REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 SEPTEMBER 2023 TO 30 SEPTEMBER 2024 |
FOR |
GREENLEAF PROPERTIES SUSSEX LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 SEPTEMBER 2023 TO 30 SEPTEMBER 2024 |
FOR |
GREENLEAF PROPERTIES SUSSEX LIMITED |
GREENLEAF PROPERTIES SUSSEX LIMITED (REGISTERED NUMBER: 03102984) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 SEPTEMBER 2023 TO 30 SEPTEMBER 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
GREENLEAF PROPERTIES SUSSEX LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1 SEPTEMBER 2023 TO 30 SEPTEMBER 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
30 - 34 North Street |
Hailsham |
East Sussex |
BN27 1DW |
GREENLEAF PROPERTIES SUSSEX LIMITED (REGISTERED NUMBER: 03102984) |
BALANCE SHEET |
30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Other reserves |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
GREENLEAF PROPERTIES SUSSEX LIMITED (REGISTERED NUMBER: 03102984) |
BALANCE SHEET - continued |
30 SEPTEMBER 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
GREENLEAF PROPERTIES SUSSEX LIMITED (REGISTERED NUMBER: 03102984) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 SEPTEMBER 2023 TO 30 SEPTEMBER 2024 |
1. | STATUTORY INFORMATION |
Greenleaf Properties Sussex Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The financial statements have been prepared on a going concern basis. |
Turnover |
Turnover comprises the fair value of the consideration received or receivable for the rent from investment properties together with sales of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts. |
The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities. |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Investment property |
Investment property is carried at fair value. Gains are recognised in the profit and loss. Deferred tax is provided on these gains at the rate expected to apply when the property is sold. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties. |
Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an 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. |
GREENLEAF PROPERTIES SUSSEX LIMITED (REGISTERED NUMBER: 03102984) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2023 TO 30 SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period 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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Borrowings |
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period fo the relevant borrowing. |
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. |
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. |
Non-distributable reserve |
The aggregate fair value adjustments relating to movements in the value of the company's investment properties are transferred at the end of each period, net of deferred tax, from the profit and loss reserve to the non-distributable reserve. |
On disposal of investment property the aggregate fair value adjustment is transferred back to profit and loss reserves and the deferred tax position is transferred to current tax liabilities. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
GREENLEAF PROPERTIES SUSSEX LIMITED (REGISTERED NUMBER: 03102984) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2023 TO 30 SEPTEMBER 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 September 2023 |
Disposals | ( |
) | ( |
) |
At 30 September 2024 |
DEPRECIATION |
At 1 September 2023 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 31 August 2023 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 September 2023 |
and 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 31 August 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 September 2023 |
Additions |
Revaluations | (2,285,757 | ) |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 31 August 2023 |
GREENLEAF PROPERTIES SUSSEX LIMITED (REGISTERED NUMBER: 03102984) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2023 TO 30 SEPTEMBER 2024 |
6. | INVESTMENT PROPERTY - continued |
Fair value at 30 September 2024 is represented by: |
£ |
Valuation in 2021 | 9,677,732 |
Valuation in 2022 | 2,553,500 |
Valuation in 2023 | 2,983,019 |
Valuation in 2024 | (2,285,757 | ) |
Cost | 9,104,422 |
22,032,916 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | 112,590 | 70,661 |
Other creditors |
Directors' current accounts | 37,075 | - |
Deferred income |
Accrued expenses |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary A | £1 | 70 | 70 |
Ordinary B | £1 | 30 | 30 |
100 | 100 |
GREENLEAF PROPERTIES SUSSEX LIMITED (REGISTERED NUMBER: 03102984) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2023 TO 30 SEPTEMBER 2024 |
10. | RELATED PARTY DISCLOSURES |
Matsim Properties Limited |
Included in other creditors is a loan from Matsim Properties Limited, a company in which Mr M Lambor was also a director until resignation on 5th March 2024. |
At the year end the loan balance due to Matsim Properties Limited was £8,126,107 (2023 - £7,340,458) |
Greenleaf Construction Services Limited |
Included in other creditors is a loan from Greenleaf Construction Services Limited, a company in which Mr M Lambor and Mr S Lambor are also directors. At the year end the loan balance due to Greenleaf Construction Services Limited was £485 (2023 - £21,209 Other Debtor). |