Greentown Housing (UK) Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 10235541 (England and Wales)

Financial Statements for the Year Ended 31 December 2019

for

Greentown Housing (UK) Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

B M O'Neill

REGISTERED OFFICE:

3 Hardman Square

Spinningfields

Manchester

M3 3EB

REGISTERED NUMBER:

10235541 (England and Wales)

AUDITORS:

Marsh Vision Limited

Chartered Certified Accountants

Statutory Auditors

Chester House

17 Gold Tops

Newport

SOUTH WALES

NP20 4PH

FIXED ASSETS

Investments

5

6

4

CURRENT ASSETS

Debtors

6

4,203,246

97,571

Cash at bank

110

30

4,203,356

97,601

CREDITORS

Amounts falling due within one year

7

8,793,585

1,729,581

NET CURRENT LIABILITIES

(4,590,229

)

(1,631,980

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(4,590,223

)

(1,631,976

)

CAPITAL AND RESERVES

Called up share capital

9

1

Retained earnings

(4,590,224

)

(1,631,977

)

SHAREHOLDERS' FUNDS

(4,590,223

)

(1,631,976

)

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 January 2021 and were signed by:

B M O'Neill - Director

1.	STATUTORY INFORMATION

Greentown Housing (UK) 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.

Going Concern

The company had net liabilities at the period end. Most of the costs incurred during the period related to start up investment costs incurred in the development of the company’s modular housing solution. At the time of approving the financial statements, the director has a reasonable expectation that the company will obtain adequate resources to continue in operational existence for the foreseeable future. There are material uncertainties which may cast doubt about the company’s ability to continue as a going concern and, therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business. A detailed assessment has been carried out on the company’s business plan. The director is confident that the business plan will deliver significant financial returns and allow repayment of continuing start-up costs incurred. The key assumption underlying this assessment is that the company will successfully raise required funding to invest in realising its business plan.

Preparation of consolidated financial statements

The financial statements contain information about Greentown Housing (UK) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated 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.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost

Financial instruments

Financial instruments are classified and accounted for according to the substance of the contractual arrangements as either financial assets, financial liabilities or equity instruments, and are held at amortised cost. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all its liabilities.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value of the future payments discounted at a market rate of interest for a similar debt instrument.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2018 - 3 ) .

4.	AUDITORS' REMUNERATION

31.12.19

31.12.18

£

Fees payable to the company's auditors for the audit of the company's
financial statements

4,110

2,000

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2019

4

Additions

2

At 31 December 2019

6

NET BOOK VALUE

At 31 December 2019

6

At 31 December 2018

4

Fixed asset investments comprise of the following:

100% ownership of the issued share capital of Greentown (Pershore) Limited

100% ownership of the issued share capital of Greentown (Witchford) Limited

100% ownership of the issued share capital of Greentown Manufacturing Limited

100% ownership of the issued share capital of Greentown Construction Services Limited

100% ownership of the issued share capital of Greentown (Fordham) Limited

100% ownership of the issued share capital of Greentown (Willingham) Limited

6.

DEBTORS

31.12.19

31.12.18

£

Amounts falling due within one year:

Amounts owed by related parties

3,966,955

61,477

Other debtors

9,713

804

VAT

15,009

34,802

Prepayments

61,569

488

4,053,246

97,571

Amounts falling due after more than one year:

Other debtors

150,000

-

Aggregate amounts

4,203,246

97,571

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

Trade creditors

308,173

114,056

Amounts owed to related parties

8,236,338

1,589,725

Social security and other taxes

186,884

8,553

Pension control

14,778

881

Accrued expenses

47,412

16,366

8,793,585

1,729,581

8.	LEASING AGREEMENTS

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

31.12.19

31.12.18

£

Within one year

10,398

-

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.19

31.12.18

value:

£

1

Ordinary

£1

1

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

S MARSH (Senior Statutory Auditor)

for and on behalf of Marsh Vision Limited

11.	OFF-BALANCE SHEET ARRANGEMENTS

The company has a charge over its share capital in relation to loans provided by third party lenders to Greentown (Witchford) Limited (Company No 11599029), Greentown (Pershore) Limited (Company No 11712319) and Greentown (Fordham) Limited (Company No 11989089), all being wholly owned subsidiaries.

12.	RELATED PARTY DISCLOSURES

Related party

Relationship

Amount due from / (to)
related party

Greentown Investments (UK) Limited

Immediate parent company

£1

WELink Investments (Ireland) Limited