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Registered number: 06422597














GREENS TEAM LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

 
GREENS TEAM LTD
 
 
COMPANY INFORMATION


Director
P J Hooper 




Registered number
06422597



Registered office
5 Elstree Gate
Elstree Way

Borehamwood

Hertfordshire

WD6 1JD




Independent auditors
Sopher + Co LLP
Chartered Accountants & Statutory Auditors

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD





 
GREENS TEAM LTD
 

CONTENTS



Page
Strategic Report
 
1 - 2
Director's Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Statement of Comprehensive Income
 
9
Statement of Financial Position
 
10
Statement of Changes in Equity
 
11
Statement of Cash Flows
 
12
Analysis of Net Debt
 
13
Notes to the Financial Statements
 
14 - 24


 
GREENS TEAM LTD
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023

Introduction
 
The director presents his strategic report for the year ended 30 November 2023.

Business review
 
The results for the year show an decrease in turnover from £17m in 2022 to £11m for the current year. The decrease in turnover was mainly attributable to the actors strike which ran from July 2023 to November 2023 during which period no productions took place. 
The results for the year were a loss before tax of £81k (2022 - profit before tax £1.6m) The financial position of the Company remains positive with reserves of £1.6m (2022 - £1.8m) at the year end.
However, as set out in Note 19 to the accounts, on 15 March 2022 a fire occurred on a film set at Pinewood Studios, involving an individual engaged by the Company, resulting in substantial damage to third party property and equipment. As of the date of the preparation of these financial statements, the director has determined that there is a contingent liability associated with potential costs and obligations arising from this incident. Although the Company maintains comprehensive insurance, including coverage for fire damage, business interruption and liability claims, the adequacy of insurance coverage to fully offset all potential costs and obligations arising from the fire incident is subject to the terms and conditions of the policies, including deductibles, coverage limits, exclusions and other provisions. Due to the inherent uncertainty as to the final determination of costs, insurance claims processing, potential legal proceedings and other factors, it is challenging to reliably estimate the ultimate final impact of the fire incident at this time.

Principal risks and uncertainties
 
The principal risks and uncertainties faced by the Company are:
Market Demand Fluctuations: The Company is highly dependent on the demand for films and related content. Fluctuations in consumer preferences, economic conditions, and technological advancements can significantly impact the demand for films, leading to uncertain revenue streams for suppliers.
Competition: The film industry is highly competitive, with numerous suppliers vying for contracts with production companies, studios, and distributors. Competition can lead to pricing pressures and reduced profit margins.
Regulatory Compliance: The Company must adhere to various regulations and industry standards related to labour practices, and safety protocols. Non-compliance with regulations can result in fines, legal actions, and reputational damage.
Supply Chain Disruptions: The Company relies on a network of vendors, subcontractors, and partners to deliver its materials and or services. Disruptions in the supply chain, such as resource shortages, can lead to delays, and increased costs.
Financial Risks: The Company faces financial risks related to budget overruns, payment delays, and project cancellations by clients. Dependence on a small number of clients or projects can amplify these risks, particularly if a major client experiences financial difficulties.
Global Economic Factors: Economic downturns, currency fluctuations, and geopolitical tensions can impact the film industry's overall health and affect the Company's' ability to secure contracts.
Environmental and Sustainability Concerns: Increasing awareness of environmental issues and sustainability practices is prompting stakeholders in the film industry to prioritise eco-friendly production methods, waste reduction, and energy efficiency. The Company needs to demonstrate its commitment to sustainability to remain competitive and mitigate reputational risks.

Page 1

 
GREENS TEAM LTD
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023

Financial key performance indicators
 
The director considers the key performance indicators of the business to be turnover and operating profit.


This report was approved by the board on 27 November 2024 and signed on its behalf.



P J Hooper
Director

Page 2

 
GREENS TEAM LTD
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023

The director presents his report and the financial statements for the year ended 30 November 2023.

Results and dividends

The loss for the year, after taxation, amounted to £64,131 (2022 - profit £1,276,714).

The total distribution of dividends for the year ended 30 November 2023 was £105,000 (2022 - £105,000).

Director

The director who served during the year was:

P J Hooper 

Director's responsibilities statement

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Future developments

There are no future developments that affect the Company.

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 3

 
GREENS TEAM LTD
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023

Subsequent events

There have been no significant events affecting the Company since the year end.

Auditors

Under section 487(2) of the Companies Act 2006Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 27 November 2024 and signed on its behalf.
 





P J Hooper
Director

Page 4

 
GREENS TEAM LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GREENS TEAM LTD
 

Opinion


We have audited the financial statements of Greens Team Ltd (the 'Company') for the year ended 30 November 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 November 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Material uncertainty related to going concern


We draw attention to notes 2.2 and 19 to the financial statements, which set out details of a material contingent liability in relation to a fire that occurred on 15 March 2022, for which no provision has been made because there is no reliable estimate of any amounts that may be payable. The existence of this material uncertainty casts potential doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.


In auditing the financial statements, we have considered whether the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation included consideration of the potential financial impact of the fire incident and its implications for the Company's future operations and cash flows. We have concluded that the Company's ability to continue as a going concern may be dependent on the outcome of the fire damage contingency, as described in Note 19 to the financial statements. The financial statements do not include any adjustments that might be necessary were the Company be unable to fully discharge all of its liabilities if the final uninsured costs exceed the net realisable value of the Company's assets.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


Other information


The director is responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Page 5

 
GREENS TEAM LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GREENS TEAM LTD (CONTINUED)



In connection with our audit of the financial statementsour responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 3, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. 
 
Page 6

 
GREENS TEAM LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GREENS TEAM LTD (CONTINUED)

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 
we identified the laws and regulations applicable to the Company through discussions with the director and other management, and from our commercial knowledge and experience of the client's business; 
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation, employment, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 
 
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and 
understanding the design of the Company’s remuneration policies. 

To address the risk of fraud through management bias and override of controls, we: 
 
performed analytical procedures to identify any unusual or unexpected relationships; 
tested journal entries to identify unusual transactions; 
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and 
investigated the rationale behind significant or unusual transactions. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 
 
agreeing financial statement disclosures to underlying supporting documentation; 
enquiring of management as to actual and potential litigation and claims; and 
reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors. 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.



 
Page 7

 
GREENS TEAM LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GREENS TEAM LTD (CONTINUED)

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Stephen Iseman FCA (Senior Statutory Auditor)
  
for and on behalf of
Sopher + Co LLP
 
Chartered Accountants
Statutory Auditors
  
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD

27 November 2024
Page 8

 
GREENS TEAM LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023

2023
2022
Note
£
£

Turnover
 4 
10,623,338
17,058,547

Cost of sales
  
(9,371,024)
(14,414,879)

Gross profit
  
1,252,314
2,643,668

Administrative expenses
  
(1,323,967)
(1,064,814)

Operating (loss)/profit
  
(71,653)
1,578,854

Interest receivable and similar income
 8 
7,608
406

Interest payable and similar expenses
 9 
(17,099)
(4,290)

(Loss)/profit before tax
  
(81,144)
1,574,970

Tax on (loss)/profit
 10 
17,013
(298,256)

(Loss)/profit for the financial year
  
(64,131)
1,276,714

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 14 to 24 form part of these financial statements.

Page 9

 
GREENS TEAM LTD
REGISTERED NUMBER:06422597

STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 11 
167,871
218,621

Current assets
  

Debtors: amounts falling due within one year
 12 
1,469,787
2,987,957

Cash at bank and in hand
  
2,886,315
595,289

  
4,356,102
3,583,246

Current liabilities
  

Creditors: amounts falling due within one year
 13 
(2,882,716)
(1,949,173)

Net current assets
  
 
 
1,473,386
 
 
1,634,073

Total assets less current liabilities
  
1,641,257
1,852,694

Creditors: amounts falling due after more than one year
 14 
(8,000)
(33,293)

Provisions for liabilities
  

Deferred tax
 16 
(2,102)
(19,115)

Net assets
  
1,631,155
1,800,286


Capital and reserves
  

Called up share capital 
 17 
105
105

Capital redemption reserve
 18 
95
95

Profit and loss account
 18 
1,630,955
1,800,086

  
1,631,155
1,800,286


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 November 2024.




P J Hooper
Director

The notes on pages 14 to 24 form part of these financial statements.

Page 10

 
GREENS TEAM LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 December 2021
105
95
628,372
628,572



Profit for the year
-
-
1,276,714
1,276,714

Dividends: Equity capital
-
-
(105,000)
(105,000)



At 1 December 2022
105
95
1,800,086
1,800,286



Loss for the year
-
-
(64,131)
(64,131)

Dividends: Equity capital
-
-
(105,000)
(105,000)


At 30 November 2023
105
95
1,630,955
1,631,155


The notes on pages 14 to 24 form part of these financial statements.

Page 11

 
GREENS TEAM LTD
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2023
2022
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(64,131)
1,276,714

Adjustments for:

Depreciation of tangible assets
101,173
87,343

Profits on disposal of tangible assets
(21,356)
(1,250)

Interest payable
17,099
4,290

Interest receivable
(7,608)
(406)

Taxation charge
(17,013)
298,256

Decrease/(increase) in debtors
1,518,169
(1,498,703)

Increase/(decrease) in creditors
926,415
(201,235)

Corporation tax paid
-
(221,223)

Net cash generated from/(used in) operating activities

2,452,748
(256,214)


Cash flows from/(used in) investing activities

Purchase of tangible fixed assets
(50,892)
(73,846)

Sale of tangible fixed assets
21,825
1,250

Interest received
7,608
406

Net cash used in investing activities

(21,459)
(72,190)

Cash flows used in financing activities

Repayment of finance leases
(31,940)
(31,940)

Dividends paid
(105,000)
(105,000)

Interest paid
(3,323)
(4,290)

Net cash used in financing activities
(140,263)
(141,230)

Net increase/(decrease) in cash and cash equivalents
2,291,026
(469,634)

Cash and cash equivalents at beginning of year
595,289
1,064,923

Cash and cash equivalents at the end of year
2,886,315
595,289


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,886,315
595,289


The notes on pages 14 to 24 form part of these financial statements.

Page 12

 
GREENS TEAM LTD
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 NOVEMBER 2023




At 1 December 2022
Cash flows
At 30 November 2023
£

£

£

Cash at bank and in hand

595,289

2,291,026

2,886,315

Debt due within 1 year

(21,456)

17,780

(3,676)

Finance leases

(65,233)

31,940

(33,293)


508,600
2,340,746
2,849,346

The notes on pages 14 to 24 form part of these financial statements.

Page 13

 
GREENS TEAM LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Greens Team Limited is a private company, limited by shares, incorporated in England and Wales. Its registered office address is 5 Elstree Gate, Elstree Way, Borehamwood, WD6 1JD and its principal place of business is Cotswold, Perrymead, Bath, BA2 5AX.
The principal activity of the Company is that of landscape construction.
The Company's functional and presentational currency is £ sterling.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

As set out further in Note 19 to the financial statements, the Company is subject to a potential loss claim in respect of a fire that occurred on 15 March 2022, resulting in significant damage to third party property and equipment. As a consequence, a contingent liability has arisen, subjecting the Company to potential financial obligations.
The director, in collaboration with the Company's insurance and legal advisors, has conducted an initial assessment of the contingent liability. This includes a review of insurance coverage, estimation of potential costs, and implementation of risk mitigation measures. However, due to the inherent uncertainty surrounding this contingent liability, the ultimate financial impact of the fire incident remains subject to change.
The Company maintains comprehensive property insurance coverage, including provisions for fire damage, business interruption, and liability claims. However, the adequacy of insurance coverage to fully offset all potential costs and obligations arising from the fire incident is subject to the terms and conditions of the Company's insurance policies, including deductibles, coverage limits, and exclusions.
In assessing the Company's ability to continue as a going concern, the director has considered the potential financial impact of the fire incident. While the contingent liability presents a risk, he believes that the Company's financial position, cash flows, and operational capabilities remain sufficient to support normal ongoing operations. The director is committed to taking necessary actions to address the contingent liability and ensure the Company's long-term viability.

Page 14

 
GREENS TEAM LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Turnover comprises revenue recognised by the Company in respect of services supplied during the year, exclusive of Value Added Tax.
Turnover is recognised on delivery of services.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
15% - 25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Pensions

Defined contribution pension plan
The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 15

 
GREENS TEAM LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
a) The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
b) Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

Debtors

Short-term debtors are measured at the transaction price, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty.

 
2.10

Creditors

Short-term creditors are measured at the transaction price.

 
2.11

Financial instruments

The company only enters into transactions that result in the recognition of basic financial assets and basic financial liabilities.
Basic financial assets, such as trade and other debtors, are initially recognised at the transaction price less attributable transaction costs. Basic financial liabilities, such as trade and other creditors, are initially recognised at the transaction price plus attributable transaction costs. Subsequently, they are measured at amortised cost using the effective interest method, less any impairment losses in the case of basic financial assets.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial assets and liabilities are offset and the net amounts presented in the financial statements
Page 16

 
GREENS TEAM LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)

when there is an 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.

 
2.12

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of the accounting policies and the reported amounts of assets and liabilities, revenue and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are reasonable under the circumstances. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.
In preparing these financial statements the directors have made the following judgements:
- Whether the Company's intangible assets indicate impairment. Decisions are made based on considering factors such as the economic viability and expected future financial performance of the asset.
- Whether trade debtors are recoverable and provision for bad debts is adequate. Payment history of debtors is reviewed and post reporting date events are monitored for potential bad debts.


4.


Turnover

All turnover arose within the United Kingdom.

The whole of the turnover is attributable to the principal activity of the company and all arose in the United Kingdom.


5.


Auditors' remuneration

The fee payable to the Company's auditors for the audit of the Company's financial statements is £20,000 (2022 - £20,000).



Page 17

 
GREENS TEAM LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

6.


Employees

Staff costs, including director's remuneration, were as follows:


2023
2022
£
£

Wages and salaries
5,360,110
7,447,531

Social security costs
576,354
802,647

Cost of defined contribution pension scheme
185,787
190,253

6,122,251
8,440,431


The average monthly number of employees, including the director, during the year was as follows:


        2023
        2022
            No.
            No.







Director
1
1



Employees
96
135

97
136


7.


Director's remuneration

2023
2022
£
£

Director's emoluments
254,209
247,417

Company contributions to defined contribution pension schemes
36,667
40,000

290,876
287,417


During the year retirement benefits were accruing to 1 director (2022 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £254,209 (2022 - £247,417).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £36,667 (2022 - £40,000).


8.


Interest receivable

2023
2022
£
£


Other interest receivable
7,608
406

Page 18

 
GREENS TEAM LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

9.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
3,323
4,290

Other interest payable
13,776
-

17,099
4,290


10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
-
299,362

Total current tax

-
299,362

Deferred tax


Reversal of timing differences 
(15,567)
(1,106)

Tax losses in the year 
(1,446)
-

Total deferred tax

(17,013)
(1,106)

Tax on (loss)/profit
 
(17,013)
 
298,256
Page 19

 
GREENS TEAM LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the composite (2022 - standard) rate of corporation tax in the UK of 23.01% (2022 - 19%). The differences are explained below:

2023
2022
£
£


(Loss)/profit on ordinary activities before tax
(81,144)
1,574,970


(Loss)/profit on ordinary activities multiplied by the composite (2022 - standard) rate of corporation tax in the UK of 23.01% (2022 - 19%)
(18,671)
299,244

Effects of:


Expenses not deductible for tax purposes
2,896
(143)

Depreciation in excess of capital allowances
14,329
261

Unrelieved tax losses carried forward
1,446
-

Deferred taxation
(17,013)
(1,106)

Total tax charge for the year
(17,013)
298,256


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 20

 
GREENS TEAM LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

11.


Tangible fixed assets





Plant and machinery

£



Cost


At 1 December 2022
640,757


Additions
50,892


Disposals
(162,501)



At 30 November 2023

529,148



Depreciation


At 1 December 2022
422,136


Charge for the year on owned assets
65,311


Charge for the year on financed assets
35,862


Disposals
(162,032)



At 30 November 2023

361,277



Net book value



At 30 November 2023
167,871



At 30 November 2022
218,621

The net book value of assets held under finance leases or hire purchase contracts, included above are £38,202 (2022 - £74,065).


12.


Debtors

2023
2022
£
£


Trade debtors
330,534
653,889

Other debtors
644,663
153,688

Prepayments and accrued income
494,590
2,180,380

1,469,787
2,987,957


Page 21

 
GREENS TEAM LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

13.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
236,785
670,773

Corporation tax
299,362
299,362

Other taxation and social security
107,891
619,290

Obligations under finance lease and hire purchase contracts (note 16)
25,293
31,940

Other creditors
2,015,805
43,852

Accruals and deferred income
197,580
283,956

2,882,716
1,949,173



14.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts (note 15)
8,000
33,293



15.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
25,293
31,940

Between 1-5 years
8,000
33,293

33,293
65,233

The net obligations are secured over the assets concerned.


16.


Deferred taxation




2023
2022


£

£



At beginning of year
19,115
20,221


Released to profit or loss
(17,013)
(1,106)



At end of year
2,102
19,115

Page 22

 
GREENS TEAM LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
 
16.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
3,548
19,115

Tax losses carried forward
(1,446)
-

2,102
19,115


17.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,050 (2022 - 1,050) Ordinary shares of £0.10 each
105
105



18.


Reserves

Capital redemption reserve

This reserve arises from a buyback of the Company's own shares and represents the nominal value of those shares.

Profit and loss account

The profit and loss reserve contains the cumulative balance of retained profits and losses since the Company started trading, all of which are distributable.


19.


Contingent liabilities

On 15 March 2022 a fire occurred on a film set at Pinewood Studios, involving an individual engaged by the Company, resulting in substantial damage to third party property and equipment. As of the date of the preparation of these financial statements, the director has determined that there is a contingent liability associated with potential costs and obligations arising from this incident. The director, in consultation with the Company's insurance and legal advisors, has conducted an initial assessment of this contingent liability including consideration of potential costs relating to property damage, business interruption and third party liability claims including all stakeholders affected by the fire. The Company maintains comprehensive insurance, including coverage for fire damage, business interruption and liability claims. However, the adequacy of insurance coverage to fully offset all potential costs and obligations arising from the fire incident is subject to the terms and conditions of the policies, including deductibles, coverage limits, exclusions and other provisions. Due to the inherent uncertainty as to the final determination of costs, insurance claims processing, potential legal proceedings and other factors, it is challenging to reliably estimate the ultimate final impact of the fire incident at this time. The director will continue to monitor and update the position if and when additional information becomes available.

Page 23

 
GREENS TEAM LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

20.


Pension commitments

The Company contributes to defined contributions pension schemes for its employees. The assets of the schemes are held separately from those of the Company in independently administered funds. The pension cost charge represents contributions payable by the Company to the funds and amounted to £181,973 (2022 - £190,253). There was £3,676 (2022 - £17,012) owed at the reporting date.


21.


Commitments under operating leases

At 30 November 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
73,417
-

Later than 1 year and not later than 5 years
26,795
-

100,212
-


22.


Related party transactions

At the reporting date the Company was owed £627,953 (2022 - £27,699) by Greens Team Cymru Limited, a company under common control.


23.


Controlling party

From 12 July 2024 the Company became a fully owned subsidiary of GT Films Limited, a company registered in England and Wales. The ultimate controlling party remains P J Hooper, the director of the Company, by virtue of his shareholding in GT Films Limited.

 
Page 24