REGISTERED NUMBER: |
Greentown (Pershore) Limited |
Financial Statements for the Year Ended 31 December 2023 |
REGISTERED NUMBER: |
Greentown (Pershore) Limited |
Financial Statements for the Year Ended 31 December 2023 |
Greentown (Pershore) Limited (Registered number: 11712319) |
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 (Pershore) Limited |
Company Information |
for the Year Ended 31 December 2023 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
7 Neptune Court |
Vanguard Way |
Cardiff |
CF24 5PJ |
Greentown (Pershore) Limited (Registered number: 11712319) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
Current assets |
Inventories | 5 |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital | 9 |
Retained earnings | ( |
) | ( |
) |
Shareholders' funds | ( |
) | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
Greentown (Pershore) Limited (Registered number: 11712319) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | Statutory information |
Greentown (Pershore) 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 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 deliver significant financial returns and allow repayment of investment costs incurred. 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 |
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. |
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. |
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. |
Greentown (Pershore) Limited (Registered number: 11712319) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | Accounting policies - continued |
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. |
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 |
1,621 |
2,420 |
Auditors' remuneration for non audit work |
5. | Inventories |
The company has adopted the policy of capitalising borrowing costs in relation to long term and on-going contracts. Included within inventories is £1,396,949 of borrowing costs capitalised (2022 - £1,034,218 ), of which £1,292,091 is interest (2022 - £929,720). |
6. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Other debtors |
VAT |
Prepayments |
Greentown (Pershore) Limited (Registered number: 11712319) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
7. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Other loans |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Other creditors |
Deferred income |
Accrued expenses |
8. | Secured debts |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Other loans |
Octopus Real Estate S.A R.L hold a charge over the property consisting of fixed charges, floating charges and a negative pledge |
9. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
10. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
Material uncertainty related to going concern |
We draw attention to the retained earnings in the financial statements, which indicate that despite the company obtaining a profit before tax of £83,041 during the year ended 31 December 2023, as of that date, the company's current liabilities exceeds its total assets by £35,404. |
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. |
11. | Security |
The company has a charge over its land in relation to a loan provided to WELink Energy (U.K.) Limited ( Company No 08905326, who has a common ultimate controlling party ), by a third party lender. |
A further charge has been filed on 31st January 2022 in relation to the company's land. |
12. | Related party disclosures |
There is a charge registered at Companies House dated 24 November 2020 in relation to D Ritchie, a director of the company. |
Greentown (Pershore) Limited (Registered number: 11712319) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
13. | 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 |