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STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS
All of the members of Greenvilla Developments (Midlands) Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 29 February 2024 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 03666861
GREENVILLA DEVELOPMENTS (MIDLANDS) LIMITED
FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 February 2024
GREENVILLA DEVELOPMENTS (MIDLANDS) LIMITED
REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF GREENVILLA DEVELOPMENTS (MIDLANDS) LIMITED
YEAR ENDED 29 FEBRUARY 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Greenvilla Developments (Midlands) Limited for the year ended 29 February 2024, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
LANGARD LIFFORD HALL LIMITED Accountants and Registered Auditors
Lifford Hall Lifford Lane Kings Norton Birmingham B30 3JN
18 November 2024
GREENVILLA DEVELOPMENTS (MIDLANDS) LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION
29 February 2024
2024
2023
Note
£
£
£
£
Fixed Assets
Investments
4
375,949
375,949
Current Assets
Debtors
101,993
119,267
Cash at bank and in hand
6,922
17,352
------------
------------
108,915
136,619
Creditors: amounts falling due within one year
934,628
961,509
------------
------------
Net Current Liabilities
825,713
824,890
------------
------------
Total Assets Less Current Liabilities
( 449,764)
( 448,941)
------------
------------
Net Liabilities
( 449,764)
( 448,941)
------------
------------
Capital and Reserves
Called up share capital
2
2
Profit and loss account
( 449,766)
( 448,943)
------------
------------
Shareholders Deficit
( 449,764)
( 448,941)
------------
------------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 29 February 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 abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
GREENVILLA DEVELOPMENTS (MIDLANDS) LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)
29 February 2024
These abridged financial statements were approved by the board of directors and authorised for issue on 18 November 2024 , and are signed on behalf of the board by:
A T Smith
Director
Company registration number: 03666861
GREENVILLA DEVELOPMENTS (MIDLANDS) LIMITED
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
YEAR ENDED 29 FEBRUARY 2024
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lifford Hall, Lifford Lane, Kings Norton, Birmingham, B30 3JN.
2. Statement of Compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Investments
£
Cost
At 1 March 2023 and 29 February 2024
375,949
------------
Impairment
At 1 March 2023 and 29 February 2024
------------
Carrying amount
At 29 February 2024
375,949
------------
At 28 February 2023
375,949
------------
5. Directors' Advances, Credits and Guarantees
Amounts owed to the directors at the balance sheet date are included in creditors and totalled £nil (2023: £225,229).
6. Related Party Transactions
The company was not under the control of its director during the year.