Greentown Housing (UK) Limited - Accounts to registrar (filleted) - small 18.2
Greentown Housing (UK) Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2020 |
for |
Greentown Housing (UK) Limited |
Greentown Housing (UK) Limited (Registered number: 10235541) |
Contents of the Financial Statements |
for the Year Ended 31 December 2020 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Greentown Housing (UK) Limited |
Company Information |
for the Year Ended 31 December 2020 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
Statutory Auditors |
Chester House |
17 Gold Tops |
Newport |
SOUTH WALES |
NP20 4PH |
Greentown Housing (UK) Limited (Registered number: 10235541) |
Statement of Financial Position |
31 December 2020 |
31.12.20 | 31.12.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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 |
Greentown Housing (UK) Limited (Registered number: 10235541) |
Notes to the Financial Statements |
for the Year Ended 31 December 2020 |
1. | STATUTORY INFORMATION |
Greentown Housing (UK) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
The company had net liabilities at the period end. Most of the costs incurred during the period related to continued 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. |
Greentown Housing (UK) Limited (Registered number: 10235541) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
2. | ACCOUNTING POLICIES - continued |
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 |
4. | AUDITORS' REMUNERATION |
31.12.20 | 31.12.19 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
3,600 |
4,110 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2020 |
and 31 December 2020 |
NET BOOK VALUE |
At 31 December 2020 |
At 31 December 2019 |
Greentown Housing (UK) Limited (Registered number: 10235541) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
5. | FIXED ASSET INVESTMENTS - continued |
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 |
31.12.20 | 31.12.19 |
£ | £ |
Amounts falling due within one year: |
Amounts owed by related parties |
Other debtors |
VAT |
Prepayments |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Trade creditors |
Amounts owed to related parties | 11,519,020 | 8,236,338 |
Social security and other taxes |
Pension control | 9,632 | 14,778 |
Other creditors |
Accrued expenses |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.20 | 31.12.19 |
£ | £ |
Within one year |
Greentown Housing (UK) Limited (Registered number: 10235541) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.20 | 31.12.19 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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 | Common ultimate controlling party | (£733,283 | ) |
WELink Energy Investments (UK) Limited | Common ultimate controlling party | (£101,443 | ) |
WELink Energy (UK) Limited | Common ultimate controlling party | (£10,673,739 | ) |
WELink Energy Services (UK) Limited | Common ultimate controlling party | £534 |
WELink Energy Holdings (UK) Limited | Common ultimate controlling party | (£1,457 | ) |
Green Town (Heartlands) Limited | Common ultimate controlling party | £433,487 |
Greentown Manufacturing Limited | Subsidiary | £154,157 |
Greentown (Witchford) Limited | Subsidiary | £2,428,047 |
Greentown Construction Services Limited | Subsidiary | £127,493 |
Greentown (Pershore) Limited | Subsidiary | £1,713,602 |
Greentown (Willingham) Limited | Subsidiary | (£1 | ) |
Greentown (Fordham) Limited | Subsidiary | (£1 | ) |
WELink Investment Holdings (Ireland) Limited |
Common ultimate controlling party |
(£9,096 |
) |
13. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
The immediate parent company is Greentown Investments (UK) Limited. |
The largest and smallest group for which group financial statements are prepared, and of which the company is a member, is as follows: |
Name: | Ableon Limited |
Country of Incorporation: | Ireland |
Address from where copies of the | 22 Avoca Wood |
Group financial statements can be obtained | Avoca |
Co. Wicklow |