GREEN TEAM CHRISTMAS TREES LIMITED
No. SC316888
FILLETED ACCOUNTS
FOR THE YEAR ENDED 29 JUNE 2024
GREEN TEAM CHRISTMAS TREES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
GREEN TEAM CHRISTMAS TREES LIMITED
BALANCE SHEET
AS AT
29 JUNE 2024
29 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
71,536
89,124
Current assets
Stocks
139,591
226,774
Debtors
4
396,967
323,000
Biological assets
5
6,772,732
6,955,170
Cash at bank and in hand
2,258
9,319
7,311,548
7,514,263
Creditors: amounts falling due within one year
6
(3,042,469)
(1,322,162)
Net current assets
4,269,079
6,192,101
Total assets less current liabilities
4,340,615
6,281,225
Provisions for liabilities
7
(745,791)
(754,834)
Net assets
3,594,824
5,526,391
Capital and reserves
Called up share capital
8
11,800,001
11,800,001
Profit and loss reserves
(8,205,177)
(6,273,610)
Total equity
3,594,824
5,526,391

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered 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 25 October 2024 and are signed on its behalf by:
M Bisgaard
Director
Company Registration No. SC316888
GREEN TEAM CHRISTMAS TREES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024
- 2 -
1
Accounting policies
1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The company has taken advantage of the following disclosure exemptions:

 

 

Green Team Christmas Trees Limited is a 100% subsidiary of Green Team Europe A/S and the results of Green Team Christmas Trees Limited are included in the consolidated financial statements of Green Team Group A/S which are available from the address given in note 11.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements. true

This assumption is based upon confirmation of support from the parent company of Green Team Christmas Limited. A letter of support has been provided which confirms that the parent company will continue to support the company by not demanding repayment of any amounts loaned to the company as well as providing sufficient funding and financial support as required to enable Green Team Christmas Trees Limited to discharge all of its liabilities and continue as a going concern for a minimum period of at least 12 months from the date of signing the audited financial statements.

Budgets for the financial year to 29 June 2025 have been prepared by directors and management which forecast increased gross margins alongside improved sales and overall performance. Thus, the directors continue to adopt the going concern basis in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable from the sale of Christmas trees and other greenery, net of VAT and trade discounts.

 

Revenue from the sale of goods is recognised when the trees are harvested and delivery to the customer is completed, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

GREEN TEAM CHRISTMAS TREES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
1
Accounting policies (continued)
- 3 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
20% reducing balance
Plant and equipment
20% reducing balance, then fully depreciated when net book value below £2,000
Fixtures and fittings
20% reducing balance
Motor vehicles
20% reducing balance, then fully depreciated when net book value below £2,000

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Biological assets

Biological assets represent trees and seedlings at a variety of different maturity levels prior to the point of harvest. All trees held for decorative purposes are included as fixed biological assets and all trees grown and harvested for the purposes of sale are included as current biological assets.

 

Biological assets are stated at cost less any accumulated impairment losses. Cost comprises direct materials and where applicable, direct labour costs and those overheads that have been incurred in bringing the assets to their present location and condition.

 

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of biological assets over their estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit and loss account. Reversals of impairment losses are also recognised in the profit and loss account.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

GREEN TEAM CHRISTMAS TREES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
1
Accounting policies (continued)
- 4 -
1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

GREEN TEAM CHRISTMAS TREES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
1
Accounting policies (continued)
- 5 -
1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Restoration provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

 

If the contracted performance of land reinstatement on a rented plantation is required at the time of planting trees, a restoration provision is recognised in the amount of the future cost value (taking into account the number of anticipated years and inflation) discounted to the present value at the rate including the average inflation rate (inflation target) and a margin for 10 years Treasury bonds. In subsequent periods, the provision changes its value by the change in the discount rate, the effect of which is presented in financial costs.

GREEN TEAM CHRISTMAS TREES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
1
Accounting policies (continued)
- 6 -
1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Rentals payable under operating leases are either allocated to biological assets or the profit and loss account on a straight line basis over the lease term.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
5
6
GREEN TEAM CHRISTMAS TREES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
- 7 -
3
Tangible fixed assets
Leasehold improvements
Plant and machinery etc
Total
£
£
£
Cost
At 30 June 2023 and 29 June 2024
41,010
136,083
177,093
Depreciation and impairment
At 30 June 2023
25,100
62,869
87,969
Depreciation charged in the year
3,205
14,383
17,588
At 29 June 2024
28,305
77,252
105,557
Carrying amount
At 29 June 2024
12,705
58,831
71,536
At 29 June 2023
15,910
73,214
89,124
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
723
150
Other debtors
396,244
322,850
396,967
323,000
5
Biological assets
2024
£
Cost
At 30 June 2023
6,955,170
Purchases and growing costs
1,807,474
Movement in land reinstatement costs
116,180
Decreases attributable to harvesting
(2,106,092)
At 29 June 2024
6,772,732
Depreciation
At 30 June 2023 and 29 June 2024
-
Carrying Amount
At 29 June 2024
6,772,732
At 29 June 2023
6,955,170
GREEN TEAM CHRISTMAS TREES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
- 8 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank overdraft
550
549
Trade creditors
331,062
347,006
Amounts owed to group undertakings
2,430,865
782,847
Taxation and social security
3,785
7,081
Other creditors
276,207
184,679
3,042,469
1,322,162

Nordea Bank Finland PLC and Nordea Bank Danmark A/S holds a standard security over the lots at Auchnashag, Newmacher, Tillygreig Farm, Middleplough or Eastside Farm, Whitlam Farm, Newmachar and Lots 1 & 2 Brackla Fields, Premnay Insch.

7
Provisions for liabilities
2024
2023
£
£
Restoration provisions
745,791
754,834

The restoration provisions reflect the anticipated costs to the company of re-instating the land on which trees are grown, in accordance with the company's obligations.

Movements on provisions:
Restoration provisions
£
At 30 June 2023
754,834
Unwinding of discount
(9,043)
At 29 June 2024
745,791
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
11,800,001
11,800,001
11,800,001
11,800,001
GREEN TEAM CHRISTMAS TREES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
- 9 -
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Robert J C Bain MA CA CTA and the auditor was Hall Morrice LLP.
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Total
2,814,409
2,611,049
Lessor

At the reporting end date the company had contracted with buyers for the following minimum purchase payments:

2024
2023
£
£
Total
414,649
4,000
11
Parent company

The company's immediate parent company is Green Team Europe A/S, a company registered in Denmark.

The largest group in which the results of the company are consolidated is that headed by Green Team Group A/S incorporated in Denmark. No other group financial statements include the results of the Company. The consolidated accounts for Green Team Group A/S are available to the public and a copy may be obtained from Simmelbrovej 44, 7260 Sonder Omme, Denmark.

12
Company information

Green Team Christmas Trees Limited is a private company limited by shares incorporated in Scotland. The registered office is Unit 4, Netherton Business Centre, Fetternear, Inverurie, Aberdeenshire, AB51 5LX.

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