Company registration number 11223054 (England and Wales)
THE GREENFIELD CENTRE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
THE GREENFIELD CENTRE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
THE GREENFIELD CENTRE LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
80,763
80,763
Investment property
4
212,927
212,927
293,690
293,690
Current assets
Debtors
5
4,796
5,377
Cash at bank and in hand
93,436
119,685
98,232
125,062
Creditors: amounts falling due within one year
6
(269,941)
(327,926)
Net current liabilities
(171,709)
(202,864)
Total assets less current liabilities
121,981
90,826
Creditors: amounts falling due after more than one year
7
(5,390)
(13,619)
Net assets
116,591
77,207
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
116,491
77,107
Total equity
116,591
77,207
For the financial year ended 31 March 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.
THE GREENFIELD CENTRE LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 November 2024 and are signed on its behalf by:
Mr M Hirst
Director
Company registration number 11223054 (England and Wales)
THE GREENFIELD CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
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.The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
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.
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
No depreciation
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.
1.4
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
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.
1.6
Financial instruments
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
THE GREENFIELD CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
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.
1.8
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.
1.9
Company information
The Greenfield Centre Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 4 Two Acres Drive, Shaw, Oldham, OL2 7LH.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
1
3
Tangible fixed assets
Leasehold improvements
£
Cost
At 1 April 2023 and 31 March 2024
80,763
Depreciation and impairment
At 1 April 2023 and 31 March 2024
Carrying amount
At 31 March 2024
80,763
At 31 March 2023
80,763
THE GREENFIELD CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
212,927
The investment property is measured at fair value based on the opinion of the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,796
5,377
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
4,259
Trade creditors
16,603
20,000
Taxation and social security
9,225
9,183
Other creditors
239,854
298,743
269,941
327,926
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
5,390
13,619
8
Financial commitments, guarantees and contingent liabilities
The director is not aware of any contingent liabilities.
9
Events after the reporting date
There have been no significant post balance sheet events.