Registered number: 12286247
GROVE OAK HOLDINGS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023
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GROVE OAK HOLDINGS LIMITED
REGISTERED NUMBER: 12286247
BALANCE SHEET
AS AT 31 DECEMBER 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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GROVE OAK HOLDINGS LIMITED
REGISTERED NUMBER: 12286247
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and 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 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 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 income and retained earnings or the directors' report 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 by:
The notes on pages 3 to 9 form part of these financial statements.
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GROVE OAK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Grove Oak Holdings Limited (12286247) is a private company limited by shares and incorporated in
England and Wales. The registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
Although the Company is reporting a deficit on the shareholder's funds the Directors consider that the Company is a going concern. The going concern assessment is based upon the continued support of the shareholder in order for the Company to settle its liabilities as they fall due for the next twelve months from the date of these financial statements.
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Foreign currency translation
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Functional and presentation currency
The Company's functional currencies are Sterling and United States Dollars. The presentational currency is United States Dollars.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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GROVE OAK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the Company.
The Company bases its estimate of returns on historical results, taking into consideration the type of transaction and the specifics of each arrangement.
When the consideration receivable in cash or cash equivalents is deferred, and the arrangement constitutes a financing transaction, the fair value of the consideration is measured as the present value of all future receipts using the imputed rate of interest.
The Company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the Company; (b) the Company retains no continuing involvement or control over the goods or services; (c) the amount of revenue can be measured reliably and (d) it is probable that economic benefit will flow to the Company.
Interest income is recognised in profit or loss using the effective interest method.
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.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Unquoted investments are reflected in the Statement of Financial Position at cost, representing the contractual price paid. An annual impairment review is undertaken and an impairment adjustment is charged to the Statement of Comprehensive Income if the Directors consider there to have been a decrease in the value.
Short-term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash and cash equivalents includes cash in hand, deposits held at call with banks and investment managers of three months or less where they are repayable on demand.
Bank overdrafts, when applicable, are shown within current liabilities.
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GROVE OAK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Short-term creditors are measured at the transaction price.
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.
i. Financial assets
Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at the transaction price, unless the transaction constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted using the effective interest rate method to establish amortised cost.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If the asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Statement of Comprehensive Income
For any basic financial assets which are interest free and repayable on demand, the effective interest rate is equal to the contractual rate which is zero. Therefore subsequent discounting using the effective interest rate method is not required.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.
Such assets are subsequently carried at fair value and the changes in fair value are recognised in the Statement of Comprehensive Income, except that equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets are de-recognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
ii. Financial liabilities
Basic financial liabilities, including trade payables and other payables, and amounts payable to related parties are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted using the effective interest rate method to establish amortised cost
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GROVE OAK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Financial instruments (continued)
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Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if payment is due within one year or less. Where payments are greater than one year they are presented as creditors amounts falling due after more than one year. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
For any basic financial liabilities which are interest free and repayable on demand, the effective interest rate is equal to the contractual rate which is zero. Therefore subsequent discounting using the effective interest rate method is not required.
Other financial liabilities are initially measured at fair value, which is normally the transaction price. Such liabilities are subsequently carried at fair value and the changes in fair value are recognised in the Statement of Comprehensive Income.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires
The Company is subject to tax at the standard rate applicable to Jersey tax resident companies of 0%. The Company has applied for and obtained International Services Entity status under the Goods and Services Tax (Jersey) Law 2007. In connection with their International Services Entity status, the Company pays an annual fee to the Comptroller of Income Tax in Jersey. As an International Services Entity the Company will not be required to charge GST and in most situations will not be subject to a GST charge on goods and services provided to them.
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The average monthly number of employees, including directors, during the year was 3 (2022 - 3).
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GROVE OAK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Hermion (U) Limited:
580 Ordinary Shares of USH100,000
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Bamburgh Venture Limited:
180 Ordinary Shares of USH100,000
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The investment represents 20% of the issued share capital of Hermion (U) Limited, a company incorporated in Uganda, whose principal activity is that of property holding.
The investment represents 20% of the issued share capital of Bamburgh Venture Limited, a company incorporated in Uganda, whose principal activity is that of property holding.
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The loans are unsecured, interest free and repayable on demand. The Directors have no current intention of demanding repayment of the loans within the next twelve months.
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Creditors: Amounts falling due within one year
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GROVE OAK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Creditors: Amounts falling due after more than one year
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Shareholder's loans payable:
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Murchison Falls (Jersey) Limited (1)
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Murchison Falls (Jersey) Limited (2)
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The Warwick Security Settlement
- £ loan (2023: £5,060, 2022: £Nil) (1)
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Murchison Holdings Limited (3)
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Murchison Holdings Limited (4)
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(1) The loans are unsecured, interest free and repayable on demand. However the loans form part of the long term funding of the Company and are not currently expected to be repaid within the next twelve months.
(2) The loan is unsecured, bears interest at 1.5% per annum and is repayable on or before 18 December 2024. The loan repayment date is due to be extended. Any interest unpaid by the 31 December in any year is capitalised and added to the principal amount outstanding and shall thereafter accrue interest on the capitalised amount.
(3) The loan was unsecured and interest free. The loan was assigned from Murchison Holdings Limited to Murchison Falls (Jersey) Limited during the year.
(4) The loan was unsecured and bore interest at 1.5 % per annum. The loan was assigned from Murchison HoldingsLimited to Murchison Falls (Jersey) limited during the year.
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10,000 (2022 - 10,000) Ordinary shares of £1.00 each
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Allotted, called up and fully paid
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100 (2022 - 100) Ordinary shares of £1.00 each
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GROVE OAK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Related party transactions
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During the year, the Company paid Fairway Trust Limited expenses relating to administration fees and other services. At the year end, US$5,717 (2022: US$Nil) was outstanding and included within payables.
The Company is exempt from disclosing any other related party transactions as they are with other companies that are wholly owned by the same ownership.
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