Company registration number SC440567 (Scotland)
GREENLAKE CONSULTING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
GREENLAKE CONSULTING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
GREENLAKE CONSULTING LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
623
Investment properties
4
208,306
208,306
208,306
208,929
Current assets
Cash at bank and in hand
1,218
608
Creditors: amounts falling due within one year
5
(44,425)
(39,643)
Net current liabilities
(43,207)
(39,035)
Total assets less current liabilities
165,099
169,894
Creditors: amounts falling due after more than one year
6
(121,288)
(121,288)
Net assets
43,811
48,606
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
43,711
48,506
Total equity
43,811
48,606
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 25 October 2023
Mr J M James
Director
Company Registration No. SC440567
GREENLAKE CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 2 -
1
Accounting policies
Company information
Greenlake Consulting Limited is a private company limited by shares incorporated in Scotland. The principal place of business is Greystanes, Barrack Road, Crieff, PH6 2EQ and the registered office is 22 Stafford Street, Edinburgh, EH3 7BD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied. There were no material departures from that standard.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention and in accordance with the principal accounting policies set out below.
1.2
Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
GREENLAKE CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are classified as debt and recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
GREENLAKE CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2022 and 31 January 2023
1,867
Depreciation and impairment
At 1 February 2022
1,244
Depreciation charged in the year
623
At 31 January 2023
1,867
Carrying amount
At 31 January 2023
At 31 January 2022
623
4
Investment property
2023
£
Fair value
At 1 February 2022 and 31 January 2023
208,306
Taking into account the current position with the local property market the director is of the opinion that the current valuation in the accounts continues to be that of an appropriate representation of the fair value of the property.
5
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
44,425
39,643
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
121,288
121,288
The bank loan is secured over the property.
GREENLAKE CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
6
Creditors: amounts falling due after more than one year
(Continued)
- 5 -
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable other than by instalments
121,288
121,288