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REGISTERED NUMBER: 01553679 (England and Wales)















THE GREENWICH DEVELOPMENT CORPORATION
LIMITED
(LIMITED BY GUARANTEE)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023






THE GREENWICH DEVELOPMENT CORPORATION
LIMITED (REGISTERED NUMBER: 01553679)
(LIMITED BY GUARANTEE)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


THE GREENWICH DEVELOPMENT CORPORATION
LIMITED
(LIMITED BY GUARANTEE)

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







DIRECTORS: Mr V J Farlie
Mr D T C Hudson
Mr M H Finlay
Cllr C D Hyland
Mr C J Allen
Mr J M Lloyd
Mr L J Blakey
Mr M M Skomorowski



SECRETARIES: Ms J Holman
Mrs K J Gladwell



REGISTERED OFFICE: 26 Burney Street
Greenwich
LONDON
SE10 8EX



REGISTERED NUMBER: 01553679 (England and Wales)



SENIOR STATUTORY AUDITOR: Ashley Phillips FCCA



AUDITORS: McCabe Ford Williams
Statutory Auditors and Chartered Accountants
Building 1063
Cornforth Drive
Kent Science Park
Sittingbourne
Kent
ME9 8PX

THE GREENWICH DEVELOPMENT CORPORATION
LIMITED (REGISTERED NUMBER: 01553679)
(LIMITED BY GUARANTEE)

STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2023

30.9.23 30.9.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 1,725,707 1,751,615
Investments 6 102 102
Investment property 7 19,876,012 17,617,302
21,601,821 19,369,019

CURRENT ASSETS
Debtors 8 466,812 667,394
Cash at bank and in hand 590,430 384,178
1,057,242 1,051,572
CREDITORS
Amounts falling due within one year 9 642,946 412,017
NET CURRENT ASSETS 414,296 639,555
TOTAL ASSETS LESS CURRENT
LIABILITIES

22,016,117

20,008,574

CREDITORS
Amounts falling due after more than one
year

10

(2,627,383

)

(1,174,000

)

PROVISIONS FOR LIABILITIES (1,082,836 ) (937,390 )
NET ASSETS 18,305,898 17,897,184

RESERVES
Revaluation reserve 12 1,175,979 1,209,812
Fair value reserve 12 5,431,013 5,545,357
Income and expenditure account 12 11,698,906 11,142,015
18,305,898 17,897,184

THE GREENWICH DEVELOPMENT CORPORATION
LIMITED (REGISTERED NUMBER: 01553679)
(LIMITED BY GUARANTEE)

STATEMENT OF FINANCIAL POSITION - continued
30 SEPTEMBER 2023


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 5 February 2024 and were signed on its behalf by:





Mr M M Skomorowski - Director


THE GREENWICH DEVELOPMENT CORPORATION
LIMITED (REGISTERED NUMBER: 01553679)
(LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1. STATUTORY INFORMATION

The Greenwich Development Corporation Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered 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 to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets, and the valuation of the investment properties, made by the directors after taking advice.

Turnover
Turnover represents net rents receivable and consultancy fees excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Straight line over 50 years
Plant and machinery - straight line over 3 years
Fixtures and fittings - straight line over 2 years
Motor vehicles - straight line over 3 years

From 1 October 2015 the directors agreed to re-estimate the useful economic life of freehold property to remain at 50 years as a best estimate and also re-estimate the residual value of the property at the end of its useful economic life. Given that the property is maintained and repaired fully and the fundamental structure is unlikely to deteriorate over the next 50 years the most reasonable conclusion is that it will remain as viable for commercial or residential use as it is now and there is no reason to believe that it will deviate from its current value of £1.7 million. As a result there is no annual depreciation charge.

THE GREENWICH DEVELOPMENT CORPORATION
LIMITED (REGISTERED NUMBER: 01553679)
(LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

3. ACCOUNTING POLICIES - continued

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in surplus or deficit.

THE GREENWICH DEVELOPMENT CORPORATION
LIMITED (REGISTERED NUMBER: 01553679)
(LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.

Impairment of non-financial assets


THE GREENWICH DEVELOPMENT CORPORATION
LIMITED (REGISTERED NUMBER: 01553679)
(LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

3. ACCOUNTING POLICIES - continued
At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed, to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Inventories are also assessed for impairment at each reporting date. Each item of inventory is compared to the last sold date and an impairment loss recognised on a percentage basis in profit and loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit and loss.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investment income
Investment income is recognised on an accruals basis.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 11 ) .

THE GREENWICH DEVELOPMENT CORPORATION
LIMITED (REGISTERED NUMBER: 01553679)
(LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 October 2022
and 30 September 2023 1,700,000 22,761 97,146 93,092 1,912,999
DEPRECIATION
At 1 October 2022 - 22,761 90,180 48,443 161,384
Charge for year - - 4,800 21,108 25,908
At 30 September 2023 - 22,761 94,980 69,551 187,292
NET BOOK VALUE
At 30 September 2023 1,700,000 - 2,166 23,541 1,725,707
At 30 September 2022 1,700,000 - 6,966 44,649 1,751,615

Included in cost or valuation of land and buildings is freehold land of £ 50,000 (2022 - £ 50,000 ) which is not depreciated.

Cost or valuation at 30 September 2023 is represented by:

Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 1998 104,085 - - - 104,085
Valuation in 2002 126,400 - - - 126,400
Valuation in 2003 (73,790 ) - - - (73,790 )
Valuation in 2015 1,267,390 - - - 1,267,390
Cost 275,915 22,761 97,146 93,092 488,914
1,700,000 22,761 97,146 93,092 1,912,999

Freehold Land and Buildings were valued on an open market basis on 30 September 2015 by the directors .

The directors after taking advice are satisfied that the current market value is in line with the valuation of the properties as reflected in the financial statements.

THE GREENWICH DEVELOPMENT CORPORATION
LIMITED (REGISTERED NUMBER: 01553679)
(LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

6. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST
At 1 October 2022
and 30 September 2023 101 1 102
NET BOOK VALUE
At 30 September 2023 101 1 102
At 30 September 2022 101 1 102

The shares in group undertakings relates to 100% shareholding in the following subsidiaries:




The
Greenwich
Enterprise
Board
Greenwich
Car Parking
Services
Limited

Called up share capital 1 100
Retained earnings - 128,381

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2022 17,617,302
Additions 2,258,710
At 30 September 2023 19,876,012
NET BOOK VALUE
At 30 September 2023 19,876,012
At 30 September 2022 17,617,302

THE GREENWICH DEVELOPMENT CORPORATION
LIMITED (REGISTERED NUMBER: 01553679)
(LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

7. INVESTMENT PROPERTY - continued

Fair value at 30 September 2023 is represented by:
£   
Valuation in 1990 158,595
Valuation in 1998 126,610
Valuation in 2002 170,247
Valuation in 2003 2,172,220
Valuation in 2015 3,641,867
Cost 13,606,473
19,876,012

Investment properties were valued on a rental yield basis on 30 September 2015 by the directors .

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Trade debtors 26,043 40,769
Amounts owed by group undertakings 425,530 594,177
Bad debt provision (15,802 ) (5,110 )
VAT - 16,961
Prepayments and accrued income 31,041 20,597
466,812 667,394

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Bank loans and overdrafts 171,077 40,000
Trade creditors 81,744 39,920
Amounts owed to group undertakings 1 1
Other creditors 139,996 116,923
Other taxes and PAYE 173,099 141,654
Accruals and deferred income 77,029 73,519
642,946 412,017

THE GREENWICH DEVELOPMENT CORPORATION
LIMITED (REGISTERED NUMBER: 01553679)
(LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.9.23 30.9.22
£    £   
Bank loans - 1-2 years 171,077 40,000
Bank loans - 2-5 years 1,802,306 470,000
Deferred income 2-5 years 56,000 608,000
Deferred income more than 5 years 598,000 56,000
2,627,383 1,174,000

11. SECURED DEBTS

Handelsbanken PLC has a fixed and floating charge over the undertaking and all of its assets for any debenture outstanding.

12. RESERVES
Income
and Fair
expenditure Revaluation value
account reserve reserve Totals
£    £    £    £   

At 1 October 2022 11,142,015 1,209,812 5,545,357 17,897,184
Surplus for the year 408,714 - - 408,714
Transfer between reserves 148,177 (33,833 ) (114,344 ) -
At 30 September 2023 11,698,906 1,175,979 5,431,013 18,305,898






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

The Report of the Auditors was unqualified.

Ashley Phillips FCCA (Senior Statutory Auditor)
for and on behalf of McCabe Ford Williams

THE GREENWICH DEVELOPMENT CORPORATION
LIMITED (REGISTERED NUMBER: 01553679)
(LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

14. RELATED PARTY DISCLOSURES

During the year management charges have been received from Greenwich Car Parking Services Limited of £163,100 (2022: £158,500).

During the year dividends of £150,000 (2022: £100,000) were received from Greenwich Car Parking Services Limited.

Included in debtors are amounts due from Greenwich Car Parking Services Limited of £425,530 (2022: £594,177). The net expenditure incurred by the company on behalf of Greenwich Car Parking Services Limited during the year was £37,353 (2022: £48,146).

Included in creditors are amounts owing to Greenwich Enterprise Board of £1 (2022: £1).

15. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the Board of Directors.

16. LIMITED BY GUARANTEE

The company is limited by guarantee. At 30 September 2023 there were eight members, each of whom, on winding up, has undertaken to contribute an amount not exceeding £1.