Green Ore Estates Limited

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 7

Green Ore Estates Limited

(Registration number: 03240024)
Statement of Financial Position as at 31 August 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	1,169,866	1,159,158
Current assets
Debtors	6	-	20,000
Cash at bank and in hand		133,896	104,925
		133,896	124,925
Creditors: Amounts falling due within one year	7	(392,849)	(401,228)
Net current liabilities		(258,953)	(276,303)
Total assets less current liabilities		910,913	882,855
Provisions for liabilities		(114,837)	(112,160)
Net assets		796,076	770,695
Capital and reserves
Called up share capital		1,000	1,000
Profit and loss account		795,076	769,695
Shareholders' funds		796,076	770,695

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 26 March 2025
 

Mr P Matthews Director

Green Ore Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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:
7 Castle Street
Bridgwater
Somerset
TA6 3DT

Principal activity

The principal activity of the company is property rental.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Green Ore Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

2	Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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 current and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

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:

Green Ore Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

2	Accounting policies (continued)

Asset class	Depreciation method and rate
Fixtures and fittings	33.33% straight line
Equipment	33.33% straight line

Impairment

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.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

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

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

Green Ore Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4	Tangible assets

	Land and buildings £	Fixtures and fittings £	Office equipment £	Total £
Cost or valuation
At 1 September 2023	1,159,158	2,421	660	1,162,239
Revaluations	9,508	-	-	9,508
Additions	1,200	-	-	1,200
At 31 August 2024	1,169,866	2,421	660	1,172,947
Depreciation
At 1 September 2023	-	2,421	660	3,081
At 31 August 2024	-	2,421	660	3,081
Carrying amount
At 31 August 2024	1,169,866	-	-	1,169,866
At 31 August 2023	1,159,158	-	-	1,159,158

5	Investment properties

The historical cost of freehold land and buildings is £492,919 (2023 : £492,919). The freehold property fair value was determined by a professional valuation carried out by Carter Jonas in March 2019. Any movement in fair value since 2019 has been determined by the company directors.

Whilst there is no intention to dispose of the properties, if they were sold at the revalued sums, tax of £114,837 ( 2023 : £112,160) would be due, assuming a future Corporation Tax rate of 25%.

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

6

Debtors

	2024 £	2023 £
Other debtors	-	20,000
	-	20,000

Green Ore Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	9	38	-
Taxation and social security		4,352	7,348
Accruals and deferred income		3,410	3,410
Other creditors		385,049	390,470
		392,849	401,228

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

Included in the profit and loss account is an un-distributable amount of £562,110 (2023: £554,079) which relates to the fair value movement of investment properties of £676,947 (2023: £666,239) less deferred tax on the revalued properties of £114,837 (2023: £112,160).

9	Loans and borrowings

Current loans and borrowings

	2024 £	2023 £
Bank overdrafts	38	-

Green Ore Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

10	Operating leases

Operating leases

As lessor

The total of future minimum lease payments receivable under non-cancellable operating leases is as follows:

	2024 £	2023 £
Not later than one year	-	2,750
	-	2,750