REGISTERED NUMBER: SC311816 (Scotland)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

GREENBELT PROPERTY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A M Duthie

J McQuillan

A Middleton

G Murray

C D Thomson

A Cooper

REGISTERED OFFICE:

McCafferty House

99 Firhill Road

Glasgow

G20 7BE

REGISTERED NUMBER:

SC311816 (Scotland)

AUDITORS:

Haines Watts Scotland

Business Advisors, Accountants and

Statutory Auditors

Q Court

3 Quality Street

Edinburgh

EH4 5BP

BANKERS:

Natwest

1st Floor

8 George Street

Edinburgh

EH2 2SB

SOLICITORS:

Brodies LLP

110 Queen Street

Glasgow

G1 3BX

FIXED ASSETS

Tangible assets

4

109,150

-

CURRENT ASSETS

Debtors

5

19,590

23,050

CREDITORS

Amounts falling due within one year

6

(430,670

)

(321,572

)

NET CURRENT LIABILITIES

(411,080

)

(298,522

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(301,930

)

(298,522

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(301,931

)

(298,523

)

(301,930

)

(298,522

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 September 2025 and were signed on its behalf by:

A Middleton - Director

1.	STATUTORY INFORMATION

Greenbelt Property Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

At the reporting date the Company had net liabilities of £301,930 (2024 - £298,522). The Company is dependent on the continuing financial support of other group companies in order to continue trading and meet its obligations as they fall due. The Directors have confirmed the ongoing financial support of the parent company and, accordingly, the financial statements have been prepared on the going concern basis and do not include any adjustments that would arise from the withdrawal of this support.

TANGIBLE FIXED ASSETS

Tangible fixed assets comprises land which is stated at valuation. Revaluation gains and losses are recognised in the Statement of Comprehensive Income.

The Directors consider the need for impairment of tangible fixed assets as part of the revaluation process which is performed annually.

Land is not depreciated.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

4.	TANGIBLE FIXED ASSETS

Land and

buildings

£

COST OR VALUATION

Additions

109,150

At 31 March 2025

109,150

NET BOOK VALUE

At 31 March 2025

109,150

Cost or valuation at 31 March 2025 is represented by:

Land and

buildings

£

Valuation in 2025

109,150

Land has been valued in the year by the directors on an existing use basis following the principles of a third party valuation carried out by Avison Young in 2023.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Amounts owed by group undertakings

19,403

22,863

Other debtors

187

187

19,590

23,050

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Amounts owed to group undertakings

427,322

318,172

Accruals and deferred income

3,348

3,400

430,670

321,572

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Craig Hunter (Senior Statutory Auditor)

for and on behalf of Haines Watts Scotland

8.	CONTINGENT LIABILITIES

The Company is party to an inter-company guarantee of up to £3,125,000 with Greenbelt Holdings Limited, Growing Estates Limited, Greenbelt Group Limited and Greenbelt Management UK Limited relating to a Coronavirus Business Loan Facility held by Greenbelt Group Limited. The security is supported by debentures and bonds, and floating charges over the assets of the Company. Greenbelt Holdings Limited is the Company's parent undertaking with the other companies noted being fellow subsidiary undertakings.

9.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

10.	ULTIMATE CONTROLLING PARTY

The Company's immediate and ultimate parent undertaking is Greenbelt Holdings Limited, a company registered in Scotland, which is the smallest and largest group of companies for which group financial statements are prepared. Copies of the financial statements of Greenbelt Holdings Limited are available to the public from Companies House, Crown Way, Cardiff, CF14 3UZ.

In the opinion of the Directors, the ultimate controlling party of the Company is A Middleton, the main shareholder of Greenbelt Holdings Limited.