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COMPANY REGISTRATION NUMBER: 03011421
Greenfields Land Reclamation Wales Limited
Filleted Unaudited Financial Statements
For the year ended
28 January 2024
Greenfields Land Reclamation Wales Limited
Financial Statements
Year ended 28 January 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
Greenfields Land Reclamation Wales Limited
Statement of Financial Position
28 January 2024
2024
2023
(restated)
Note
£
£
£
Current assets
Debtors
6
219,753
228,100
Creditors: amounts falling due within one year
7
103,673
75,473
---------
---------
Net current assets
116,080
152,627
---------
---------
Total assets less current liabilities
116,080
152,627
Creditors: amounts falling due after more than one year
8
12,020
20,323
---------
---------
Net assets
104,060
132,304
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
103,960
132,204
---------
---------
Shareholders funds
104,060
132,304
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 28 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 28 January 2025 , and are signed on behalf of the board by:
Mr D S Owen
Director
Company registration number: 03011421
Greenfields Land Reclamation Wales Limited
Notes to the Financial Statements
Year ended 28 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Plot 42b, Brynmenyn Industrial Estate, Brynmenyn, Bridgend, Mid Glamorgan, CF32 9SQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoices during the year, exclusive of Value Added Tax and relates to the principal activity of the company which is that of the provision of a landfill site for the disposal of waste and provision of groundworks and buildings as well as undertaking building work. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% straight line
Motor vehicles
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 29 January 2023 (as restated) and 28 January 2024
18,190
1,250
19,440
--------
-------
--------
Depreciation
At 29 January 2023 and 28 January 2024
18,190
1,250
19,440
--------
-------
--------
Carrying amount
At 28 January 2024
--------
-------
--------
At 28 January 2023
--------
-------
--------
6. Debtors
2024
2023
(restated)
£
£
Trade debtors
132,260
130,518
Other debtors
87,493
97,582
---------
---------
219,753
228,100
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
(restated)
£
£
Bank loans and overdrafts
14,059
18,137
Trade creditors
35,306
38,004
Social security and other taxes
35,471
10,348
Other creditors
18,837
8,984
---------
--------
103,673
75,473
---------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
(restated)
£
£
Bank loans and overdrafts
12,020
20,323
--------
--------
9. Prior period errors
The prior year statements have been restated to reflect the reclassification of money received previously accounted for as directors loans to turnover. Turnover in period ended 28 January 2021 has increased by £26,750 and turnover in period ended 28 January 2023 has increase by £100,000. This has resulted in increase in reserves of £126,750.
10. Directors' advances, credit and guarantees
Included in debtors is £59,567 (2023:£61,153) owed to the directors:
VS Hughes DS Owen
£ £
Amount owed to company at 28 January 2023 (23,803) (37,350)
Introduced 793 793
Withdrawn (2,000) (2,000)
-------- --------
Amount owed to company at 28 January 2024 (25,010) (38,557)
-------- --------
There are no interest or terms on the loan.
11. Related party transactions
Mr VS Hughes, a director of the company, is also a director and 50% shareholder of ACD Skips Limited. At the year end included within trade debtors is a balance of £34,636 (2023: £34,636) and included in trade creditors is a balance of £32,389 (2023: £32,389) in respect of this company. The company was charged £2,080 (2023: £2,080) by ACD Skips Limited for rental of its premises. Mr VS Hughes, is a director and shareholder of Hughes Land Development Limited. During the year the company made sales totalling £8,300 (2023: £7,293) to Hughes Land Developments Limited. At the year end included within trade debtors is a balance of £168 (2023:£168) in respect of these transactions.