Greenbank Partnerships Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02384495 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

GREENBANK PARTNERSHIPS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

Mr D J Baybutt

Mr J Melling

Mr C J Baybutt

Registered office:

Greenbank House

152 Wigan Lane

Wigan

Lancashire

WN1 2LA

Registered number:

02384495 (England and Wales)

Accountants:

NR Barton

1st Floor Waterside House

Waterside Drive

Wigan

Lancashire

WN3 5AZ

FIXED ASSETS

Tangible assets

4

44,272

38,111

Investment property

5

222,000

225,000

266,272

263,111

CURRENT ASSETS

Stocks

1,014,839

1,010,167

Debtors

6

1,893,472

2,440,388

Cash at bank

177,544

138,273

3,085,855

3,588,828

CREDITORS

Amounts falling due within one year

7

5,902,395

6,142,076

NET CURRENT LIABILITIES

(2,816,540

)

(2,553,248

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,550,268

)

(2,290,137

)

CAPITAL AND RESERVES

Called up share capital

9

1,000

1,000

Retained earnings non

distributable

10

(2,149

)

851

Retained earnings

(2,549,119

)

(2,291,988

)

SHAREHOLDERS' FUNDS

(2,550,268

)

(2,290,137

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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 22 December 2020 and were signed on its behalf by:

Mr J Melling - Director

1.	STATUTORY INFORMATION

Greenbank Partnerships 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.

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 as modified by the revaluation of certain assets.

The directors have reviewed the company's forecasts and projections and in particular have considered the potential implications of the Coronavirus (COVID-19) pandemic. Whilst the eventual financial impact of the pandemic on the company, and on the overall economy, remains uncertain, the directors are confident that the company will be able to remain operational throughout the pandemic.

The directors have reasonable expectations that the company will have adequate funding and support to continue in existence for the foreseeable future.

The company therefore continues to adopt the going concern basis in preparing its financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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.

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Investment property

Investment properties for which fair value can be measured reliably are measured at fair value at each reporting date with changes in fair value being reflected in the income statement. Properties are valued on an open market basis by Mr C J Baybutt (FRICS), a director of the company, supported by external valuations.

Stock and work in progress

The commercial development at Leigh Sports Village has been valued at the lower of cost and net realisable value.

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 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 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2018 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2019

186,981

10,200

197,181

Additions

14,218

-

14,218

At 31 December 2019

201,199

10,200

211,399

DEPRECIATION

At 1 January 2019

150,935

8,135

159,070

Charge for year

7,540

517

8,057

At 31 December 2019

158,475

8,652

167,127

NET BOOK VALUE

At 31 December 2019

42,724

1,548

44,272

At 31 December 2018

36,046

2,065

38,111

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2019

225,000

Revaluations

(3,000

)

At 31 December 2019

222,000

NET BOOK VALUE

At 31 December 2019

222,000

At 31 December 2018

225,000

Fair value at 31 December 2019 is represented by:

£

Valuation in 2019

222,000

If investment property had not been revalued it would have been included at the following historical cost:

31.12.19

31.12.18

£

£

Cost

224,149

224,149

Investment property was valued on a fair value bases basis on 31 December 2019 by Healy Simpson Ltd & Parkinson Commercial .

In the opinion of the directors the fair value for the existing use of the company's investment properties as at 31 December 2019 is not materially different from the book value as stated in these financial statements.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

1,747

54,935

Amounts owed by related parties

1,832,648

2,318,329

Other debtors

59,077

67,124

1,893,472

2,440,388

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade creditors

32,595

6,672

Amounts owed to group undertakings

1,031,970

1,192,098

Taxation and social security

4,377

3,889

Other creditors

4,833,453

4,939,417

5,902,395

6,142,076

Amounts owed to group undertakings and other creditors have been treated as falling due within one year as this is the technical legal status at the balance sheet date. Subsequent to the year end they have confirmed that as in previous years they will provide sufficient financing to support the company for the 12 months following the approval of these accounts.

8.

LOANS

An analysis of the maturity of loans is given below:

31.12.19

31.12.18

£

£

Amounts falling due within one year or on demand:

Trust loan

4,826,316

4,919,369

The trust loan is with the Baybutt Family Trusts. The loan is interest free and is repayable on demand.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.19

31.12.18

value:

£

£

450

A Ordinary

£1

450

450

450

B Ordinary

£1

450

450

100

C Ordinary

£1

100

100

1,000

1,000

10.

RESERVES

Retained

earnings

non

distributable

£

At 1 January 2019

851

Bonus share issue

(3,000

)

At 31 December 2019

(2,149

)

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2019 and 31 December 2018:

31.12.19

31.12.18

£

£

Mr J Melling

Balance outstanding at start of year

32,892

15,898

Amounts advanced

17,357

16,994

Amounts repaid

(33,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

17,249

32,892

The overdrawn directors loan account was repaid in September 2020 by way of a bonus.

12.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with group companies.

During the year the company generated recharges and transfers with Figurehead Homes Limited, a company of which Mr C J Baybutt, Mr D J Baybutt and Mr J Melling are directors of £515,197 (2018 - £728,340). There was also a balance due from Figurehead Homes Limited of £475,592 (2018 - £990,789).

The company also made recharges and transfers of £29,802 (2018 - £71,522) during the year to Helium Miracle 113 Limited, a company of which Mr C J Baybutt, Mr D J Baybutt and Mr J Melling are directors. There was a balance due from Helium Miracle 113 Limited as at 31 December 2019 of £1,357,056 (2018 - £1,327,254).

At the year end the company had a loan balance with the Baybutt Family Trusts totalling £4,826,316 (2018 - £4,919,369).

13.	ULTIMATE PARENT UNDERTAKING

The company is a wholly owned subsidiary of Greenbank Group Holdings Limited, a company registered in England.

14.	CONTROLLING INTEREST

As shareholders of Greenbank Group Holdings Limited the Trustees of the Baybutt Family Trusts have a controlling interest in the company.