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Registered number: 06097426










GREENSIDE CARS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2024

 
GREENSIDE CARS LIMITED
 

CONTENTS



Page
Statement of financial position
 
1 - 2
Notes to the financial statements
 
3 - 8


 
GREENSIDE CARS LIMITED
REGISTERED NUMBER: 06097426

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,559
6,146

  
4,559
6,146

Current assets
  

Stocks
  
93,000
127,800

Debtors: amounts falling due within one year
 5 
87,304
38,619

Cash at bank and in hand
  
64,870
165,789

  
245,174
332,208

Creditors: amounts falling due within one year
  
(21,445)
(19,896)

Net current assets
  
 
 
223,729
 
 
312,312

Total assets less current liabilities
  
228,288
318,458

Creditors: amounts falling due after more than one year
 6 
(3,490)
(7,544)

Provisions for liabilities
  

Deferred tax
 8 
-
(313)

Other provisions
 9 
(6,000)
(6,000)

  
 
 
(6,000)
 
 
(6,313)

Net assets
  
218,798
304,601


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
218,797
304,600

  
218,798
304,601


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Page 1

 
GREENSIDE CARS LIMITED
REGISTERED NUMBER: 06097426
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2024


The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J C Henderson
Director

Date: 19 March 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
GREENSIDE CARS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Greenside Cars Limited is a private Company limited by shares and incorporated in England and Wales, registration number 06097426. The registered office is 80 Grove Lane, Holt, Norfolk, NR25 6ED.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 presented in sterling, which is the functional currency of the Company and rounded to the nearest £. 
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.                                                                                              

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
GREENSIDE CARS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Income statement in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant & machinery
-
20% straight line
Fixtures & fittings
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
GREENSIDE CARS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the cost of purchase.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders. 


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 5

 
GREENSIDE CARS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

4.


Tangible fixed assets





Plant & machinery

£



Cost or valuation


At 1 August 2023
39,641


Additions
1,050


Disposals
(1,505)



At 31 July 2024

39,186



Depreciation


At 1 August 2023
33,495


Charge for the year on owned assets
2,637


Disposals
(1,505)



At 31 July 2024

34,627



Net book value



At 31 July 2024
4,559



At 31 July 2023
6,146


5.


Debtors

2024
2023
£
£


Trade debtors
25,416
60

Amounts owed by group undertakings
60,059
38,559

Prepayments and accrued income
1,786
-

Deferred taxation
43
-

87,304
38,619


Page 6

 
GREENSIDE CARS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

6.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
3,490
7,544

3,490
7,544



7.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
4,053
3,972


4,053
3,972

Amounts falling due 1-2 years

Bank loans
3,490
4,053


3,490
4,053

Amounts falling due 2-5 years

Bank loans
-
3,491


-
3,491


7,543
11,516


Page 7

 
GREENSIDE CARS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

8.


Deferred taxation




2024


£






At beginning of year
(313)


Credit to profit or loss
356



At end of year
43

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(3)
(313)

Tax losses carried forward
46
-

43
(313)


9.


Provisions




Dilapidation provision

£





At 1 August 2023
6,000



At 31 July 2024
6,000

Dilapidation
The dilapidation provision represents the potential future liabilities arising to put the leased unit that the Company occupies back into the original state when it was first leased.


10.


Related party transactions

At the year end the Director was owed from the Company £4,999 (2023 - £3,886) which is repayable on demand.

 
Page 8