REGISTERED NUMBER: 06505009 (England and Wales)

Green Image Limited

Unaudited Financial Statements

for the Year Ended 31st March 2025

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

P Williams

V Try

A J Haycock

REGISTERED OFFICE:

31-32 Causewayhead

Penzance

Cornwall

TR18 2SP

REGISTERED NUMBER:

06505009 (England and Wales)

ACCOUNTANTS:

Hodgsons

Chartered Accountants

48 Arwenack Street

Falmouth

Cornwall

TR11 3JH

FIXED ASSETS

Tangible assets

4

26,921

32,049

CURRENT ASSETS

Stocks

100,000

50,000

Debtors

5

62,785

29,012

Cash at bank and in hand

89,307

165,232

252,092

244,244

CREDITORS

Amounts falling due within one year

6

(115,296

)

(103,888

)

NET CURRENT ASSETS

136,796

140,356

TOTAL ASSETS LESS CURRENT LIABILITIES

163,717

172,405

PROVISIONS FOR LIABILITIES

(5,377

)

(6,526

)

NET ASSETS

158,340

165,879

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

158,338

165,877

158,340

165,879

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2025 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5th September 2025 and were signed on its behalf by:

A J Haycock - Director

1.	STATUTORY INFORMATION

Green Image Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

10% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 year 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The company had net liabilities at the year end, due to the £1,000,000 of deferred consideration due to the Employee Ownership Trust, as detailed in note 9. The accounts have been prepared on the going concern basis, and the directors believe that this is appropriate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2024 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1st April 2024

6,153

167,218

4,824

10,000

188,195

Additions

-

-

1,704

-

1,704

Disposals

-

(528

)

-

(10,000

)

(10,528

)

At 31st March 2025

6,153

166,690

6,528

-

179,371

DEPRECIATION

At 1st April 2024

873

143,425

4,469

7,379

156,146

Charge for year

616

3,339

89

524

4,568

Eliminated on disposal

-

(361

)

-

(7,903

)

(8,264

)

At 31st March 2025

1,489

146,403

4,558

-

152,450

NET BOOK VALUE

At 31st March 2025

4,664

20,287

1,970

-

26,921

At 31st March 2024

5,280

23,793

355

2,621

32,049

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

as

restated

£

£

Trade debtors

53,747

20,612

Other debtors

8,400

8,400

Prepayments

638

-

62,785

29,012

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

as

restated

£

£

Trade creditors

446

1,626

Tax

38,680

43,072

Social security and other taxes

6,204

5,346

VAT

30,018

19,342

Other creditors

18,921

13,600

Accrued expenses

21,027

20,902

115,296

103,888

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

as

restated

£

£

Within one year

7,661

-

Between one and five years

22,983

-

30,644

-

8.	SECURED DEBTS

Peter Williams and Kazue Williams hold a fixed and floating charge over all property and undertaking of the company.

9.	DEFERRED CONSIDERATION TO THE EMPLOYEE OWNERSHIP TRUST

At the 31st March 2025, the total outstanding liability owed to the vendor, Peter Williams and Kazue Williams by the EOT was £875,000.

The deferred consideration is payable by quarterly instalments of the amount set out in the EOT agreement, which is £35,000 per quarter. The quarterly instalments are due on the 18th day of January, April, July, and October in each year.

In addition, annual payments ('Top up payments') are payable at the lower of 50% of the available working capital at year end or the remaining balance of the deferred consideration. Per the agreement, the available working capital is the surplus above the minimum working capital, the latter being defined as £140,000 per the agreement. The first top up payment is payable on 31st July 2025.