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REGISTERED NUMBER: 11556119 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

GREENMOUNT PROJECTS LIMITED

GREENMOUNT PROJECTS LIMITED (REGISTERED NUMBER: 11556119)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 29 February 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


GREENMOUNT PROJECTS LIMITED

COMPANY INFORMATION
for the Year Ended 29 February 2024







DIRECTORS: M J Sharkey
A S Coley
Miss M E F Durkin
D J Ryding



REGISTERED OFFICE: Hamer House
4 The Parks
Ashton-In-Makerfield
WA12 0JQ



REGISTERED NUMBER: 11556119 (England and Wales)



ACCOUNTANTS: Fairhurst
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB



BANKERS: National Westminster Bank Plc
4 Standishgate
Wigan
Lancashire
WN1 1UJ

GREENMOUNT PROJECTS LIMITED (REGISTERED NUMBER: 11556119)

STATEMENT OF FINANCIAL POSITION
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,058,701 1,014,706
Investments 5 1 1
1,058,702 1,014,707

CURRENT ASSETS
Debtors 6 2,456,298 2,532,192
Cash at bank 404,621 431,042
2,860,919 2,963,234
CREDITORS
Amounts falling due within one year 7 2,875,894 2,461,474
NET CURRENT (LIABILITIES)/ASSETS (14,975 ) 501,760
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,043,727

1,516,467

CREDITORS
Amounts falling due after more than one
year

8

(48,659

)

(273,593

)

PROVISIONS FOR LIABILITIES 10 (80,770 ) (39,230 )
NET ASSETS 914,298 1,203,644

CAPITAL AND RESERVES
Called up share capital 220 220
Retained earnings 914,078 1,203,424
SHAREHOLDERS' FUNDS 914,298 1,203,644

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GREENMOUNT PROJECTS LIMITED (REGISTERED NUMBER: 11556119)

STATEMENT OF FINANCIAL POSITION - continued
29 February 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 November 2024 and were signed on its behalf by:





M J Sharkey - Director


GREENMOUNT PROJECTS LIMITED (REGISTERED NUMBER: 11556119)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Greenmount Projects 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.

Preparation of consolidated financial statements
The financial statements contain information about Greenmount Projects Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover represents the net invoice value of goods and services sold, excluding value added tax.

Revenue is recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue is measured at the fair value of the work performed by reference to the amount chargeable to clients, excluding value added tax. Revenue not billed to clients at the balance sheet date is included in debtors as amounts recoverable on contracts.

Tangible fixed assets
Tangible fixed assets are included at cost or valuation less depreciation and impairment.

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

Freehold property-2% on cost
Plant & machinery-25% on reducing balance
Fixtures & fittings-25% on reducing balance
Motor vehicles-25% on reducing balance
Computer equipment-33% on reducing balance
Long leasehold-2% on cost
Improvements to property-2% on cost

Impairment of assets
At each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss.

Where an impairment loss subsequently reverses, the carrying amount of each asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Investments in subsidiaries
Investment in subsidiary undertakings are recognised at cost less impairment.

GREENMOUNT PROJECTS LIMITED (REGISTERED NUMBER: 11556119)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Short term trade creditors are measured at transaction price. Financial liabilities that have no stated interest rate and are payable within one year shall be measured at the undiscounted amount due.
Amounts due to and from related undertakings, included directors, are repayable on demand and are measured at the undiscounted amount due. Other liabilities shall be measured at amortised cost using the effective interest rate.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 45 (2023 - 45 ) .

GREENMOUNT PROJECTS LIMITED (REGISTERED NUMBER: 11556119)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29 February 2024

4. TANGIBLE FIXED ASSETS
Improvements
Long to Plant and
leasehold property machinery
£    £    £   
COST
At 1 March 2023 698,475 172,980 17,500
Additions - - -
Disposals - - -
At 29 February 2024 698,475 172,980 17,500
DEPRECIATION
At 1 March 2023 11,641 2,306 4,375
Charge for year 13,970 3,460 3,281
Eliminated on disposal - - -
At 29 February 2024 25,611 5,766 7,656
NET BOOK VALUE
At 29 February 2024 672,864 167,214 9,844
At 28 February 2023 686,834 170,674 13,125

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 March 2023 51,061 125,870 45,450 1,111,336
Additions 1,083 116,752 16,787 134,622
Disposals - (58,490 ) - (58,490 )
At 29 February 2024 52,144 184,132 62,237 1,187,468
DEPRECIATION
At 1 March 2023 9,936 48,380 19,992 96,630
Charge for year 10,484 26,126 10,296 67,617
Eliminated on disposal - (35,480 ) - (35,480 )
At 29 February 2024 20,420 39,026 30,288 128,767
NET BOOK VALUE
At 29 February 2024 31,724 145,106 31,949 1,058,701
At 28 February 2023 41,125 77,490 25,458 1,014,706

GREENMOUNT PROJECTS LIMITED (REGISTERED NUMBER: 11556119)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29 February 2024

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 March 2023
and 29 February 2024 1
NET BOOK VALUE
At 29 February 2024 1
At 28 February 2023 1

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,047,840 2,424,693
Amounts owed by group undertakings 50,331 14,999
Amounts owed by related undertakings 6,505 2,500
Directors' current accounts 167,702 -
Tax 69,545 -
Prepayments and accrued income 114,375 90,000
2,456,298 2,532,192

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 36,667
Hire purchase contracts 1,238 -
Trade creditors 1,727,454 1,574,716
Tax 43,000 91,924
Social security and other taxes 407,176 476,373
Other creditors 19,791 19,672
Directors' current accounts 1,485 44,165
Accrued expenses 675,750 217,957
2,875,894 2,461,474

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 273,593
Hire purchase contracts 48,659 -
48,659 273,593

GREENMOUNT PROJECTS LIMITED (REGISTERED NUMBER: 11556119)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29 February 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loan - 295,260
Hire purchase 49,897 -
49,897 295,260

The bank loan and overdraft facility are secured by a debenture comprising a first legal charge over the property.

Hire purchase contracts are secured on the assets concerned.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 80,770 39,230

Deferred
tax
£   
Balance at 1 March 2023 39,230
Charge to Income Statement during year 41,540
Balance at 29 February 2024 80,770

11. OTHER FINANCIAL COMMITMENTS

The company has total operating lease commitments amounting to £35,918 (2023: £8,738).

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
£    £   
M J Sharkey
Balance outstanding at start of year (43,680 ) (380 )
Amounts advanced 719,538 164,558
Amounts repaid (508,156 ) (207,858 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 167,702 (43,680 )

The loan has been repaid in full within nine months of the year end. Interest is charged at 2.25%.

13. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

GREENMOUNT PROJECTS LIMITED (REGISTERED NUMBER: 11556119)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29 February 2024

13. RELATED PARTY DISCLOSURES - continued

During the year total dividends of £401,000 (2023: £4,000) were paid to the directors.

During the year £4,005 (2023: £2,500) was advanced to a company under the common control of the directors. £6,505 (2023: £2,500) remains outstanding at the year end.