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REGISTERED NUMBER: 03020811















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

GRANITE REAL ESTATE UK LIMITED

GRANITE REAL ESTATE UK LIMITED (REGISTERED NUMBER: 03020811)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


GRANITE REAL ESTATE UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: W Schaper
P Galos





REGISTERED OFFICE: c/o William Evans & Partners
20 Harcourt Street
London
W1H 4HG





REGISTERED NUMBER: 03020811





ACCOUNTANTS: William Evans & Partners
20 Harcourt Street
London
W1H 4HG

GRANITE REAL ESTATE UK LIMITED (REGISTERED NUMBER: 03020811)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Debtors 3 6,495 6,495
Cash at bank 47,929 47,929
54,424 54,424
CREDITORS
Amounts falling due within one year 4 (11,410 ) (11,410 )
NET CURRENT ASSETS 43,014 43,014
TOTAL ASSETS LESS CURRENT
LIABILITIES

43,014

43,014

CAPITAL AND RESERVES
Called up share capital 5 1 1
Retained earnings 43,013 43,013
SHAREHOLDERS' FUNDS 43,014 43,014

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 24 September 2024 and were signed on its behalf by:





P Galos - Director


GRANITE REAL ESTATE UK LIMITED (REGISTERED NUMBER: 03020811)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Granite Real Estate UK Limited is a company incorporated in the United Kingdom under the Companies Act. The address of the registered office is given on page 1. The nature of the company's operations and its principal activities are set out in the directors' report on Page 2.

The financial statements have prepared in accordance with Financial Reporting Standard 102 ( FRS 102) issued by the Financial Reporting Council, and under the historical accounting rules, modified to include the revaluation of investment properties.

Under FRS 102 the company is exempt from the requirement to:

i) Prepare a statement of cash flows;
ii)Disclose remuneration of key management personnel:
iii) Disclose details about financial instruments required by sections 11 and 12 of FRS 102

on the grounds that the parent undertaking includes the company in its own published consolidated financial statements. These are available at the address found in Note 15.

The functional currency of Granite Real Estate UK Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the company operates. The financial statements are also presented in pounds sterling.

Taxation
Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid ( or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies
Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Monetary assets and liabilities in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.balance sheet

GRANITE REAL ESTATE UK LIMITED (REGISTERED NUMBER: 03020811)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES - continued

Related party transactions
The company is a wholly owned subsidiary of Granite Real Estate Investment Trust and of Granite REIT Inc., (collectively "Granite REIT" ), the combined accounts of which are publicly available. Accordingly the company has taken advantage of the exemption in FRS102 Section 33 from disclosing transactions with members or investees of the Granite REIT.

Financial instruments
Financial assets (including cash at bank and in hand, and debtors;) and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Going concern
On 28th January 2021 the company has completed the sale of its sole investment property, and the Directors are currently reviewing the company's strategy, but at present they have no clear plans for future trading activity. As the company has ceased its trade the directors have produced the accounts on a basis other than going concern. No adjustments arose as a result of ceasing to apply the going concern basis.

2. EMPLOYEES AND DIRECTORS

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

3. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 6,495 6,495

4. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 300 300
Deferred income 11,110 11,110
11,410 11,410

5. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary shares £1 1 1

6. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption available under of Financial Reporting Standard 102 with regard to non-disclosure of transactions with wholly owned group companies.

7. POST BALANCE SHEET EVENTS

The company has remained inactive since the year end.

GRANITE REAL ESTATE UK LIMITED (REGISTERED NUMBER: 03020811)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. ULTIMATE CONTROLLING PARTY

At 31 December 2023 in the Directors' opinion, the ultimate parent undertakings and controlling parties for which group financial statements are drawn up and of which the Company is a member, were Granite Real Estate Investment Trust and Granite REIT Inc. Granite Real Estate Investment Trust is an unincorporated, open ended, limited purpose trust established under and governed by the laws of the province of Ontario, Canada and Granite REIT Inc. is incorporated in British Columbia, Canada.
The immediate parent company is Granite Europe b.v., Strawinskylaan 1429 Netherlands 1077 XX Amsterdam, a corporation registered in the Netherlands, which is an indirect subsidiary of Granite Real Investment Trust and Granite REIT Inc.
Copies of the financial statements of Granite Real Estate Investment Trust and of Granite REIT Inc. are available from 77 King St West, Suite 4010, PO Box 159, Toronto- Dominion Centre, Toronto, Ontario, Canada, M5K 1H, which is the registered address of these entities. These are both the largest and the smallest parent entities for which consolidated financial statements are prepared.