Verde Recreo Ltd 05922842 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is Construction of other civil engineering projects not elsewhere classified Digita Accounts Production Advanced 6.30.9574.0 true true true 05922842 2023-09-01 2024-08-31 05922842 2024-08-31 05922842 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-08-31 05922842 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-08-31 05922842 core:CurrentFinancialInstruments 2024-08-31 05922842 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 05922842 core:Non-currentFinancialInstruments 2024-08-31 05922842 core:Non-currentFinancialInstruments core:AfterOneYear 2024-08-31 05922842 core:FurnitureFittings 2024-08-31 05922842 core:LandBuildings core:OwnedOrFreeholdAssets 2024-08-31 05922842 core:MotorVehicles 2024-08-31 05922842 core:OfficeEquipment 2024-08-31 05922842 core:PlantMachinery 2024-08-31 05922842 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-08-31 05922842 core:OtherRelatedParties 2024-08-31 05922842 bus:SmallEntities 2023-09-01 2024-08-31 05922842 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 05922842 bus:FilletedAccounts 2023-09-01 2024-08-31 05922842 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 05922842 bus:RegisteredOffice 2023-09-01 2024-08-31 05922842 bus:Director2 2023-09-01 2024-08-31 05922842 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 05922842 core:ComputerEquipment 2023-09-01 2024-08-31 05922842 core:FurnitureFittings 2023-09-01 2024-08-31 05922842 core:LandBuildings 2023-09-01 2024-08-31 05922842 core:LandBuildings core:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 05922842 core:MotorCars 2023-09-01 2024-08-31 05922842 core:MotorVehicles 2023-09-01 2024-08-31 05922842 core:OfficeEquipment 2023-09-01 2024-08-31 05922842 core:PlantMachinery 2023-09-01 2024-08-31 05922842 core:KeyManagementPersonnel 2023-09-01 2024-08-31 05922842 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-09-01 2024-08-31 05922842 core:OtherRelatedParties 2023-09-01 2024-08-31 05922842 1 2023-09-01 2024-08-31 05922842 countries:EnglandWales 2023-09-01 2024-08-31 05922842 2023-08-31 05922842 core:FurnitureFittings 2023-08-31 05922842 core:LandBuildings core:OwnedOrFreeholdAssets 2023-08-31 05922842 core:MotorVehicles 2023-08-31 05922842 core:OfficeEquipment 2023-08-31 05922842 core:PlantMachinery 2023-08-31 05922842 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-08-31 05922842 core:OtherRelatedParties 2023-08-31 05922842 2022-09-01 2023-08-31 05922842 2023-08-31 05922842 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-08-31 05922842 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-08-31 05922842 core:CurrentFinancialInstruments 2023-08-31 05922842 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 05922842 core:Non-currentFinancialInstruments 2023-08-31 05922842 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 05922842 core:FurnitureFittings 2023-08-31 05922842 core:LandBuildings core:OwnedOrFreeholdAssets 2023-08-31 05922842 core:MotorVehicles 2023-08-31 05922842 core:OfficeEquipment 2023-08-31 05922842 core:PlantMachinery 2023-08-31 05922842 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-08-31 05922842 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-09-01 2023-08-31 05922842 2022-08-31 05922842 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-08-31 iso4217:GBP xbrli:pure

Registration number: 05922842

Verde Recreo Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

Verde Recreo Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Verde Recreo Ltd

(Registration number: 05922842)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,094,564

1,111,523

Current assets

 

Debtors

5

1,108,948

1,075,151

Investments

6

132,099

100,000

Cash at bank and in hand

 

779,274

1,157,187

 

2,020,321

2,332,338

Creditors: Amounts falling due within one year

7

(2,045,222)

(1,897,911)

Net current (liabilities)/assets

 

(24,901)

434,427

Total assets less current liabilities

 

1,069,663

1,545,950

Creditors: Amounts falling due after more than one year

7

(344,429)

(356,886)

Provisions for liabilities

(60,433)

(63,461)

Net assets

 

664,801

1,125,603

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

663,801

1,124,603

Shareholders' funds

 

664,801

1,125,603

 

Verde Recreo Ltd

(Registration number: 05922842)
Balance Sheet as at 31 August 2024

For the financial year ending 31 August 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 27 February 2025 and signed on its behalf by:
 

J Jenkins
Director

   
     
 

Verde Recreo Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

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

The address of its registered office is:
Unit 1 Warmley Business Park Crown Way
Warmley
Bristol
BS30 8FR
England

These financial statements were authorised for issue by the Board on 27 February 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.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

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 current and deferred 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.

 

Verde Recreo Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Furniture, fittings and equipment

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

33% straight line

Freehold land and buildings

No depreciation

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

 

Verde Recreo Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Verde Recreo Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 16 (2023 - 14).

4

Tangible assets

Freehold land and buildings
£

Furniture, fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

801,490

15,474

504,746

28,609

186,436

1,536,755

Additions

-

-

5,130

-

95,352

100,482

Disposals

-

(359)

(99,538)

(10,063)

(34,844)

(144,804)

At 31 August 2024

801,490

15,115

410,338

18,546

246,944

1,492,433

Depreciation

At 1 September 2023

-

10,606

336,413

19,663

58,550

425,232

Charge for the year

-

1,211

36,477

5,154

44,927

87,769

Eliminated on disposal

-

(339)

(76,215)

(9,935)

(28,643)

(115,132)

At 31 August 2024

-

11,478

296,675

14,882

74,834

397,869

Carrying amount

At 31 August 2024

801,490

3,637

113,663

3,664

172,110

1,094,564

At 31 August 2023

801,490

4,868

168,333

8,946

127,886

1,111,523

Included within the net book value of land and buildings above is £801,490 (2023 - £801,490) in respect of freehold land and buildings.
 

 

Verde Recreo Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

5

Debtors

Note

2024
£

2023
£

Trade debtors

 

677,998

398,190

Amounts owed by related parties

9

132,895

282,399

Other debtors

 

268,380

362,751

Prepayments

 

29,675

31,811

 

1,108,948

1,075,151

6

Current asset investments

2024
£

2023
£

Other investments

132,099

100,000

7

Creditors

Due within one year

Note

2024
£

2023
£

 

Loans and borrowings

8

59,012

36,608

Trade creditors

 

568,796

680,492

Amounts due to related parties

9

13,000

13,000

Social security and other taxes

 

265,668

246,061

Other creditors

 

729,482

603,357

Accruals

 

409,264

318,393

 

2,045,222

1,897,911

Due after one year

 

Loans and borrowings

8

344,429

356,886

 

Verde Recreo Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

314,225

356,886

Hire purchase contracts

30,204

-

344,429

356,886

Current loans and borrowings

2024
£

2023
£

Bank borrowings

52,246

33,654

Hire purchase contracts

6,766

2,954

59,012

36,608

Bank borrowings are secured by way of fixed and floating charges over company assets. Hire purchase contracts are secured against the assets to which they relate.

 

Verde Recreo Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

9

Related party transactions

Loans to related parties

2024

Key management
£

Other related parties
£

Total
£

At start of period

282,399

-

282,399

Transfers

(154,886)

154,886

-

Advanced

65,492

719

66,211

Repaid

(80,496)

(135,219)

(215,715)

At end of period

112,509

20,386

132,895

2023

Key management
£

Total
£

At start of period

302,259

302,259

Advanced

65,129

65,129

Repaid

(84,989)

(84,989)

At end of period

282,399

282,399

Terms of loans to related parties

Loans to key management incur interest at HM Revenue and Custom's approved rate and are repayable on demand.
 

Loans from related parties

2024

Key management
£

Total
£

At start of period

(13,000)

(13,000)

Advanced

12,000

12,000

Repaid

(12,000)

(12,000)

At end of period

(13,000)

(13,000)

2023

Key management
£

Total
£

At start of period

(13,000)

(13,000)

Advanced

13,000

13,000

Repaid

(13,000)

(13,000)

At end of period

(13,000)

(13,000)

 

Verde Recreo Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

10

Parent and ultimate parent undertaking

The company's immediate parent is Verde Recreo Group Ltd, incorporated in England and Wales.