Company Registration No. 00190536 (England and Wales)
The Gorhambury Estates Company Limited
Unaudited financial statements
for the year ended 30 June 2024
Pages for filing with the registrar
The Gorhambury Estates Company Limited
Company information
Directors
The Earl of Verulam
Viscount Grimston
Viscountess Grimston
Jessica Waddington
(Appointed 1 November 2023)
Secretary
Jessica Waddington
Company number
00190536
Registered office
The Estate Office
Gorhambury
St Albans
Hertfordshire
AL3 6AH
Accountants
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
The Gorhambury Estates Company Limited
Contents
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 12
The Gorhambury Estates Company Limited
Statement of financial position
As at 30 June 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
68,498
72,464
Investment property
4
70,260,844
64,463,801
Investments
5
3,717,816
1,125,547
74,047,158
65,661,812
Current assets
Debtors
6
226,998
13,861,691
Cash at bank and in hand
13,742,821
18,877,252
13,969,819
32,738,943
Creditors: amounts falling due within one year
7
(2,216,177)
(14,387,615)
Net current assets
11,753,642
18,351,328
Total assets less current liabilities
85,800,800
84,013,140
Provisions for liabilities
(11,553,518)
(10,762,684)
Net assets
74,247,282
73,250,456
Capital and reserves
Called up share capital
8
226,575
226,575
Fair value reserve
38,178,861
35,577,081
Profit and loss reserves
35,841,846
37,446,800
Total equity
74,247,282
73,250,456

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 30 June 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 Gorhambury Estates Company Limited
Statement of financial position (continued)
As at 30 June 2024
2
The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
Viscount Grimston
Director
Company Registration No. 00190536
The Gorhambury Estates Company Limited
Statement of changes in equity
For the year ended 30 June 2024
3
Share capital
Fair Value reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 October 2022
226,575
48,838,237
17,381,997
66,446,809
Period ended 30 June 2023:
Profit and total comprehensive income for the period
-
-
6,803,647
6,803,647
Other movements
-
(13,261,156)
13,261,156
-
Balance at 30 June 2023
226,575
35,577,081
37,446,800
73,250,456
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
-
996,826
996,826
Other movements
-
2,601,780
(2,601,780)
-
Balance at 30 June 2024
226,575
38,178,861
35,841,846
74,247,282
The Gorhambury Estates Company Limited
Notes to the financial statements
For the year ended 30 June 2024
4
1
Accounting policies
Company information

The Gorhambury Estates Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Estate Office, Gorhambury, St Albans, Hertfordshire, AL3 6AH.

1.1
Reporting period

The comparative financial information presented is in respect of the 9 month period from 1 October 2022 to 30 June 2023. Comparative amounts presented in these financial statements (including the related notes) may not be entirely comparable as a result.

1.2
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, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.3
Turnover

Admissions and location fee income is recognised at the fair value of consideration received or receivable in the normal course of business, and is shown net of VAT.

 

Rental income from operating leases is recognised in profit or loss on a straight line basis over the lease term.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
25% reducing balance

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

The Gorhambury Estates Company Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
5
1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently 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.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
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 statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors, 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.

Other financial assets

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 profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

The Gorhambury Estates Company Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
6
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.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The Gorhambury Estates Company Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
7
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.15
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
24
21
The Gorhambury Estates Company Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
8
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023 and 30 June 2024
204,206
Depreciation and impairment
At 1 July 2023
131,742
Depreciation charged in the year
3,966
At 30 June 2024
135,708
Carrying amount
At 30 June 2024
68,498
At 30 June 2023
72,464
The Gorhambury Estates Company Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
9
4
Investment property
2024
£
Fair value
At 1 July 2023
64,463,801
Additions
2,486,054
Revaluations
3,310,989
At 30 June 2024
70,260,844

Investment property comprises both land and buildings that are held for the purposes of deriving a rental income and/or for capital appreciation purposes.

 

The fair value of the investment property has been arrived at on the basis of a valuation carried out as at 30 September 2020 by Strutt & Parker, Chartered Surveyors, updated to reflect an estimate of the market uplift attributable to the years that have subsequently elapsed.

 

In the opinion of the directors, the applied valuation is a reasonable approximation of the fair value of the investment property held at the balance sheet date.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
24,465,151
21,979,097
Accumulated depreciation
(3,518,305)
(3,289,029)
Carrying amount
20,946,846
18,690,068
The Gorhambury Estates Company Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
10
5
Fixed asset investments
2024
2023
£
£
Investments
3,717,816
1,125,547
Fixed asset investments revalued

On the historical cost basis, fixed asset investments would be stated at £3,299,435 (2023 - £559,514).

Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 July 2023
1,125,547
Additions
4,381,636
Valuation changes
(98,505)
Disposals
(1,690,862)
At 30 June 2024
3,717,816
Carrying amount
At 30 June 2024
3,717,816
At 30 June 2023
1,125,547
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
125,765
154,678
Other debtors
101,233
13,707,013
226,998
13,861,691
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
149,711
575,864
Amounts owed to group undertakings
7,611
268,202
Corporation tax
(88,544)
5,436,308
Other taxation and social security
10,041
5,287,009
Other creditors
2,137,358
2,820,232
2,216,177
14,387,615
The Gorhambury Estates Company Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
11
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
226,575 Ordinary shares of £1 each
226,575
226,575

Each share is entitled to full voting, dividend and capital distribution rights.

9
Operating lease commitments
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2024
2023
£
£
4,494,126
3,052,291
The Gorhambury Estates Company Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
12
10
Related party transactions

During the year, the company loaned funds totalling £16,851,000 to the company's parent, Grimston Trust Limited. The loan attracted interest at a rate of 2% above the BOE base rate, resulting in interest payable of £237,478. The loan, along with the accumulated interest, was settled in full during the period.

 

At the balance sheet date, £21 was due from (2023 - £389,937 was due to) the company's parent. This balance is considered to be non-interest bearing and repayable on demand.

 

At the balance sheet date, £1,161 (2023 - £91,131) was due from Kingsbury Farms Limited and £8,794 was due to (2023 - £26,753 was due from) Roman Theatre Limited. Both companies are fellow subsidiaries of Grimston Trust Limited. Each balance is considered to be non-interest bearing and repayable on demand.

11
Directors' transactions

A former director of the company was a partner with Strutt & Parker. There was an agency contract between the company and Strutt & Parker. Fees paid under the agency agreement and for other professional services provided by Strutt & Parker in the year amounted to £257,810 (2023 - £102,369).

 

Jessica Waddington, a director of the company, is a partner with Knight Frank. There is an agency contract between the company and Knight Frank. Fees paid under the agency agreement and for other professional services provided by Knight Frank in the year amounted to £163,363 (2023 - £nil).

 

Establishment expenditure totalling £9,758 (2023 - £5,986), considered to be personal expenditure, was charged to the current account of Lord Verulam, a director of the company. During the year, Lord Verulam contributed £15,036 (2023 - £nil) to his current account. At the balance sheet date, £2,802 was due to (2023 - £2,476 was due from) Lord Verulam.

 

Establishment expenditure totalling £194,565 (2023 - £183,509), considered to be personal expenditure, was charged to the current account of Viscount Grimston, a director of the company. Viscount Grimston introduced funds of £300 (2023 - £500,000) in respect of amounts charged to his current account, and in order to fund ongoing estate projects.

 

At the balance sheet date, £1,315,798 (2023 - £1,510,063) was due to Viscount Grimston.

12
Parent company

The parent company is Grimston Trust Limited, a company registered in England and Wales. The registered office of the parent company is The Estate Office, Gorhambury, St Albans, Hertfordshire, AL3 6AH.

 

There is no ultimate controlling party.

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