Greenoaks Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02008299 (England and Wales)

REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

GREENOAKS LIMITED

Page

Company Information

1

Report of the Director

2

Balance Sheet

3

to

4

Notes to the Financial Statements

5

to

9

DIRECTOR:

Mr S Beeston

REGISTERED OFFICE:

Unit 4

Rixton Industrial Estate

Moss Side Lane

Rixton, Warrington

Cheshire

WA3 6HQ

REGISTERED NUMBER:

02008299 (England and Wales)

ACCOUNTANTS:

Cadishead Accountancy Services Limited

Britannic House

657 Liverpool Road

Irlam

Manchester

Lancashire

M44 5XD

BANKERS:

HSBC Bank Plc

11 Stamford New Road

Altrincham

Cheshire

WA14 1BW

The director presents his report with the financial statements of the company for the year ended 31 May 2023.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the sale of shelving materials, new and secondhand racking.

DIRECTOR

Mr S Beeston held office during the whole of the period from 1 June 2022 to the date of this report.

His beneficial interests in the shares of the company, according to the register of directors' interests, were as follows:

31.5.23

1.6.22

Ordinary 'A' shares of £1 each

1

2

He did not hold any non-beneficial interests in the shares of the company.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mr S Beeston - Director

12 December 2023

FIXED ASSETS

Tangible assets

4

120,994

42,665

Investments

5

59,599

59,599

180,593

102,264

CURRENT ASSETS

Stocks

156,879

24,409

Debtors

6

689,548

837,051

Cash at bank and in hand

629,558

600,786

1,475,985

1,462,246

CREDITORS

Amounts falling due within one year

7

(1,175,950

)

(1,192,298

)

NET CURRENT ASSETS

300,035

269,948

TOTAL ASSETS LESS CURRENT LIABILITIES

480,628

372,212

CREDITORS

Amounts falling due after more than one year

8

(131,446

)

(79,547

)

PROVISIONS FOR LIABILITIES

(20,497

)

(8,106

)

NET ASSETS

328,685

284,559

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

328,683

284,557

SHAREHOLDERS' FUNDS

328,685

284,559

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 12 December 2023 and were signed by:

Mr S Beeston - Director

1.	STATUTORY INFORMATION

Greenoaks 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.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided, after taking account of any grants receivable , at the following annual rates in order to write off each asset over its estimated useful life :

Freehold land and buildings 1% straight line

Plant and machinery 25% reducing balance

Motor vehicles 30% reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 13 (2022 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Short

Plant and

Motor

leasehold

machinery

vehicles

Totals

£

£

£

£

COST

At 1 June 2022

23,310

106,620

107,231

237,161

Additions

-

2,791

122,491

125,282

Disposals

-

-

(25,000

)

(25,000

)

At 31 May 2023

23,310

109,411

204,722

337,443

DEPRECIATION

At 1 June 2022

23,310

101,378

69,808

194,496

Charge for year

-

2,329

32,374

34,703

Eliminated on disposal

-

-

(12,750

)

(12,750

)

At 31 May 2023

23,310

103,707

89,432

216,449

NET BOOK VALUE

At 31 May 2023

-

5,704

115,290

120,994

At 31 May 2022

-

5,242

37,423

42,665

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 June 2022

72,420

Additions

106,496

Disposals

(25,000

)

At 31 May 2023

153,916

DEPRECIATION

At 1 June 2022

36,934

Charge for year

26,994

Eliminated on disposal

(12,750

)

At 31 May 2023

51,178

NET BOOK VALUE

At 31 May 2023

102,738

At 31 May 2022

35,486

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 June 2022

and 31 May 2023

59,599

NET BOOK VALUE

At 31 May 2023

59,599

At 31 May 2022

59,599

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.23

31.5.22

£

£

Trade debtors

606,288

799,029

Other debtors

83,260

38,022

689,548

837,051

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.23

31.5.22

£

£

Bank loans and overdrafts

6,133

5,715

Hire purchase contracts (see note 9)

17,264

12,721

Trade creditors

750,536

687,626

Amounts owed to group undertakings

59,600

59,600

Taxation and social security

208,714

208,247

Other creditors

133,703

218,389

1,175,950

1,192,298

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.23

31.5.22

£

£

Bank loans

33,796

39,352

Hire purchase contracts (see note 9)

97,650

40,195

131,446

79,547

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

11,574

17,130

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.5.23

31.5.22

£

£

Net obligations repayable:

Within one year

17,264

12,721

Between one and five years

97,650

40,195

114,914

52,916

Non-cancellable operating

leases

31.5.23

31.5.22

£

£

Within one year

17,400

16,550

Between one and five years

1,300

15,600

18,700

32,150

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.23

31.5.22

£

£

Hire purchase contracts

114,914

52,916

Hire purchase contracts are secured on the assets to which they relate.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr S Beeston.

During the year the company was under the control of its director.