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01070973







GREENWORKS CONTROLLED ENVIRONMENTS LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED
30 SEPTEMBER 2024

GREENWORKS CONTROLLED ENVIRONMENTS LIMITED
REGISTERED NUMBER:01070973

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
-

Tangible assets
 5 
402,397
335,487

  
402,397
335,487

Current assets
  

Stocks
  
187,516
187,283

Debtors: amounts falling due within one year
 6 
643,868
839,338

Bank and cash balances
  
551,032
810,589

  
1,382,416
1,837,210

Creditors: amounts falling due within one year
 7 
(986,730)
(1,360,789)

Net current assets
  
 
 
395,686
 
 
476,421

Total assets less current liabilities
  
798,083
811,908

Creditors: amounts falling due after more than one year
 8 
(103,007)
(63,468)

  

Net assets
  
695,076
748,440


Capital and reserves
  

Called up share capital 
  
5,410
5,410

Share premium account
  
60,902
60,902

Profit and loss account
  
628,764
682,128

  
695,076
748,440

Page 1

GREENWORKS CONTROLLED ENVIRONMENTS LIMITED
REGISTERED NUMBER:01070973
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A. R. J. Warren
Director

Date: 19 May 2025

The notes on pages 3 to 11 form part of these financial statements.

Page 2

GREENWORKS CONTROLLED ENVIRONMENTS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Greenworks Controlled Environments Limited (the company) is a company limited by shares and domiciled and incorporated in England and Wales.
The address of its registered office is Unit 1, Warsop Trading Estate, Hever Road, Edenbridge, Kent, TN8 5LD.
The addresses of the company's places of business are Haltwhistle Road, Western Industrial Estate,  South Woodham Ferrers, Essex, CM3 5ZA and Unit 2 Roman Way, Thetford, Norfolk, IP24 1XB.
The principal activities are the supply and servicing of air conditioning units and refrigeration.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements of the Companies Act 2006.  The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
Monetary amounts in these financial statements are stated in Pounds and are rounded to the nearest £1, except where otherwise indicated.
The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Installation project income
Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the Statement of income and retained earnings turnover and related costs as contract activity progresses. Turnover is calculated as the proportion of total contract value equivalent to the percentage of costs to date compared with estimated total costs.
Service income
Annual service income is recognised over the maintenance period. The company receives revenue in advance for annual maintenance. At the balance sheet date, the deferred income recognised on the balance sheet represents revenue received in advance for this service, which is released to the Statement of income and retained earnings over the maintenance period.

Page 3

GREENWORKS CONTROLLED ENVIRONMENTS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.3

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

 The estimated useful lives range as follows:

Goodwill
-
10% straight line

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Land and buildings
-
50 years straight line for property; 10 years straight line for improvements
Plant and machinery
-
25% straight line
Motor vehicles
-
25% straight line
Fixtures and fittings
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.      Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of income and retained earnings.

Page 4

GREENWORKS CONTROLLED ENVIRONMENTS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and loans to and from related parties.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

 Finance costs

Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

 Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of income and retained earnings on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 5

GREENWORKS CONTROLLED ENVIRONMENTS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.12

 Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of income and retained earnings so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.13

 Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.14

 Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of income and retained earnings except that a charge attributable to an item recognised directly in equity is also recognised directly in equity.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 6

GREENWORKS CONTROLLED ENVIRONMENTS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 38 (2023 - 38).


4.


Intangible assets




Goodwill

£



Cost


At 1 October 2023
93,250



At 30 September 2024

93,250



Amortisation


At 1 October 2023
93,250



At 30 September 2024

93,250



Net book value



At 30 September 2024
-



At 30 September 2023
-



Page 7

GREENWORKS CONTROLLED ENVIRONMENTS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 October 2023
195,592
12,578
578,626
51,696
838,492


Additions
-
-
203,137
215
203,352


Transfers intra group
-
-
(56,920)
-
(56,920)


Disposals
-
-
(69,230)
(215)
(69,445)



At 30 September 2024

195,592
12,578
655,613
51,696
915,479



Depreciation


At 1 October 2023
75,208
12,578
370,187
45,032
503,005


Charge for the year on owned assets
4,174
-
44,434
2,996
51,604


Charge for the year on financed assets
-
-
71,596
-
71,596


Transfers intra group
-
-
(43,879)
-
(43,879)


Disposals
-
-
(69,226)
(18)
(69,244)



At 30 September 2024

79,382
12,578
373,112
48,010
513,082



Net book value



At 30 September 2024
116,210
-
282,501
3,686
402,397



At 30 September 2023
120,384
-
208,439
6,664
335,487

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
204,269
208,439

Page 8

GREENWORKS CONTROLLED ENVIRONMENTS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Debtors

2024
2023
£
£


Trade debtors
545,309
733,284

Amounts owed by group undertakings
8,284
-

Other debtors
7,270
5,234

Prepayments and accrued income
66,497
87,540

Deferred taxation
16,508
13,280

643,868
839,338



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Obligations under finance lease and hire purchase contracts
101,613
89,301

Trade creditors
260,961
471,233

Amounts owed to group undertakings
156,037
387,509

Corporation tax
-
15,500

Other taxation and social security
139,182
72,798

Other creditors
12,046
11,829

Accruals and deferred income
316,891
312,619

986,730
1,360,789



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
103,007
63,468


Secured loans
Finance lease liabilities are secured on the assets to which they relate.
The aggregate secured debt on creditors due within one year at the year-end was £101,613 (2023: £89,301)
The aggregate secured debt on creditors due after more than one year at the year-end was £103,007 (2023: £63,468)

Page 9

GREENWORKS CONTROLLED ENVIRONMENTS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Deferred taxation




2024


£






At beginning of year
13,280


Charged to profit or loss
3,228



At end of year
16,508

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
16,508
13,280


10.


Financial commitments and guarantees

A debenture exists in favour of the company's banker, which gives a cross guarantee to borrowings made by Greenworks Controlled Environments Limited, Greenworks Washrooms Ltd, Zepbrook Limited, Greenworks Coffee Ltd and Greenworks Solutions (Holdings) Limited.
The net bank balance across the entire group amounted to £14,598 (2023: £342,603). Excluding positive balances in the group, the bank borrowings amounted to £4,314,104 (2023: £4,409,920).




11.


Commitments under operating leases

At 30 September 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
41,958
42,308

Later than 1 year and not later than 5 years
7,808
7,808

49,766
50,116


12.


Related party transactions

The company has taken advantage of exemption, under the terms of section 33.1A 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.
At the year end, the Company owed non-wholly owned group companies £73,391 (2023: £291,073), and £8,284 (2023: £nil) was owed to the Company by non-wholly owned group companies.

Page 10

GREENWORKS CONTROLLED ENVIRONMENTS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13.


Controlling party

The company is a wholly owned subsidiary of Greenworks Solutions (Holdings) Limited, the ultimate parent company, which is controlled by A. R. J. Warren. Greenworks Solutions (Holdings) Limited prepares group financial statements, and copies can be obtained from Unit 1 Warsop Trading Estate, Hever Road, Edenbridge, Kent, TN8 5LD.


14.


Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2024 was unqualified.

The audit report was signed on 29 May 2025 by Matthew Neill BA (Hons) MA FCA (Senior statutory auditor) on behalf of S&W Partners Audit Limited.

 
Page 11