Company registration number 00169536 (England and Wales)
GREENS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
GREENS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 24
GREENS LIMITED
COMPANY INFORMATION
Directors
D Buckland
M Day
J Mortimer
R Player
Company number
00169536
Registered office
Lincoln Road
Cressex Business Park
High Wycombe
Buckinghamshire
HP12 3RQ
Auditor
BK Plus Audit Limited
Oakingham House
Frederick Place
High Wycombe
Buckinghamshire
HP11 1JU
GREENS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -

The directors present the strategic report for the year ended 31 August 2024.

Review of the business

2024 was another good year for the business showing continued sales growth in the year with turnover increasing by 19.1%. The growth was partly driven by an increase in turnover in relation to pass-through costs which did have some negative impact on the gross profit margin, although this was mitigated by some cost savings and efficiencies through our continued investment in new equipment. In total this lead to a reduction in our gross profit margin of just 0.2 percentage points.

 

The sales growth predominantly came from existing customers who continue to provide us with additional work. Price rises during the year and the previous year have also lead to an increase in turnover. We are also pleased to have secured some new customer contracts which we expect to see come into fruition during the next year.

 

2024 was the first full year of trust ownership of the business and the transition has been smooth with the stability of the Board of Directors helping with the continuing transition, this has been supported by further investment in the second tier management team.

 

We continue to invest in new technology and equipment as we see this as a key way to grow and improve the service offering to our customers. This continued investment also brings us efficiencies in our production process which has helped with our gross profit margins as noted above.

 

IT remains a key part of our offering to our customers and our IT team are vital to this. We continue to invest in this team which allows us to develop our existing systems as well as new platforms to offer solutions to our customers.

 

Principal risks and uncertainties

 

The print industry remains competitive, the last few years have seen consolidation within the industry with a number of smaller businesses combining with larger partners. This change within the industry has provided a number of opportunities and challenges, however the technical skills and the agility of our teams and systems puts us in a strong position to take advantage of any of these opportunities.

 

We have started the new financial year strongly with new customers starting to spend which allows us to further spread our risk. We continue to spend time searching for more opportunities to expand the business through growing the customer base. Overall the company remains in a strong and stable position.

 

On behalf of the board

R Player
Director
22 May 2025
GREENS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 August 2024.

Principal activities

The principal activity of the company continued to be that of printing.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £1,000,020. The directors do not recommend payment of a final dividend.

No preference dividends were paid.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

D Buckland
M Day
J Mortimer
R Player
Auditor

In accordance with the company’s articles, a resolution proposing that BK Plus Audit Limited, successor firm to Haines Watts High Wycombe Limited, be reappointed as auditor of the company will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

 

 

 

 

 

On behalf of the board
R Player
Director
22 May 2025
GREENS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

GREENS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GREENS LIMITED
- 4 -
Opinion

We have audited the financial statements of Greens Limited (the 'company') for the year ended 31 August 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

GREENS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GREENS LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

From the preliminary stage of the audit, we ensure our understanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environments, and their compliance with the applicable legal and regulatory frameworks. This information supports our risk identification and the subsequent design of audit procedures to mitigate those risks; ensuring that the audit evidence obtained is sufficient and appropriate to support our opinion.

 

In response to the risks identified, specific to this entity, we designed procedures which included, but were not limited to:

 

GREENS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GREENS LIMITED
- 6 -

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusions. There is always the unavoidable risk that material misstatements in the financial statements may not be detected despite the audit being properly performed in accordance with UK Auditing standards.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

 

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Kapil Davda
Senior Statutory Auditor
For and on behalf of BK Plus Audit Limited
22 May 2025
Statutory Auditor
Oakingham House
Frederick Place
High Wycombe
Buckinghamshire
HP11 1JU
GREENS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
15,484,138
13,000,876
Cost of sales
(10,428,947)
(8,735,594)
Gross profit
5,055,191
4,265,282
Distribution costs
(254,415)
(204,929)
Administrative expenses
(2,836,694)
(2,532,595)
Operating profit
4
1,964,082
1,527,758
Interest receivable and similar income
7
311,591
241,404
Interest payable and similar expenses
8
(22,100)
(11,712)
Profit before taxation
2,253,573
1,757,450
Tax on profit
9
(494,335)
(344,633)
Profit for the financial year
1,759,238
1,412,817

The profit and loss account has been prepared on the basis that all operations are continuing operations.

GREENS LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
392,160
418,021
Investments
11
662,996
662,996
1,055,156
1,081,017
Current assets
Stocks
13
61,039
61,642
Debtors
15
3,273,870
3,056,918
Cash at bank and in hand
3,193,360
2,502,826
6,528,269
5,621,386
Creditors: amounts falling due within one year
16
(2,916,866)
(2,753,052)
Net current assets
3,611,403
2,868,334
Total assets less current liabilities
4,666,559
3,949,351
Creditors: amounts falling due after more than one year
17
(13,334)
(53,004)
Provisions for liabilities
Deferred tax liability
20
90,168
94,967
(90,168)
(94,967)
Net assets
4,563,057
3,801,380
Capital and reserves
Called up share capital
21
3,755
3,755
Capital redemption reserve
695
695
Other reserves
23
2,459
-
0
Profit and loss reserves
4,556,148
3,796,930
Total equity
4,563,057
3,801,380
The financial statements were approved by the board of directors and authorised for issue on 22 May 2025 and are signed on its behalf by:
R Player
Director
Company registration number 00169536 (England and Wales)
GREENS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -
Share capital
Capital redemption reserve
Other Reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 September 2022
3,755
695
-
4,149,663
4,154,113
Year ended 31 August 2023:
Profit and total comprehensive income
-
-
-
1,412,817
1,412,817
Dividends
-
-
-
(1,765,550)
(1,765,550)
Balance at 31 August 2023
3,755
695
-
3,796,930
3,801,380
Year ended 31 August 2024:
Profit and total comprehensive income
-
-
-
1,759,238
1,759,238
Dividends
-
-
-
(1,000,020)
(1,000,020)
Charge
-
-
2,459
-
0
2,459
Balance at 31 August 2024
3,755
695
2,459
4,556,148
4,563,057
GREENS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
- 10 -
2024
2023
Note
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
2,004,320
1,788,538
Interest paid
(22,100)
(11,712)
Income taxes paid
(352,114)
(213,904)
Net cash inflow from operating activities
1,630,106
1,562,922
Investing activities
Purchase of tangible fixed assets
(198,643)
(74,670)
Further investment in subsidiary
-
0
(251,250)
Interest received
11,591
11,404
Dividends received
300,000
230,000
Net cash generated from/(used in) investing activities
112,948
(84,516)
Financing activities
Repayment of bank loans
(40,000)
(50,833)
Payment of finance leases obligations
(12,500)
(12,500)
Dividends paid
(1,000,020)
(1,765,550)
Net cash used in financing activities
(1,052,520)
(1,828,883)
Net increase/(decrease) in cash and cash equivalents
690,534
(350,477)
Cash and cash equivalents at beginning of year
2,502,826
2,853,303
Cash and cash equivalents at end of year
3,193,360
2,502,826
GREENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 11 -
1
Accounting policies
Company information

Greens Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lincoln Road, Cressex Business Park, High Wycombe, Buckinghamshire, HP12 3RQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Greens Limited is a wholly owned subsidiary of Greens (Lincoln Road) Limited and the results of Greens Limited are included in the consolidated financial statements of Greens (Lincoln Road) Limited which are available from Lincoln Road, Cressex Business Park, High Wycombe, HP12 3RQ.

1.2
Going concern

The financial statements have been prepared on a going concern basis. The truedirectors have reviewed and considered relevant information, including the annual budget and future cash flows in making his assessment. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

GREENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 12 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10-20% per annum
Fixtures and fittings
10-20% per annum
Computers
20-33% per annum
Motor vehicles
20% per annum

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

GREENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 13 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

GREENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 14 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

GREENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 15 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the black-scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

GREENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 16 -

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Printing
15,484,138
13,000,876
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
12,229,650
10,418,415
Rest of the world
3,254,488
2,582,461
15,484,138
13,000,876
2024
2023
£
£
Other revenue
Interest income
11,591
11,404
Dividends received
300,000
230,000
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
62,058
65,499
Depreciation of owned tangible fixed assets
208,169
208,516
Loss on disposal of tangible fixed assets
16,335
-
Share-based payments
2,459
-
Operating lease charges
192,014
184,709
GREENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 17 -
5
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
680,976
523,304
Company pension contributions to defined contribution schemes
28,434
9,700
709,410
533,004
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
218,016
129,090
Company pension contributions to defined contribution schemes
14,613
2,879
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Production
45
42
Sales & Distribution
9
8
Administration
18
17
Management
7
6
Total
79
73

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,181,636
2,942,524
Social security costs
319,225
296,822
Pension costs
95,206
86,171
3,596,067
3,325,517
GREENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 18 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
11,591
11,404
Income from fixed asset investments
Income from shares in group undertakings
300,000
230,000
Total income
311,591
241,404
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
11,591
11,404
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
4,101
4,668
Other finance costs:
Other interest
17,999
7,044
22,100
11,712
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
499,022
350,715
Adjustments in respect of prior periods
113
1,951
Total current tax
499,135
352,666
Deferred tax
Origination and reversal of timing differences
(4,800)
(8,033)
Total tax charge
494,335
344,633
GREENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
9
Taxation
(Continued)
- 19 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,253,573
1,757,450
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
563,393
439,363
Tax effect of expenses that are not deductible in determining taxable profit
13,369
20,781
Adjustments in respect of prior years
113
1,951
Group relief
(3,448)
(21,416)
Depreciation for the year in excess of capital allowances
716
29,289
Other non-reversing timing differences
(4,800)
(8,033)
Dividend income
(75,000)
(57,500)
Pensions
(8)
(1,119)
Change in tax rate
-
0
(56,808)
Previously unclaimed charitable donations
-
0
(1,875)
Taxation charge for the year
494,335
344,633
10
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 September 2023
1,499,815
160,899
307,573
26,974
1,995,261
Additions
175,040
-
0
5,613
17,990
198,643
Disposals
(246,076)
(42,124)
(36,386)
(8,350)
(332,936)
At 31 August 2024
1,428,779
118,775
276,800
36,614
1,860,968
Depreciation and impairment
At 1 September 2023
1,150,771
114,104
285,391
26,974
1,577,240
Depreciation charged in the year
174,594
16,488
14,388
2,699
208,169
Eliminated in respect of disposals
(230,016)
(42,124)
(36,111)
(8,350)
(316,601)
At 31 August 2024
1,095,349
88,468
263,668
21,323
1,468,808
Carrying amount
At 31 August 2024
333,430
30,307
13,132
15,291
392,160
At 31 August 2023
349,044
46,795
22,182
-
0
418,021
GREENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 20 -
11
Fixed asset investments
2024
2023
Note
£
£
Investments in subsidiaries
12
662,996
662,996
12
Subsidiaries

Details of the company's subsidiaries at 31 August 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Wimpole Printing Limited
England and Wales
Ordinary shares
100.00
Doxzoo Limited
England and Wales
Ordinary shares
100.00
Greens Printing Services Limited
England and Wales
Ordinary shares
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Wimpole Printing Limited
198,045
33,796
Doxzoo Limited
(342,188)
0
(13,791)
0
Greens Printing Services Limited
680,165
260,769
13
Stocks
2024
2023
£
£
Raw materials
61,039
61,642
14
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
3,083,913
2,892,397
Carrying amount of financial liabilities
Measured at amortised cost
2,231,030
2,272,000
GREENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 21 -
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,302,477
2,171,790
Amounts owed by group undertakings
781,061
711,606
Other debtors
375
9,001
Prepayments and accrued income
189,957
164,521
3,273,870
3,056,918
16
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
18
40,000
45,538
Obligations under finance leases
19
5,208
12,500
Trade creditors
1,006,045
1,012,673
Amounts owed to group undertakings
188,339
125,812
Corporation tax
497,735
350,715
Other taxation and social security
201,435
183,341
Other creditors
21,578
18,595
Accruals and deferred income
956,526
1,003,878
2,916,866
2,753,052
17
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans
18
13,334
47,796
Obligations under finance leases
19
-
0
5,208
13,334
53,004
18
Loans and overdrafts
2024
2023
£
£
Bank loans
53,334
93,334
Payable within one year
40,000
45,538
Payable after one year
13,334
47,796

The bank loan is secured by fixed and floating charges over all the property and assets of the company.

GREENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 22 -
19
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
5,208
12,500
In two to five years
-
0
5,208
5,208
17,708

The finance leases are secured by charges over the assets that they relate to.

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
90,168
94,967
2024
Movements in the year:
£
Liability at 1 September 2023
94,967
Credit to profit or loss
(4,799)
Liability at 31 August 2024
90,168
21
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
755
755
755
755
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
3,000
3,000
3,000
3,000
Preference shares classified as equity
3,000
3,000
Total equity share capital
3,755
3,755
GREENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 23 -
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
95,206
86,171

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

23
Other Reserves
2024
2023
£
£
At the beginning of the year
-
-
Additions
2,459
-
At the end of the year
2,459
-

During the current financial year share options, under an EMI scheme, were granted by Greens Lincoln Road Limited to three employees of Greens Limited to purchase shares in Greens Lincoln Road Limited (parent company).

 

The options shall become exercisable in full on or after the date on which the vendor loan notes and the EOT debt (if any) has been repaid in full subject to the employees remaining within the employment of the company during this period.

 

As the vendor loan notes do not have a fixed repayment term, the directors of the company have estimated the vesting period to be 10 years from the date of grant. This estimate will be revised each accounting period to reflect the most up to date information.

 

The weighted average exercise price of the share options granted during the current financial year is £5.80 per share measured using the Black-Scholes pricing model.

 

 

Outstanding at the beginning of the year

-

Granted during the year

32,355

Lapsed during the period

-

Outstanding at the end of the period

32,355

GREENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 24 -
24
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
199,112
156,750
Between two and five years
796,448
627,000
In over five years
925,968
718,438
1,921,528
1,502,188
25
Related party transactions

The company has taken advantage of the exemption in paragraph 1AC 35 of FRS102 not to disclose transactions with wholly owned group entities.

26
Controlling party

The company's immediate parent company is Greens (Lincoln Road) Limited.

 

The ultimate controlling party is Greens (Lincoln Road) Limited Employee Ownership Trust.

27
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
1,759,238
1,412,817
Adjustments for:
Taxation charged
494,335
344,633
Finance costs
22,100
11,712
Investment income
(311,591)
(241,404)
Loss on disposal of tangible fixed assets
16,335
-
Depreciation and impairment of tangible fixed assets
208,169
208,516
Equity settled share based payment expense
2,459
-
Movements in working capital:
Decrease/(increase) in stocks
603
(2,264)
Increase in debtors
(216,952)
(449,173)
Increase in creditors
29,624
503,701
Cash generated from operations
2,004,320
1,788,538
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