Greencore Construction Ltd - Period Ending 2019-05-31
Greencore Construction Ltd - Period Ending 2019-05-31
Registration number:
Greencore Construction Ltd
for the Year Ended 31 May 2019
Beaver House
23-38 Hythe Bridge Street
Oxford
OX1 2EP
Greencore Construction Ltd
Contents
Balance Sheet |
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Notes to the Financial Statements |
Greencore Construction Ltd
(Registration number: 08754406)
Balance Sheet as at 31 May 2019
Note |
2019 |
(As restated) |
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£ |
£ |
£ |
£ |
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Fixed assets |
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Tangible assets |
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Other financial assets |
203,000 |
203,000 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
Page 1 |
Greencore Construction Ltd
(Registration number: 08754406)
Balance Sheet as at 31 May 2019
For the financial year ending 31 May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
The directors of the company have elected not to include a copy of the financial profit and loss account within the financial statements that are filed.
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Page 2 |
Greencore Construction Ltd
Notes to the Financial Statements for the Year Ended 31 May 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
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 £.
Going concern
The financial statements have been prepared on a going concern basis. The directors of the company have agreed to support the company for a period of 12 months post signatory date.
Page 3 |
Greencore Construction Ltd
Notes to the Financial Statements for the Year Ended 31 May 2019
Prior period adjustment
The prior year 'Creditors: amounts falling due after more than one year' has been amended to correct the presentation and allocation of interest accrued due after one year. The prior year adjustment works to correct all cumulative interest accrued to the 31st March 2018.
This adjustment has no impact to the profit and loss account and no adjustment to the corporation tax liability.
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.
Tax
The tax expense for the period comprises current 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.
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 |
20% reducing balance |
Motor vehicles |
20% reducing balance |
Furniture and fittings |
15% reducing balance |
Office equipment |
Straight line over 3 years |
Page 4 |
Greencore Construction Ltd
Notes to the Financial Statements for the Year Ended 31 May 2019
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.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold 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
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and 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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.
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.
Page 5 |
Greencore Construction Ltd
Notes to the Financial Statements for the Year Ended 31 May 2019
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 6 |
Greencore Construction Ltd
Notes to the Financial Statements for the Year Ended 31 May 2019
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 June 2018 |
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Additions |
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- |
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At 31 May 2019 |
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Depreciation |
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At 1 June 2018 |
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Charge for the year |
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At 31 May 2019 |
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Carrying amount |
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At 31 May 2019 |
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At 31 May 2018 |
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Other financial assets (current and non-current) |
2019 |
2018 |
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Non-current financial assets |
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Financial assets at cost less impairment |
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Stocks |
2019 |
2018 |
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Work in progress |
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Other inventories |
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Page 7 |
Greencore Construction Ltd
Notes to the Financial Statements for the Year Ended 31 May 2019
Debtors |
2019 |
2018 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Less non-current portion |
( |
- |
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As at the balance sheet date the company had an unrecognised deferred tax asset of £473,795 (2018: £372,600).
Details of non-current trade and other debtors
£641,009 (2018 -£Nil) of the company' s loan to Hempsec Ltd is classified as non current. The loan capital and interest was due to be repaid on 17 December 2018. The loan is secured by a floating charge against all of the assets of Hempsec Ltd including the net assets of Hempsec Ltd, and any intellectual property rights, and any rights to future income from franchising agreements which have been signed or will be signed by Hempsec Ltd.
The directors have agreed that the current outstanding loan will be replaced with a new loan that will carry an interest charge of 5% per annum, payable annually. This will take effect as of 1st June 2019. As such the current outstanding balance is not due.
£1,222 (2018 -£Nil) of Prepayments is classified as non current.
£50,000 (2018 -£Nil) of Retentions is classified as non current.
Page 8 |
Greencore Construction Ltd
Notes to the Financial Statements for the Year Ended 31 May 2019
Creditors |
Creditors: amounts falling due within one year
2019 |
2018 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2019 |
(As restated) |
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Due after one year |
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Loans and borrowings |
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Other non-current financial liabilities |
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3,194,131 |
2,786,639 |
Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
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No. |
£ |
No. |
£ |
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|
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170 |
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170 |
Page 9 |
Greencore Construction Ltd
Notes to the Financial Statements for the Year Ended 31 May 2019
Loans and borrowings |
2019 |
(As restated) |
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Non-current loans and borrowings |
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Other borrowings |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Amounts disclosed in the balance sheet
Included in the balance sheet are pensions of £3,696 (2018 - £2,471).
Page 10 |
Greencore Construction Ltd
Notes to the Financial Statements for the Year Ended 31 May 2019
Related party transactions |
Loans to related parties
2019 |
Key management |
At start of period |
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Repaid |
( |
Interest transactions |
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At end of period |
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2018 |
Key management |
At start of period |
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Advanced |
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Repaid |
( |
Interest transactions |
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At end of period |
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Terms of loans to related parties
Page 11 |