2023-03-012024-02-292024-02-29false09993550GREEN LABS RESEARCH 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GREEN LABS RESEARCH LIMITED

Registered Number
09993550
(England and Wales)

Unaudited Financial Statements for the Year ended
29 February 2024

GREEN LABS RESEARCH LIMITED
Company Information
for the year from 1 March 2023 to 29 February 2024

Directors

DONALD A GREGSON
DYLAN A GREGSON

Company Secretary

DONALD A GREGSON

Registered Address

71-75 Shelton Street Covent Garden
London
WC2H 9JQ

Registered Number

09993550 (England and Wales)
GREEN LABS RESEARCH LIMITED
Balance Sheet as at
29 February 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets343,30450,638
43,30450,638
Current assets
Debtors4-91
Cash at bank and on hand25,95718,031
25,95718,122
Creditors amounts falling due within one year5(8,815)(3,109)
Net current assets (liabilities)17,14215,013
Total assets less current liabilities60,44665,651
Creditors amounts falling due after one year6(7,749)(15,163)
Net assets52,69750,488
Capital and reserves
Called up share capital1110
Profit and loss account52,68650,478
Shareholders' funds52,69750,488
The financial statements were approved and authorised for issue by the Board of Directors on 28 November 2024, and are signed on its behalf by:
DONALD A GREGSON
Director
Registered Company No. 09993550
GREEN LABS RESEARCH LIMITED
Notes to the Financial Statements
for the year ended 29 February 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Land and buildings20
Vehicles20
Office Equipment20
2.Average number of employees

20242023
Average number of employees during the year21
3.Tangible fixed assets

Land & buildings

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 March 2314,6244,56765,96985,160
Additions--2,7002,700
At 29 February 2414,6244,56768,66987,860
Depreciation and impairment
At 01 March 234,3572,22927,93634,522
Charge for year2,0543747,60610,034
At 29 February 246,4112,60335,54244,556
Net book value
At 29 February 248,2131,96433,12743,304
At 28 February 2310,2672,33838,03350,638
4.Debtors: amounts due within one year

2024

2023

££
Other debtors-91
Total-91
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables360215
Bank borrowings and overdrafts3,700-
Taxation and social security346-
Other creditors3,3081,894
Accrued liabilities and deferred income1,1011,000
Total8,8153,109
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts7,74915,163
Total7,74915,163