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7 March 2024
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No description of principal activity
2022-11-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
13233114
2022-11-01
2023-10-31
13233114
2023-10-31
13233114
2022-10-31
13233114
2021-11-01
2022-10-31
13233114
2022-10-31
13233114
2021-10-31
13233114
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2022-11-01
2023-10-31
13233114
bus:Director2
2022-11-01
2023-10-31
13233114
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-10-31
13233114
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-10-31
13233114
core:FurnitureFittings
2023-10-31
13233114
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-11-01
2023-10-31
13233114
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2023-10-31
13233114
core:WithinOneYear
2022-10-31
13233114
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2023-10-31
13233114
core:ShareCapital
2023-10-31
13233114
core:ShareCapital
2022-10-31
13233114
core:OtherReservesSubtotal
2023-10-31
13233114
core:OtherReservesSubtotal
2022-10-31
13233114
core:RetainedEarningsAccumulatedLosses
2023-10-31
13233114
core:RetainedEarningsAccumulatedLosses
2022-10-31
13233114
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core:OwnedOrFreeholdAssets
2022-10-31
13233114
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2022-11-01
2023-10-31
13233114
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2022-11-01
2023-10-31
13233114
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2022-11-01
2023-10-31
13233114
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2022-11-01
2023-10-31
13233114
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2022-11-01
2023-10-31
13233114
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2022-11-01
2023-10-31
COMPANY REGISTRATION NUMBER:
13233114
Greenstone Noble Propco 1 Ltd |
|
Filleted Financial Statements |
|
Greenstone Noble Propco 1 Ltd |
|
Year ended 31 October 2023
Statement of financial position |
1 |
|
|
Notes to the financial statements |
2 |
|
|
Greenstone Noble Propco 1 Ltd |
|
Statement of Financial Position |
|
31 October 2023
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:
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.