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Registration number: 04473937

Greens Property Management Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Greens Property Management Services Limited

Contents

Company Information

1

Statement of financial position

2

Notes to the Unaudited Financial Statements

3 to 7

 

Greens Property Management Services Limited

Company Information

Directors

Mrs S Green

Mr AJ Green

Registered office

19 King Street
King's Lynn
Norfolk
PE30 1HB

Accountants

Hayhow & Co
Chartered Certified Accountants & Business Advisers19 King Street
King's Lynn
Norfolk
PE30 1HB

 

Greens Property Management Services Limited

(Registration number: 04473937)
Statement of financial position as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

431

517

Investment property

6

115,000

115,000

 

115,431

115,517

Current assets

 

Debtors

7

154,692

154,675

Cash at bank and in hand

 

26

152

 

154,718

154,827

Creditors: Amounts falling due within one year

8

(178,746)

(175,151)

Net current liabilities

 

(24,028)

(20,324)

Total assets less current liabilities

 

91,403

95,193

Provisions for liabilities

(82)

(98)

Net assets

 

91,321

95,095

Capital and reserves

 

Called up share capital

9

100

100

Revaluation reserve

66,068

66,068

Retained earnings

25,153

28,927

Shareholders' funds

 

91,321

95,095

For the financial year ending 31 October 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 and 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 Statement of comprehensive income.

Approved and authorised by the Board on 1 April 2025 and signed on its behalf by:
 

.........................................
Mrs S Green
Director

 

Greens Property Management Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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:
19 King Street
King's Lynn
Norfolk
PE30 1HB

These financial statements were authorised for issue by the Board on 1 April 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.

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 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.

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.

 

Greens Property Management Services Limited

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

Tangible assets

Tangible assets are stated in the statement of financial position 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

Fixtures and Fittings

15% Reducing Balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Trade 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.

Trade creditors

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Greens Property Management Services Limited

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

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

86

91

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2023

6,302

6,302

At 31 October 2024

6,302

6,302

Depreciation

At 1 November 2023

5,785

5,785

Charge for the year

86

86

At 31 October 2024

5,871

5,871

Carrying amount

At 31 October 2024

431

431

At 31 October 2023

517

517

6

Investment properties

2024
£

At 1 November

115,000

At 31 October

115,000

There has been no valuation of investment property by an independent valuer.

The directors consider the current valuation of the properties to be reasonable based upon the current market.

 

Greens Property Management Services Limited

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

7

Debtors

Note

2024
£

2023
£

Amounts owed by related parties

10

154,512

154,512

Prepayments

 

180

163

 

154,692

154,675

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Amounts due to related parties

10

177,977

174,428

Other payables

 

(1)

-

Accruals

 

770

723

 

178,746

175,151

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

50

50

50

50

Ordinary B of £1 each

50

50

50

50

100

100

100

100

Each share is entitled to one vote in any circumstances and each share is also entitled pari passu to dividend payments or any other distribution, including a distribution arising from a winding up of the company.

 

Greens Property Management Services Limited

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

10

Related party transactions

Summary of transactions with other related parties

Greens Developments Limited and 33 Railway Management Company Limited Mr & Mrs Green are also the directors of the companies.

Expenditure with and payables to related parties

2024

Other related parties
£

Amounts payable to related party

154,512

2023

Other related parties
£

Amounts payable to related party

154,512