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REGISTERED NUMBER: 09938922 (England and Wales)















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: L Lei
B M O'Neill





Registered office: 3 Hardman Square
Spinningfields
Manchester
M3 3EB





Registered number: 09938922 (England and Wales)





Auditors: Haines Watts Wales LLP, Statutory 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 20,388,776 21,127,274
Debtors 6 208,025 182,995
Cash at bank 27 293
20,596,828 21,310,562
Creditors
Amounts falling due within one year 7 (30,424,887 ) (31,736,464 )
Net current liabilities (9,828,059 ) (10,425,902 )
Total assets less current liabilities (9,828,059 ) (10,425,902 )

Capital and reserves
Called up share capital 8 100 100
Retained earnings (9,828,159 ) (10,426,002 )
Shareholders' funds (9,828,059 ) (10,425,902 )

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 March 2025 and were signed on its behalf by:





B M O'Neill - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 45,000 79,000
Other debtors 80,663 102
VAT 8,602 -
Prepayments 73,760 103,893
208,025 182,995

7. Creditors: amounts falling due within one year
2023 2022
£    £   
Trade creditors 120,608 67,203
Amounts owed to related parties 30,268,769 31,501,069
VAT - 68,415
Other creditors 7,740 13,109
Accrued expenses 27,770 86,668
30,424,887 31,736,464

8. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

9. Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

Clive Edwards (Senior Statutory Auditor)
for and on behalf of Haines Watts Wales LLP, Statutory Auditors

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 B M O'Neill.

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.