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REGISTRAR OF COMPANIES

Registration number: 06523707

Greening Limited

Unaudited Financial Statements

31 December 2024

image-name

 

Greening Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Greening Limited
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Greening Limited for the year ended 31 December 2024 as set out on pages 2 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Greening Limited, as a body, in accordance with the terms of our engagement letter dated 23 March 2022. Our work has been undertaken solely to prepare for your approval the accounts of Greening Limited and state those matters that we have agreed to state to the Board of Directors of Greening Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Greening Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Greening Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Greening Limited. You consider that Greening Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Greening Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

4 June 2025

 

Greening Limited

(Registration number: 06523707)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

2,969

6,125

Tangible assets

5

1,809,785

1,551,128

Other financial assets

6

46,132

9,471

 

1,858,886

1,566,724

Current assets

 

Stocks

615,820

582,205

Debtors

7

600,068

608,344

Cash at bank and in hand

 

274,454

60,640

 

1,490,342

1,251,189

Creditors: Amounts falling due within one year

8

(584,120)

(479,308)

Net current assets

 

906,222

771,881

Total assets less current liabilities

 

2,765,108

2,338,605

Creditors: Amounts falling due after more than one year

8

(714,687)

(612,073)

Provisions for liabilities

(197,421)

(167,748)

Net assets

 

1,853,000

1,558,784

Capital and reserves

 

Allotted, called up and fully paid share capital

300

300

Profit and loss account

1,852,700

1,558,484

Total equity

 

1,853,000

1,558,784

 

Greening Limited

(Registration number: 06523707)
Balance Sheet as at 31 December 2024 (continued)

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.

Directors' 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 directors acknowledge 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 June 2025 and signed on its behalf by:
 

.........................................
P Greening
Director

.........................................
G Greening
Director

 
     
 

Greening Limited

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:
Waverbank
Wigton
CA7 8PN
United Kingdom

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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.

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.


Other grants
Other grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets on a basis consistent with the depreciation policy.

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.

 

Greening Limited

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

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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Land and buildings

Land not depreciated, buildings 20 years straight line basis

Plant and equipment

15% reducing balance basis and 3 year straight line basis

Motor vehicles

25% reducing balance basis

Land and buildings include tenants improvements on land leased by the company from the shareholders. As the long term intention is for the farming operation to continue, it is deemed a true and fair view to depreciate the assets at 20 years straight line basis over their useful economic life, and not the duration of the lease.

Other intangible fixed assets

Other intangible assets represent an investment in AMCo Common Consolidation which is a contractual requirement in order to benefit from the AMCo milk purchasing agreement. This investment is non refundable and is therefore being amortised over its useful life to the business. As there is no fixed period for the contract the directors have considered it appropriate to adopt an amortisation period of 5 years for the asset on a straight line basis. In addition an annual impairment review is performed.

Investments

Non-current investments represent the amount invested in AMCo held as Individual Consolidation.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

 

Greening Limited

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

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

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 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

 

Greening Limited

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

Financial instruments

Classification
Equity shares and debt securities
 Recognition and measurement
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 Impairment
For instruments measured at cost less impairment the impairment is the difference between the assets' carrying amount and the best estimate the entity would receive for the asset if it were sold at the reporting date.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

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 balance sheet as a finance lease obligation.

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2023 - 14).

 

Greening Limited

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

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2024

18,943

18,943

At 31 December 2024

18,943

18,943

Amortisation

At 1 January 2024

12,818

12,818

Amortisation charge

3,156

3,156

At 31 December 2024

15,974

15,974

Carrying amount

At 31 December 2024

2,969

2,969

At 31 December 2023

6,125

6,125

 

Greening Limited

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

5

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

850,448

1,868,025

99,365

2,817,838

Additions

111,080

319,356

-

430,436

Disposals

-

(59,000)

-

(59,000)

At 31 December 2024

961,528

2,128,381

99,365

3,189,274

Depreciation

At 1 January 2024

126,191

1,093,004

47,515

1,266,710

Charge for the year

20,328

132,689

12,963

165,980

Eliminated on disposal

-

(53,201)

-

(53,201)

At 31 December 2024

146,519

1,172,492

60,478

1,379,489

Carrying amount

At 31 December 2024

815,009

955,889

38,887

1,809,785

At 31 December 2023

724,257

775,021

51,850

1,551,128

 

Greening Limited

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

6

Other financial assets (current and non-current)

2024
£

2023
£

Non-current financial assets

Financial assets at cost less impairment

46,132

9,471

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2024

9,471

9,471

Additions

36,661

36,661

At 31 December 2024

46,132

46,132

Carrying amount

At 31 December 2024

46,132

46,132

7

Debtors

2024
£

2023
£

Trade debtors

170,587

115,778

Other debtors

429,481

492,566

600,068

608,344

 

Greening Limited

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

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

70,882

43,409

Trade creditors

 

219,850

237,761

Taxation and social security

 

42

7,159

Corporation tax liability

 

96,994

58,329

Other creditors

 

196,352

132,650

 

584,120

479,308

Due after one year

 

Loans and borrowings

9

403,699

399,638

Other creditors

 

310,988

212,435

 

714,687

612,073

2024
£

2023
£

After more than five years by instalments

213,530

244,119

213,530

244,119

 

Greening Limited

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

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

44,717

43,409

Finance lease liabilities

23,967

-

Other borrowings

2,198

-

70,882

43,409

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

44,717

43,409

Finance lease liabilities

23,967

-

68,684

43,409

Bank borrowings are secured by fixed and floating charges over the company's assets.

Finance lease liabilities are secured on the assets to which they relate.
 

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

355,498

399,638

Finance lease liabilities

48,201

-

403,699

399,638

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

355,498

399,638

Finance lease liabilities

48,201

-

403,699

399,638

Bank borrowings are secured by fixed and floating charges over the company's assets.

Finance lease liabilities are secured on the assets to which they relate.
 

 

Greening Limited

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

10

Related party transactions

Transactions with directors

2024

At 1 January 2024
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 December 2024
£

M C Greening

Loan

16,825

27,524

(26,660)

-

(18,000)

311

-

               
         

P Greening

Loan

33,004

46,319

(34,983)

-

(3,000)

904

42,244

               
         

G Greening

Loan

67,770

38,349

(3,234)

-

(35,000)

1,744

69,629

               
         

P J Greening

Loan

116,679

67,486

(27,368)

-

(20,000)

3,124

139,921

               
         

 

2023

At 1 January 2023
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 December 2023
£

M C Greening

Loan

48,897

28,269

(43,129)

-

(18,000)

788

16,825

               
         

P Greening

Loan

41,343

44,644

(50,988)

-

(3,000)

1,005

33,004

               
         

G Greening

Loan

9,142

135,952

(42,751)

-

(35,000)

427

67,770

               
         

P J Greening

Loan

184,427

82,163

(133,583)

-

(20,000)

3,672

116,679

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at a rate of 2% up to April 2023 and 2.25% thereafter on advances to directors.