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Registered number: 05694777










GREENHILLS ASSET MANAGEMENT LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
GREENHILLS ASSET MANAGEMENT LIMITED
REGISTERED NUMBER: 05694777

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 6 
-
2

  
-
2

Current assets
  

Debtors: amounts falling due within one year
 7 
71,547
275,939

Cash at bank and in hand
 8 
93,666
485,567

  
165,213
761,506

Creditors: amounts falling due within one year
 9 
(231,784)
(512,914)

Net current (liabilities)/assets
  
 
 
(66,571)
 
 
248,592

Total assets less current liabilities
  
(66,571)
248,594

  

Net (liabilities)/assets
  
(66,571)
248,594


Capital and reserves
  

Called up share capital 
 10 
300
300

Other reserves
  
(239,800)
(239,800)

Profit and loss account
  
172,929
488,094

  
(66,571)
248,594


Page 1

 
GREENHILLS ASSET MANAGEMENT LIMITED
REGISTERED NUMBER: 05694777
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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 31 October 2024.




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 2024

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The shareholders have committed to support the company for a minimum period of twelve months
from the date of signing the accounts and to provide working capital facilities to the company to allow
it to meet debts as they fall due. Accordingly, the directors believe that it remains appropriate to
prepare the financial statements on a going concern basis.

 
2.3

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.

 
2.4

Interest income

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

 
2.5

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.

Page 3

 
GREENHILLS ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

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.

 
2.7

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.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

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.

 
2.10

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.

Page 4

 
GREENHILLS ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

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.

 
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.


4.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 5

 
GREENHILLS ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 April 2023
22,555
1,975
24,530



At 31 March 2024

22,555
1,975
24,530



Depreciation


At 1 April 2023
22,555
1,975
24,530



At 31 March 2024

22,555
1,975
24,530



Net book value



At 31 March 2024
-
-
-



At 31 March 2023
-
-
-


6.


Fixed asset investments





Investments in subsidiary companies

£





At 1 April 2023
2


Disposals
(2)



At 31 March 2024
-




Page 6

 
GREENHILLS ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
54,785
242,413

Other debtors
14,914
16,125

Prepayments and accrued income
1,848
7,980

Tax recoverable
-
9,421

71,547
275,939



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
93,666
485,567

93,666
485,567



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
150
4,026

Amounts owed to group undertakings
230,240
464,668

Other taxation and social security
-
37,571

Accruals and deferred income
1,394
6,649

231,784
512,914



10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



300 (2023 - 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 2024

11.


Related party transactions

At the end of the period the company had £227,443 (2023: £457,872) of loans owing to a group company GAM (Holdings) Limited.
At the end of the period the company had £1,000 (2023: £1,000) of loans outstanding from a group company Hemingway Properties Limited.
At the end of the period the company had £Nil (2023 - £187,627 of loans outstanding from a group company Greenhills Asset Solutions No 2 Limited.
At the end of the period the company had £24,298 (2023: £24,298) of loans outstanding from IVRE Limited.
At the end of the period the company had £29,487 (2023: £29,487) of loans outstanding from IVRE No 2 Limited.
At the end of the period the company had £1,356 (2023: £5,356) of loans owing to Clearview No 1 Limited.
At the end of the period the company had £1,440 (2023: £1,440) of loans owing to IVRE No 2 Limited.
As at the year end the company was owed a total of £12,000 (2023: £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