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REGISTERED NUMBER: 06505009 (England and Wales)












Green Image Limited

Unaudited Financial Statements

for the Year Ended 31st March 2024






Green Image Limited (Registered number: 06505009)






Contents of the Financial Statements
for the Year Ended 31st March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Green Image Limited

Company Information
for the Year Ended 31st March 2024







DIRECTORS: P Williams
A J Haycock





REGISTERED OFFICE: 31-32 Causewayhead
Penzance
Cornwall
TR18 2SP





REGISTERED NUMBER: 06505009 (England and Wales)





ACCOUNTANTS: Hodgsons
Chartered Accountants
48 Arwenack Street
Falmouth
Cornwall
TR11 3JH

Green Image Limited (Registered number: 06505009)

Statement of Financial Position
31st March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 32,049 32,390

CURRENT ASSETS
Stocks 50,000 100,000
Debtors 5 29,012 14,497
Cash at bank and in hand 165,232 663,865
244,244 778,362
CREDITORS
Amounts falling due within one year 6 (243,888 ) (209,037 )
NET CURRENT ASSETS 356 569,325
TOTAL ASSETS LESS CURRENT
LIABILITIES

32,405

601,715

CREDITORS
Amounts falling due after more than one
year

7

(860,000

)

-

PROVISIONS FOR LIABILITIES (6,526 ) (7,749 )
NET (LIABILITIES)/ASSETS (834,121 ) 593,966

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (834,123 ) 593,964
(834,121 ) 593,966

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 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.

Green Image Limited (Registered number: 06505009)

Statement of Financial Position - continued
31st March 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 21st November 2024 and were signed on its behalf by:





A J Haycock - Director


Green Image Limited (Registered number: 06505009)

Notes to the Financial Statements
for the Year Ended 31st March 2024

1. STATUTORY INFORMATION

Green Image 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 20% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Green Image Limited (Registered number: 06505009)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern
The company had net liabilities at the year end, due to the £1,000,000 of deferred consideration due to the Employee Ownership Trust, as detailed in note 9. The accounts have been prepared on the going concern basis, and the directors believe that this is appropriate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 11 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1st April 2023 1,653 166,436 4,824 10,000 182,913
Additions 4,500 782 - - 5,282
At 31st March 2024 6,153 167,218 4,824 10,000 188,195
DEPRECIATION
At 1st April 2023 258 139,191 4,351 6,723 150,523
Charge for year 615 4,234 118 656 5,623
At 31st March 2024 873 143,425 4,469 7,379 156,146
NET BOOK VALUE
At 31st March 2024 5,280 23,793 355 2,621 32,049
At 31st March 2023 1,395 27,245 473 3,277 32,390

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 20,612 14,497
Other debtors 8,400 -
29,012 14,497

Green Image Limited (Registered number: 06505009)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 1,626 996
Tax 43,072 54,131
Social security and other taxes 5,346 6,665
VAT 19,342 23,460
Other creditors 153,600 15,401
Directors' current accounts - 106,598
Accrued expenses 20,902 1,786
243,888 209,037

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Other creditors 860,000 -

8. DEFERRED CONSIDERATION TO THE EMPLOYEE OWNERSHIP TRUST

The deferred consideration to the Employee ownership trust (EOT) is payable by quarterly instalments of the amount set out in the EOT agreement, which is £35,000 per quarter. The quarterly instalments are due on the 18th day of January, April, July, and October in each year.
In addition, annual payments ('Top up payments') are payable at the lower of 50% of the available working capital at year end or the remaining balance of the deferred consideration. Per the agreement, the available working capital is the surplus above the minimum working capital, the latter being defined as £140,000 per the agreement. The first top up payment is payable on 31st July 2025.