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COMPANY REGISTRATION NUMBER: SC622904
Shades of Green Limited
Filleted Unaudited Financial Statements
30 June 2024
Shades of Green Limited
Financial Statements
Year ended 30 June 2024
Contents
Page
Report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Shades of Green Limited
Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Shades of Green Limited
Year ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Shades of Green Limited for the year ended 30 June 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Shades of Green Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Shades of Green Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Shades of Green Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Shades of Green Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Shades of Green Limited. You consider that Shades of Green Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Shades of Green Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GILLILAND & COMPANY Chartered accountants
216 West George Street Glasgow G2 2PQ
27 March 2025
Shades of Green Limited
Statement of Financial Position
30 June 2024
2024
2023
(restated)
Note
£
£
£
Fixed assets
Tangible assets
5
1,166,966
1,166,966
Investments
6
362
122
------------
------------
1,167,328
1,167,088
Current assets
Debtors
7
131,163
99,222
Cash at bank and in hand
61,728
775
---------
--------
192,891
99,997
Creditors: amounts falling due within one year
8
293,568
218,226
---------
---------
Net current liabilities
100,677
118,229
------------
------------
Total assets less current liabilities
1,066,651
1,048,859
Creditors: amounts falling due after more than one year
9
846,289
852,540
Provisions
10,534
10,534
------------
------------
Net assets
209,828
185,785
------------
------------
Capital and reserves
Called up share capital
2
2
Revaluation reserve
31,602
42,137
Profit and loss account
178,224
143,646
---------
---------
Shareholders funds
209,828
185,785
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 June 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Shades of Green Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 27 March 2025 , and are signed on behalf of the board by:
Mr S Green
Director
Company registration number: SC622904
Shades of Green Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 216 West George Street, Glasgow, G2 2PQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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 of value.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: 2 ).
5. Tangible assets
Investment property
£
Cost
At 1 July 2023 (as restated) and 30 June 2024
1,166,966
------------
Depreciation
At 1 July 2023 and 30 June 2024
------------
Carrying amount
At 30 June 2024
1,166,966
------------
At 30 June 2023
1,166,966
------------
The company's investment property has been valued at £1,166,966 after taking appropriate advice(2023: £1,166,966). Had they not been revalued they would be stated at a cost of £1,124,829 (2023: £1,124,829)
6. Investments
Shares in group undertakings
£
Cost
At 1 July 2023 as restated
122
Additions
240
----
At 30 June 2024
362
----
Impairment
At 1 July 2023 as restated and 30 June 2024
----
Carrying amount
At 30 June 2024
362
----
At 30 June 2023
122
----
Details of the company's subsidiaries at 30 June 2024 are as follows: Name of undertaking- Lisa's Investments Limited
Registered Office- 216 West George Street, Glasgow, Scotland G2 2PQ Class of shares held- Ordinary
% held Direct- 100.00%
Name of undertaking- Potencia Energy Limited
Registered Office- 216 West George Street, Glasgow, Scotland G2 2PQ Class of shares held- Ordinary
% held Direct- 100.00%
Name of undertaking- Potencia Energy (Blackhill) Limited Registered Office- 216 West George Street, Glasgow, Scotland G2 2PQ Class of shares held- Ordinary
% held Direct- 100.00%
Name of undertaking- Potencia Energy (Mybster) Limited Registered Office- 216 West George Street, Glasgow, Scotland G2 2PQ Class of shares held- Ordinary
% held Direct- 100.00%
7. Debtors
2024
2023
(restated)
£
£
Prepayments and accrued income
1,878
3,204
Other debtors
129,285
96,018
---------
--------
131,163
99,222
---------
--------
8. Creditors: amounts falling due within one year
2024
2023
(restated)
£
£
Trade creditors
105
846
Accruals and deferred income
1,800
1,800
Corporation tax
27,422
21,881
Director loan accounts
218,290
148,988
Other creditors
45,951
44,711
---------
---------
293,568
218,226
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
(restated)
£
£
Bank loans and overdrafts
846,289
852,540
---------
---------
10. Prior period errors
The accounts have been restated to correct errors relating management charges being omitted in the prior year financial statements. The net result on the account was a overstatement of profit and loss account of £25,000. The error was deemed material to the understanding of the prior year accounts.
11. Directors' advances, credits and guarantees
At the year end the balance owed by the company to the directors was £218,290 (2023: £148,988)
12. Related party transactions
At the year end the company was owed £126,360 by its subsidiary, Lisa's Investments Limited (2023: £117,143) At the year end the company owed £1,120 to its subsidiary, Potencia Energy Limited (2023: £120)
13. Controlling party
The company is controlled by Mr S Green and Mrs L Green, directors.