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Registered number: SC759675






Greenheart Homes Ltd


FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2025
























Prepared By:
Cunningham Grant
Chartered Accountants
Unit G6, The Granary Business Centre
Coal Road, Cupar
Fife
KY15 5YQ


FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025





DIRECTORS
Harry McGurnaghan
Joe McGurnaghan



SECRETARY
Harry McGurnaghan


REGISTERED OFFICE
49 Raith Road
Fenwick
Kilmarnock
KA3 6DB


COMPANY DETAILS
Private company limited by shares registered in SC - Scotland, registered number SC759675



ACCOUNTANTS
Cunningham Grant
Chartered Accountants
Unit G6, The Granary Business Centre
Coal Road, Cupar
Fife
KY15 5YQ


FINANCIAL STATEMENTS
FOR THEYEARENDED28 FEBRUARY 2025



CONTENTS



		Page

Directors' Report		-

Accountants' Report		-

Statement Of Comprehensive Income		-

Balance Sheet		3

Notes To The Accounts		4


The following do not form part of the statutory financial statements:

Trading And Profit And Loss Account		-

Profit And Loss Account Summaries		-


BALANCE SHEET AT 28 February 2025

			2025		2024
	Notes		£		£

FIXED ASSETS
Tangible assets	3		674,919		347,457

CURRENT ASSETS
Debtors	5	3,225		6
Cash at bank and in hand		91,188		114,696
		94,413		114,702
CREDITORS: Amounts falling due within one year	6	454,303		467,452
NET CURRENT LIABILITIES			(359,890)		(352,750)
TOTAL ASSETS LESS CURRENT LIABILITIES			315,029		(5,293)


CREDITORS: Amounts falling due after more than one year	7		282,127		-


PROVISIONS FOR LIABILITIES AND CHARGES			9,372		-

NET ASSETS / (LIABILITIES)			23,530		(5,293)

CAPITAL AND RESERVES

Called up share capital	8		100		100
Profit and loss account			23,430		(5,393)
SHAREHOLDERS' FUNDS			23,530		(5,293)

For the year ending 28 February 2025 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have decided not to deliver to the registrar a copy of the company's profit and loss account.

Approved by the board on 20 November 2025 and signed on their behalf by



.............................
Harry McGurnaghan
Director




1a. General Information & Basis of Accounting
The company is limited by shares and incorporated in Scotland. The address of the registered office is given in the company information on page 1 of these financial statements.
The financial statements have been prepared in accordance with Financial Reporting Standard FRS 102 including Section 1A Small Entities, the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. There were no material departures from that standard.
The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £1. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise shown.




1b. Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rent received. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.




1c. Tangible Fixed Assets
Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.




1d. Investment Properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.




1e. Impairment Of Fixed Assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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). 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.
Recoverable amount is the higher of fair value less costs to sell and 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.If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. 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.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.




1f. Cash And Cash Equivalents
Cash and cash equivalents are basic financial instruments which include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.




1g. Financial Instruments
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at 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 operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.




1h. Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued, non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.




1i. Critical Accounting Estimates And Judgements
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources.
The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.




3. TANGIBLE FIXED ASSETS

	Land And
	Buildings	Total
	£	£
Cost
At 1 March 2024	347,457	347,457
Additions	288,310	288,310
Revaluation	39,152	39,152
At 28 February 2025	674,919	674,919
Depreciation
At 28 February 2025	-	-
Net Book Amounts
At 28 February 2025	674,919	674,919
At 29 February 2024	347,457	347,457
Included in Land and Buildings are investment properties measued at fair value of £674,919 (2024 £347,457). See note 4 for details.




4. INVESTMENT PROPERTIES

	Investment
	Properties	Total
	£	£
Fair value
At 1 March 2024	347,457	347,457
Additions	288,310	288,310
Revaluation	39,152	39,152
At 28 February 2025	674,919	674,919
The investment properties were valued at fair value by the directors at 28 February 2025.




2. EMPLOYEES

	2025	2024
	No.	No.
Average number of employees	-	-




5. DEBTORS	2025	2024
	£	£

Amounts falling due within one year:
Other debtors	3,225	6
	3,225	6




6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
	2025	2024
	£	£
Other creditors	454,303	467,452
	454,303	467,452




7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
	2025	2024
	£	£
Bank loans and overdrafts	282,127	-
	282,127	-


Included within creditors due after more than one year are:
Amounts falling due after more than five years
- repayable by installments	282,644	-

Bank loans and overdrafts totalling £282,127 (2024 £Nil) are secured via a standard security over 25A Shepherds Loan, Dundee and 17B Shepherds Loan, Dundee.




8. SHARE CAPITAL	2025	2024
	£	£
Allotted, issued and fully paid:
60 Ordinary shares of £1 each	60	60
10 A shares of £1 each	10	10
10 B shares of £1 each	10	10
10 C shares of £1 each	10	10
10 D shares of £1 each	10	10
	100	100

New shares issued during period:
Ordinary shares of £1 each		60
A shares of £1 each		10
B shares of £1 each		10
C shares of £1 each		10
D shares of £1 each		10
	-	100




9. PROFIT AND LOSS RESERVES
Profit and loss account - This reserve records retained earnings and accumulated losses including surplus/ deficit on market value changes of investment properties. At the year end £29,780 (2024 - £Nil) is non distributable.