Greenplant Limited 31/08/2023 iXBRL

Greenplant Limited 31/08/2023 iXBRL

GREENPLANT LIMITED - Company Information

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Greenplant Limited
Filleted accounts
31 August 2023
Company registration number: 04513032
Greenplant Limited
Directors and other information
Directors S P Rogers
P M Hawley
R Hutton
Secretary S P Rogers
Company number 04513032
Registered office Unit 1 London Road
Wheatley
Oxfordshire
OX33 1JH
Accountants Cox Hinkins & Co. Limited
Accountants and Taxation Advisors
The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
Greenplant Limited
Balance sheet
31st August 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 1,999,851 1,846,073
_______ _______
1,999,851 1,846,073
Current assets
Stocks 25,000 25,000
Debtors 6 541,438 519,650
Cash at bank and in hand 254,052 82,613
_______ _______
820,490 627,263
Creditors: amounts falling due
within one year 7 ( 500,363) ( 399,183)
_______ _______
Net current assets 320,127 228,080
_______ _______
Total assets less current liabilities 2,319,978 2,074,153
Creditors: amounts falling due
after more than one year 8 ( 280,761) ( 295,748)
Provisions for liabilities 9 ( 270,142) ( 231,393)
_______ _______
Net assets 1,769,075 1,547,012
_______ _______
Capital and reserves
Called up share capital 11 111 111
Profit and loss account 1,768,964 1,546,901
_______ _______
Shareholders funds 1,769,075 1,547,012
_______ _______
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit & loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 04 March 2024 , and are signed on behalf of the board by:
R Hutton
Director
Company registration number: 04513032
Greenplant Limited
Notes to the financial statements
Year ended 31st August 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit 1 London Road, Wheatley, Oxfordshire, OX33 1JH. There was no significant change in the company's principal activity during the year which continued to be that of plant hire .
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The principal accounting policies are set out below. The financial statements are prepared in sterling which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - Straight line basis over 4 - 6 years
Office equipment - Straight line basis over 3 years
Motor vehicles - Straight line basis over 6 years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. Cost is calculated using the first in, first out formula. Provision is made for damaged, obsolete and slow moving stock where appropriate.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractualarrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 20 (2022: 19 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1st September 2022 3,304,113 38,115 1,133,560 4,475,788
Additions 339,285 - 464,052 803,337
Disposals ( 77,883) - ( 365,647) ( 443,530)
_______ _______ _______ _______
At 31st August 2023 3,565,515 38,115 1,231,965 4,835,595
_______ _______ _______ _______
Depreciation
At 1st September 2022 1,940,188 36,110 653,417 2,629,715
Charge for the year 388,740 1,415 151,443 541,598
Disposals ( 77,883) - ( 257,686) ( 335,569)
_______ _______ _______ _______
At 31st August 2023 2,251,045 37,525 547,174 2,835,744
_______ _______ _______ _______
Carrying amount
At 31st August 2023 1,314,470 590 684,791 1,999,851
_______ _______ _______ _______
At 31st August 2022 1,363,925 2,005 480,143 1,846,073
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 517,693 487,214
Other debtors 23,745 32,436
_______ _______
541,438 519,650
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 156,439 107,952
Social security and other taxes 61,897 12,227
Other creditors 282,027 279,004
_______ _______
500,363 399,183
_______ _______
Other creditors include £255,200 (2022: £272,090) which are secured on the company's assets.
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 280,761 295,748
_______ _______
Other creditors are secured on the company's assets.
9. Provisions
Deferred tax (note 10) Total
£ £
At 1st September 2022 231,393 231,393
Additions 38,749 38,749
_______ _______
At 31st August 2023 270,142 270,142
_______ _______
10. Deferred tax
The deferred tax included in the Balance sheet is as follows:
2023 2022
£ £
Included in provisions (note 9) 270,142 231,393
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances 344,890 325,155
Unused tax losses ( 74,748) ( 93,762)
_______ _______
270,142 231,393
_______ _______
11. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 111 111 111 111
_______ _______ _______ _______
12. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 68,000 116,000
_______ _______