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COMPANY REGISTRATION NUMBER: 13233114
Greenstone Noble Propco 1 Ltd
Filleted Financial Statements
31 October 2023
Greenstone Noble Propco 1 Ltd
Financial Statements
Year ended 31 October 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
Greenstone Noble Propco 1 Ltd
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
49,749,278
7,775,000
Current assets
Debtors
6
1,589,692
80,457
Cash at bank and in hand
1,021,718
12,829
------------
--------
2,611,410
93,286
Creditors: amounts falling due within one year
7
23,467,600
6,904,240
-------------
------------
Net current liabilities
20,856,190
6,810,954
-------------
------------
Total assets less current liabilities
28,893,088
964,046
Creditors: amounts falling due after more than one year
8
23,500,000
Provisions
1,421,932
145,882
-------------
---------
Net assets
3,971,156
818,164
-------------
---------
Capital and reserves
Called up share capital
3,000,000
1
Other reserves
( 600,137)
621,921
Profit and loss account
1,571,293
196,242
------------
---------
Shareholder funds
3,971,156
818,164
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 7 March 2024 , and are signed on behalf of the board by:
Mr A D L Price
Director
Company registration number: 13233114
Greenstone Noble Propco 1 Ltd
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bradstowe House, 35 Middle Wall, Whitstable, Kent, CT5 1BJ, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the rental of investment property in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax,returns, rebates and discounts. The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
5% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Freehold property
Fixtures and fittings
Total
£
£
£
Cost or valuation
At 1 November 2022
7,775,000
7,775,000
Additions
42,805,500
14,639
42,820,139
Revaluations
( 845,500)
( 845,500)
-------------
--------
-------------
At 31 October 2023
49,735,000
14,639
49,749,639
-------------
--------
-------------
Depreciation
At 1 November 2022
Charge for the year
361
361
-------------
--------
-------------
At 31 October 2023
361
361
-------------
--------
-------------
Carrying amount
At 31 October 2023
49,735,000
14,278
49,749,278
-------------
--------
-------------
At 31 October 2022
7,775,000
7,775,000
-------------
--------
-------------
6. Debtors
2023
2022
£
£
Trade debtors
71,488
3,600
Other debtors
1,518,204
76,857
------------
--------
1,589,692
80,457
------------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,602
Trade creditors
102,962
5,346
Amounts owed to group undertakings and undertakings in which the company has a participating interest
22,569,375
6,744,620
Corporation tax
261,831
42,520
Social security and other taxes
124,050
23,837
Other creditors
399,780
87,917
-------------
------------
23,467,600
6,904,240
-------------
------------
Bank loans and overdrafts are secured by way of a fixed and floating charge over the company’s assets and undertakings.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
23,500,000
-------------
----
Bank loans and overdrafts are secured by way of a fixed and floating charge over the company’s assets and undertakings.
9. Financial instruments
During the year, the company entered into an interest rate swap agreement, designated as a derivative financial instrument held at fair value through profit or loss, on a nominal amount of £21,150,000 to reduce variable interest rate risk. This swap aims to mitigate the exposure to fair value losses arising from adverse movements in interest rates. At the year end,the swap had a fair value of £412,447 asset (2022: nil). Hedge accounting has not been adopted for the above derivative and so the full gain of £414,447 has been recognised in the statement of profit or loss during the year.
10. Summary audit opinion
The auditor's report dated 7 March 2024 was unqualified .
The senior statutory auditor was Robert Field FCA CTA , for and on behalf of Burgess Hodgson LLP .
11. Related party transactions
At the year end, the company owed £22,567,425 (2022: £6,744,620) to a group company. At the year end, the company owed £1,950 (2022: nil) to a group company.