Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-315false2023-04-01falseNo description of principal activity5falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09886606 2023-04-01 2024-03-31 09886606 2022-04-01 2023-03-31 09886606 2024-03-31 09886606 2023-03-31 09886606 c:Director1 2023-04-01 2024-03-31 09886606 d:MotorVehicles 2023-04-01 2024-03-31 09886606 d:MotorVehicles 2024-03-31 09886606 d:MotorVehicles 2023-03-31 09886606 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 09886606 d:FurnitureFittings 2023-04-01 2024-03-31 09886606 d:FurnitureFittings 2024-03-31 09886606 d:FurnitureFittings 2023-03-31 09886606 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 09886606 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 09886606 d:CurrentFinancialInstruments 2024-03-31 09886606 d:CurrentFinancialInstruments 2023-03-31 09886606 d:Non-currentFinancialInstruments 2024-03-31 09886606 d:Non-currentFinancialInstruments 2023-03-31 09886606 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 09886606 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 09886606 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 09886606 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 09886606 d:ShareCapital 2024-03-31 09886606 d:ShareCapital 2023-03-31 09886606 d:RetainedEarningsAccumulatedLosses 2024-03-31 09886606 d:RetainedEarningsAccumulatedLosses 2023-03-31 09886606 c:FRS102 2023-04-01 2024-03-31 09886606 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 09886606 c:FullAccounts 2023-04-01 2024-03-31 09886606 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09886606 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 09886606









GREENFINCHES RESIDENTIAL DEVELOPMENTS LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
GREENFINCHES RESIDENTIAL DEVELOPMENTS LTD
REGISTERED NUMBER: 09886606

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
43,036
69,360

  
43,036
69,360

Current assets
  

Debtors: amounts falling due within one year
 5 
1,019,458
765,529

Cash at bank and in hand
 6 
2,434
6,179

  
1,021,892
771,708

Creditors: amounts falling due within one year
 7 
(833,430)
(634,906)

Net current assets
  
 
 
188,462
 
 
136,802

Total assets less current liabilities
  
231,498
206,162

Creditors: amounts falling due after more than one year
 8 
(21,966)
(42,914)

Provisions for liabilities
  

Deferred tax
  
(10,759)
-

  
 
 
(10,759)
 
 
-

Net assets
  
198,773
163,248


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
198,673
163,148

  
198,773
163,248

Page 1

 
GREENFINCHES RESIDENTIAL DEVELOPMENTS LTD
REGISTERED NUMBER: 09886606
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 November 2024.




T G Drummond
Director

The notes on pages 3 to 9 form part of these financial statements.
Page 2

 
GREENFINCHES RESIDENTIAL DEVELOPMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Greenfinches Residential Developments Ltd is a private company, limited by shares, domiciled in England and Wales, registration number 09886606. The registered office is 71 Ramsgate Road, Margate, Kent, England, CT9 5SA. The pincipal activity of the company is that of property development.    

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 presented in sterling which is the functional currency of the company and rounded to the nearest pound sterling.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

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.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
GREENFINCHES RESIDENTIAL DEVELOPMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

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 balance sheet 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 balance sheet date, except that:
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
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 except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.6

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:

Motor vehicles
-
20% straight-line method
Fixtures and fittings
-
25% straight-line method

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.

Page 4

 
GREENFINCHES RESIDENTIAL DEVELOPMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Profit and Loss Account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
Page 5

 
GREENFINCHES RESIDENTIAL DEVELOPMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

Financial instruments

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 



If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Page 6

 
GREENFINCHES RESIDENTIAL DEVELOPMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)


Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2023 - 5).


4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 April 2023
281,459
5,341
286,800



At 31 March 2024

281,459
5,341
286,800



Depreciation


At 1 April 2023
213,761
3,679
217,440


Charge for the year on owned assets
25,176
1,148
26,324



At 31 March 2024

238,937
4,827
243,764



Net book value



At 31 March 2024
42,522
514
43,036



At 31 March 2023
67,698
1,662
69,360

Page 7

 
GREENFINCHES RESIDENTIAL DEVELOPMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£


Other debtors
1,017,816
765,429

Called up share capital not paid
100
100

Prepayments and accrued income
1,542
-

1,019,458
765,529



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,434
6,179

Less: bank overdrafts
(6,737)
(8,066)

(4,303)
(1,887)



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
6,737
8,066

Trade creditors
65,351
97,389

Corporation tax
31,337
21,230

Other taxation and social security
23,941
30,060

Obligations under finance lease and hire purchase contracts
20,948
28,351

Other creditors
629,711
447,665

Accruals and deferred income
55,405
2,145

833,430
634,906


Page 8

 
GREENFINCHES RESIDENTIAL DEVELOPMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
21,966
42,914

21,966
42,914



9.


Related party transactions

During the year, the company made sales of £745,000 (2023: £1,372,000) to other related parties.
At the year end the following amounts were due from/(to) the related parties:


2024
2023
£
£

Other related parties
340,249
285,367
340,249
285,367


10.


Controlling party

The ultimate controlling party is G Drummond by virtue of her majority shareholding.
 
Page 9