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Registration number: 10147060

Greenshore Developments Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Greenshore Developments Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Greenshore Developments Limited

Company Information

Directors

Luca Bertali

Thomas Rene Nicolle

Company secretary

Valeria Bertali

Registered office

39 Mount Road
Upton
Wirral
Merseyside
CH49 6JA

Accountants

Carbon Accountancy Limited
Chartered Accountants
80-83 Long Lane
London
EC1A 9ET

 

Greenshore Developments Limited

(Registration number: 10147060)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

596,998

596,998

Current assets

 

Debtors

5

536,402

532,578

Cash at bank and in hand

 

1,582

15,199

 

537,984

547,777

Creditors: Amounts falling due within one year

6

(454,059)

(454,174)

Net current assets

 

83,925

93,603

Total assets less current liabilities

 

680,923

690,601

Creditors: Amounts falling due after more than one year

6

(489,600)

(489,600)

Net assets

 

191,323

201,001

Capital and reserves

 

Called up share capital

2

2

Retained earnings

191,321

200,999

Shareholders' funds

 

191,323

201,001

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 January 2025 and signed on its behalf by:
 

.........................................
Luca Bertali
Director

 

Greenshore Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
39 Mount Road
Upton
Wirral
Merseyside
CH49 6JA
United Kingdom

These financial statements were authorised for issue by the Board on 30 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Greenshore Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Greenshore Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2023 - 1).

 

Greenshore Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Investment properties

2024
£

At 1 May

596,998

At 30 April

596,998

The investment property has been valued at the balance sheet date by the director, who believe the carrying value to be the fair value.

There has been no valuation of investment property by an independent valuer.

5

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

8

535,660

531,812

Other debtors

 

742

766

   

536,402

532,578

 

Greenshore Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

44

1,114

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

247,334

207,334

Taxation and social security

 

-

39,045

Accruals and deferred income

 

1,513

1,513

Other creditors

 

205,168

205,168

 

454,059

454,174

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

489,600

489,600

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

489,600

489,600

 

Greenshore Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Related party transactions

Summary of transactions with parent

N.B. ITCO Limited - Parent company registered in England
 

Summary of transactions with entities with joint control or significant interest

Never Say Never Limited - Joint Control - Dissolved
Hendon Property Limited - Joint Control

 Interest free loan to the entities with joint control
 
Breakdown of balances(£537,543):
Never Say Never Limited - £1,883
Hendon Property Limited - £535660

 

Loans to related parties

2024

Entities with joint control or significant influence
£

Total
£

At start of period

531,812

531,812

Advanced

5,731

5,731

Expenses recognised as bad debt

(1,883)

(1,883)

At end of period

535,660

535,660

2023

Entities with joint control or significant influence
£

Total
£

At start of period

511,341

511,341

Advanced

20,471

20,471

At end of period

531,812

531,812

2024

Parent
£

Key management
£

Total
£

At start of period

207,334

199,168

406,502

Advanced

40,000

-

40,000

At end of period

247,334

199,168

446,502