Company registration number 01590249 (England and Wales)
Greensway (Holdings) Limited
Unaudited financial statements
For the year ended 30 September 2024
Greensway (Holdings) Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
Greensway (Holdings) Limited
Statement of financial position
As at 30 September 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
54,582
56,000
Investment property
5
1,569,084
1,429,084
1,623,666
1,485,084
Current assets
Debtors
6
122,461
40,369
Investments
7
8,634
9,714
Cash at bank and in hand
288,057
346,044
419,152
396,127
Creditors: amounts falling due within one year
8
(161,201)
(142,061)
Net current assets
257,951
254,066
Total assets less current liabilities
1,881,617
1,739,150
Provisions for liabilities
(21,500)
(21,200)
Net assets
1,860,117
1,717,950
Capital and reserves
Called up share capital
9
5,392
5,392
Share premium account
479,900
479,900
Capital redemption reserve
420
420
Fair value reserve
10
776,190
637,270
Retained earnings
598,215
594,968
Total equity
1,860,117
1,717,950
Greensway (Holdings) Limited
Statement of financial position (continued)
As at 30 September 2024
30 September 2024
- 2 -

For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 20 January 2025 and are signed on its behalf by:
Mr H Green
Director
Company registration number 01590249 (England and Wales)
Greensway (Holdings) Limited
Notes to the financial statements
For the year ended 30 September 2024
- 3 -
1
Accounting policies
Company information

Greensway (Holdings) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 34 Gerard Street, Ashton-in-Makerfield, Wigan, England, WN4 9AE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention as modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Rents receivable under operating leases are included within turnover on a straight-line basis over the lease term.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and equipment
4% on cost and 25% on reducing balance
Computers
33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Greensway (Holdings) Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include two year bonds, debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

 

Investments in publicly traded non-convertible preference shares and non-puttable ordinary shares or preference shares are measured at fair value with changes in fair value recognised in profit or loss for the accounting period.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Greensway (Holdings) Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of investment property

The investment property is included on the balance sheet at fair value. The fair value is arrived at on the basis of valuations carried out by the directors.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
6
6
Greensway (Holdings) Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2023
69,122
Additions
4,213
At 30 September 2024
73,335
Depreciation and impairment
At 1 October 2023
13,122
Depreciation charged in the year
5,631
At 30 September 2024
18,753
Carrying amount
At 30 September 2024
54,582
At 30 September 2023
56,000
5
Investment property
2024
£
Fair value
At 1 October 2023
1,429,084
Revaluations
140,000
At 30 September 2024
1,569,084

The 2024 valuations were made by the directors on a fair value basis. Rental income, strength of covenant and market segment are the factors that have been considered in arriving at these valuations.

 

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
420
2,403
Other debtors
36,936
37,966
37,356
40,369
Greensway (Holdings) Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
6
Debtors
(Continued)
- 7 -
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
85,105
-
0
Total debtors
122,461
40,369
7
Current asset investments
2024
2023
£
£
Other investments
8,634
9,714

Market value of listed investments at 30 September 2024 - £8,634 (2023 - £9,714)

8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
412
903
Taxation and social security
47,529
27,098
Other creditors
113,260
114,060
161,201
142,061
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
2,519
2,519
2,519
2,519
Ordinary B of 1p each
11,200
11,200
112
112
Ordinary C of £1 each
2,640
2,640
2,640
2,640
Ordinary D of £1 each
40
40
40
40
Ordinary E of £1 each
40
40
40
40
Ordinary F of £1 each
40
40
40
40
Ordinary G of £1 each
1
1
1
1
16,480
16,480
5,392
5,392
Greensway (Holdings) Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
- 8 -
10
Fair value reserve
2024
2023
£
£
At the beginning of the year
637,270
647,693
Non distributable profits in the year
138,920
(10,423)
At the end of the year
776,190
637,270

The fair value reserve relates to the fair value revaluations of investment properties and current asset investments less the associated deferred tax provision. The movement in the year of £138,920 is made up of £140,000 relating to increased value of properties (2023 - no movement) less £1,080 for the impairment of current assets held (2023 - £3,577 fair value gain) held less £Nil (2023 - £14,000) in respect of deferred tax on the fair value of investment properties.

 

At 30 September 2024 the fair value reserve is made up of £4,857 relating to current asset investments and £785,333 relating to investment properties less £14,000 in respect of the associated deferred tax. This reserve is not distributable.

11
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
49,400
52,000
12
Related party transactions

At the balance sheet date, there was a balance due to the directors of £83,465 (2023 - £80,493).

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