REGISTERED NUMBER: |
Greentown Manufacturing Limited |
Financial Statements for the Year Ended 31 December 2023 |
REGISTERED NUMBER: |
Greentown Manufacturing Limited |
Financial Statements for the Year Ended 31 December 2023 |
Greentown Manufacturing Limited (Registered number: 11599629) |
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 |
Greentown Manufacturing Limited |
Company Information |
for the Year Ended 31 December 2023 |
Director: |
Registered office: |
Registered number: |
Senior statutory auditor: |
Auditors: |
7 Neptune Court |
Vanguard Way |
Cardiff |
CF24 5PJ |
Greentown Manufacturing Limited (Registered number: 11599629) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
Fixed assets |
Property, plant and equipment | 5 |
Current assets |
Inventories | 6 |
Debtors | 7 |
Cash at bank |
Creditors |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital | 10 |
Retained earnings | ( |
) | ( |
) |
Shareholders' funds | ( |
) | ( |
) |
The financial statements were approved by the director and authorised for issue on |
Greentown Manufacturing Limited (Registered number: 11599629) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | Statutory information |
Greentown Manufacturing 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 |
The company had net liabilities at the period end. Most of the costs incurred during the period related to continued investment costs incurred in the development of the company's modular housing solution. At the time of approving the financial statements, the director has 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 director is confident that the business plan will deliver significant financial returns and allow repayment of continuing investment costs incurred to date . The key assumption underlying this assessment is that the company will successfully raise required funding to invest in realising its business plan. |
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. |
Preparation of consolidated financial statements |
The financial statements contain information about Greentown Manufacturing Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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 |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition. |
Greentown Manufacturing Limited (Registered number: 11599629) |
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. |
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. |
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 |
2,025 |
1,950 |
Auditors' remuneration for non audit work |
Greentown Manufacturing Limited (Registered number: 11599629) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
5. | Property, plant and equipment |
Fixtures |
Short | Plant and | and | Computer |
leasehold | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 January 2023 |
Additions |
At 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
6. | Inventories |
2023 | 2022 |
£ | £ |
Work-in-progress |
7. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Accrued income | 4,727 | 5,782 |
Amounts owed by group undertakings |
Other debtors |
VAT |
Prepayments |
8. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Other creditors |
Accrued expenses |
9. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
Greentown Manufacturing Limited (Registered number: 11599629) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
10. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
11. | 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 reports that the company incurred a net loss of £5,121,673 during the year ended 31st December 2023 and as of that date, the company's current liabilities exceeds its total assets by £9,514,431. |
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. |
As stated in Note 2 to the financial statements, these events or conditions, along with other matters set forth in that note, 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. |
12. | Ultimate controlling party |
The ultimate controlling party is |
The immediate parent company is Greentown Housing (UK) Limited. |
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 22 Avoca Wood |
Group financial statements can be Avoca |
obtained: Co. Wicklow |