Greengage Environmental Limited Filleted accounts for Companies House (small and micro)

GREENGAGE ENVIRONMENTAL LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08155937

Greengage Environmental Limited

Filleted Unaudited Financial Statements

31 March 2021

Greengage Environmental Limited

Financial Statements

Year ended 31 March 2021

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Greengage Environmental Limited

Statement of Financial Position

31 March 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	5		47,899	56,679

Current assets

Debtors	6	650,121	523,149
Cash at bank and in hand		114,855	63,926
		---------	---------
		764,976	587,075

Creditors: amounts falling due within one year	7	383,297		272,247
		---------		---------
Net current assets			381,679	314,828
			---------	---------
Total assets less current liabilities			429,578	371,507

Creditors: amounts falling due after more than one year	8		41,667	14,838

Provisions

Taxation including deferred tax	8,000	9,574
	---------	---------
Net assets	379,911	347,095
	---------	---------

Capital and reserves

Called up share capital	3	3
Profit and loss account	379,908	347,092
	---------	---------
Shareholders funds	379,911	347,095
	---------	---------

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 statement of income and retained earnings has not been delivered.

For the year ending 31 March 2021 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 .

Greengage Environmental Limited

Statement of Financial Position (continued)

31 March 2021

These financial statements were approved by the board of directors and authorised for issue on 10 December 2021 , and are signed on behalf of the board by:

Mrs C E Cooke	Mr M A Cooke
Director	Director

Mr M J Harris	Mr M F Taylor
Director	Director

Company registration number: 08155937

Greengage Environmental Limited

Notes to the Financial Statements

Year ended 31 March 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	25% straight line
Fixtures and fittings	-	25% straight line
Motor vehicles	-	25% reducing balance
Equipment	-	25% straight line

Impairment of fixed assets

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it it becomes receivable.

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 statement of financial position and the amount of the provision as an expense.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

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 (2020: 20 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2020	5,627	4,583	57,895	28,636	96,741
Additions	135	4,200	–	6,550	10,885
	-------	-------	--------	--------	---------
At 31 March 2021	5,762	8,783	57,895	35,186	107,626
	-------	-------	--------	--------	---------
Depreciation
At 1 April 2020	5,111	732	15,680	18,539	40,062
Charge for the year	539	2,196	10,554	6,376	19,665
	-------	-------	--------	--------	---------
At 31 March 2021	5,650	2,928	26,234	24,915	59,727
	-------	-------	--------	--------	---------
Carrying amount
At 31 March 2021	112	5,855	31,661	10,271	47,899
	-------	-------	--------	--------	---------
At 31 March 2020	516	3,851	42,215	10,097	56,679
	-------	-------	--------	--------	---------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles
	£
At 31 March 2021	31,661
	--------
At 31 March 2020	42,215
	--------

6. Debtors

	2021	2020
	£	£
Trade debtors	257,610	318,415
Other debtors	392,511	204,734
	---------	---------
	650,121	523,149
	---------	---------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	8,333	–
Trade creditors	20,647	58,369
Corporation tax	30,770	46,501
Social security and other taxes	156,734	101,027
Other creditors	166,813	66,350
	---------	---------
	383,297	272,247
	---------	---------

The company has an overdraft facility available which if utilised is secured by a fixed and floating charge over all the assets of the company.

8. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	41,667	–
Other creditors	–	14,838
	--------	--------
	41,667	14,838
	--------	--------

9. Directors' advances, credits and guarantees

During the year a director received advances of £71,038 and repaid £7,148, no interest was charged on this loan. At the year end the director owed the company £62,221 (2020: was owed £1,669). During the year a director received advances of £173,669 and repaid £27,148, no interest was charged on this loan. At the year end the director owed the company £144,852 (2020: was owed £1669). During the year, two directors were jointly advanced £661,426 and subsequently repaid this in full. No interest was charged on this loan.

10. Related party transactions

At the year end, the company jointly owed two directors £6,533 (2020: was owed 12,734).