Company registration number 07443406 (England and Wales)
GRETA INVESTMENTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
GRETA INVESTMENTS LIMITED
COMPANY INFORMATION
Directors
Mr N Chaudhari
Mr A Chaudhari
Mr G Chaudhary
Company number
07443406
Registered office
First Floor Grove House
55 Lowlands Road
Harrow
Middlesex
HA1 3AW
Group Auditor
King & King
Chartered Accountants & Statutory Auditors
5th Floor Watson House
54-60 Baker Street
London
W1U 7BU
Component Auditors
Blick Rothenburg Audit LLP
Global Metcorp Limited
Sawhney Consulting Limited
Grove House Harrow Limited
Doradca Auditors Sp.z o.o.
Global Metcorp Sp. z.o.o.
Bankers
HSBC UK Bank Plc
Level 28
8 Canada Square
Canary Wharf
London
E14 5HQ
Santander UK Plc
4th Floor
Santander House
100 Ludgate Hill
London
EC4M 7RE
Barclays Bank Plc
Acorn House
36-38 Park Royal Road
London
NW10 7JA
GRETA INVESTMENTS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 7
Independent auditor's report
8 - 11
Group statement of comprehensive income
12
Group statement of financial position
13 - 14
Company statement of financial position
15
Group statement of changes in equity
16
Company statement of changes in equity
17
Group statement of cash flows
18
Notes to the financial statements
19 - 43
GRETA INVESTMENTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

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

Review of the business

The principal activity of the group during the year continued to be that of a trader in metal commodities.

 

The board of directors are satisfied with the performance of the group during the financial year ended 31 March 2024. As shown on the group's statement of total comprehensive income, the group made a profit before tax of £3,210,930 (2023: £9,587,716). The group's statement of financial position remains strong with net current assets of £5,708,674 (2023: £19,278,104) and net assets at 20,754,670 (2023: £19,773,628). The Group has considerable cash at bank of £6,277,637 (2023 : £5,156,857). During the year, Group's turnover decreased by £57,216,779 to £363,993,614. The turnover from continuing activity was £363,993,614 (2023: £421,210,393) which has arisen in the UK subsidiary alone. Subsidiaries in USA and Poland purchase materials from native regions and only sell to UK subsidiary.

 

The group's GP margin has decreased to 2.04% from 2.50% as compared to previous year which is majorly generated by UK subsidiary.

Principal risks and uncertainties

All businesses are subject to risks and many individual risks are macro-economic or social and common across many businesses. The key risks are those which could materially damage the group's strategy, reputation, business, profitability or assets. The principal financial risks to which the group is exposed are those of liquidity, market condition, credit, cashflow and foreign currency. Each of these risks are managed in accordance with board approved policies which are set out below. This list is in no particular order and is not an exhaustive list of all potential risks. Some risks may be unknown and it may transpire that others currently considered immaterial become material.

Liquidity Risk:

The group manages liquidity risk by maintaining access to a number of sources of funding which are sufficient to meet anticipated funding requirements. Specifically, the group uses export line facility and forward exchange contract facility from a bank. The directors review the group's on-going liquidity risks regularly and constantly monitor debtors receivable and creditors payable.

 

Economic, market and price risk:

The group's performance is directly impacted by the economic environment. The group operates in a highly competitive market and price competition can adversely affect the group's result. The group endeavour to manage price risk by placing purchase orders with supplier only after some degree of assurance is achieved for the sale of the goods being ordered. The group also aims to maintain only a minimum level of stock in hand.

 

Credit Risk:

The group is at risk of exposure to financial losses should a counter party fail to meet its obligations as and when they fall due. The credit risk is managed by setting credit limits as deemed appropriate for each customer. Where appropriate, the group endeavours to minimise risks by the use of trade finance instruments such as letters of credit.

 

Cash flow Risk:

The group is reliant on timely receipts from customers and short term borrowings from banks to manage its cash flow. The directors closely monitor cash flow position.

 

Foreign currency Risk:

The group has transactional currency exposures arising from sales and purchases in foreign currencies. The group hedges some of the foreign currency risk by using forward exchange contracts and also by operating US dollar and Euro bank accounts to mitigate the exchange risk.

GRETA INVESTMENTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Development and performance

The group continues its efforts in increasing turnover and profitability by exploring new opportunities in existing and new markets and products.

 

On 18th January 2024 Greta Investments Limited bought certain businesses and assets from Recycling Lives Limited (in administration) and Recycling Lives Metal & Waste Limited (in administration) through a newly formed subsidiary Global Ardour Recycling Limited. This new venture is a backward integration leading to better synergies and net worth of the group.

Key performance indicators

The directors have identified the following key performance indictors to help and understand and measure the performance of the group:

 

 

2024

2023

Revenue (In £ Millions)

364

421

Operating profit/ (loss) (In £ Millions)

3.3

10.2

Gross profit margin (%)

2.04

2.50

Trade debtor days

43

46

Trade creditor days

30

23

Current ratio

1.1

1.37

 

 

 

The directors are satisfied with the results achieved in the period under review which show a substantial decrease in profits before taxation compared from the previous period.Revenue decreased by £57m mainly driven by problems in the main shipping lanes- the Red Sea and Suez Canal. The war in the Red Sea and a ship stuck in the Suez Canal meant rerouting the vessels and extending the time the goods reached the customers. The freight costs increased dramatically during this period. The group will continue to pursue growth opportunities within the business sector and explore new markets. The company also continues to maintain excellent relationships with its suppliers.

Other information and explanations

For the year ending 31st March 2024 financial statements, the Ukraine war and the related impacts are considered an adjusting events. The director has assessed the impact on the recognition and measurement of assets and liabilities. Due to the uncertainty of the outcome of the current events, the company cannot reasonably estimate the impact these events will have on the financial positions, results of operation and cashflows in the future. There have been no other circumstances arising since 31st March 2024 that have significantly affected or may significantly affect the results of operations.

Section 172 (1) statement
Enviornmental liabilities

The group conducts its operations in such a manner as to ensure compliance with environmental laws and regulations. If events occur where actions are necessary to maintain compliance, the group will devote suitable resources to the issue in order to remedy the situation.

Employees

The group’s operations are based in the U.K. and USA where, one office is in Harrow, Middlesex and one office is in New Jersey, USA. The management team employed is small and the group recognises the importance of this resource and as such reviews its remuneration and recruitment policies on a regular basis. The group seeks to keep its employees up to date about matters affecting them as employees and information is provided through internal communications regularly. Details of the number of employees and related costs can be found in note 6 to the financial statements.

High standards of business conduct

The management team recognise the need to conduct business in a way that is ethical, compliant and to a high standard. The business is governed around a higher framework, with appropriate training on correct business conduct where required. The business is governed around key values, of which integrity and transparency are key.

GRETA INVESTMENTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Customer and supplier relationships

The directors recognise the need for strong and mutually beneficial relationships with customers and suppliers. The directors, purchasing and sales teams ensure that they are in regular contact with their suppliers and customers by continuous engagement and site visits to supplier yards or customer mills with a view to creating and nurturing long term partnerships. The activities carried out in development of these partnerships are reported regularly to the management team.

 

Health and safety

Providing a safe working environment is a key priority for the group. The group regularly assesses safety checks and implements them as required.

On behalf of the board

Mr A Chaudhari
Director
13 June 2025
GRETA INVESTMENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

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

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £120,000 (2023 - £120,000). The directors do not recommend payment of a final dividend.

Directors

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

Mr N Chaudhari
Mr A Chaudhari
Mr G Chaudhary
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

 

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Future developments

The group continues its efforts to increase turnover and profitability by exploring new opportunities in existing and new markets and products. New strategic investment made during the year in a metal recycling company is expected to provide synergy in the group's future operations and add value to the group.

 

Auditor

King & King Chartered Accountants and Statutory Auditors were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put to the members.

Energy and carbon report

Group's environmental performance information is presented in accordance with the Streamlined Energy and Carbon Reporting ("SECR") Policy. The table below represents a subsidiary's,Global Ardour Recycling Limited (GARL) energy use and greenhouse gas (GHG) emissions from electricity and fuel for the annual reporting period 18/01/2024 to 31/03/2024. The scope of the reporting includes all UK operations.

GRETA INVESTMENTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
2,657,441
-
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - Carbon emissions
- Preston and Hitchin Only
-
-
- Liquid fuels used for hydraulic lubricants (tons CO2e
13.75
-
13.75
-
Scope 2 - Carbon emissions
- Preston and Hitchin Only
-
- Purchased electricity (tons CO2e)
550.00
Scope 3 - Preston and Hitchin Only
- Waste recycled and reused tones CO2e
1,244,022.00
-
Total gross emissions
1,244,585.75
-
Intensity ratio
kg CO2e per tonne of recycled metal
0.73
Quantification and reporting methodology

The group carbon emissions were reported using the Green House Gas Protocol and using UK Government GHG Conversion Factors for Company Reporting using the carbon conversion factors published by the UK's Department for Energy Security and Net Zero (DENZ) 2024.

 

Green House Gas Emissions have been calculated for Scope 1, 2 and 3 emissions based on available data for the period for liquid fuel consumption of lubricants (scope1) electricity usage (scope 2) and waste recycled/reused (scope 3) using conversion factors from DENZ.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per tonne of recycled metal, the recommended ratio for the sector.

GRETA INVESTMENTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
Measures taken to improve energy efficiency

GARL is dedicated to continuously improving its energy efficiency efforts. Through technological innovation, strategic investments, and industry collaboration, the company aims to lead the scrap metal recycling sector toward a more energy-efficient and sustainable future.

This report will be reviewed and updated regularly to align with industry advancements and regulatory changes. GARL is committed to adhering to the latest legislation and policies in the UK, including the Procurement Act 2023, the National Procurement Policy Statement (NPPS), and the updated Social Value Model 06/20 - PPN002.

We will support the mission to Make Britain a clean energy superpower by:

Our commitment ensures that sustainability remains at the core of our business operations.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the consolidated 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 group and the parent company, and of the profit or loss of the group 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 group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of risks to financial instruments and is included within principal risks and uncertainties, of which the main ones are foreign exchange and liquidity risks.

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 auditor of the group 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 auditor of the group is aware of that information.

GRETA INVESTMENTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
Statement of engagement with suppliers, customers and others in business relationship

We rely on constructive relationships with customers and suppliers to conduct our business and maintain supportive framework conditions.

Going Concern

The directors have considered profitability and cashflows at various scenarios of operating levels and are satisfied that the group has adequate resources to continue to operate in the foreseeable future. The group’s trade facilities with HSBC Bank Plc has been renewed in April 2025.The renewal of Santander facility is currently in progress and the directors expect that the facility will be renewed. Moreover, the directors having considered the results of scenario analysis mentioned above, are confident that the company will have sufficient internal resources available to continue as a going concern in the foreseeable future even in the unlikely scenario where the above facility is not renewed as expected. Hence the directors continue to prepare the accounts on a going concern basis.

On behalf of the board
Mr A Chaudhari
Director
13 June 2025
GRETA INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GRETA INVESTMENTS LIMITED
- 8 -
Opinion

We have audited the financial statements of Greta Investments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group 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 group and parent 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 group's and parent 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:

GRETA INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GRETA INVESTMENTS LIMITED
- 9 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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.

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

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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

 

 

 

 

GRETA INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GRETA INVESTMENTS LIMITED
- 10 -

We assessed the susceptibility of the Group's financial statements to material misstatements, including obtaining an understanding of how fraud might occur, by:

 

 

Audit response to the risks identified

To address the risk of fraud through management bias and override of controls, we:

 

 

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

 

 

In response to the risk of fraud in within the area of recognition of revenue, we designed procedures which included, but were not limited to:

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

GRETA INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GRETA INVESTMENTS LIMITED
- 11 -
Milankumar Patel (Senior Statutory Auditor)
For and on behalf of King & King, Statutory Auditor
Chartered Accountants
5th Floor
Watson House
54-60 Baker Street
London
W1U 7BU
13 June 2025
GRETA INVESTMENTS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
2024
2023
Notes
£
£
Revenue
3
363,993,614
421,210,393
Cost of sales
(356,560,272)
(410,682,733)
Gross profit
7,433,342
10,527,660
Administrative expenses
(4,527,736)
(1,936,583)
Other operating income
490,944
1,604,176
Operating profit
4
3,396,550
10,195,253
Share of results of joint ventures
(106,396)
42,467
Investment income
8
335,527
190,418
Finance costs
9
(414,751)
(840,422)
Profit before taxation
3,210,930
9,587,716
Tax on profit
10
(1,184,347)
(1,835,696)
Profit for the financial year
27
2,026,583
7,752,020
Other comprehensive income
Currency translation gain taken to retained earnings
36,508
78,660
Total comprehensive income for the year
2,063,091
7,830,680
Profit for the financial year is attributable to:
- Owners of the parent company
2,388,174
7,752,020
- Non-controlling interests
(361,591)
-
2,026,583
7,752,020
Total comprehensive income for the year is attributable to:
- Owners of the parent company
2,424,682
7,830,680
- Non-controlling interests
(361,591)
-
0
2,063,091
7,830,680

The income statement has been prepared on the basis that all operations are continuing operations.

GRETA INVESTMENTS LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 13 -
2024
2023
Notes
£
£
£
£
Non-current assets
Goodwill
13
2,199,532
-
0
Negative goodwill
13
(12,668,487)
(30,381)
Net goodwill
(10,468,955)
(30,381)
Other intangible assets
13
9,800
-
0
Total intangible assets
(10,459,155)
(30,381)
Property, plant and equipment
14
29,549,160
168,093
Investments
15
778,509
879,905
19,868,514
1,017,617
Current assets
Inventories
18
6,369,484
6,707,052
Trade and other receivables
19
52,047,145
58,660,569
Cash and cash equivalents
6,277,637
5,156,857
64,694,266
70,524,478
Current liabilities
20
(58,985,592)
(51,246,374)
Net current assets
5,708,674
19,278,104
Total assets less current liabilities
25,577,188
20,295,721
Non-current liabilities
21
(4,766,778)
(481,030)
Provisions for liabilities
Deferred tax liability
24
55,740
41,063
(55,740)
(41,063)
Net assets
20,754,670
19,773,628
Equity
Called up share capital
26
250,600
250,600
Revaluation reserve
27
398,029
551,779
Other reserves
27
3,190,598
3,190,598
Retained earnings
27
18,239,083
15,780,651
Equity attributable to owners of the parent company
22,078,310
19,773,628
Non-controlling interests
(1,323,640)
-
0
Total equity
20,754,670
19,773,628
GRETA INVESTMENTS LIMITED
GROUP STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 14 -
The financial statements were approved by the board of directors and authorised for issue on 13 June 2025 and are signed on its behalf by:
13 June 2025
Mr A Chaudhari
Director
Company registration number 07443406 (England and Wales)
GRETA INVESTMENTS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
31 March 2024
- 15 -
2024
2023
Notes
£
£
£
£
Non-current assets
Investments
15
302,178
302,108
Current assets
Trade and other receivables
19
14,921,482
-
0
Cash and cash equivalents
10,917
-
0
14,932,399
-
0
Current liabilities
20
(10,686,241)
(51,508)
Net current assets/(liabilities)
4,246,158
(51,508)
Total assets less current liabilities
4,548,336
250,600
Non-current liabilities
21
(4,297,536)
-
Net assets
250,800
250,600
Equity
Called up share capital
26
250,600
250,600
Retained earnings
27
200
-
0
Total equity
250,800
250,600

As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s profit for the year was £120,200 (2023 - £120,000 profit).

The financial statements were approved by the board of directors and authorised for issue on 13 June 2025 and are signed on its behalf by:
13 June 2025
Mr A Chaudhari
Director
Company registration number 07443406 (England and Wales)
GRETA INVESTMENTS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
Share capital
Revaluation reserve
Other reserves
Retained earnings
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 April 2022
250,600
612,122
3,190,598
8,069,971
12,123,291
-
12,123,291
Year ended 31 March 2023:
Profit for the year
-
-
-
7,752,020
7,752,020
-
7,752,020
Other comprehensive income:
Currency translation differences
-
-
-
78,660
78,660
-
78,660
Total comprehensive income
-
-
-
7,830,680
7,830,680
-
7,830,680
Dividends
11
-
-
-
(120,000)
(120,000)
-
(120,000)
Other movements
-
(60,343)
-
-
(60,343)
-
(60,343)
Balance at 31 March 2023
250,600
551,779
3,190,598
15,780,651
19,773,628
-
0
19,773,628
Year ended 31 March 2024:
Profit for the year
-
-
-
2,388,174
2,388,174
(361,591)
2,026,583
Other comprehensive income:
Currency translation differences
-
-
-
36,508
36,508
-
36,508
Total comprehensive income
-
-
-
2,424,682
2,424,682
(361,591)
2,063,091
Dividends
11
-
-
-
(120,000)
(120,000)
-
(120,000)
Transfers
-
-
-
153,750
153,750
-
153,750
Acquisition of subsidiary
-
-
-
-
-
(962,049)
(962,049)
Other movements
-
(153,750)
-
-
(153,750)
-
(153,750)
Balance at 31 March 2024
250,600
398,029
3,190,598
18,239,083
22,078,310
(1,323,640)
20,754,670
GRETA INVESTMENTS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 April 2022
250,600
-
0
250,600
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
120,000
120,000
Dividends
11
-
(120,000)
(120,000)
Balance at 31 March 2023
250,600
-
0
250,600
Year ended 31 March 2024:
Profit and total comprehensive income
-
120,200
120,200
Dividends
11
-
(120,000)
(120,000)
Balance at 31 March 2024
250,600
200
250,800
GRETA INVESTMENTS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
34
19,631,798
(6,415,965)
Interest paid
(414,751)
(840,422)
Income taxes paid
(2,125,916)
(197,054)
Net cash inflow/(outflow) from operating activities
17,091,131
(7,453,441)
Investing activities
Purchase of business
(15,455,974)
-
Purchase of intangible assets
(9,801)
-
Purchase of property, plant and equipment
(5,098,024)
(107,319)
Proceeds from disposal of property, plant and equipment
69,746
-
Interest received
335,527
190,418
Net cash (used in)/generated from investing activities
(20,158,526)
83,099
Financing activities
Proceeds from borrowings
12,650,423
-
Repayment of borrowings
-
(737,293)
Proceeds from new bank loans
-
3,899,111
Repayment of bank loans
(8,298,034)
-
Payment of finance leases obligations
(32,884)
(18,729)
Dividends paid to equity shareholders
(120,000)
(120,000)
Net cash generated from financing activities
4,199,505
3,023,089
Net increase/(decrease) in cash and cash equivalents
1,132,110
(4,347,253)
Cash and cash equivalents at beginning of year
5,156,857
9,391,845
Effect of foreign exchange rates
(22,800)
112,265
Cash and cash equivalents at end of year
6,266,167
5,156,857
Relating to:
Cash at bank and in hand
6,277,637
5,156,857
Bank overdrafts included in creditors payable within one year
(11,470)
-
GRETA INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
1
Accounting policies
Company information

Greta Investments Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is First Floor Grove House, 55 Lowlands Road, Harrow, Middlesex, HA1 3AW, United Kingdom.

 

The group consists of Greta Investments Limited and all of its subsidiaries and associates.

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 is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

GRETA INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -
1.2
Business combinations

Business combinations are accounted for by applying the purchase method.

 

The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.

 

On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.

 

Goodwill recognised represents the excess of the fair value and directly attributable costs of the purchase consideration over the fair values to the group’s interest in the identifiable net assets, liabilities and contingent liabilities acquired.

 

On acquisition, goodwill is allocated to cash-generating units (‘CGU’s’) that are expected to benefit from the combination.

 

Goodwill is amortised over its expected useful life which is estimated to be ten years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. No reversals of impairment are recognised.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Greta Investments Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group statement of financial position at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

GRETA INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 21 -
1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The directors have considered profitability and cashflows at various scenarios of operating levels and are satisfied that the group has adequate resources to continue to operate in the foreseeable future. The group’s trade facilities with HSBC Bank Plc has been renewed in April 2025.The renewal of Santander facility is currently in progress and the directors expect that the facility will be renewed. Moreover, the directors having considered the results of scenario analysis mentioned above, are confident that the company will have sufficient internal resources available to continue as a going concern in the foreseeable future even in the unlikely scenario where the above facility is not renewed as expected. Hence the directors continue to prepare the accounts on a going concern basis.

 

1.5
Revenue

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided 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.

Sale of goods comprises of sales of various grades and quantities of secondary and scrap ferrous metal.

 

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.

Interest income, including income arising from finance leases and other financial instruments, is recognised using the effective interest method.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

GRETA INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 22 -

Amortisation 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:

Software
25% reducing balance
1.8
Property, plant and equipment

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Costs includes the original purchase price and costs directly attributable to bringing the assets to its working conditions for its intended use.

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:

Freehold land
No depreciation on Land
Short leasehold property
20% straight line
Plant and equipment
10% straight line
Fixtures and fittings
25% reducing balance
Motor vehicles
25% straight line

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 recognised in the income statement.

 

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

1.9
Non-current investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

Investments in joint ventures

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

 

Investments in joint ventures are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the jointly controlled entity using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the jointly controlled entity on acquisition is recognised as goodwill. The carrying values of investments in joint ventures include acquired goodwill.

 

If the group’s share of losses in a joint venture equals or exceeds its investment in the joint venture, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture.

 

Unrealised gains arising from transactions with joint ventures are eliminated to the extent of the group’s interest in the entity.

GRETA INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 23 -
1.10
Impairment of non-current assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

1.11
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Inventories are recognised as an expense in the period in which the related revenue is recognised.

 

Cost is determined on the first-in, first-out (FIFO) method. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories 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.

1.12
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.

GRETA INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 24 -
1.13
Financial instruments

The group 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 group's statement of financial position when the group 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 trade and other receivables 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 group 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.

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 group after deducting all of its liabilities.

GRETA INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 25 -
Basic financial liabilities

Basic financial liabilities, including trade and other payables, 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 payables 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 payables 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 group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group 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 group.

 

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.15
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 income statement 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

GRETA INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 26 -
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 income statement, 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 if, and only if, there is 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.

1.16
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 non-current 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.

1.17
Retirement benefits

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

 

The group operates a number of country specific defined contribution plans for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a specific entity. Once the contributions have been paid, the group has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the group in independently administered funds.

1.18
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 statement of financial position 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.

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 leased asset are consumed.

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

GRETA INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’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. The company makes an

estimate of the recoverable value of trade and other debtors. When assessing the impairment of trade and

other debtors, management considered factors including the ageing profile of the debtors and historical

experience. 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.

 

No significant judgements, estimates and assumptions were made, apart from those involving estimations that

management has made in the process of applying the entity's accounting policies, that have a significant

effect on the amounts recognised in the financial statements.

3
Revenue
2024
2023
£
£
Revenue analysed by class of business
Sale of goods
363,993,614
421,210,393
2024
2023
£
£
Revenue analysed by geographical market
United Kingdom
7,937,464
176,582
Overseas
356,056,150
421,033,811
363,993,614
421,210,393
2024
2023
£
£
Other revenue
Interest income
335,527
190,418
Export credit received
416,002
1,722,286

The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given above.

GRETA INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
502,891
1,085,865
Depreciation of owned property, plant and equipment
456,490
46,506
Loss on disposal of property, plant and equipment
254
-
Amortisation of intangible assets
(303,222)
(3,376)
Operating lease charges
395,118
46,405

 

5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
10,000
10,000
Audit of the financial statements of the company's subsidiaries
5,500
3,650
15,500
13,650
For other services
All other non-audit services
4,500
7,600
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administrative staff
82
11
3
3
Management staff
15
4
-
-
Manufacturing staff
231
-
-
-
Total
328
15
3
3
GRETA INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Employees
(Continued)
- 29 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,834,340
448,176
-
0
-
0
Social security costs
301,208
44,330
-
-
Pension costs
346,526
318,720
-
0
-
0
3,482,074
811,226
-
0
-
0
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
54,034
52,924
Company pension contributions to defined contribution schemes
60,353
154,872
114,387
207,796
8
Investment income
2024
2023
£
£
Interest income
Interest on bank deposits
84,897
13,921
Other interest income
250,630
176,497
Total income
335,527
190,418
9
Finance costs
2024
2023
£
£
Interest on bank overdrafts and loans
216,626
725,153
Dividends on redeemable preference shares not classified as equity
109,920
54,960
Other interest on financial liabilities
73,869
-
Interest on Covid loans
14,336
60,309
Total finance costs
414,751
840,422
GRETA INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 30 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,154,050
1,796,796
Foreign current tax on profits for the current period
15,620
21,852
Total current tax
1,169,670
1,818,648
Deferred tax
Origination and reversal of timing differences
14,677
17,048
Total tax charge
1,184,347
1,835,696

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
3,210,930
9,587,716
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
802,733
1,821,666
Tax effect of expenses that are not deductible in determining taxable profit
366,937
17,486
Other tax adjustment to decrease tax liability
-
0
(20,504)
Adjustment to tax reversal in respect of prior periods
14,677
17,048
Taxation charge
1,184,347
1,835,696
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
120,000
120,000
12
Dividends on shares classed as debt

Preference dividends totalling £109,920 (2023: £54,960) were paid in respect of Preference shares held by the group's directors.

GRETA INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 31 -
13
Intangible fixed assets
Group
Goodwill
Negative goodwill
Software
Total
£
£
£
£
Cost
At 1 April 2023
-
0
(33,757)
-
0
(33,757)
Additions - separately acquired
-
0
(12,986,717)
9,800
(12,976,917)
Additions - business combinations
2,244,921
-
0
-
0
2,244,921
At 31 March 2024
2,244,921
(13,020,474)
9,800
(10,765,753)
Amortisation and impairment
At 1 April 2023
-
0
(3,376)
-
0
(3,376)
Amortisation charged for the year
45,389
(348,611)
-
0
(303,222)
At 31 March 2024
45,389
(351,987)
-
0
(306,598)
Carrying amount
At 31 March 2024
2,199,532
(12,668,487)
9,800
(10,459,155)
At 31 March 2023
-
0
(30,381)
-
0
(30,381)
The company had no intangible fixed assets at 31 March 2024 or 31 March 2023.

 

GRETA INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 32 -
14
Property, plant and equipment
Group
Freehold land
Short leasehold property
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2023
-
0
63,349
-
0
214,345
185,959
463,653
Additions
9,295,000
-
0
18,659,424
9,603
1,943,574
29,907,601
Disposals
-
0
-
0
(70,000)
-
0
-
0
(70,000)
Exchange adjustments
-
0
-
0
-
0
(535)
-
0
(535)
At 31 March 2024
9,295,000
63,349
18,589,424
223,413
2,129,533
30,300,719
Depreciation and impairment
At 1 April 2023
-
0
63,349
-
0
178,905
53,306
295,560
Depreciation charged in the year
-
0
-
0
387,342
10,750
58,398
456,490
Exchange adjustments
-
0
-
0
-
0
(491)
-
0
(491)
At 31 March 2024
-
0
63,349
387,342
189,164
111,704
751,559
Carrying amount
At 31 March 2024
9,295,000
-
0
18,202,082
34,249
2,017,829
29,549,160
At 31 March 2023
-
0
-
0
-
0
35,440
132,653
168,093
The company had no property, plant and equipment at 31 March 2024 or 31 March 2023.
15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
302,178
302,108
Investments in joint ventures
17
742,759
849,155
-
0
-
0
Loans to joint ventures
17
35,750
30,750
-
0
-
0
778,509
879,905
302,178
302,108

 

GRETA INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
15
Fixed asset investments
(Continued)
- 33 -
Movements in non-current investments
Group
Shares in joint ventures
Loans to joint ventures
Total
£
£
£
Cost or valuation
At 1 April 2023
849,155
30,750
879,905
Additions
-
5,000
5,000
Share of associates profit
47,354
-
47,354
Revaluation of investment properties
(153,750)
-
(153,750)
At 31 March 2024
742,759
35,750
778,509
Carrying amount
At 31 March 2024
742,759
35,750
778,509
At 31 March 2023
849,155
30,750
879,905
Movements in non-current investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023
302,108
Additions
70
At 31 March 2024
302,178
Carrying amount
At 31 March 2024
302,178
At 31 March 2023
302,108
16
Subsidiaries

Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Global Metcorp Limited
England & Wales
Ordinary
100.00
Global Metcorp LLC
United States of America
Ordinary
100.00
Global Metcorp Sp. z.o.o.
Poland
Ordinary
100.00
Kyvsai Limited
England & Wales
Ordinary
70.00
Raw2K Limited
England & Wales
Ordinary
70.00
Global Ardour Recycling Limited
England & Wales
Ordinary
70.00
GRETA INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 34 -
17
Joint ventures

Details of joint ventures at 31 March 2024 are as follows:

Name of undertaking
Registered office
Interest
% Held
held
Direct
Grove House Harrow Limited
United Kingdom
Ordinary
50.00

Investment in joint venture is accounted in accordance with the equity method.

18
Inventories
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
6,369,484
6,707,052
-
0
-
0
19
Trade and other receivables
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade receivables
43,166,543
53,105,106
-
0
-
0
Amounts owed by group undertakings
-
-
14,850,000
-
Other receivables
6,550,380
5,533,255
71,482
-
0
Prepayments and accrued income
2,330,003
21,979
-
0
-
0
52,046,926
58,660,340
14,921,482
-
Deferred tax asset (note 24)
219
229
-
0
-
0
52,047,145
58,660,569
14,921,482
-

Other receivables includes amounts owed by related undertakings £2,772,574 (2023: £988,957) are unsecured, interest free, have no fixed date of repayment and are repayable on demand. Other receivables also include VAT recoverable £837,292 (2023: £1,779,828).

 

Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

GRETA INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 35 -
20
Current liabilities
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
22
9,765,754
18,051,778
-
0
-
0
Obligations under finance leases
23
11,248
32,884
-
0
-
0
Other borrowings
22
12,823,540
4,470,653
4,525,421
-
0
Payments received on account
168,438
81,012
-
0
-
0
Trade payables
29,016,146
26,246,097
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
6,093,419
51,508
Corporation tax payable
393,759
1,050,394
-
0
-
0
Other taxation and social security
288,072
12,140
-
-
Other payables
3,007,931
2,607
6,665
-
0
Accruals and deferred income
3,510,704
1,298,809
60,736
-
0
58,985,592
51,246,374
10,686,241
51,508

Bank loans and overdraft is secured by fixed and floating charge over the assets of Global Metcorp Limited, a subsidiary, the assets of Ardour World Limited, a related company, and Grove House Harrow Limited, a joint venture, by way of an unlimited cross guarantee. Mr A Chaudhari, a director, and Mr S Goyal, a director of Ardour World Limited have also provided a joint personal guarantee of USD500,000.

Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

 

Other borrowings include £7,751,362 (2023 : £nil) being amounts owed to entity under common control,which is unsecured, interest free, have no fixed date of repayment and is repayable on demand.

 

Other borrowings include £3,148,119 (2023 : £1,648,261) being amounts owed to close family member,which is unsecured, carry interest of 5% p.a, have no fixed date of repayment and is repayable on demand.

 

Other borrowings include £1,924,059 (2023 : £2,822,392) being amounts owed to unconnected third party which is unsecured, interest free, have no fixed date of repayment and is repayable on demand.

 

21
Non-current liabilities
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank overdrafts
22
11,242
11,782
-
0
-
0
Obligations under finance leases
23
-
0
11,248
-
0
-
0
Shares classed as financial laibilities
22
458,000
458,000
-
-
0
Other borrowings
4,297,536
-
0
4,297,536
-
0
4,766,778
481,030
4,297,536
-
GRETA INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
21
Non-current liabilities
(Continued)
- 36 -

Shares classed as financial liabilities relates to non-cumulative redeemable preference shares of £1 each which are redeemable before the year 2035 at the company's option following a 3 months notice period.

 

Other borrowings are private business borrowings for expansion of business. The loan is unsecured, fully repayable on 12 January 2029 and carry interest at 8% p.a.

22
Borrowings
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
9,765,526
18,063,560
-
0
-
0
Bank overdrafts
11,470
-
0
-
0
-
0
Preference shares
458,000
458,000
-
0
-
0
Other loans
17,121,076
4,470,653
8,822,957
-
0
27,356,072
22,992,213
8,822,957
-
Payable within one year
22,589,294
22,522,431
4,525,421
-
0
Payable after one year
4,766,778
469,782
4,297,536
-
0

The bank loans are for general working capital requirements. They are repayable between 30 days and 24 months and carry interest rates between 0.75% and 2.75% per annum over UK Bank Base Rate.

23
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
11,248
32,884
-
0
-
0
In two to five years
-
0
11,247
-
0
-
0
11,248
44,131
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

GRETA INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 37 -
24
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
55,740
41,063
219
229
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
40,834
-
Charge to profit or loss
14,687
-
Liability at 31 March 2024
55,521
-

The deferred tax liability set out above is expected to reverse within 48 months and relates to accelerated capital allowances that are expected to mature within the same period.

25
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
346,526
318,720

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

 

The amount recognised in statement of comprehensive income as an expense in relation to defined contribution plan was £346,526 (2023 - £318,720).

26
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
250,600
250,600
250,600
250,600
GRETA INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
26
Share capital
(Continued)
- 38 -

Ordinary shares

Ordinary shares have attached to them are with full voting, dividend and capital distribution rights, including on winding up.

 

Preference shares

Preference shares are non-cumulative shares and are redeemable at the option of the company on or before the year 2035 by giving a three months notice to the shareholders. These shares do not have confer voting rights and rights to capital distribution on winding up.

 

The total number of preference shares issued of £1 each were £458,000 (2023£458,000) which is shown under creditors amounts falling due after more than one year.

27
Reserves
Revaluation reserve

The directors of Grove House Harrow Limited, a joint venture of the group through a subsidiary (Global Metcorp Limited) have revalued a property owned by the company on the basis of current market value which is represented in the group financial statement as shown under fixed asset investments. The gains or loss on revaluation has been transferred to revaluation reserves.

Retained earnings

This reserve records retained earnings and accumulated losses since the creation of the group.

 

Other reserves

This reserve records retained earning and accumulated losses brought forward on the date of creation of the group. This is a distributable reserve.

 

28
Acquisition of a business

On 18 January 2024 the group acquired the business of Global Ardour Recycle Limited.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
13,961,180
14,327,795
28,288,975
Inventories
330,000
-
330,000
Trade and other receivables
1,888,262
-
1,888,262
Trade and other payables
(1,433,144)
-
(1,433,144)
Total identifiable net assets
14,746,298
14,327,795
29,074,093
Goodwill
(12,986,717)
Total consideration
16,087,376
The consideration was satisfied by:
£
Cash
16,087,375
GRETA INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
28
Acquisition of a business
(Continued)
- 39 -
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Revenue
21,882,370
Loss after tax
(1,260,524)

On 18 January 2024 the group acquired 70% percent of the issued capital of RAW2K Limited.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Trade and other receivables
424,795
-
424,795
Cash and cash equivalents
631,402
-
631,402
Trade and other payables
(4,263,226)
-
(4,263,226)
Total identifiable net assets
(3,207,029)
-
(3,207,029)
Non-controlling interests
962,108
Goodwill
2,244,921
Total consideration
-
The consideration was satisfied by:
£
Cash
1
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Revenue
255,937
Profit after tax
256,358
29
Financial commitments, guarantees and contingent liabilities

The group did not have any other financial commitments, guarantees or contingent liabilities at year end other than those disclosed under creditors.

GRETA INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 40 -
30
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
41,000
27,212
-
-
Between two and five years
123,000
-
-
-
164,000
27,212
-
-
31
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

 

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Group
Sales
182,251
9,639,629
-
-
Purchases
-
-
183,403
1,452,983
2024
2023
£
£
Group
Remuneration & benefits paid to close family
314,216
221,667
GRETA INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
31
Related party transactions
(Continued)
- 41 -

Mr A Chaudhari, a common director, and Mr S Goyal, a director of Ardour World Limited has provided a joint personal guarantee of USD500,000 to secure a bank loan and overdraft facility of Global Metcorp Limited, a 100% subsidiary of the group,

 

Global Metcorp Limited, a 100% owned subsidiary, and Ardour World Limited, a related group, has provided a cross guarantee against each other's full indebtedness to a bank, the amount of Ardour World Limited's loan guaranteed by Gobal Metcorp Limited under the said cross guarantee at the balance sheet date was £3,661,848 (2023 - £6,010,849).

 

The group has acquired a short lease from Grove House Harrow Limited, a joint venture to the group, its office premises at an annual rent of £71,875 (2023 - £68,500) in joint tenancy with Ardour World Ltd, a related company.

 

During the year the group paid £49,925 (2023 - £45,462) to Grove House Harrow Ltd towards the rent and service charges for leased office premises, the balance outstanding at the year end was £nil (2023 - £nil).

 

Grove House Harrow Limited is a joint venture (50% holding) jointly owned by the group with Ardour World Limited, a related company. During the year Global Metcorp Limited has provided an interest free and unsecured loan to Grove House Harrow Limited amounting to £21,000 (2023 - £70,000). The balance outstanding at the balance sheet date was £35,750 (2023 - £30,750).

 

During the year Greta Metals Pte Ltd repaid £412,100 (USD 500,000 ) 3% interest bearing loan given by Global Metcorp LLC. The balance outstanding as at the balance sheet date was £46,397 (2023 - £439,598).Greta Metals Pte Ltd is a company under the control of a Director,Nitesh Chaudhari.

 

The group has taken advantage of exemption available under FRS102 and not disclosed the balances and transactions with wholly owned members of the group.

 

Transactions with Directors have been disclosed in note 32.

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Close family member loan
3,148,119
1,648,261
Entities over which the group has control, joint control or significant influence
7,751,362
-

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Entities with control, joint control or significant influence over the group
2,772,574
988,957
Other information
GRETA INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
31
Related party transactions
(Continued)
- 42 -

Company

 

At the balance sheet date the amounts owed to a related party (subsidiary) was £51,490 (2023 - £50,611).

 

The company has taken advantage of exemption available under FRS102 and not disclosed the balances and transactions with wholly owned members of the group.

32
Directors' transactions

Advances or credits have been granted by the group to its directors as follows:

Ordinary dividends totalling £120,000 (2023 - £120,000) and preference dividends totalling £109,920 (2023 - £54,960) were paid in the year in respect of shares held by the group's directors and their close family members.

Advances or credits have been granted by the group to its directors as follows:

As at 31 March 2024 amounts owed to director Ashish Chaudhari £178,597 (2023 : £172,570). The amounts owed are unsecured, interest free and payable on demand.

33
Controlling party

Directors, Mr A Chaudhari and Mr N Chaudhari are the ultimate controlling parties.

34
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit after taxation
2,026,583
7,752,020
Adjustments for:
Share of results of associates and joint ventures
106,396
(42,467)
Taxation charged
1,184,347
1,835,696
Finance costs
414,751
840,422
Investment income
(335,527)
(190,418)
Loss on disposal of property, plant and equipment
254
-
Amortisation and impairment of intangible assets
(303,222)
(3,376)
Depreciation and impairment of property, plant and equipment
456,490
46,506
Movements in working capital:
Decrease in inventories
667,568
4,503,822
Decrease/(increase) in trade and other receivables
7,581,977
(18,896,217)
Increase/(decrease) in trade and other payables
7,832,181
(2,261,953)
Cash generated from/(absorbed by) operations
19,631,798
(6,415,965)
GRETA INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 43 -
35
Analysis of changes in net debt - group
2024
£
Opening net funds/(debt)
Cash and cash equivalents
5,156,857
Loans
(22,992,213)
Obligations under finance leases
(44,132)
(17,879,488)
Changes in net debt arising from:
Cash flows of the entity
(3,187,395)
Changes in market value and exchange rates
(22,800)
Closing net funds/(debt) as analysed below
(21,089,683)
Closing net funds/(debt)
Cash and cash equivalents
6,266,167
Loans
(27,344,602)
Obligations under finance leases
(11,248)
(21,089,683)
2024-03-312023-04-01falsefalseCCH SoftwareCCH Accounts Production 2025.100No description of principal activityMr N ChaudhariMr A ChaudhariMr G 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