Company registration number 00780040 (England and Wales)
GREENSEA PROPERTIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
GREENSEA PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
GREENSEA PROPERTIES LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,479
5,479
Investment property
4
3,684,610
3,684,610
Investments
5
79,784
79,784
3,769,873
3,769,873
Current assets
Stocks
29,652
29,652
Debtors
6
855,336
790,084
Cash at bank and in hand
349,415
413,712
1,234,403
1,233,448
Creditors: amounts falling due within one year
7
(748,134)
(750,176)
Net current assets
486,269
483,272
Total assets less current liabilities
4,256,142
4,253,145
Creditors: amounts falling due after more than one year
8
(1,291,305)
(1,415,650)
Net assets
2,964,837
2,837,495
Capital and reserves
Called up share capital
1,000
1,000
Revaluation reserve
9
1,301,599
1,301,599
Profit and loss reserves
10
1,662,238
1,534,896
Total equity
2,964,837
2,837,495

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 profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 15 March 2025 and are signed on its behalf by:
D M J Raffray
Director
Company registration number 00780040 (England and Wales)
GREENSEA PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Greensea Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 450 London Road, North Cheam, Surrey, SM3 8JB.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the fair value of consideration receivable for letting of the company's investment properties. Rental income is recognised on a straight-line basis over the lease term net of VAT.

1.3
Tangible fixed assets

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

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

Freehold land and buildings
no depreciation on land
Computers
33.33% on cost

The cost of freehold land is not depreciated.

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
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Stocks

The balance represents the planning and designing costs for the development of land incurred between 2006 and 2016.

 

GREENSEA PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairments are recognised in expenditure.

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.

1.9
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 profit and loss account 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.

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 profit and loss account, 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
Employees

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

2024
2023
Number
Number
Total
1
1
GREENSEA PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
5,479
2,222
7,701
Depreciation and impairment
At 1 April 2023 and 31 March 2024
-
0
2,222
2,222
Carrying amount
At 31 March 2024
5,479
-
0
5,479
At 31 March 2023
5,479
-
0
5,479
4
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
3,684,610

A valuation report was commissioned from an independent firm of valuers on 26 January 2016 for lending purposes and the gross valuation of the company’s properties was £3,684,610.

The directors are of the opinion that this valuation was a fair valuation at 31 March 2024.

Fair value at 31 March 2024 is represented by:

Valuation in 2002                 £600,361

Valuation in 2007                £554,604

Valuation in 2010                £(613,376)

Valuation in 2015                £610,400

Valuation in 2017                £149,610

Cost                    £2,383,011

                    £3,684,610

5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
79,784
79,784
GREENSEA PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
807,629
762,619
Other debtors
47,707
27,465
855,336
790,084
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
142,617
155,169
Trade creditors
30,505
30,504
Corporation tax
42,410
47,968
Other taxation and social security
76,896
77,651
Other creditors
455,706
438,884
748,134
750,176
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,291,305
1,415,650
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
366,755
693,559
9
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
1,301,599
1,301,599

The revaluation reserve represents the non-distributable element of the company's reserves relating to fair value gains on investment properties less any associated deferred tax liabilities.

GREENSEA PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
10
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
1,534,896
1,328,839
Profit for the year
127,342
206,057
At the end of the year
1,662,238
1,534,896
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Kevin Fisher BA FCA CTA
Statutory Auditor:
Kingston Burrowes Audit Ltd
Date of audit report:
19 March 2025
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