Project Green Town Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 09920125 (England and Wales)

Financial Statements for the Year Ended 31 December 2021

for

Project Green Town Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

L Lei

B M O'Neill

REGISTERED OFFICE:

3 Hardman Square

Spinningfields

Manchester

M3 3EB

REGISTERED NUMBER:

09920125 (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

4

100

100

CURRENT ASSETS

Debtors

5

12,065,605

1,065,145

Cash at bank

7,386

130

12,072,991

1,065,275

CREDITORS

Amounts falling due within one year

6

12,079,158

1,067,893

NET CURRENT LIABILITIES

(6,167

)

(2,618

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(6,067

)

(2,518

)

CAPITAL AND RESERVES

Called up share capital

7

200

200

Retained earnings

(6,267

)

(2,718

)

SHAREHOLDERS' FUNDS

(6,067

)

(2,518

)

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 Board of Directors and authorised for issue on 20 March 2023 and were signed on its behalf by:

B M O'Neill - Director

1.	STATUTORY INFORMATION

Project Green Town 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

Despite the fact the company had net liabilities at the period end, at the time of approving the financial statements, the directors have 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.

The company also has a letter of support from the groups ultimate parent company to provide necessary funding for at least 12 months from the approval of the financial statements. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue, although at the date of approval of these financial statements, they have no reason to believe that it will not do so.

Consequently, the Directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

Preparation of consolidated financial statements

The financial statements contain information about Project Green Town 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2021

and 31 December 2021

100

NET BOOK VALUE

At 31 December 2021

100

At 31 December 2020

100

The company's investments at the Statement of Financial Position date in the share capital of companies includes the following:

Green Town (Heartlands) Limited

Registered in England & Wales

Class of Share: Ordinary shares of £1 each

% of shareholding: 100%

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Amounts owed by related parties

65,095

65,095

Other debtors

12,000,050

1,000,050

VAT

460

-

12,065,605

1,065,145

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Amounts owed to related parties

12,075,375

1,063,260

Tax

700

600

Other creditors

750

-

Accruals and deferred income

2,333

4,033

12,079,158

1,067,893

7.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

31.12.21

31.12.20

value:

£

£

100

Ordinary A Shares

£1

100

100

100

Ordinary B Shares

£1

100

100

200

200

8.	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

9.	OFF-BALANCE SHEET ARRANGEMENTS

On 27 October 2021 a fixed charge and negative pledge was created over the company's shares in Green Town (Heartlands) Limited ( Company number 09938922 being a wholly owned subsidiary ). On the same date a further charge was created including a fixed charge and floating charge over all the property of the company.

10.	RELATED PARTY DISCLOSURES

Related Party

Relationship

Amount due from / (to related party

)

Green Town (Heartlands) Limited

Subsidiary

£64,045

Greentown International Limited

Joint controlling party

£100

Talick UK Limited

Joint controlling party

£100

WELink Energy (UK) Limited

Common ultimate controlling party

(£11,325,325

)

WELink Energy Services (UK) Limited

Common ultimate controlling party

£850

WELink Energy Investments (U.K.) Limited

Common ultimate controlling party

(£750,050

)

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is B M O'Neill.

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

Avoca

obtained:

Co. Wicklow