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Company No: SC563137 (Scotland)

GREENHOUSE PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH THE REGISTRAR

GREENHOUSE PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024

Contents

GREENHOUSE PROPERTIES LIMITED

BALANCE SHEET

AS AT 30 APRIL 2024
GREENHOUSE PROPERTIES LIMITED

BALANCE SHEET (continued)

AS AT 30 APRIL 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 3,361,133 3,361,719
Investments 4 955,308 0
4,316,441 3,361,719
Current assets
Debtors 5 555,329 548,553
Cash at bank and in hand 1,585,835 2,601,369
2,141,164 3,149,922
Creditors: amounts falling due within one year 6 ( 51,146) ( 75,156)
Net current assets 2,090,018 3,074,766
Total assets less current liabilities 6,406,459 6,436,485
Provision for liabilities 7 0 ( 140,182)
Net assets 6,406,459 6,296,303
Capital and reserves
Called-up share capital 8 1,000 1,000
Revaluation reserve 24,300 24,300
Profit and loss account 6,381,159 6,271,003
Total shareholder's funds 6,406,459 6,296,303

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Greenhouse Properties Limited (registered number: SC563137) were approved and authorised for issue by the Director on 11 September 2024. They were signed on its behalf by:

Denise Townsley
Director
GREENHOUSE PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
GREENHOUSE PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Greenhouse Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Clava House, Cradlehall Business Park, Inverness, IV2 5GH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rental income in the normal course of business, and is shown net of VAT, other sales related taxes and trade discounts.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any 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:

Investment property not depreciated
Computer equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of 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).

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially 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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

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 ail 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 initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price and are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities classified as payable within one year are not amortised.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Investment property Computer equipment Total
£ £ £
Cost
At 01 May 2023 3,360,000 3,334 3,363,334
At 30 April 2024 3,360,000 3,334 3,363,334
Accumulated depreciation
At 01 May 2023 0 1,615 1,615
Charge for the financial year 0 586 586
At 30 April 2024 0 2,201 2,201
Net book value
At 30 April 2024 3,360,000 1,133 3,361,133
At 30 April 2023 3,360,000 1,719 3,361,719

Investment properties

The investment properties were valued at £3,360,000 (2023 - £3,360,000) on an open market basis by Graham & Sibbald, Chartered Surveyors on 19 November 2019. The director believes that the valuations represent an accurate market value of the properties as at 30 April 2024.

4. Fixed asset investments

Listed investments Total
£ £
Cost or valuation before impairment
At 01 May 2023 0 0
Additions 882,000 882,000
Movement in fair value 73,308 73,308
At 30 April 2024 955,308 955,308
Carrying value at 30 April 2024 955,308 955,308
Carrying value at 30 April 2023 0 0

5. Debtors

2024 2023
£ £
Trade debtors 9,178 3,790
Corporation tax 134,198 133,878
Other debtors 411,953 410,885
555,329 548,553

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 984 0
Amounts owed to Parent undertakings 2,438 4,292
Taxation and social security 9,416 53,850
Other creditors 38,308 17,014
51,146 75,156

7. Provision for liabilities

2024 2023
£ £
Deferred tax 0 140,182

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000

9. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Directors Loan Account - Opening Balance 407,832 411,932
Amounts advanced 21,886 20,838
Amounts withdrawn (20,938) (24,938)
Directors Loan Account - Closing Balance 408,780 407,832

The loan due from the director is unsecured, interest free and has no fixed terms of repayment.

Other related party transactions

2024 2023
£ £
Amounts due to parent entity 2,438 4,292

10. Ultimate controlling party

Parent Company:

GP Holdings (Scotland) Limited
Clava House
Cradlehall Business Park
Inverness
United Kingdom
IV2 5GH