Company registration number 03628414 (England and Wales)
GREEN MEADOW LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
GREEN MEADOW LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
GREEN MEADOW LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,450,925
1,978,680
Investment property
4
7,940,000
7,940,000
Investments
5
156,028
121,526
10,546,953
10,040,206
Current assets
Stocks
15,000
12,600
Debtors
6
379,817
312,372
Cash at bank and in hand
3,766,477
3,604,074
4,161,294
3,929,046
Creditors: amounts falling due within one year
7
(572,620)
(679,158)
Net current assets
3,588,674
3,249,888
Total assets less current liabilities
14,135,627
13,290,094
Creditors: amounts falling due after more than one year
8
(135,300)
(200,956)
Provisions for liabilities
(1,678,410)
(1,948,024)
Net assets
12,321,917
11,141,114
Capital and reserves
Called up share capital
9
300
300
Fair value reserve
10
3,957,014
3,957,014
Profit and loss reserves
8,364,603
7,183,800
Total equity
12,321,917
11,141,114
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
GREEN MEADOW LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2024
29 February 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 14 November 2024
Mr G J Harvey
Director
Company registration number 03628414 (England and Wales)
GREEN MEADOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information
Green Meadow Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 61, Wymeswold Industrial Estate, Burton On The Wolds, Loughborough, Leicestershire, LE12 5TY.
1.1
Basis of preparation
These financial statements have been prepared in accordance with applicable accounting standards including 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 financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), 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.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
39/50 years straight line
Leasehold improvements
10 years straight line
Plant and equipment
15% reducing balance
Fixtures and fittings
25% reducing balance
Motor vehicles
25% reducing balance
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Fixed asset investments
Investments in restoration projects are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
GREEN MEADOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
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. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
1.7
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
1.8
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. 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.
1.9
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
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.
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.13
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 the profit and loss account.
GREEN MEADOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
6
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 March 2023
1,459,954
1,995,500
3,455,454
Additions
462,991
244,663
707,654
Disposals
(1,705)
(1,705)
At 29 February 2024
1,922,945
2,238,458
4,161,403
Depreciation and impairment
At 1 March 2023
319,143
1,157,631
1,476,774
Depreciation charged in the year
68,965
165,397
234,362
Eliminated in respect of disposals
(658)
(658)
At 29 February 2024
388,108
1,322,370
1,710,478
Carrying amount
At 29 February 2024
1,534,837
916,088
2,450,925
At 28 February 2023
1,140,811
837,869
1,978,680
4
Investment property
2024
£
Fair value
At 1 March 2023 and 29 February 2024
7,940,000
The investment properties were last valued in the year ended 28 February 2022. The directors do not believe that there has been a change in the valuation of the properties since this date.
The commercial investment properties were last valued as a Portfolio Valuation in March 2019 by APB Chartered Surveyors at £7,750,000.
GREEN MEADOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
156,028
121,526
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 March 2023
121,526
Additions
34,502
At 29 February 2024
156,028
Carrying amount
At 29 February 2024
156,028
At 28 February 2023
121,526
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
211,587
270,570
Other debtors
168,230
41,802
379,817
312,372
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
62,500
62,500
Trade creditors
203,451
342,418
Corporation tax
288,355
235,041
Other taxation and social security
7,301
8,510
Other creditors
11,013
30,689
572,620
679,158
GREEN MEADOW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 7 -
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
41,667
104,167
Other creditors
93,633
96,789
135,300
200,956
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
300
300
300
300
10
Fair value reserve
2024
2023
£
£
At the beginning and end of the year
3,957,014
3,957,014