Registration number:
Grassmarket Holdings Ltd
for the Year Ended 29 February 2024
Grassmarket Holdings Ltd
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Grassmarket Holdings Ltd
Company Information
Director |
Mr M Crolla |
Registered office |
|
Accountants |
|
Grassmarket Holdings Ltd
(Registration number: SC471465)
Balance Sheet as at 29 February 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Retained earnings |
5,654 |
11,279 |
|
Shareholders' funds |
5,754 |
11,379 |
For the financial year ending 29 February 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Grassmarket Holdings Ltd
(Registration number: SC471465)
Balance Sheet as at 29 February 2024
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
......................................... |
Grassmarket Holdings Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
General information |
The company is a private company limited by share capital, incorporated in Scotland .
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentation currency of the financial statements is the Pound Sterling (£).
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration derived from property rental. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
Grassmarket Holdings Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Motor vehicles |
25% reducing balance |
Grassmarket Holdings Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Grassmarket Holdings Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Financial instruments
Staff numbers |
The average number of persons employed by the company (including the director) during the year was
Tangible assets |
Motor vehicles |
Total |
|
Cost or valuation |
||
At 1 March 2023 |
|
|
At 29 February 2024 |
|
|
Depreciation |
||
At 1 March 2023 |
|
|
Charge for the year |
|
|
At 29 February 2024 |
|
|
Carrying amount |
||
At 29 February 2024 |
|
|
At 28 February 2023 |
|
|
Grassmarket Holdings Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Investments |
2024 |
2023 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 March 2023 |
|
Additions |
|
Disposals |
( |
At 29 February 2024 |
|
Provision |
|
Carrying amount |
|
At 29 February 2024 |
|
At 28 February 2023 |
|
Grassmarket Holdings Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2024 |
2023 |
|||
Subsidiary undertakings |
||||
|
Argyll House, Quarrywood Court, Livingston, West Lothian, EH54 6AX Scotland |
|
|
|
|
Argyll House, Quarrywood Court, Livingston, West Lothian, EH54 6AX |
|
|
|
|
Argyll House, Quarrywood Court, Livingston, West Lothian, Scotland, EH54 6AX Scotland |
|
|
|
Debtors |
2024 |
2023 |
|
Other debtors |
148,738 |
131,125 |
148,738 |
131,125 |
Grassmarket Holdings Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
|
Due within one year |
|||
Loans and borrowings |
|
12,657 |
|
Taxation and social security |
65,526 |
63,399 |
|
Intercompany - Grassmarket Catering |
22,066 |
- |
|
100,379 |
76,056 |
Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
|
Due after one year |
|||
Loans and borrowings |
|
|
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
|
|
Hire purchase contracts |
|
|
|
|
Current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
|
|
Hire purchase contracts |
|
|
|
|
The bank loan is supported by a 100% guarantee from the UK Government.
The finance lease/hire purchase liabilities are secured over the assets concerned.
Grassmarket Holdings Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Related party transactions |
Summary of transactions with other related parties
During the year, the company advanced loans totalling £25,536 to the company. At the year end, the balance due to the company was £46,391 (2023 - £20,854). This loan is unsecured, interest free and has no fixed repayment terms.
The company operates a loan account with Grassmarket Trading Ltd, a subsidiary company.
Grassmarket Trading Ltd ceased trading and the company has since been dissolved. Therefore, the outstanding loan of £77,342 was written off during the year. The balance at the year end was £Nil (2023 - £77,342)
The company operates a loan account with Grassmarket Catering Ltd, a subsidiary company.
During the year, the company charged rent totalling £144,000 (2023 - £108,000) to Grassmarket Catering Ltd, this was conducted under normal commercial terms.
During the year, the company repaid loans totalling £52,600 to Grassmarket Catering Ltd. At the year end, the balance due to Grassmarket Catering Ltd was £22,006 (2023 - £30,534 due from Grassmarket Catering Ltdl). This loan is unsecured, interest free and has no fixed repayment terms.
The company operates a loan account with Atina Property UK Limited, a subsidiary company.
During the year, the company advanced loans totalling £100,558 to Atina Property UK Limited. At the year end, the balance due from Atina Property UK Limited was £100,558 (2023 - £nil). This loan is unsecured, interest free and has no fixed repayment terms.