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REGISTERED NUMBER: 11989089 (England and Wales)















Greentown (Bacton) Limited

Previously known as
Greentown (Fordham) LImited

Financial Statements for the Year Ended 31 December 2023






Greentown (Bacton) Limited (Registered number: 11989089)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Greentown (Bacton) Limited

Company Information
for the Year Ended 31 December 2023







Director: B M O'Neill





Registered office: Unit 1 & 2 The Red Rose
16 Methley Road
Castleford
West Yorkshire
WF10 1LX





Registered number: 11989089 (England and Wales)





Auditors: Haines Watts Wales LLP, Statutory Auditors
7 Neptune Court
Vanguard Way
Cardiff
CF24 5PJ

Greentown (Bacton) Limited (Registered number: 11989089)

Statement of Financial Position
31 December 2023

2023 2022
Notes £    £   
Current assets
Inventories 2,998,392 -
Debtors 4 1,160 1
2,999,552 1
Creditors
Amounts falling due within one year 5 (3,033,721 ) -
Net current (liabilities)/assets (34,169 ) 1
Total assets less current liabilities (34,169 ) 1

Capital and reserves
Called up share capital 6 1 1
Retained earnings (34,170 ) -
Shareholders' funds (34,169 ) 1

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 January 2025 and were signed by:





B M O'Neill - Director


Greentown (Bacton) Limited (Registered number: 11989089)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. Statutory information

Greentown (Bacton) 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.

Going Concern
Despite the fact the company had net liabilities at the period end, at the time of approving the financial statements, the director has a reasonable expectation that the company will obtain adequate resources to continue in operational existence for the foreseeable future. There are material uncertainties which may cast doubt about the company’s ability to continue as a going concern and, therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business. A detailed assessment has been carried out on the company’s business plan. The director is confident that the business plan will generate the opportunity to achieve significant positive cashflows from its investments, which will be used to service and repay its debts. The key assumption underlying this assessment is that the company will successfully raise forecast funding to invest in its business plan and generate returns to repay its lenders in due course.

The company also has a letter of support from the groups ultimate parent company to provide necessary funding for at least 12 months from the approval of the financial statements. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue, although at the date of approval of these financial statements, they have no reason to believe that it will not do so.

Consequently, the director is confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Inventories
The company holds stock of land, at costs incurred, net of amounts transferred to cost of sales, by reference to the value of work performed.

Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, and borrowing costs capitalised.

Financial instruments
Financial instruments are classified and accounted for according to the substance of the contractual arrangements as either financial assets, financial liabilities or equity instruments, and are held at amortised cost. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all its liabilities.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value of the future payments discounted at a market rate of interest for a similar debt instrument.


Greentown (Bacton) Limited (Registered number: 11989089)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. Accounting policies - continued
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.

Borrowing costs
General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

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

3. Employees and directors

The average number of employees during the year was NIL (2022 - NIL).

4. Debtors: amounts falling due within one year
2023 2022
£    £   
Amounts owed by group undertakings - 1
Other debtors 413 -
Prepayments 747 -
1,160 1

5. Creditors: amounts falling due within one year
2023 2022
£    £   
Amounts owed to group undertakings 3,032,570 -
Accrued expenses 1,151 -
3,033,721 -

6. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary £1 1 1

Greentown (Bacton) Limited (Registered number: 11989089)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

C Edwards (Senior Statutory Auditor)
for and on behalf of Haines Watts Wales LLP, Statutory Auditors

Material uncertainty relating to going concern
We draw attention to the retained earnings in the financial statements, which reports that the company sustained a net loss of £34,170 during the year ended 31st December 2023 and as of that date, the company's current liabilities exceeds it total assets by £34,169.

The director has stated that the company has the financial support of its parent company, Ableon Ltd and although Ableon Ltd is reliant on the valuation of its asset portfolio to provide that support, the director believes it will be in place for at least 12 months from date of approval.

As stated in note 2 to the financial statements, these events or conditions, along with other matters set forth in that note, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

8. Ultimate controlling party

The ultimate controlling party is B M O'Neill.

The immediate parent company is Greentown Housing (UK) Limited

The largest and smallest group for which group financial statements are prepared, and of which the company is a member, is as follows:

Name: ABLEON Limited
Country of Incorporation: Ireland
Address from where copies of the 22 Avoca Wood
Group financial statements can be Avoca
obtained: Co. Wicklow