| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31st October 2024 |
| for |
| GREENWOOD HOLDINGS NW LIMITED |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31st October 2024 |
| for |
| GREENWOOD HOLDINGS NW LIMITED |
| GREENWOOD HOLDINGS NW LIMITED (REGISTERED NUMBER: 14954986) |
| Contents of the Financial Statements |
| for the Year Ended 31st October 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| GREENWOOD HOLDINGS NW LIMITED |
| Company Information |
| for the Year Ended 31st October 2024 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Certified Accountants |
| 41 St Thomas's Road |
| Chorley |
| Lancashire |
| PR7 1JE |
| GREENWOOD HOLDINGS NW LIMITED (REGISTERED NUMBER: 14954986) |
| Balance Sheet |
| 31st October 2024 |
| 31.10.24 | 31.10.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Investments | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Retained earnings |
| The director acknowledges his responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| GREENWOOD HOLDINGS NW LIMITED (REGISTERED NUMBER: 14954986) |
| Balance Sheet - continued |
| 31st October 2024 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director and authorised for issue on |
| GREENWOOD HOLDINGS NW LIMITED (REGISTERED NUMBER: 14954986) |
| Notes to the Financial Statements |
| for the Year Ended 31st October 2024 |
| 1. | STATUTORY INFORMATION |
| Greenwood Holdings NW Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The accounts are prepared on the going concern basis, on the understanding that dividend distributions will continue to be made from the subsidiary,Greenwood Scaffolding Limited, to cover the capital repayment the loan notes as per the terms of the purchase agreement. |
| Preparation of consolidated financial statements |
| The financial statements contain information about Greenwood Holdings NW 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. |
| Turnover |
| Turnover represents the value of services provided to a subsidiary company during the accounting period, excluding value added tax. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Financial instruments |
| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' of FRS 102 to all 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, loans to common controlled companies and cash and bank balances, are initially measured at transaction price including transaction costs. They 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. |
| Basic Financial Liabilities |
| Basic financial liabilities, including creditors, 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 receipts 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. |
| GREENWOOD HOLDINGS NW LIMITED (REGISTERED NUMBER: 14954986) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31st October 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Cash and cash equivalents |
| Cash and cash equivalents includes cash in hand, deposits held with banks, and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1st November 2023 |
| and 31st October 2024 |
| NET BOOK VALUE |
| At 31st October 2024 |
| At 31st October 2023 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Amounts owed by group undertakings |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Other loans |
| Tax |
| Social security and other taxes |
| Directors' current accounts | 25,000 | - |
| Accrued expenses |
| GREENWOOD HOLDINGS NW LIMITED (REGISTERED NUMBER: 14954986) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31st October 2024 |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Other loans - 1-2 years | 403,361 | 403,361 |
| Other loans - 2-5 years | 1,210,084 | 1,210,084 |
| Other loans more 5yrs instal | 1,467,871 | 1,875,603 |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Other loans more 5yrs instal | 1,467,871 | 1,875,603 |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Other loans |
| Included in other loans is £3,484,677 of loan notes. These are secured by way of fixed and floating charges over all property and undertakings of the company and those of its subsidiary, Greenwood Scaffolding Limited, through a cross company guarantee. |
| 9. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is |