings is a balance of £nil (2023 - £23,858) receivable from Greens Combustion (HK) Limited, a company owned by Greens Combustion Limited.


Included within trade debtors were balances totalling £9,325 (2023 - £21,507) receivable from companies under common control.

Included within trade creditors were balances totalling £19,320 (2023 - £19,320) due to companies under common control.

13. ULTIMATE CONTROLLING PARTY

At the balance sheet date, the immediate parent company was AFG Combustion International Pte Ltd, a company registered in Singapore, by their majority shareholdings. The ultimate parent company is Airoil Flaregas PVT Ltd, a company registered in India.