Company Registration No. 01071612 (England and Wales)
GRAMMONT HOLDINGS LIMITED
(PREVIOUSLY KNOWN AS CARMEL INVESTMENTS LIMITED)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
GRAMMONT HOLDINGS LIMITED
(PREVIOUSLY KNOWN AS CARMEL INVESTMENTS LIMITED)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
GRAMMONT HOLDINGS LIMITED
(PREVIOUSLY KNOWN AS CARMEL INVESTMENTS LIMITED)
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
10,110,237
10,110,237
Current assets
Debtors
5
358,741
358,741
Creditors: amounts falling due within one year
6
(439,201)
(429,917)
Net current liabilities
(80,460)
(71,176)
Total assets less current liabilities
10,029,777
10,039,061
Capital and reserves
Called up share capital
7
3,572
3,572
Share premium account
9,823,074
9,823,074
Profit and loss reserves
203,131
212,415
Total equity
10,029,777
10,039,061
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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 by the board of directors and authorised for issue on 2 January 2025 and are signed on its behalf by:
D Uzel
Director
Company Registration No. 01071612
GRAMMONT HOLDINGS LIMITED
(PREVIOUSLY KNOWN AS CARMEL INVESTMENTS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Grammont Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER.
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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The directors have considered the effect on the Company’s activities of the current global challenges including the rising interest rates and rising cost of living. The directors atruere confident that the company can continue as a going concern for a period of at least twelve months from the date of approval of these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Fixed asset investments
Interests in subsidiaries are 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
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.
GRAMMONT HOLDINGS LIMITED
(PREVIOUSLY KNOWN AS CARMEL INVESTMENTS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
2
Employees
There were no employees (including directors) during the current or prior year.
3
Fixed asset investments
2024
2023
£
£
Investments in subsidiaries
10,110,237
10,110,237
Movements in fixed asset investments
Shares in group undertakings
£
Cost
At 1 April 2023 & 31 March 2024
10,110,237
Carrying amount
At 31 March 2024
10,110,237
At 31 March 2023
10,110,237
4
Subsidiaries
Details of the company's subsidiaries at 31 March 2024 are as follows:
GRAMMONT HOLDINGS LIMITED
(PREVIOUSLY KNOWN AS CARMEL INVESTMENTS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Subsidiaries
(Continued)
- 4 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Carmel Southend Limited
Acre House, 11/15 William Road, London, United Kingdom, NW1 3ER
Ordinary shares
100.00
Grammont Properties Limited
Acre House, 11/15 William Road, London, United Kingdom, NW1 3ER
Ordinary shares
100.00
Grammont Holdings Limited is the ultimate parent company of Grammont Properties Limited and Carmel Southend Limited.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
358,741
358,741
Included within other debtors, is £358,741 (2023: £358,741) owed by group companies. The amount is unsecured, interest free and repayable on demand.
6
Creditors: amounts falling due within one year
2024
2023
£
£
Other borrowings
5
5
Other creditors
433,510
425,384
Accruals and deferred income
5,686
4,528
439,201
429,917
Included within other creditors, is £433,510 (2023: £425,384) owed to group companies. The amount is unsecured, interest free and repayable on demand.
GRAMMONT HOLDINGS LIMITED
(PREVIOUSLY KNOWN AS CARMEL INVESTMENTS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of 1p each
133,750
133,750
1,337
1,337
Ordinary B of 1p each
223,426
223,426
2,234
2,234
Growth C of 1p each
50
50
1
1
Growth D of 1p each
50
50
-
-
357,276
357,276
3,572
3,572
The Ordinary A shares and Ordinary B shares are entitled to; full voting, dividend and capital distribution (including winding up) rights. They do no not confer any rights of redemption.
The C Growth preference shares and D Growth shares are not entitled to; notices or to attend meetings or to vote rights to receive dividends (except where a class rights are affected). In addition they are not entitled to winding up rights or rights of redemption.
8
Financial commitments, guarantees and contingent liabilities
The company has given cross party guarantees with related entities for non bank loans provided to these entities. At the balance sheet date, the non bank loan principal owed to lenders by these related entities for the non bank loans was £38,500,000 (2023: £38,500,000).