1.1 Going concern
The directors have prepared the financial statements on the going concern basis as after assessment of the company's financial position the company's directors have a reasonable expectation that the company will be able to continue in operational existence for the forseeable future with the continued support of the directors and bank.
1.2 Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is provided on the following basis:
Plant and machinery - 5% SL
Office equipment - 25% SL
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss
1.3 Other financial commitments
A £600,000 loan from Meif Esem Debt LP Acting by Its General Partner Maven Meif (Em) Gp (One) Limited was drawn down in March 2020. The loan has a five year term with interest being incurred at 8% throughout the term. Capital repayments will be made on a quarterly basis from March 202 2 .
The loan contains both a fixed and floating charge.
1.4 Related party transactions
During the year the Company traded with the following companies which are under common control:
GLP Development and Construction Services Ltd
- Purchases during the year - £42,335 (2020: £196,570)
- Amounts owed at the year end - £12,223 (2020: £38,000)
- Loan due at the year end - £358 (2020: £358)
- Sales during the year - £54,497 (2020: £12,450)
- Amounts owing at the year end - £497 (2020: £10,450)
- Loans received and repaid in full during the year - £2,000 (2020: £23,400)
- Loan outstanding at year end - £35,000 (2020: £nil)
The average number of persons , including directors , employed by the company during the year wa s as follows:
Green Life Buildings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit A Bracknell House, Pywell Road, Willowbrook Industrial Estate, Corby, Northamptonshire, NN17 5XJ.