Great Hallingbury Investors Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Suite 19 Station Point, 121 Sandycombe Road, Richmond, Surrey, United Kingdom, TW9 2AD.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Management has prepared the financial statement on a going concern basis based on the fact that the amount which has been invested by the company is secured by a charge on the property. Further the majority of the liability balance is made up of the loan repayable to the investors who loaned the money for further investment. Great Hallingbury Investors Limited is a company which was initially set up as an SPV platform in order to raise the funds to purchase and manage the cemetery which is currently held by Great Hallingbury Cemetery Limited within the UK Cemetery Investments PLC group. In September 2021 UKCI was acquired by UK Cemetery Holdings 1 and became the main shareholder. They have yet to recommence development of the Great Hallingbury site or to indicate their plan to repay investors in GHIL. The investors had agreed to a 24 month extension of their repayment period which expires in January 2023, so the position after that date remains unclear. The director has made numerous attempts to obtain a plan from UK Cemetery Holdings 1 but, at the time of filing these accounts, no such plan has been forthcoming. Therefore the management feels that there can be a delay and material risk to the amount and timing of future repayments to investors of the loan made to GHC Ltd by GHIL which is secured by the charge on the property.
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.
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, 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 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. 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.
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.
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount 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.
The average monthly number of persons (including directors) employed by the company during the year was:
At the year end and amount of £1,246,936 (2020 :- £1,246,936) was payable to the investors/shareholders who provided loan to the company as its initial working capital and £3,500 to Essington Cemetery Limited, a company where Mr Graham Rowan was the director, Mr Graham Rowan has resigned as a director of the company.
At the balance sheet date an amount of £800,415 (2020 :- £800,415) was recoverable form Great Hallingbury Cemetery Limited and £133,376 (2020 :- £133,376) from Respects Bereavement Services Limited, both the companies were connected by virtue of common directorship of Mr Graham Rowan. Mr Graham Rowan has resigned as director in the above two companies.
The ultimate controlling party are the shareholders along with Mr Graham Rowan, the director of the company who looks after the day to day running of the company.