Company No: 07341026 (England and Wales)

Contents

• Company Information
• Statement of Financial Position
• Notes to the Financial Statements

DIRECTOR

James Hanbury

SECRETARY

James Hanbury

REGISTERED OFFICE	Larcombe Farmhouse
	Dipford
	Totnes
	Devon
	England
	TQ9 7PD
	United Kingdom

COMPANY NUMBER

07341026 (England and Wales)

CHARTERED ACCOUNTANTS	Bishop Fleming LLP
	Century House
	Nicholson Road
	Torquay
	TQ2 7TD

	Note	2021		2020
		£		£
Fixed assets
Tangible assets	3	10,759		3,410
		10,759		3,410
Current assets
Debtors	4	5,750		29,145
Cash at bank and in hand		9,124		43,467
		14,874		72,612
Creditors
Amounts falling due within one year	5	( 20,337)		( 23,041)
Net current (liabilities)/assets		(5,463)		49,571
Total assets less current liabilities		5,296		52,981
Creditors
Amounts falling due after more than one year	6	0		( 15,000)
Provisions for liabilities	7	0		( 648)
Net assets		5,296		37,333
Capital and reserves
Called-up share capital		250		250
Profit and loss account		5,046		37,083
Total shareholder's funds		5,296		37,333

For the financial year ending 31 August 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Greenheart Trading Ltd (registered number: 07341026) were approved and authorised for issue by the Director on 17 June 2022. They were signed on its behalf by:

James Hanbury Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Greenheart Trading Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Larcombe Farmhouse, Dipford, Totnes, Devon, England, TQ9 7PD, United Kingdom. The company number is 07341026.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance/straight line basis over its expected useful life, as follows:

Plant and machinery	20 % reducing balance
Vehicles	5 years straight line
Office equipment	25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	1		1

3. Tangible assets

	Plant and machinery		Vehicles		Office equipment		Total
	£		£		£		£
Cost
At 01 September 2020	0		0		9,969		9,969
Additions	7,127		1,500		0		8,627
At 31 August 2021	7,127		1,500		9,969		18,596
Accumulated depreciation
At 01 September 2020	0		0		6,559		6,559
Charge for the financial year	375		50		853		1,278
At 31 August 2021	375		50		7,412		7,837
Net book value
At 31 August 2021	6,752		1,450		2,557		10,759
At 31 August 2020	0		0		3,410		3,410

4. Debtors

	2021		2020
	£		£
Trade debtors	1,406		28,357
Prepayments	0		788
Other debtors	4,344		0
	5,750		29,145

5. Creditors: amounts falling due within one year

	2021		2020
	£		£
Bank loans	15,000		0
Amounts owed to director	3,517		11,347
Accruals	1,820		1,750
Corporation tax	0		6,335
Other taxation and social security	0		3,609
	20,337		23,041

6. Creditors: amounts falling due after more than one year

	2021		2020
	£		£
Bank loans	0		15,000

There are no amounts included above in respect of which any security has been given by the small entity.

7. Deferred tax

	2021		2020
	£		£
At the beginning of financial year	( 648)		( 461)
Credited/(charged) to the Statement of Income and Retained Earnings	648		( 187)
At the end of financial year	0		( 648)

8. Related party transactions

Transactions with the entity's director

	2021		2020
	£		£
Dividends	8,000		30,000

Included within other creditors is a balance of £3,517 owed by the company to Mr J Hanbury, a director of the company. No interest is charged on the balance and there is no fixed date for repayment.