REGISTERED NUMBER: |
GREEN TOWN (HEARTLANDS) LIMITED |
Financial Statements for the Year Ended 31 December 2023 |
REGISTERED NUMBER: |
GREEN TOWN (HEARTLANDS) LIMITED |
Financial Statements for the Year Ended 31 December 2023 |
GREEN TOWN (HEARTLANDS) LIMITED (Registered number: 09938922) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
GREEN TOWN (HEARTLANDS) LIMITED |
Company Information |
for the Year Ended 31 December 2023 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
7 Neptune Court |
Vanguard Way |
Cardiff |
CF24 5PJ |
GREEN TOWN (HEARTLANDS) LIMITED (Registered number: 09938922) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
Current assets |
Inventories | 5 |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital | 8 |
Retained earnings | ( |
) | ( |
) |
Shareholders' funds | ( |
) | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
GREEN TOWN (HEARTLANDS) LIMITED (Registered number: 09938922) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | Statutory information |
GREEN TOWN (HEARTLANDS) LIMITED is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Going Concern |
Despite the fact the company had net liabilities at the period end, at the time of approving the financial statements, the directors have 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 directors are 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 Directors are 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. |
Turnover |
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of VAT. |
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion. |
Inventories |
The company holds stock of land, at costs incurred, net of amounts transfered 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. |
GREEN TOWN (HEARTLANDS) LIMITED (Registered number: 09938922) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | Accounting policies - continued |
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 |
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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. | Auditors' remuneration |
2023 | 2022 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
4,590 |
3,850 |
GREEN TOWN (HEARTLANDS) LIMITED (Registered number: 09938922) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
5. | Inventories |
The company has adopted the policy of capitalising borrowing costs in relation to long term and on-going contracts. At at 31st December 2023, work in progress includes £5,796,605 of capitalised borrowing costs. |
In April 2019 a valuation of the site was carried out by Knight Frank, A market valuation was provided of £22,520,000 on the assumption that planning permission in principle has been granted for an additional 400 units. This directors believe that this valuation, less adjustment for subsequent disposals, is still valid at 31st December 2023. |
6. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Amounts owed by related parties |
Other debtors |
VAT |
Prepayments |
7. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to related parties |
VAT | - | 68,415 |
Other creditors |
Accrued expenses |
8. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
9. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
Material uncertainty relating to going concern |
We draw attention to the retained earnings in the financial statements, which indicates that despite the company obtaining a profit before tax of £597,843 during the year ended 31st December 2023, as of that date, the company's current liabilities exceeds its total assets by £9,828,059. |
The directors have 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 directors believe it will be in place for at least 12 months from date of approval. |
These events or conditions, along with other matters as set forth in note 2 to the financial statements, 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. |
GREEN TOWN (HEARTLANDS) LIMITED (Registered number: 09938922) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
10. | Ultimate controlling party |
The ultimate controlling party is |
The immediate parent company is Project Green Town Limited, a company registered in England and Wales. |
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 Group financial statements | 22 Avoca Wood |
can be obtained | Avoca |
Co. Wicklow |
11. | Security |
On 27 October 2021 a charge was filed at Companies House that contains fixed charges, floating charges over all of the property of the company and a negative pledge. |