GVZ Glasshouses Limited 07184028 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Glasshouse Construction Digita Accounts Production Advanced 6.30.9574.0 true false false true 07184028 2023-04-01 2024-03-31 07184028 2024-03-31 07184028 core:FinanceLeases core:CurrentFinancialInstruments 2024-03-31 07184028 core:FinanceLeases core:Non-currentFinancialInstruments 2024-03-31 07184028 core:CurrentFinancialInstruments 2024-03-31 07184028 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 07184028 core:Non-currentFinancialInstruments 2024-03-31 07184028 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 07184028 core:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments 2024-03-31 07184028 core:FurnitureFittingsToolsEquipment 2024-03-31 07184028 core:LandBuildings 2024-03-31 07184028 core:MotorVehicles 2024-03-31 07184028 core:OtherPropertyPlantEquipment 2024-03-31 07184028 bus:SmallEntities 2023-04-01 2024-03-31 07184028 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 07184028 bus:FilletedAccounts 2023-04-01 2024-03-31 07184028 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 07184028 bus:RegisteredOffice 2023-04-01 2024-03-31 07184028 bus:Director1 2023-04-01 2024-03-31 07184028 bus:Director2 2023-04-01 2024-03-31 07184028 bus:Director3 2023-04-01 2024-03-31 07184028 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07184028 core:FurnitureFittings 2023-04-01 2024-03-31 07184028 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 07184028 core:LandBuildings 2023-04-01 2024-03-31 07184028 core:MotorVehicles 2023-04-01 2024-03-31 07184028 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 07184028 core:PlantMachinery 2023-04-01 2024-03-31 07184028 core:Subsidiary1 2023-04-01 2024-03-31 07184028 core:Subsidiary1 1 2023-04-01 2024-03-31 07184028 core:Subsidiary1 countries:England 2023-04-01 2024-03-31 07184028 1 2023-04-01 2024-03-31 07184028 1 2023-04-01 2024-03-31 07184028 countries:EnglandWales 2023-04-01 2024-03-31 07184028 2023-03-31 07184028 core:CostValuation 2023-03-31 07184028 core:FurnitureFittingsToolsEquipment 2023-03-31 07184028 core:LandBuildings 2023-03-31 07184028 core:MotorVehicles 2023-03-31 07184028 core:OtherPropertyPlantEquipment 2023-03-31 07184028 2022-04-01 2023-03-31 07184028 2023-03-31 07184028 core:FinanceLeases core:CurrentFinancialInstruments 2023-03-31 07184028 core:FinanceLeases core:Non-currentFinancialInstruments 2023-03-31 07184028 core:CurrentFinancialInstruments 2023-03-31 07184028 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 07184028 core:Non-currentFinancialInstruments 2023-03-31 07184028 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 07184028 core:FurnitureFittingsToolsEquipment 2023-03-31 07184028 core:LandBuildings 2023-03-31 07184028 core:MotorVehicles 2023-03-31 07184028 core:OtherPropertyPlantEquipment 2023-03-31 07184028 core:Subsidiary1 1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 07184028

GVZ Glasshouses Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

GVZ Glasshouses Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 11

 

GVZ Glasshouses Limited

Company Information

Directors

Mr C Van Zanten

Mr JJJ Van Zanten

Mr A Van Zanten

Registered office

20 Harwich Road
Ardleigh
Colchester
Essex
CO7 7LT

Accountants

Sterling Grove Accountants Limited
Chartered Certified Accountant
Fawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD

 

GVZ Glasshouses Limited

(Registration number: 07184028)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

528,602

1,334,805

Investments

5

164,225

1,103,220

 

692,827

2,438,025

Current assets

 

Stocks

6

352,500

329,248

Debtors

7

1,953,806

1,527,486

Cash at bank and in hand

 

898,859

860,128

 

3,205,165

2,716,862

Creditors: Amounts falling due within one year

8

(1,019,404)

(1,058,382)

Net current assets

 

2,185,761

1,658,480

Total assets less current liabilities

 

2,878,588

4,096,505

Creditors: Amounts falling due after more than one year

8

(379,603)

(611,147)

Provisions for liabilities

(132,150)

(74,418)

Net assets

 

2,366,835

3,410,940

Capital and reserves

 

Called up share capital

120

120

Retained earnings

2,366,715

3,410,820

Shareholders' funds

 

2,366,835

3,410,940

For the financial year ending 31 March 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.

 

GVZ Glasshouses Limited

(Registration number: 07184028)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 13 September 2024 and signed on its behalf by:
 

.........................................
Mr C Van Zanten
Director

.........................................
Mr JJJ Van Zanten
Director

.........................................
Mr A Van Zanten
Director

 

GVZ Glasshouses Limited

Notes to the Financial Statements for the Year Ended 31 March 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:
20 Harwich Road
Ardleigh
Colchester
Essex
CO7 7LT
United Kingdom

These financial statements were authorised for issue by the Board on 13 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.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts..

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.

Government grants

Government grants are recognised under the accrual model of grant recognition. This model requires the grant to be classified as either a revenue-based grant or a capital-based grant.

Government grants are recognised in profit or loss on a systematic basis over the periods in which the entity recognises expenses for the related costs for which the grants are intended to compensate.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.

 

GVZ Glasshouses Limited

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

1% on cost

Plant and machinery

15% on reducing balance

Furniture & equipment

15% on reducing balance

Motor vehicles

25% on reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

GVZ Glasshouses Limited

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

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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 at the transaction price, 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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 at the transaction price.

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.

 

GVZ Glasshouses Limited

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

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 29 (2023 - 28).

 

GVZ Glasshouses Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Cost or valuation

At 1 April 2023

990,411

245,973

294,906

281,814

Additions

-

24,187

162,451

96,009

Disposals

(990,411)

-

(73,969)

-

At 31 March 2024

-

270,160

383,388

377,823

Depreciation

At 1 April 2023

47,280

109,381

175,364

146,274

Charge for the year

-

24,117

70,498

34,732

Eliminated on disposal

(47,280)

-

(57,597)

-

At 31 March 2024

-

133,498

188,265

181,006

Carrying amount

At 31 March 2024

-

136,662

195,123

196,817

At 31 March 2023

943,131

136,592

119,542

135,540

Total
£

Cost or valuation

At 1 April 2023

1,813,104

Additions

282,647

Disposals

(1,064,380)

At 31 March 2024

1,031,371

Depreciation

At 1 April 2023

478,299

Charge for the year

129,347

Eliminated on disposal

(104,877)

At 31 March 2024

502,769

Carrying amount

At 31 March 2024

528,602

At 31 March 2023

1,334,805

Included within the net book value of land and buildings above is £Nil (2023 - £943,131) in respect of freehold land and buildings.
 

 

GVZ Glasshouses Limited

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

5

Investments

2024
£

2023
£

Investments in subsidiaries

164,225

1,103,220

Subsidiaries

£

Cost or valuation

At 1 April 2023

1,103,220

Provision

Provision

938,995

Carrying amount

At 31 March 2024

164,225

At 31 March 2023

1,103,220

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

GVZ Glasshouses (Holding) Limited

Unit 7
20 Harwich Road
Ardleigh
Colchester
CO7 7LT

England

Ordinary shares

100%

100%

Subsidiary undertakings

GVZ Glasshouses (Holding) Limited

The principal activity of GVZ Glasshouses (Holding) Limited is Property investment and consulting.

6

Stocks

2024
£

2023
£

Other inventories

352,500

329,248

 

GVZ Glasshouses Limited

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

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

1,698,556

1,426,227

Amounts owed by related parties

10

204,406

89,149

Prepayments

 

9,250

-

Other debtors

 

41,594

12,110

   

1,953,806

1,527,486

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

39,070

94,256

Trade creditors

 

264,390

280,244

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

139,246

113,619

Taxation and social security

 

479,767

360,076

Accruals and deferred income

 

47,954

13,174

Other creditors

 

48,977

197,013

 

1,019,404

1,058,382

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

379,603

611,147

 

GVZ Glasshouses Limited

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

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

345,203

598,207

Finance lease liabilities

34,400

12,940

379,603

611,147

Current loans and borrowings

2024
£

2023
£

Bank borrowings

11,895

62,156

Finance lease liabilities

27,175

32,100

39,070

94,256

Bank borrowings

.

The bank loan interest is charged at 2.25% per annum above the bank sterling base rate. The bank loan is secured by a fixed and floating charge over the company's assets and a legal charge over the property.

Other borrowings

The carrying amount of the finance leases at year end is £61,575 (2023 - £45,040).

The finance leases are secured on the assets concerned.

10

Related party transactions

The company has taken advantage of the exemption under paragraph FRS 102 1AC.35 from disclosing transactions entered into between two or more members of a group, where any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group.
Balances owed and from group companies are disclosed in the debtors and creditors notes.

11

Parent and ultimate parent undertaking

The company's immediate parent is GVZ Investments Limited, incorporated in England & Wales.