Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-012falseNo description of principal activity2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05694777 2022-04-01 2023-03-31 05694777 2021-04-01 2022-03-31 05694777 2023-03-31 05694777 2022-03-31 05694777 c:Director1 2022-04-01 2023-03-31 05694777 d:FurnitureFittings 2022-04-01 2023-03-31 05694777 d:FurnitureFittings 2023-03-31 05694777 d:FurnitureFittings 2022-03-31 05694777 d:OfficeEquipment 2022-04-01 2023-03-31 05694777 d:OfficeEquipment 2023-03-31 05694777 d:OfficeEquipment 2022-03-31 05694777 d:CurrentFinancialInstruments 2023-03-31 05694777 d:CurrentFinancialInstruments 2022-03-31 05694777 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 05694777 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 05694777 d:ShareCapital 2023-03-31 05694777 d:ShareCapital 2022-03-31 05694777 d:OtherMiscellaneousReserve 2023-03-31 05694777 d:OtherMiscellaneousReserve 2022-03-31 05694777 d:RetainedEarningsAccumulatedLosses 2023-03-31 05694777 d:RetainedEarningsAccumulatedLosses 2022-03-31 05694777 c:OrdinaryShareClass1 2022-04-01 2023-03-31 05694777 c:OrdinaryShareClass1 2023-03-31 05694777 c:OrdinaryShareClass1 2022-03-31 05694777 c:FRS102 2022-04-01 2023-03-31 05694777 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 05694777 c:FullAccounts 2022-04-01 2023-03-31 05694777 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05694777 2 2022-04-01 2023-03-31 05694777 6 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05694777










GREENHILLS ASSET MANAGEMENT LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
GREENHILLS ASSET MANAGEMENT LIMITED
REGISTERED NUMBER: 05694777

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 6 
2
2

  
2
2

Current assets
  

Debtors: amounts falling due within one year
 7 
275,939
466,761

Cash at bank and in hand
 8 
485,567
26,206

  
761,506
492,967

Creditors: amounts falling due within one year
 9 
(512,914)
(172,924)

Net current assets
  
 
 
248,592
 
 
320,043

Total assets less current liabilities
  
248,594
320,045

  

Net assets
  
248,594
320,045


Capital and reserves
  

Called up share capital 
 10 
300
300

Other reserves
  
(239,800)
(239,800)

Profit and loss account
  
488,094
559,545

  
248,594
320,045


Page 1

 
GREENHILLS ASSET MANAGEMENT LIMITED
REGISTERED NUMBER: 05694777
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 November 2023.




S C Rhoades
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
GREENHILLS ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Greenhills Asset Management Limited is a company incorporated and domiciled in England and has its registered office and principal place of business at 211 Torrington Avenue, Coventry, CV4 9AP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 3

 
GREENHILLS ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

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 charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
3 years straight line
Office equipment
-
2 years straight line

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.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
GREENHILLS ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the directors there are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.

Page 5

 
GREENHILLS ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


5.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 April 2022
22,555
1,975
24,530



At 31 March 2023

22,555
1,975
24,530



Depreciation


At 1 April 2022
22,555
1,975
24,530



At 31 March 2023

22,555
1,975
24,530



Net book value



At 31 March 2023
-
-
-



At 31 March 2022
-
-
-


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2022
2



At 31 March 2023
2




Page 6

 
GREENHILLS ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
242,413
427,344

Other debtors
16,125
34,128

Prepayments and accrued income
7,980
5,289

Tax recoverable
9,421
-

275,939
466,761



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
485,567
26,206

485,567
26,206



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
4,026
988

Amounts owed to group undertakings
464,668
159,351

Other taxation and social security
37,571
-

Accruals and deferred income
6,649
12,585

512,914
172,924



10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



300 (2022 - 300) Ordinary shares of £1.00 each
300
300


Page 7

 
GREENHILLS ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.


Related party transactions

At the end of the period the company had £457,872 (2022: £84,384) of loans owing to a group company GAM (Holdings) Limited.
At the end of the period the company had £Nil (2022: £29,723) of loans outstanding from a group company Greenhills Real Estate Limited.
At the end of the period the company had £Nil (2022: £5,000) of loans outstanding from a group company Greenhills Real Estate Finance No2 Limited.
At the end of the period the company had £Nil (2022: £46,006) of loans owing to a group company Greenhills Real Estate Finance Limited.
At the end of the period the company had £1,000 (2022: £Nil) of loans owing to a group company Hemingway Properties Limited.
At the end of the period the company had £187,627 (2022 - £257,627) of loans outstanding from a group company Greenhills Asset Solutions No 2 Limited.
At the end of the period the company had £24,298 (2022: £22,009) of loans outstanding from IVRE Limited.
At the end of the period the company had £29,487 (2022: £112,986) of loans outstanding from IVRE No 2 Limited.
At the end of the period the company had £5,356 (2022: £Nil) of loans owing to Clearview No 1 Limited.
At the end of the period the company had £Nil (2022: £11,142) of loans owing to IVRE Leamington Limited.
At the end of the period the company had £Nil creditor (2022: £10,080) of loans owing to IVRE Eastbourne Limited.
At the end of the period the company had £Nil (2022: £6,300) of loans owing to IVRE Shepperton Limited.
At the end of the period the company had £1,440 (2022: £1,440) of loans owing to IVRE No 2 Limited.
As at the year end the company was owed a total of £12,000 (2022: £12,000) in respect of loans advanced to the directors.


12.


Controlling party

The company's immediate and ultimate parent company is GAM (Holdings) Limited, a company registered in England and Wales.
GAM (Holdings) Limited is 80% owned by the following corporate shareholders:
Volpone Ventures Limited
Clearview No1 Limited
The ultimate controlling party of the company are the directors by virtue of their shareholdings in the above corporate shareholders and their own personal holdings.

Page 8