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REGISTERED NUMBER: 11599629 (England and Wales)















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: B M O'Neill



Registered office: Unit 1 & 2 16 Methley Road
Castleford
West Yorkshire
WF10 1LX



Registered number: 11599629 (England and Wales)



Senior statutory auditor: Clive Edwards



Auditors: Haines Watts Wales LLP, Statutory 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 5 658,873 339,446

Current assets
Inventories 6 726,459 118,179
Debtors 7 1,403,356 445,621
Cash at bank 139,825 1,172
2,269,640 564,972
Creditors
Amounts falling due within one year 8 (12,442,944 ) (5,297,176 )
Net current liabilities (10,173,304 ) (4,732,204 )
Total assets less current liabilities (9,514,431 ) (4,392,758 )

Capital and reserves
Called up share capital 10 1 1
Retained earnings (9,514,432 ) (4,392,759 )
Shareholders' funds (9,514,431 ) (4,392,758 )

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 March 2025 and were signed by:





B M O'Neill - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Short leasehold - 10% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Computer equipment - 25% on cost

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 2,025 1,950

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 34,423 456,096 31,987 - 522,506
Additions - 464,960 33,383 16,184 514,527
At 31 December 2023 34,423 921,056 65,370 16,184 1,037,033
Depreciation
At 1 January 2023 10,327 148,743 23,990 - 183,060
Charge for year 3,442 173,950 15,006 2,702 195,100
At 31 December 2023 13,769 322,693 38,996 2,702 378,160
Net book value
At 31 December 2023 20,654 598,363 26,374 13,482 658,873
At 31 December 2022 24,096 307,353 7,997 - 339,446



6. Inventories
2023 2022
£    £   
Work-in-progress 726,459 118,179

7. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 412,423 -
Accrued income 4,727 5,782
Amounts owed by group undertakings 663,316 51,319
Other debtors 31,159 27,747
VAT 55,474 60,175
Prepayments 236,257 300,598
1,403,356 445,621

8. Creditors: amounts falling due within one year
2023 2022
£    £   
Trade creditors 506,927 318,254
Amounts owed to group undertakings 11,898,440 4,954,280
Tax 1,300 300
Other creditors 4,662 3,162
Accrued expenses 31,615 21,180
12,442,944 5,297,176

9. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 491,011 491,011
Between one and five years 1,964,044 1,964,044
In more than five years 1,554,868 2,045,879
4,009,923 4,500,934

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: £    £   
1 Ordinary £1 1 1

11. Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

Clive Edwards (Senior Statutory Auditor)
for and on behalf of Haines Watts Wales LLP, Statutory Auditors

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 B M O'Neill.

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