Silverfin false false 31/05/2024 01/06/2023 31/05/2024 Alexander Grant Brough Greenhill 02/03/2016 James Strachan Greenhill 01/03/2016 29 November 2024 The principal activity of the Company during the financial year was was the cultivation and sale of potatoes. SC528328 2024-05-31 SC528328 bus:Director1 2024-05-31 SC528328 bus:Director2 2024-05-31 SC528328 2023-05-31 SC528328 core:CurrentFinancialInstruments 2024-05-31 SC528328 core:CurrentFinancialInstruments 2023-05-31 SC528328 core:Non-currentFinancialInstruments 2024-05-31 SC528328 core:Non-currentFinancialInstruments 2023-05-31 SC528328 core:ShareCapital 2024-05-31 SC528328 core:ShareCapital 2023-05-31 SC528328 core:RetainedEarningsAccumulatedLosses 2024-05-31 SC528328 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC528328 core:LandBuildings 2023-05-31 SC528328 core:OtherPropertyPlantEquipment 2023-05-31 SC528328 core:LandBuildings 2024-05-31 SC528328 core:OtherPropertyPlantEquipment 2024-05-31 SC528328 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-05-31 SC528328 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-05-31 SC528328 core:MoreThanFiveYears 2024-05-31 SC528328 core:MoreThanFiveYears 2023-05-31 SC528328 2022-05-31 SC528328 bus:OrdinaryShareClass1 2024-05-31 SC528328 2023-06-01 2024-05-31 SC528328 bus:FilletedAccounts 2023-06-01 2024-05-31 SC528328 bus:SmallEntities 2023-06-01 2024-05-31 SC528328 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 SC528328 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC528328 bus:Director1 2023-06-01 2024-05-31 SC528328 bus:Director2 2023-06-01 2024-05-31 SC528328 core:OtherPropertyPlantEquipment 2023-06-01 2024-05-31 SC528328 2022-06-01 2023-05-31 SC528328 core:LandBuildings 2023-06-01 2024-05-31 SC528328 core:CurrentFinancialInstruments 2023-06-01 2024-05-31 SC528328 core:MoreThanFiveYears 2023-06-01 2024-05-31 SC528328 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 SC528328 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC528328 (Scotland)

GREENHILL PRODUCE LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH THE REGISTRAR

GREENHILL PRODUCE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024

Contents

GREENHILL PRODUCE LIMITED

BALANCE SHEET

AS AT 31 MAY 2024
GREENHILL PRODUCE LIMITED

BALANCE SHEET (continued)

AS AT 31 MAY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 2,639,712 2,620,763
2,639,712 2,620,763
Current assets
Stocks 96,215 80,358
Debtors 4 188,146 180,470
Cash at bank and in hand 133,091 19,785
417,452 280,613
Creditors: amounts falling due within one year 5 ( 232,162) ( 123,107)
Net current assets 185,290 157,506
Total assets less current liabilities 2,825,002 2,778,269
Creditors: amounts falling due after more than one year 6 ( 870,466) ( 1,199,919)
Provision for liabilities 7, 8 ( 22,995) ( 18,258)
Net assets 1,931,541 1,560,092
Capital and reserves
Called-up share capital 9 90 90
Profit and loss account 1,931,451 1,560,002
Total shareholders' funds 1,931,541 1,560,092

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Greenhill Produce Limited (registered number: SC528328) were approved and authorised for issue by the Board of Directors on 29 November 2024. They were signed on its behalf by:

James Strachan Greenhill
Director
GREENHILL PRODUCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
GREENHILL PRODUCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 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

Greenhill Produce 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 Upper Tulloes, Letham, By Forfar, DD8 2LZ, Scotland, 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery etc. 20 % reducing balance

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

Assets are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

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 fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 June 2023 2,547,731 168,304 2,716,035
Additions 0 33,555 33,555
At 31 May 2024 2,547,731 201,859 2,749,590
Accumulated depreciation
At 01 June 2023 0 95,272 95,272
Charge for the financial year 0 14,606 14,606
At 31 May 2024 0 109,878 109,878
Net book value
At 31 May 2024 2,547,731 91,981 2,639,712
At 31 May 2023 2,547,731 73,032 2,620,763

4. Debtors

2024 2023
£ £
Trade debtors 116,973 134,480
Amounts owed by related parties 52,206 39,560
Other debtors 18,967 6,430
188,146 180,470

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 28,582 27,711
Trade creditors 62,605 6,922
Taxation and social security 119,079 66,781
Other creditors 21,896 21,693
232,162 123,107

Bank borrowings are secured by floating charge over the property or undertakings of the company.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 870,466 1,199,919

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (repayable by instalments) 756,139 1,089,073

Bank borrowings are secured by floating charge over the property or undertakings of the company.

7. Provision for liabilities

2024 2023
£ £
Deferred tax 22,995 18,258

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 18,258) ( 22,823)
(Charged)/credited to the Profit and Loss Account ( 4,737) 4,565
At the end of financial year ( 22,995) ( 18,258)

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
90 Ordinary shares of £ 1.00 each 90 90

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts due to directors 19,174 19,174

During the year no transactions were made. The balance is unsecured, interest free and has no fixed repayment terms.

Other related party transactions

2024 2023
£ £
Amounts due from / (to) an entity in which the director has a participating interest 52,206 39,560

During the year there were advances of £123,354 and repayments of £136,000. The balance is unsecured, interest free and has no fixed repayment terms.