REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
GRANITE REAL ESTATE UK LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 4 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 5 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 were approved by the Board of Directors and authorised for issue on |
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 |
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 |
4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Deferred income |
5. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
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. |