Greenfree Limited - Period Ending 2022-12-31

Greenfree Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 7

Greenfree Limited

Company Information

Directors

Mr. John Robert Woosey Mr. Paul Michael Williams

Registered office

The Royals Altrincham Road Manchester M22 4BJ

Auditors

The Moffatts Partnership LLP Suite 1.1, First Floor Jackson House Sibson Road Sale M33 7RR

Greenfree Limited

(Registration number: 06514631)
Balance Sheet as at 31 December 2022

	Note	2022 £	2021 £
Current assets
Debtors	4	107,978	112,544
Cash at bank and in hand		3,729	5,866
		111,707	118,410
Creditors: Amounts falling due within one year	5	(2,382)	(6,781)
Net assets		109,325	111,629
Capital and reserves
Called up share capital	6	20,000	20,000
Retained earnings		89,325	91,629
Shareholders' funds		109,325	111,629

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 July 2023 and signed on its behalf by:

......................................... Mr. Paul Michael Williams Director

Greenfree Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Royals
Altrincham Road
Manchester
M22 4BJ
United Kingdom

These financial statements were authorised for issue by the Board on 31 July 2023.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company prepares its financial statements on a going concern basis. The directors have, at the time of approving the financial statements, a reasonable expectation that the Company have adequate resources to continue in operational existence for the foreseeable future.

Greenfree Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 31 July 2023 was Mr John Saxon, who signed for and on behalf of The Moffatts Partnership LLP.

.........................................

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of golf vouchers in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and is recognised in the period it is received.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised under the accrual model. Income is recognised in the same period that the related expenditure the grant is intended to compensate is incurred.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Greenfree Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.
 Recognition and measurement
Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.
 Impairment
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

4

Debtors

Greenfree Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

	Note	2022 £	2021 £
Trade debtors		543	5,733
Amounts owed by Group undertakings and undertakings in which the Company has a participating interest		104,339	104,339
Prepayments		2,116	2,472
Accrued income		440	-
Income tax asset		540	-
		107,978	112,544

5

Creditors

	2022 £	2021 £
Due within one year
Trade creditors	47	3,016
Taxation and social security	165	1,705
Accruals and deferred income	2,170	2,060
	2,382	6,781

6	Share capital

Allotted, called up and fully paid shares

	2022		2021
	No.	£	No.	£
Ordinary Shares A of £1 each	10,000	10,000	10,000	10,000
Ordinary Shares B of £1 each	10,000	10,000	10,000	10,000
	20,000	20,000	20,000	20,000

Greenfree Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

7	Parent and ultimate parent undertaking

The company's immediate parent is Ripe Thinking Two Limited (Company No. 06527960), incorporated in England and Wales.

 The ultimate parent is Ripe Orchard Topco (Jersey) Limited (Company No. 138881), incorporated in Jersey.

 The most senior parent entity producing publicly available financial statements is Ripe Orchard Midco Limited (Company No. 13686355). These financial statements are available upon request from Companies' House

 The ultimate controlling party is Aquiline Financial Services Fund IV LP, a limited partnership established in the Cayman Islands.

The parent of the largest group in which these financial statements are consolidated is Ripe Orchard Midco Limited (Company No. 13686355), incorporated in England and Wales.

The address of Ripe Orchard Midco Limited (Company No. 13686355) is:
The Royals
Altrincham Road
Manchester
M22 4BJ

The parent of the smallest group in which these financial statements are consolidated is Ripe Thinking Two Limited (Company No. 06527960), incorporated in England and Wales.

The address of Ripe Thinking Two Limited (Company No. 06527960) is:
The Royals
Altrincham Road
Manchester
M22 4BJ