Company registration number 13907140 (England and Wales)
GREENSPAN INVESTMENTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
PAGES FOR FILING WITH REGISTRAR
GREENSPAN INVESTMENTS LTD
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
GREENSPAN INVESTMENTS LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2026
31 March 2026
- 1 -
2026
2025
Notes
£
£
£
£
Fixed assets
Investments held at FV through profit or loss
3
9,649,596
6,057,906
Current assets
Debtors
4
-
0
1
Cash at bank and in hand
9,387
7,473
9,387
7,474
Creditors: amounts falling due within one year
5
(4,316,080)
(4,005,250)
Net current liabilities
(4,306,693)
(3,997,776)
Total assets less current liabilities
5,342,903
2,060,130
Provisions for liabilities
(1,557,654)
(749,447)
Net assets
3,785,249
1,310,683
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
7
3,785,049
1,310,483
Total equity
3,785,249
1,310,683

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 7 August 2026 and are signed on its behalf by:
O C Green
T S Green
Director
Director
Company Registration No. 13907140
GREENSPAN INVESTMENTS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2024
200
1,257,870
1,258,070
Year ended 31 March 2025:
Profit and total comprehensive income
-
52,613
52,613
Balance at 31 March 2025
200
1,310,483
1,310,683
Year ended 31 March 2026:
Profit and total comprehensive income
-
2,474,566
2,474,566
Balance at 31 March 2026
200
3,785,049
3,785,249
GREENSPAN INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
- 3 -
1
Accounting policies
Company information

Greenspan Investments Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 21 South Street, London, W1K 2XB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Fixed assets investments held at fair value

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and 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.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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 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.

GREENSPAN INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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 paymen ts 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. A m ounts 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.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

GREENSPAN INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2026
2025
Number
Number
Total
2
2
3
Fixed asset investments
2026
2025
£
£
Other investments at fair value
9,649,596
6,057,906
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2025
6,057,906
Additions
350,000
Valuation changes
3,241,690
At 31 March 2026
9,649,596
Carrying amount
At 31 March 2026
9,649,596
At 31 March 2025
6,057,906

The investment relates to 11.54% equity participation in Brave Bison Plc.

The fair value is determined using the quoted market price in an active market.

4
Debtors
2026
2025
Amounts falling due within one year:
£
£
Other debtors
-
0
1
5
Creditors: amounts falling due within one year
2026
2025
£
£
Other creditors
4,310,000
4,000,000
Accruals and deferred income
6,080
5,250
4,316,080
4,005,250
GREENSPAN INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
5
Creditors: amounts falling due within one year
(Continued)
- 6 -

Other creditors include £4,310,000 (2025 - £4,000,000) of amounts owed to entities with common ownership. These amounts are unsecured, do not bear interest and are repayable on demand.

6
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2026
2025
Balances:
£
£
Tax losses and other deductions
-
(24,595)
Capital Gains/(Losses)
1,557,654
774,042
1,557,654
749,447
2026
Movements in the year:
£
Liability at 1 April 2025
749,447
Charge to profit or loss
808,207
Liability at 31 March 2026
1,557,654
7
Reserves
Equity reserve

The profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.

8
Related party transactions
2026
2025
Amounts due to related parties
£
£
Entities with common ownership
4,310,000
4,000,000
9
Parent company

The directors O C Green and T S Green jointly own 100% of the issued share capital and are considered the ultimate controlling parties.

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