Greenvision Enterprises Limited - Period Ending 2017-12-31

Registration number: 02925602

Greenvision Enterprises Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2017

Pages for Filing with Registrar

Greenvision Enterprises Limited

(Registration number: 02925602)
Balance Sheet as at 31 December 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	1,972	2,904
Investments		19,892	-
		21,864	2,904
Current assets
Debtors	6	250	9,669
Cash at bank and in hand		206,652	264,478
		206,902	274,147
Creditors: Amounts falling due within one year	7	(15,683)	(5,906)
Net current assets		191,219	268,241
Net assets		213,083	271,145
Capital and reserves
Called up share capital		380,002	380,002
Profit and loss account		(166,919)	(108,857)
Total equity		213,083	271,145

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 1

Greenvision Enterprises Limited

(Registration number: 02925602)
Balance Sheet as at 31 December 2017

For the financial year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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 director on 26 July 2018
 

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

Mrs C Worsley

Director

The notes on pages 3 to 8 form an integral part of these financial statements.

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Greenvision Enterprises Limited

Notes to the Financial Statements for the Year Ended 31 December 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:
Sovereign House
212-224 Shaftesbury Avenue
London
WC2H 8HQ
United Kingdom

Principal activity

The principal activity of the company is the provision of consultancy services specialising in marketing and communication strategy.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 made a loss in the period. The company is dependent on the support from the shareholders to continue as a going concern.

The financial statements have been prepared on a going concern basis that assumes further funding will be obtained.

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Greenvision Enterprises Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Directors' opinion there are no significant judgements.

Key sources of estimation uncertainty

The annual depreciation charge for tangible fixed assets is sensitive to changes in the useful economic lives and residual values of the assets. The useful lives and residual values are re-assessed annually. The carrying amount is £1,972 (2016 -£2,904).

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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
Office equipment	33.3 % straight line
Fixtures and fittings	15% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

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Greenvision Enterprises Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Debtors

Basic financial assets, including trade and other debtors, 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, less any impairment.

Trade debtors are amount due from customers for services performed in the ordinary course of the business.

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.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement consitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Trade creditors are obligations to pay for goods or services thath have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

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.

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Greenvision Enterprises Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2016 - 1).

4	Tangible assets

	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 January 2017	4,272	4,272
At 31 December 2017	4,272	4,272
Depreciation
At 1 January 2017	1,368	1,368
Charge for the year	932	932
At 31 December 2017	2,300	2,300
Carrying amount
At 31 December 2017	1,972	1,972
At 31 December 2016	2,904	2,904

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Greenvision Enterprises Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

5	Investments

	2017 £	2016 £
Investments in associates	19,892	-

Associates	£
Cost
Additions	19,892
Provision
Carrying amount
At 31 December 2017	19,892

6

Debtors

	Note	2017 £	2016 £
Amounts owed by group undertakings and undertakings in which the company has a participating interest	8	-	9,617
Other debtors		250	52
Total current trade and other debtors		250	9,669

7

Creditors

	Note	2017 £	2016 £
Due within one year
Trade creditors		-	5
Other creditors		15,683	5,901
		15,683	5,906

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Greenvision Enterprises Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

8	Related party transactions

Summary of transactions with other related parties

Mr N Estay
(Shareholder)
 During the year, the company paid expenses on behalf of the shareholder of £58,701 (2016 - £50,553). N Estay repaid an amount of £77,615 (2016 - £33,222). At the balance sheet date the amount the amount due to Mr N Estay was £9,303 (2016 - due from Mr N Estay of £9,617).
 

Mrs C Estay
(Shareholder)
During the year, amounts paid to the shareholder totalled £Nil (2016 - £12,878 of the outstanding loan balance was converted to share capital at par). At the balance sheet date the amount due to Mrs C Estay was £4,080 (2016 - £4,080).

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