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Registration number: SC471465

Grassmarket Holdings Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Grassmarket Holdings Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Grassmarket Holdings Ltd

Company Information

Director

Mr M Crolla

Registered office

 

Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

Accountants

Glen Drummond Ltd
Chartered Accountants
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

 

Grassmarket Holdings Ltd

(Registration number: SC471465)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

60,244

80,326

Investments

5

200

101

 

60,444

80,427

Current assets

 

Debtors

6

148,738

131,125

Cash at bank and in hand

 

6,616

3,355

 

155,354

134,480

Creditors: Amounts falling due within one year

7

(100,379)

(76,056)

Net current assets

 

54,975

58,424

Total assets less current liabilities

 

115,419

138,851

Creditors: Amounts falling due after more than one year

7

(94,604)

(107,391)

Provisions for liabilities

(15,061)

(20,081)

Net assets

 

5,754

11,379

Capital and reserves

 

Called up share capital

9

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 director on 25 September 2024
 

.........................................
Mr M Crolla
Director

 

Grassmarket Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland .

The address of its registered office is:
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

These financial statements were authorised for issue by the director on 25 September 2024.

2

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

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 1 (2023 - 1).

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

107,101

107,101

At 29 February 2024

107,101

107,101

Depreciation

At 1 March 2023

26,775

26,775

Charge for the year

20,082

20,082

At 29 February 2024

46,857

46,857

Carrying amount

At 29 February 2024

60,244

60,244

At 28 February 2023

80,326

80,326

 

Grassmarket Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Investments

2024
£

2023
£

Investments in subsidiaries

200

101

Subsidiaries

£

Cost or valuation

At 1 March 2023

101

Additions

100

Disposals

(1)

At 29 February 2024

200

Provision

Carrying amount

At 29 February 2024

200

At 28 February 2023

101

 

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

Grassmarket Trading Limited

Argyll House, Quarrywood Court, Livingston, West Lothian, EH54 6AX

Scotland

0%

100%

Grassmarket Catering Ltd

Argyll House, Quarrywood Court, Livingston, West Lothian, EH54 6AX

100%

100%

Atina UK Property Ltd

Argyll House, Quarrywood Court, Livingston, West Lothian, Scotland, EH54 6AX

Scotland

100%

0%

6

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

12,787

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

8

94,604

107,391

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

30,483

35,772

Hire purchase contracts

64,121

71,619

94,604

107,391

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,289

5,159

Hire purchase contracts

7,498

7,498

12,787

12,657

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

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       

10

Related party transactions

Summary of transactions with other related parties

The company operates a loan account with the director, Mr M Crolla.
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.