Greenwood Estate & Property Maintenance Limited - Period Ending 2017-06-30

Registration number: 03123895

Greenwood Estate & Property Maintenance Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2017

Greenwood Estate & Property Maintenance Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 6

Greenwood Estate & Property Maintenance Limited

(Registration number: 03123895)
Balance Sheet as at 30 June 2017

	Note	2017		2016
		£	£	£	£
Fixed assets
Tangible assets	4		33,898		-
Current assets
Debtors	5	55,692		72,458
Cash at bank and in hand		8,255		1,928
		63,947		74,386
Creditors: Amounts falling due within one year	6	(80,328)		(70,585)
Net current (liabilities)/assets			(16,381)		3,801
Net assets			17,517		3,801
Capital and reserves
Called up share capital		100		100
Profit and loss account		17,417		3,701
Total equity			17,517		3,801

For the financial year ending 30 June 2017 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 5 June 2018 and signed on its behalf by:
 

......................................... I Flanagan Director

The notes on pages 2 to 6 form an integral part of these financial statements.

Page 1

Greenwood Estate & Property Maintenance Limited

Notes to the Financial Statements for the Year Ended 30 June 2017

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:
Glenewes House
Gate Way Drive
Yeadon
Leeds
LS19 7XY

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A and the Companies Act 2006. This is the first year in which accounts have been prepared under Financial Reporting Standard 102

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.

The company's functional and presentation currency is pounds sterling

Summary of disclosure exemptions

The company has taken advantage of the exemption under Financial Reporting Standard 102 Section 1AC.35 from disclosing transactions and balances with fellow group undertakings that are wholly owned.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

Tax

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Page 2

Greenwood Estate & Property Maintenance Limited

Notes to the Financial Statements for the Year Ended 30 June 2017

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Leasehold improvements	10% straight line
Office equipment	33% straight line

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Page 3

Greenwood Estate & Property Maintenance Limited

Notes to the Financial Statements for the Year Ended 30 June 2017

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, 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 for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

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 and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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.

3	Staff numbers

The average number of persons employed (including directors) during the year was 2 (2016 - 2).

Page 4

Greenwood Estate & Property Maintenance Limited

Notes to the Financial Statements for the Year Ended 30 June 2017

4	Tangible assets

	Leasehold improvements £	Office equipment  £	Total £
Cost or valuation
At 1 July 2016	-	541	541
Additions	36,980	-	36,980
At 30 June 2017	36,980	541	37,521
Depreciation
At 1 July 2016	-	541	541
Charge for the year	3,082	-	3,082
At 30 June 2017	3,082	541	3,623
Carrying amount
At 30 June 2017	33,898	-	33,898
At 30 June 2016	-	-	-

5

Debtors

	2017 £	2016 £
Trade debtors	1,984	8,727
Amounts owed by group undertakings	53,126	53,126
Other debtors	-	8,810
Prepayments	582	1,795
	55,692	72,458

6

Creditors

	2017 £	2016 £
Due within one year
Trade creditors	616	-
Amounts owed to group undertakings	77,608	67,608
Taxation and social security	627	-
Other creditors	1,477	2,977
	80,328	70,585

Page 5

Greenwood Estate & Property Maintenance Limited

Notes to the Financial Statements for the Year Ended 30 June 2017

7	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

8	Parent and ultimate parent undertaking

The company's immediate parent is RFM Group Services Limited, incorporated in England and Wales.

  These financial statements are available upon request from Companies House, Crown Way, Cardiff, CF14 3UZ

 

9	Transition to FRS 102

As described in the accounting policies, the company has adopted FRS102 for the first time this year. There are no transition adjustments that affected the financial position of the company at the transition date, the comparative year end, or the current year end, or that affected its financial performance in the current or prior year.

Page 6