Greenbank Partnerships Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 02384495 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

GREENBANK PARTNERSHIPS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

D J Baybutt

J Melling

C J Baybutt

Secretary:

C J Baybutt

Registered office:

Greenbank House

152 Wigan Lane

Wigan

Lancashire

WN1 2LA

Registered number:

02384495 (England and Wales)

Accountants:

NR Barton

19-21 Bridgeman Terrace

Wigan

Lancashire

WN1 1TD

FIXED ASSETS

Tangible assets

4

45,574

54,208

Investments

5

-

30

Investment property

6

225,000

225,000

270,574

279,238

CURRENT ASSETS

Stocks

7

1,330,027

1,319,000

Debtors

8

3,127,635

3,102,895

Cash at bank

161,619

518,933

4,619,281

4,940,828

CREDITORS

Amounts falling due within one year

9

8,633,165

8,860,982

NET CURRENT LIABILITIES

(4,013,884

)

(3,920,154

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(3,743,310

)

(3,640,916

)

CAPITAL AND RESERVES

Called up share capital

12

1,000

1,000

Retained earnings non

distributable

13

851

851

Retained earnings

13

(3,745,161

)

(3,642,767

)

SHAREHOLDERS' FUNDS

(3,743,310

)

(3,640,916

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 28 September 2017 and were signed on its behalf by:

J Melling - Director

1.	STATUTORY INFORMATION

Greenbank Partnerships 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 group companies.

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 at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Investment property

Investment properties for which fair value can be measured reliably are measured at fair value at each reporting

date with changes in fair value recognised in the income statement. Properties are valued on an open market

basis by Mr C J Baybutt (FRICS), a director of the company supported by external valuations.

Stock and work in progress

The commercial development at Leigh Sports Village has been valued at the lower of cost and net realisable

value.

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 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.

Short term debtors and creditors receivable

Short term debtors and creditors with no stated interest rate are recorded at the transaction price. Any losses

arising from impairment are recognised in the income statement.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2016

and 31 December 2016

179,833

15,759

195,592

DEPRECIATION

At 1 January 2016

130,653

10,731

141,384

Charge for year

7,377

1,257

8,634

At 31 December 2016

138,030

11,988

150,018

NET BOOK VALUE

At 31 December 2016

41,803

3,771

45,574

At 31 December 2015

49,180

5,028

54,208

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2016

30

Disposals

(30

)

At 31 December 2016

-

NET BOOK VALUE

At 31 December 2016

-

At 31 December 2015

30

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2016

and 31 December 2016

225,000

NET BOOK VALUE

At 31 December 2016

225,000

At 31 December 2015

225,000

Cost or valuation at 31 December 2016 is represented by:

£

Valuation in 2013

225,000

If investment property had not been revalued it would have been included at the following historical cost:

31.12.16

31.12.15

£

£

Cost

224,149

224,149

Investment property was valued on a fair value basis on 31 December 2013 by Healy Simpson Ltd & Parkinson Commercial

.

In the opinion of the directors the fair value for the existing use of the company's investment properties at 31

December 2016 is not materially different from the book value as stated in these financial statements.

7.

STOCKS

The commercial development at Leigh Sports Village has been valued at the lower of cost and net realizable

value.

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade debtors

210

74,937

Amounts owed by participating interests

3,087,433

2,973,860

Other debtors

39,992

54,098

3,127,635

3,102,895

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade creditors

14,402

96,336

Amounts owed to group undertakings

1,208,589

1,199,327

Taxation and social security

6,818

4,937

Other creditors

7,403,356

7,560,382

8,633,165

8,860,982

10.

LOANS

An analysis of the maturity of loans is given below:

31.12.16

31.12.15

£

£

Amounts falling due within one year or on demand:

Trust loan

7,393,407

7,401,838

The trust loan is with the Baybutt Family Trusts. This loan is interest free and is repayable on demand.

11.	SECURED DEBTS

The company is a guarantor for the bank loan of Figurehead Homes Limited, an associated company.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.16

31.12.15

value:

£

£

450

A Ordinary

£1

450

450

450

B Ordinary

£1

450

450

100

C Ordinary

£1

100

100

1,000

1,000

13.

RESERVES

Retained

earnings

Retained

non

earnings

distributable

Totals

£

£

£

At 1 January 2016

(3,642,767

)

851

(3,641,916

)

Deficit for the year

(102,394

)

(102,394

)

At 31 December 2016

(3,745,161

)

851

(3,744,310

)

14.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2016 and

31 December 2015:

31.12.16

31.12.15

£

£

J Melling

Balance outstanding at start of year

12,486

6,405

Amounts advanced

5,906

6,081

Amounts repaid

(18,392

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

12,486

15.	RELATED PARTY DISCLOSURES

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 group companies.

During the year the company generated recharges and transfers with Figurehead Homes Limited, a company of

which Mr C J Baybutt , Mr D J Baybutt and Mr J Melling are directors of £130,297 (2015 - £206,559). There

was also a balance due from Figurehead Homes Limited of £1,904,308 (2015 - £1,774,011). The company is

also a guarantor for the bank loan in Figurehead Homes Limited.

The company also made recharges and transfers of £191,189 (2015 - £775,142) during the year to Helium

Miracle 113 Limited, a company in which Mr C J Baybutt, Mr D J Baybutt and Mr J Melling are directors.

There was a balance due from Helium Miracle 113 as at 31 December 2016 of £1,183,126 (2015 - £991,937).

At the year end the company had a loan balance with the Baybutt Family Trusts totalling £7,393,406 (2015 -

£7,402,340).

16.	ULTIMATE PARENT UNDERTAKING

The company is a wholly owned subsidiary of Greenbank Group Holdings Limited, a company registered in

England.

17.	CONTROLLING INTEREST

As shareholders of Greenbank Group Holdings Limited the Trustees of the Baybutt Family Trusts have a

controlling interest in the company.

18.	FIRST YEAR ADOPTION

The entity has transitioned from previous UK GAAP to Section 1A of FRS 102. These are the first financial

statements that comply with Section 1A of FRS102. Transitional adjustments were made.