Greentown Manufacturing Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11599629 (England and Wales)

Financial Statements for the Year Ended 31 December 2020

for

Greentown Manufacturing Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

B M O'Neill

REGISTERED OFFICE:

3 Hardman Square

Spinningfields

Manchester

M3 3EB

REGISTERED NUMBER:

11599629 (England and Wales)

AUDITORS:

Marsh Vision Limited

Chartered Certified Accountants

Statutory Auditors

Chester House

17 Gold Tops

Newport

SOUTH WALES

NP20 4PH

FIXED ASSETS

Property, plant and equipment

5

107,049

135,848

CURRENT ASSETS

Debtors

6

32,729

207,153

Cash at bank

6,770

-

39,499

207,153

CREDITORS

Amounts falling due within one year

7

1,327,635

975,518

NET CURRENT LIABILITIES

(1,288,136

)

(768,365

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,181,087

)

(632,517

)

CAPITAL AND RESERVES

Called up share capital

8

1

1

Retained earnings

(1,181,088

)

(632,518

)

SHAREHOLDERS' FUNDS

(1,181,087

)

(632,517

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the director and authorised for issue on 9 February 2022 and were signed by:

B M O'Neill - Director

1.	STATUTORY INFORMATION

Greentown Manufacturing 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern

The company had net liabilities at the period end. Most of the costs incurred during the period related to continued start- up investment costs incurred in the development of the company's modular housing solution. At the time of approving the financial statements, the director has a reasonable expectation that the company will obtain adequate resources to continue in operational existence for the foreseeable future. There are material uncertainties which may cast doubt about the company's ability to continue as a going concern and therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business.A detailed assessment has been carried out on the company's business plan. The director is confident that the business plan will deliver significant financial returns and allow repayment of continuing start-up costs incurred. The key assumption underlying this assessment is that the company will successfully raise required funding to invest in realising its business plan.

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 wholly owned subsidiaries within the group.

Turnover

Revenue 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.

Short leasehold

-

10% on cost

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Financial instruments

Financial instruments are classified and accounted for according to the substance of the contractual arrangements as either financial assets, financial liabilities or equity instruments, and are held at amortised cost. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all its liabilities.

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 of the future payments discounted at a market rate of interest for a similar debt instrument.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	AUDITORS' REMUNERATION

Period

2.10.18

Year Ended

to

31.12.20

31.12.19

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

1,675

2,000

Auditors' remuneration for non audit work

1,675

2,000

5.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

Totals

£

£

£

£

COST

At 1 January 2020

and 31 December 2020

34,423

69,438

31,987

135,848

DEPRECIATION

Charge for year

3,442

17,360

7,997

28,799

At 31 December 2020

3,442

17,360

7,997

28,799

NET BOOK VALUE

At 31 December 2020

30,981

52,078

23,990

107,049

At 31 December 2019

34,423

69,438

31,987

135,848

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Amounts owed by group undertakings

-

76,373

Other debtors

4,317

28,681

VAT

9,557

68,646

Prepayments

18,855

33,453

32,729

207,153

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade creditors

114,519

388,650

Amounts owed to group undertakings

1,198,892

569,262

Tax

100

-

Accrued expenses

14,124

17,606

1,327,635

975,518

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.20

31.12.19

value:

£

£

1

Ordinary

£1

1

1

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

S Marsh (Senior Statutory Auditor)

for and on behalf of Marsh Vision Limited

10.	RELATED PARTY DISCLOSURES

Related Party

Relationship

Amount due from / (to) related party

Greentown Housing (UK) Limited

Immediate parent company

(£154,157

)

WELink Energy (UK) Limited

Common ultimate controlling party

(£1,041,385

)

Greentown Construction Services Limited

Common ultimate controlling party

(£3,350

)

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is B M O'Neill.

The immediate parent company is Greentown Housing (UK) Limited.

The largest and smallest group for which group financial statements are prepared, and of which the company is a member, is as follows:

Name: ABLEON Limited

Country of Incorporation: Ireland

Address from where copies of the 22 Avoca Wood

Group financial statements can be Avoca

obtained: Co. Wicklow