Registration number:
Greeen+ Limited
for the Year Ended 30 June 2020
Greeen+ Limited
Contents
Company Information |
|
Strategic Report |
|
Director's Report |
|
Statement of Director's Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Greeen+ Limited
Company Information
Director |
F L Boeskov |
Registered office |
|
Auditors |
|
Greeen+ Limited
Strategic Report for the Year Ended 30 June 2020
The director presents his strategic report for the year ended 30 June 2020.
Principal activity
The principal activity of the company is that of the wholesale of flowers and plants
Fair review of the business
As shown in the profit and loss, the profit after taxation amounted to £129,276 (2019 - £40,131). The profit for the period is wholly from the continuous operations of the company, all of which are derived from the principal activities of the group.
The balance sheet shows shareholders' funds amounting to £422,785 (2019 - £344,509).
The company's key financial and other performance indicators during the year were as follows:
Unit |
2020 |
2019 |
|
Turnover |
£.p |
27,942,143 |
22,131,582 |
Gross Profit Margin |
% |
11 |
12 |
Profit before tax |
£.p |
159,313 |
54,131 |
Principal risks and uncertainties
The company is financed by a bank facilities as well as hire purchase agreements and a loan from the director.
As a significant proportion of the company's purchases are trasacted in foreign currencies it is therefore exposed to translational currency risk. To the extent that the directors are of the opinion that the level of risk on specific foreign currency transactions is higher than acceptable, foreign currency hedging instruments are taken out.
The business' other principal finanical instruments comprises of trade debtors and trade creditors.
Trade debtors are managed in respect of the creditor and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of the allowances for bad debts.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Approved by the
Director
Greeen+ Limited
Director's Report for the Year Ended 30 June 2020
The director presents his report and the financial statements for the year ended 30 June 2020.
Director of the company
The director who held office during the year was as follows:
Disclosure of information to the auditors
The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.
Reappointment of auditors
Krogh & Partners Limited resigned as auditors on 12 August 2020 and Bulley Davey Limited were appointed in its place.
Approved by the
Director
Greeen+ Limited
Statement of Director's Responsibilities
The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Greeen+ Limited
Independent Auditor's Report to the Members of Greeen+ Limited
Opinion
We have audited the financial statements of Greeen+ Limited (the 'company') for the year ended 30 June 2020, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• |
give a true and fair view of the state of the company's affairs as at 30 June 2020 and of its profit for the year then ended; |
• |
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• |
have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
• |
the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
• |
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Greeen+ Limited
Independent Auditor's Report to the Members of Greeen+ Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Director's Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• |
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• |
the financial statements are not in agreement with the accounting records and returns; or |
• |
certain disclosures of directors’ remuneration specified by law are not made; or |
• |
we have not received all the information and explanations we require for our audit. |
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities [set out on page 4], the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
• |
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. |
• |
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control. |
Greeen+ Limited
Independent Auditor's Report to the Members of Greeen+ Limited
• |
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. |
• |
Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. |
• |
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. |
• |
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the company audit. We remain solely responsible for our audit opinion. |
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
1-4 London Road
Lincolnshire
PE11 2TA
Greeen+ Limited
Profit and Loss Account for the Year Ended 30 June 2020
Note |
2020 |
2019 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
244,475 |
133,158 |
|
Interest payable and similar expenses |
( |
( |
|
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Greeen+ Limited
(Registration number: 07545587)
Balance Sheet as at 30 June 2020
Note |
2020 |
2019 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
15,000 |
15,000 |
|
Profit and loss account |
407,785 |
329,509 |
|
Shareholders' funds |
422,785 |
344,509 |
Approved and authorised by the
Director
Greeen+ Limited
Statement of Changes in Equity for the Year Ended 30 June 2020
Share capital |
Profit and loss account |
Total |
|
At 1 July 2019 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
Dividends |
- |
( |
( |
At 30 June 2020 |
|
|
|
Share capital |
Profit and loss account |
Total |
|
At 1 July 2018 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
At 30 June 2019 |
|
|
|
Greeen+ Limited
Statement of Cash Flows for the Year Ended 30 June 2020
Note |
2020 |
2019 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
Increase in stocks |
( |
( |
|
Increase in trade debtors |
( |
( |
|
Increase in trade creditors |
|
|
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
- |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Acquisitions of tangible assets |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Repayment of bank borrowing |
- |
( |
|
Proceeds from other borrowing draw downs |
|
- |
|
Repayment of other borrowing |
- |
( |
|
Dividends paid |
( |
- |
|
Net cash flows from financing activities |
|
( |
|
Net increase in cash and cash equivalents |
|
|
|
Cash and cash equivalents at 1 July |
|
|
|
Cash and cash equivalents at 30 June |
1,410,322 |
300,993 |
Greeen+ Limited
Notes to the Financial Statements for the Year Ended 30 June 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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.
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 sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Greeen+ Limited
Notes to the Financial Statements for the Year Ended 30 June 2020
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
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.
Tangible assets
Tangible assets are stated in the balance sheet 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 |
Improvements to property |
10% straight line |
Fixtures and fittings |
20%-33% straight line |
Computers |
20%-33% straight line |
Motor vehicles |
20% straight line |
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.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Greeen+ Limited
Notes to the Financial Statements for the Year Ended 30 June 2020
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Revenue |
The analysis of the company's revenue for the year from continuing operations is as follows:
2020 |
2019 |
|
Sale of goods |
|
|
Operating profit |
Arrived at after charging/(crediting)
Greeen+ Limited
Notes to the Financial Statements for the Year Ended 30 June 2020
2020 |
2019 |
|
Depreciation expense |
|
|
Interest payable and similar expenses |
2020 |
2019 |
|
Interest on bank overdrafts and borrowings |
|
|
Greeen+ Limited
Notes to the Financial Statements for the Year Ended 30 June 2020
Staff costs |
The aggregate payroll costs (including director's remuneration) were as follows:
2020 |
2019 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
- |
Other employee expense |
- |
|
|
|
The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:
2020 |
2019 |
|
Sales, marketing and distribution |
|
|
Auditors' remuneration |
2020 |
2019 |
|
Audit of the financial statements |
|
|
Other fees to auditors |
||
All other non-audit services |
|
- |
Taxation |
Tax charged/(credited) in the income statement
2020 |
2019 |
|
Current taxation |
||
UK corporation tax |
|
- |
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
|
Arising from changes in tax rates and laws |
( |
- |
Total deferred taxation |
|
|
Tax expense in the income statement |
|
|
Deferred tax
Deferred tax assets and liabilities
Greeen+ Limited
Notes to the Financial Statements for the Year Ended 30 June 2020
2020 |
Liability |
|
|
2019 |
Liability |
|
|
Greeen+ Limited
Notes to the Financial Statements for the Year Ended 30 June 2020
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Properties under construction |
Total |
|
Cost or valuation |
||||
At 1 July 2019 |
|
|
|
|
Additions |
|
|
|
|
At 30 June 2020 |
|
|
|
|
Depreciation |
||||
At 1 July 2019 |
|
|
|
|
Charge for the year |
|
|
|
|
At 30 June 2020 |
|
|
|
|
Carrying amount |
||||
At 30 June 2020 |
|
|
|
|
At 30 June 2019 |
|
|
|
|
Stocks |
2020 |
2019 |
|
Other inventories |
|
|
Debtors |
2020 |
2019 |
|
Trade debtors |
|
|
Other debtors |
- |
|
Prepayments |
|
|
Total current trade and other debtors |
|
|
Cash and cash equivalents |
2020 |
2019 |
|
Cash on hand |
|
- |
Cash at bank |
|
|
|
|
Greeen+ Limited
Notes to the Financial Statements for the Year Ended 30 June 2020
Creditors |
Note |
2020 |
2019 |
|
Due within one year |
|||
Loans and borrowings |
|
- |
|
Trade creditors |
|
|
|
Amounts due to related parties |
|
- |
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
- |
|
Other payables |
|
- |
|
Accrued expenses |
|
|
|
|
|
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 July 2019 |
|
|
Increase (decrease) in existing provisions |
|
|
At 30 June 2020 |
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling
£
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
|||
No. |
£ |
No. |
£ |
|
|
|
15,000 |
|
15,000 |
Greeen+ Limited
Notes to the Financial Statements for the Year Ended 30 June 2020
Loans and borrowings |
2020 |
2019 |
|
Current loans and borrowings |
||
Other borrowings |
|
- |
Related party transactions |
The Company has taken advantage of the exemption in FRS 102 Section 33 from the requirement to disclose transactions with group companies on the grounds that consolidated financial statements are prepared by its parent group.
Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from the companies registered office (see note 1).