Gargreen Limited - Accounts to registrar (filleted) - small 18.2
Gargreen Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| FOR |
| GARGREEN LIMITED |
| GARGREEN LIMITED (REGISTERED NUMBER: 03502672) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| Page |
| Company Information | 1 |
| Chartered Accountants' Report | 2 |
| Balance Sheet | 3 |
| Notes to the Financial Statements | 5 |
| GARGREEN LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 505 Pinner Road |
| Harrow |
| Middlesex |
| HA2 6EH |
| BANKERS: |
| 1-2 Trinity Way |
| Chingford |
| London |
| E4 8TD |
| CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
| ON THE UNAUDITED FINANCIAL STATEMENTS OF |
| GARGREEN LIMITED |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gargreen Limited for the year ended 31 March 2022 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the Board of Directors of Gargreen Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Gargreen Limited and state those matters that we have agreed to state to the Board of Directors of Gargreen Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gargreen Limited and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that Gargreen Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Gargreen Limited. You consider that Gargreen 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 financial statements of Gargreen 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 financial statements. |
| Chartered Accountants |
| 505 Pinner Road |
| Harrow |
| Middlesex |
| HA2 6EH |
| GARGREEN LIMITED (REGISTERED NUMBER: 03502672) |
| BALANCE SHEET |
| 31 MARCH 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investment property | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 7 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 8 |
| Retained earnings | 9 |
| SHAREHOLDERS' FUNDS |
| 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. |
| GARGREEN LIMITED (REGISTERED NUMBER: 03502672) |
| BALANCE SHEET - continued |
| 31 MARCH 2022 |
| 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 |
| GARGREEN LIMITED (REGISTERED NUMBER: 03502672) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 1. | STATUTORY INFORMATION |
| Gargreen Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Preparation of consolidated financial statements |
| The financial statements contain information about Gargreen 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. |
| Turnover |
| Turnover represents rents receivable, net of value added tax. Turnover is recognised on a rent receivable basis to the balance sheet date. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
| life. |
| Freehold property held and used in the Company's own activities for the supply of its services are stated in the statement of financial position at the revalued amounts. The revalued amounts equate to the fair value at the date of revaluation less any depreciation or impairment losses subsequently accumulated. Revaluations are carried out are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the statement of financial position. Any revaluation increase or decrease on freehold property is credited to the revaluation reserve. |
| Investment property |
| Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost. |
| Subsequent to initial recognition: |
| i investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from changes in the fair value are recognised in profit or loss in the period that they arise. |
| Deferred tax |
| Deferred tax is recognised in respect of temporary timing differences which are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. |
| GARGREEN LIMITED (REGISTERED NUMBER: 03502672) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Trade and other debtors/creditors |
| Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument. |
| Interest receivable and Interest payable |
| Interest receivable and interest payable are recognised in profit or loss as they accrue, using the effective interest method. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2021 - NIL). |
| 4. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 April 2021 |
| Revaluations | (1,708,750 | ) |
| At 31 March 2022 |
| NET BOOK VALUE |
| At 31 March 2022 |
| At 31 March 2021 |
| Fair value at 31 March 2022 is represented by: |
| £ |
| Valuation in 2003 | 1,725,198 |
| Valuation in 2006 | 500,000 |
| Valuation in 2007 | 511,645 |
| Valuation in 2015 | 1,225,000 |
| Valuation in 2017 | 370,000 |
| Valuation in 2018 | 1,880,000 |
| Valuation in 2020 | (337,908 | ) |
| Valuation in 2022 | (1,708,750 | ) |
| Cost | 16,014,960 |
| 20,180,145 |
| GARGREEN LIMITED (REGISTERED NUMBER: 03502672) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 4. | INVESTMENT PROPERTY - continued |
| During the year the valuations for the investment properties were updated by the directors based on advice from their property agent and their knowledge of the local property and rental markets. |
| Last professional valuation was performed on the 02 October 2019 by qualified valuers Anderson Wilde & Harris, members of the Royal Institute of Chartered Surveyors. The valuations were performed in accordance with the RICS Valuation - Professional Standards (2012) on an open market value basis. |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Trade debtors |
| Amounts owed by connected company. |
| Amounts owed by group undertakings | - | 2,325,772 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings | - | 12,599,688 |
| Tax |
| Other creditors |
| Accrued expenses |
| 7. | PROVISIONS FOR LIABILITIES |
| 2022 | 2021 |
| £ | £ |
| Deferred tax | 1,996,415 | 2,316,988 |
| Deferred |
| tax |
| £ |
| Balance at 1 April 2021 |
| Movement | (320,573 | ) |
| Balance at 31 March 2022 |
| The deferred tax relates to timing differences in fair value gains on investment properties. |
| GARGREEN LIMITED (REGISTERED NUMBER: 03502672) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 8. | CALLED UP SHARE CAPITAL |
| Allotted and issued: |
| Number: | Class: | Nominal | 2022 | 2021 |
| value: | £ | £ |
| Share capital 1 | £1 | 10,000 | 10,000 |
| 9. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 April 2021 |
| Profit for the year |
| At 31 March 2022 |
| Retained earnings is made of undistributable profit and loss reserves of £2,168,770 (2021: £3,507,754). |
| 10. | RELATED PARTY DISCLOSURES |
| Included within debtors amounts falling due within one year is a balance of £1,750,000 (2021 - £1,750,000) from Euros Investment Ltd, a company with directors in common. |
| 11. | ULTIMATE PARENT COMPANY |
| The immediate parent company is Euros Group Limited, a company incorporated in England and Wales. |
| The company's ultimate parent company is Euros Group Holding 2010 Limited, incorporated in Jersey. |