Grassmarket Holdings Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Grassmarket Holdings Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC471465 . The registered office is Glen Drummond Limited Argyll House, Quarrywood Court, Livingston, West Lothian, EH54 6AX.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Motor Vehicles

25% reducing balance

2.4. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.5. Financial Instruments

Basic financial instruments are initially recognised at transaction price, including transaction costs, and subsequently measured at amortised cost using the effective interest method, where applicable. These can include trade and other debtors, cash and bank balances, trade and other creditors, and intercompany balances. Financial assets are assessed at the end of each reporting period for evidence of impairment and adjusted if necessary. The company does not hold or issue any complex financial instruments such as derivatives.

2.6. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

Page 3

Page 4

Grassmarket Holdings Ltd

Notes to the Financial Statements (continued)

For The Year Ended 28 February 2025

3. Average Number of Employees

Average number of employees, including directors, during the year was: 2 (2024: 2)

4. Tangible Assets

	Motor Vehicles
	£
Cost
As at 1 March 2024	107,101

As at 28 February 2025	107,101

Depreciation
As at 1 March 2024	46,857
Provided during the period	15,061

As at 28 February 2025	61,918

Net Book Value
As at 28 February 2025	45,183

As at 1 March 2024	60,244

5. Investments

	Subsidiaries
	£
Cost
As at 1 March 2024	200

As at 28 February 2025	200

Provision
As at 1 March 2024	-

As at 28 February 2025	-

Net Book Value
As at 28 February 2025	200

As at 1 March 2024	200

6. Debtors

	2025	2024
	£	£
Due within one year
Other debtors	134,539	148,739

Page 4

Page 5

Grassmarket Holdings Ltd

Notes to the Financial Statements (continued)

For The Year Ended 28 February 2025

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	7,498	7,498
Trade creditors	(1 )	1
Bank loans and overdrafts	5,423	5,289
Other creditors	7,092	22,066
Taxation and social security	62,319	65,526

	82,331	100,380

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	56,623	64,121
Bank loans	25,060	30,483

	81,683	94,604

9. Secured Creditors

Of the creditors the following amounts are secured.

	2025		2024
	£		£
Net obligations under finance lease and hire purchase contracts	64,121		79,117

The hire purchase liabilities are secured over the assets concerned.

10. Loans

An analysis of the maturity of loans is given below:

	2025	2024
	£	£
Amounts falling due within one year or on demand:
Bank loans	5,423	5,289

	2025	2024
	£	£
Amounts falling due between one and five years:
Bank loans	25,060	30,483

11. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	7,498	7,498
Later than one year and not later than five years	56,623	64,121

	64,121	71,619

	64,121	71,619

Page 5

Page 6

Grassmarket Holdings Ltd

Notes to the Financial Statements (continued)

For The Year Ended 28 February 2025

12. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	100	100

13. Related Party Disclosures

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

During the year, the director repaid loans totalling £14,950 to the company. At the year end, the balance due from the director was £31,441 (2024: £46,391). This loan is unsecured, interest free and has no fixed repayment terms.

The company operates a loan account with Grassmarket Catering Ltd, the subsidiary company.

During the year, the company charged rent totalling £144,000 (2024: £144,000) to Grassmarket Catering Ltd, this was conducted under normal commercial terms. The company also received dividends totalling £50,000 (2024: £120,000) from Grassmarket Catering Ltd.

During the year, the company repaid loans totalling £14,974 to Grassmarket Catering Ltd. At the year end, the balance due to Grassmarket Catering Ltd was £7,092 (2024: £22,066). This loan is unsecured, interest free and has no fixed repayment terms.

The company operates a loan account with Atina Property UK Limited, the subsidiary company.

During the year, Atina Property UK Limited received loans totalling £750 from the company. At the year end, the balance due from Atina property UK Limited was £101,308 (2024: £100,558). This loan is unsecured, interest free and has no fixed repayment terms.

Page 6

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		45,183		60,244
Investments	5		200		200

			45,383		60,444
CURRENT ASSETS
Debtors	6	134,539		148,739
Cash at bank and in hand		814		6,616

		135,353		155,355
Creditors: Amounts Falling Due Within One Year	7	(82,331 )		(100,380 )

NET CURRENT ASSETS (LIABILITIES)			53,022		54,975

TOTAL ASSETS LESS CURRENT LIABILITIES			98,405		115,419

Creditors: Amounts Falling Due After More Than One Year	8		(81,683 )		(94,604 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(11,296 )		(15,061 )

NET ASSETS			5,426		5,754

CAPITAL AND RESERVES
Called up share capital	12		100		100
Profit and Loss Account			5,326		5,654

SHAREHOLDERS' FUNDS			5,426		5,754