Company Registration No. 11347636 (England and Wales)
GLENMORE STUDENT PROPERTY (PORTSMOUTH) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
GLENMORE STUDENT PROPERTY (PORTSMOUTH) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
GLENMORE STUDENT PROPERTY (PORTSMOUTH) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
100
100
Current assets
Stocks
4
18,068,799
13,316,916
Debtors
5
27,593
3,784
Cash at bank and in hand
209,559
15,827
18,305,951
13,336,527
Creditors: amounts falling due within one year
6
(7,668,749)
(8,505,896)
Net current assets
10,637,202
4,830,631
Total assets less current liabilities
10,637,302
4,830,731
Creditors: amounts falling due after more than one year
7
(10,637,202)
(4,830,631)
Net assets
100
100
Capital and reserves
Called up share capital
8
100
100

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The 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 and signed by the director and authorised for issue on 20 August 2024
D Rubin
Director
Company Registration No. 11347636
GLENMORE STUDENT PROPERTY (PORTSMOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Glenmore Student Property (Portsmouth) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kinetic Business Centre, Theobald Street, Borehamwood, WD6 4PJ.

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 amounts 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

The director considers that future revenue will be generated from the development of student accommodation. The construction of the development is due to complete in 202true4. During the year funding provided to the company with adequate resources to complete the development was revised to cover any additional costs caused by delay. As such the director has continued to adopt the going concern basis in these financial statements.

1.3
Fixed asset investments

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.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4
Stocks

Development work in progress is valued at the lower of cost and net realisable value. Land development projects represent costs incurred on those projects not yet recognised for profit purposes, less irrecoverable amounts written off.

 

In line with FRS102, the borrowing costs incurred during the year have been fully capitalised due to being directly attributable to the construction of a qualifying asset.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

GLENMORE STUDENT PROPERTY (PORTSMOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
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 balance sheet 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.

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 and loans from fellow group companies 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.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was none (2022: none).

3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
100
100
GLENMORE STUDENT PROPERTY (PORTSMOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Fixed asset investments
(Continued)
- 4 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2023 & 31 December 2023
100
Carrying amount
At 31 December 2023
100
At 31 December 2022
100
4
Stocks
2023
2022
£
£
Development property
18,068,799
13,316,916

Included within the stock value at the year end is interest capitalised of £2,136,015 (2022: £1,186,280 ).

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
27,593
3,784
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
72,588
1,211,907
Amounts owed to group undertakings
288,301
-
0
Other creditors
7,082,310
6,438,047
Accruals and deferred income
225,550
855,942
7,668,749
8,505,896

Other creditors are loans from a company under common control. Interest is charged at 4%.

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
10,637,202
4,830,631
GLENMORE STUDENT PROPERTY (PORTSMOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Creditors: amounts falling due after more than one year
(Continued)
- 5 -

The company entered into a finance arrangement for a maximum of £10,000,000 to fund its development.

 

On 17 May 2022, the company agreed amended terms of finance for this facility. The company agreed a facility with a maximum of £10,780,244. Interest is charged at 7.5%. This facility is secured by a fixed and floating charge over development properties. The facility matures on 31 January 2024. As described in Note 9, the company entered into a new facility agreement on 5 March 2024 for £10,646,005.

 

The loan balance as at 31 December 23 is included net of loan arrangement fees, which are amortised over the length of the loan, of £8,801 (2022: £114,417 ).

8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
9
Events after the reporting date

After the year end on 5 March 2024, the property was transferred at cost of £18,397,632 to its subsidiary.

 

On the same date the company entered into a new facility of £10,646,005. Interest is charged at 4.25% over SONIA. This facility is secured by a fixed and floating charge over properties. The facility matures on 31 December 2024.

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