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Unaudited Financial Statements
Granular Property Ltd
For the Year Ended 31 December 2023





































Registered number: 12401075

 
Granular Property Ltd
 

Company Information


Director
Thiago Mordehachvili 




Registered number
12401075



Registered office
4-5 Manchester Square

London

W1U 3PD




Accountants
Grant Thornton (NI) LLP
Chartered Accountants

12 - 15 Donegall Square West

Belfast

BT1 6JH




Bankers
Barclays Plc
127 Edgware Road

London

W2 2HT





 
Granular Property Ltd
 

Contents



Page
Balance Sheet
1 - 2
Notes to the Financial Statements
3 - 7


 
Granular Property Ltd
Registered number:12401075

Balance Sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 5 
2,658,760
-

  
2,658,760
-

Current assets
  

Debtors: amounts falling due after more than one year
 6 
1,564,715
1,521,557

Debtors: amounts falling due within one year
 6 
12,284
9,694

Current asset investments
 7 
121,933
121,933

Cash at bank and in hand
 8 
12,503
10,887

  
1,711,435
1,664,071

Creditors: amounts falling due within one year
 9 
(5,259,083)
(2,378,656)

Net current liabilities
  
 
 
(3,547,648)
 
 
(714,585)

Total assets less current liabilities
  
(888,888)
(714,585)

Net liabilities
  
(888,888)
(714,585)


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
 11 
(888,988)
(714,685)

  
(888,888)
(714,585)


Page 1

 
Granular Property Ltd
Registered number:12401075

Balance Sheet (continued)
As at 31 December 2023

For the year ended 31 December 2023 the Company was entitled to exemption from audit under section 480 of the Companies Act 2006.

Members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 September 2024.




Thiago Mordehachvili
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
Granular Property Ltd
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

1.


General information

Granular Property Ltd is a company limited by shares and incorporated in England. The registered office is 4-5 Manchester Square, London, England, W1U 3PD. 
The principal activity of the company is that of property development.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
These financial statements are presented in Sterling (£).

  
2.2

Exemption from preparing consolidated financial statements

The Company is exempt by virtue of s399 of the Companies Act 2006 from preparing consolidated accounts, as the group is small. Therfore, the financial statements present the results of the Company only and not its group.

 
2.3

Going concern

The company made a loss of £174,303 for the year and has net current liabilities of £888,888. The company meets its working capital requirements through financial support from a related party and and is dependent on this continuing support. The director is confident the support will continue to be made available to allow the company to trade for the foreseeable future. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 3

 
Granular Property Ltd
 

Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
Recoverability of debtors
Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the ageing profile of debtors are considered.


4.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 4

 
Granular Property Ltd
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


Additions
2,658,760



At 31 December 2023
2,658,760





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Pleasure Gardens Limited
251 Little Falls Drive, Wilmington, DE 19808
Ordinary
100%


6.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
1,564,715
1,521,557

1,564,715
1,521,557


2023
2022
£
£

Due within one year

Amounts owed by group undertakings
2,591
-

Other debtors
9,693
9,694

12,284
9,694


The amounts owed by group undertaking is unsecured, interest free and repayable upon demand.

Page 5

 
Granular Property Ltd
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

7.


Current asset investments

2023
2022
£
£

Listed investments
121,933
121,933

121,933
121,933



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
12,503
10,887

12,503
10,887



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertaking
5,244,665
2,359,900

Corporation tax
-
2,417

Other creditors
11,299
11,299

Accruals and deferred income
3,119
5,040

5,259,083
2,378,656


The amounts owed to group undertaking is unsecured, interest free and repayable upon demand.


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



11.


Reserves

Profit and loss account

Includes all current and prior period losses.

Page 6

 
Granular Property Ltd
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

12.


Contingent liabilities

At the 1 January 2022 a contingent liability existed totalling £6,705,000 in relation to a contract to purchase a property from Acacia Freehold Limited.  In 2022 the company transferred 29 Acacia Road for a property at 2 The Courtyard, Trident Place at arm’s length.
  
There is a delayed completion date on the purchase of the property at 2 Courtyard, Trident Place therefore at the balance sheet date the balance owed to complete the contract is £1,435,285.


13.


Comparative figures

Comparative figures have been restated to conform with current year presentation. This has had no impact on profit or loss reported. 


14.


Related party transactions

The company has availed of the exemption under FRS102 section 33 which does not require disclosure of
transactions entered into between any subsidiary undertaking which is wholly owned by a member of that group.
At the balance sheet date the amount owed from the director Mr T Mordehachvili was£7,316 (2022: -£7,316). The loan is unsecured, interest free and repayable upon demand.


15.


Controlling party

The company's immediate parent undertaking is Granular Holdings Ltd.
Mr T Mordehachvili is considered the ultimate controlling party by virtue of his shareholding in Granular Holdings Ltd.


Page 7