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Registration number: 11716083

Greenacre Building Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Greenacre Building Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Greenacre Building Ltd

(Registration number: 11716083)
Statement of Financial Position as at 31 December 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

17,492

22,468

Current assets

 

Work in progress

33,444

26,731

Debtors

5

16,228

5,590

Cash at bank and in hand

 

19,990

50,024

 

69,662

82,345

Creditors: Amounts falling due within one year

6

(70,045)

(75,456)

Net current (liabilities)/assets

 

(383)

6,889

Total assets less current liabilities

 

17,109

29,357

Creditors: Amounts falling due after more than one year

6

(8,991)

(10,000)

Provisions for liabilities

(4,373)

(5,617)

Net assets

 

3,745

13,740

Capital and reserves

 

Called up share capital

100

1

Profit and loss account

3,645

13,739

Shareholders' funds

 

3,745

13,740

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 10 July 2025
 

 

Greenacre Building Ltd

(Registration number: 11716083)
Statement of Financial Position as at 31 December 2024 (continued)


D W Wakefield
Director

 

Greenacre Building Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
8 Waltacre
Yealmpton
Plymouth
Devon
PL8 2LY

Principal activity

The principal activity of the company is that of the design and construction of sustainable spaces.

In previous years the director has elected to prepare the accounts in accordance with the micro-entity provisions. This year no election has been made and the accounts have been prepared under FRS 102 Section 1A.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

 

Greenacre Building Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Revenue is recognised with the increase in the value of work performed on construction contracts and on the value of services provided during the year.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Greenacre Building Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

25% reducing balance

Computer equipment

4 year straight line

Motor vehicles

4 year straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Work in progress

The cost of work in progress 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, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Greenacre Building Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

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 statement of comprehensive income over the period of 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.

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Greenacre Building Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 2).

4

Tangible assets

Plant and machinery
£

Computer equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

12,699

1,972

19,995

34,666

Additions

2,161

-

-

2,161

Disposals

(613)

-

(2,000)

(2,613)

At 31 December 2024

14,247

1,972

17,995

34,214

Depreciation

At 1 January 2024

7,128

737

4,333

12,198

Charge for the year

1,743

493

3,749

5,985

Eliminated on disposal

(128)

-

(1,333)

(1,461)

At 31 December 2024

8,743

1,230

6,749

16,722

Carrying amount

At 31 December 2024

5,504

742

11,246

17,492

At 31 December 2023

5,571

1,235

15,662

22,468

5

Debtors

2024
£

2023
£

Trade debtors

8,985

-

Other debtors

4,173

5,590

Prepayments

3,070

-

16,228

5,590

 

Greenacre Building Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Loans and borrowings

16,852

17,882

Trade creditors

 

16,030

-

Taxation and social security

 

14,367

5,509

Accruals and deferred income

 

2,550

960

Other creditors

 

20,246

51,105

 

70,045

75,456


Within loans and borrowings above is a Bounce Back Loan which benefits from a government guarantee.

Creditors: amounts falling due after more than one year

2024
£

2023
£

Loans and borrowings

8,991

10,000


Within loans and borrowings above is a Bounce Back Loan which benefits from a government guarantee.

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

12,900

-

Later than one year and not later than five years

25,546

-

38,446

-

The amount of non-cancellable operating lease payments recognised as an expense during the year was £254 (2023 - £Nil).

 

Greenacre Building Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

9

Related party transactions

Transactions with the director

2024

At 1 January 2024
£

Advances to director
£

Repayments by director
£

At 31 December 2024
£

Director

(501)

43,219

(38,610)

4,108

         
       

 

10

Transition to FRS 102

The comparative figures have been restated to introduce a deferred tax provision, in accordance with the transition from FRS105 to FRS102 Section 1A.

Statement of Financial Position at 31 December 2023
 

As originally reported
£

Remeasurement
£

As restated
£

Capital and reserves

Profit and loss account

19,356

(5,617)

13,739

Total equity

19,356

(5,617)

13,739