Company Registration No. 00139748 (England and Wales)
Grimston Trust Limited
Unaudited financial statements
for the year ended 30 June 2024
Pages for filing with the registrar
Grimston Trust Limited
Company information
Directors
The Earl of Verulam
Viscount Grimston
Viscountess Grimston
Secretary
Victoria Neil
Company number
00139748
Registered office
The Estate Office
Gorhambury
St Albans
Hertfordshire
AL3 6AH
Accountants
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Grimston Trust Limited
Contents
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
7 - 15
Grimston Trust Limited
Statement of financial position
As at 30 June 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
24,209,582
22,896,447
Current assets
Debtors
5
41,292
418,850
Cash at bank and in hand
79,389
694,357
120,681
1,113,207
Creditors: amounts falling due within one year
6
(133,090)
(149,275)
Net current (liabilities)/assets
(12,409)
963,932
Total assets less current liabilities
24,197,173
23,860,379
Creditors: amounts falling due after more than one year
7
(48,000)
(48,000)
Provisions for liabilities
8
(1,341,869)
(1,433,935)
Net assets
22,807,304
22,378,444
Capital and reserves
Called up share capital
9
12,000
12,000
Fair value reserve
4,606,197
4,401,934
Profit and loss reserves
18,189,107
17,964,510
Total equity
22,807,304
22,378,444
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.
Grimston Trust 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. 00139748
Grimston Trust Limited
Statement of changes in equity
For the year ended 30 June 2024
3
Share capital
Fair value reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
12,000
3,487,675
17,362,626
20,862,301
Period ended 30 June 2023:
Profit and total comprehensive income for the period
-
-
1,528,743
1,528,743
Dividends
-
-
(12,600)
(12,600)
Other movements
-
914,259
(914,259)
-
Balance at 30 June 2023
12,000
4,401,934
17,964,510
22,378,444
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
-
445,660
445,660
Dividends
-
-
(16,800)
(16,800)
Other movements
-
204,263
(204,263)
-
Balance at 30 June 2024
12,000
4,606,197
18,189,107
22,807,304
Grimston Trust Limited
Notes to the financial statements
For the year ended 30 June 2024
4
1
Accounting policies
Company information
Grimston Trust 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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover comprises revenue recognised by the company in respect of holding investments, rents received and income derived from the company's management of its subsidiaries.
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
25-33% straight line
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
Fixed asset investments
Interests in subsidiaries, 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.
1.6
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.
Grimston Trust Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
5
1.7
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.
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, 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, 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.
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.
1.8
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Grimston Trust Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
6
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.
1.10
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.
1.11
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
1
Grimston Trust Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
7
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023 and 30 June 2024
3,126
Depreciation and impairment
At 1 July 2023 and 30 June 2024
3,126
Carrying amount
At 30 June 2024
At 30 June 2023
4
Fixed asset investments
2024
2023
£
£
Investments
24,209,582
22,896,447
Fixed asset investments revalued
On the historical cost basis, the comparable other investments holding would be stated at £18,260,913 (2023 - £17,059,940).
Movements in fixed asset investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost or valuation
At 1 July 2023
603
22,895,844
22,896,447
Additions
-
12,861,140
12,861,140
Valuation changes
-
463,414
463,414
Disposals
-
(12,011,419)
(12,011,419)
At 30 June 2024
603
24,208,979
24,209,582
Carrying amount
At 30 June 2024
603
24,208,979
24,209,582
At 30 June 2023
603
22,895,844
22,896,447
Grimston Trust Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
8
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
16,779
406,737
Other debtors
24,513
12,113
41,292
418,850
6
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
40,739
38,000
Corporation tax
54,016
88,225
Other taxation and social security
2,449
Other creditors
35,886
23,050
133,090
149,275
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
48,000
48,000
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
1,341,869
1,433,935
9
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
60,000 "A" Ordinary shares of 10p each
6,000
6,000
60,000 "B" Ordinary shares of 10p each
6,000
6,000
12,000
12,000
Grimston Trust Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
9
Called up share capital (continued)
9
"A" Ordinary shares of 10p each equity
Income
After payment of the preference dividends, the "A" ordinary shareholders are entitled to any balance where the declaration is made before 1st March 2037. On or after 1st March 2097, the "A" ordinary shares rank pari passu with the "B" and "C" ordinary shares in any balance which will be distributed equally in proportion to the ordinary shares being held.
Capital
If liquidation shall commence or otherwise the event giving rise to the return of capital shall occur:
a) Before 1st March 2037, an amount equal to one tenth of the surplus shall belong to and be distributed amongst the holders of the "A" ordinary shares in proportion to the shares held by them;
b) On or after 1st March 2037 and before 1st March 2097, an amount equal to nine tenths of any surplus shall belong to and be distributed amongst the holders of the "A" ordinary shares in proportion to the shares held by them;
c) On or after 1st March 2097, the "A" ordinary shares will rank pari passu with the "B" and "C" ordinary shares; any surplus will be distributed equally in proportion to the ordinary shares held.
Voting
The "A" ordinary shareholders have the right to receive notice of all general meetings but not the right to attend or vote at any such meeting.
"B" Ordinary shares of 10p each equity
Income
After payment of the preference dividends, the "B" ordinary shareholders are entitled to any balance where the declaration is made before 1st March 2037. On or after 1st March 2097, the "B" ordinary shares rank pari passu with the "A" and "C" ordinary shares in any balance which will be distributed equally in proportion to the ordinary shares being held.
Capital
If liquidation shall commence or otherwise the event giving rise to the return of capital shall occur:
a) Before 1st March 2037, an amount equal to one tenth of the surplus shall belong to and be distributed amongst the holders of the "B" ordinary shares in proportion to the shares held by them;
b) On or after 1st March 2037 and before 1st March 2097, an amount equal to nine tenths of any surplus shall belong to and be distributed amongst the holders of the "B" ordinary shares in proportion to the shares held by them;
c) On or after 1st March 2097, the "A" ordinary shares will rank pari passu with the "A" and "C" ordinary shares; any surplus will be distributed equally in proportion to the ordinary shares held.
Voting
The "B" ordinary shareholders have the right to receive notice of all general meetings but not the right to attend or vote at any such meeting.
Grimston Trust Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
9
Called up share capital (continued)
10
"C" Ordinary shares of 10p each non equity
Income
On or after 1st March 2097 and after payment of the preference dividends, the "C" ordinary shares rank pari passu with the "A" and "B" ordinary shares in that any balance will be distributed equally in proportion to the ordinary shares held.
Capital
If liquidation shall commence or otherwise the events giving rise to the return of capital shall occur on or after 1st March 2097, any surplus shall belong and be distributed amongst the holders of the "A", "B" and "C" ordinary shares in pari passu in proportion to the shares held.
Voting
The "C" ordinary shareholders have the right to one vote for every such share held by them.
Change in status
Because of capital rights of these shares arising from 1st March 2097, these shares will be reclassified as equity shares at that date.
30% 1st Cumulative preference shares of £1 each non equity
Income
These shares attract a fixed cumulative preferential dividend which amounts to a dividend at the rate of 30% per annum payable half yearly on 31st March and 30th September.
Capital
On return of assets on liquidation or otherwise the 1st preference shares will be paid the sum of £2 per share together with a sum equal to any arrears, deficiencies or accruals to be calculated to the date of the return of capital.
Voting
The 1st preference shareholders have the right to one vote for every such share held by them.
100% 2nd Cumulative preference shares of 10p each non equity
Income
These shares attract a fixed cumulative preferential dividend, which amounts to a dividend at the rate of 100% per annum payable half yearly on 31st March and 30th September.
Capital
On return of assets on liquidation or otherwise the 2nd preference shareholders will be paid the sum of 10p per share together with a sum equal to any arrears, deficiencies or accruals to be calculated to the date of the return of capital.
Voting
At any meeting, the business of which includes the consideration of a resolution for winding up the company, the 2nd preference shares shall confer on the holders the right on a poll to three votes for every such share held by them.
Subject to the above, the 2nd preference shareholders have the right to one vote for every such share held by them.
Grimston Trust Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
11
10
Related party transactions
During the year, the company received funds totalling £16,851,000 from a subsidiary company by way of loan. 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.
Additionally, during the year, the company received a dividend of £100,000 (2023 - £nil) from a subsidiary company.
At the balance sheet date, a total of £16,779 (2023 - £406,737) was due from subsidiary companies. This balance is non-interest bearing, and considered to be repayable on demand.
Included within creditors is a balance of £40,739 (2023 - £38,000) in amounts owed to group undertakings. This represents a loan from a company in which a participating interest is held. Interest payable of £2,739 arose in the period, reflecting interest at a rate of 2% above the BOE base rate.
11
Parent company
The whole of the voting share capital of Grimston Trust Limited is held by trusts. No single trust is able to exercise voting control.
2024-06-302023-07-01false27 March 2025CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThe Earl of VerulamViscount GrimstonViscountess GrimstonVictoria Neilfalsefalse001397482023-07-012024-06-3000139748bus:Director12023-07-012024-06-3000139748bus:Director22023-07-012024-06-3000139748bus:Director32023-07-012024-06-3000139748bus:CompanySecretary12023-07-012024-06-3000139748bus:RegisteredOffice2023-07-012024-06-30001397482024-06-30001397482023-06-3000139748core:CurrentFinancialInstrumentscore:WithinOneYear2024-06-3000139748core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3000139748core:CurrentFinancialInstruments2024-06-3000139748core:CurrentFinancialInstruments2023-06-3000139748core:Non-currentFinancialInstruments2024-06-3000139748core:Non-currentFinancialInstruments2023-06-3000139748core:ShareCapital2024-06-3000139748core:ShareCapital2023-06-3000139748core:RevaluationReserve2024-06-3000139748core:RevaluationReserve2023-06-3000139748core:RetainedEarningsAccumulatedLosses2024-06-3000139748core:RetainedEarningsAccumulatedLosses2023-06-3000139748core:ShareCapital2022-09-3000139748core:RevaluationReserve2022-09-3000139748core:RetainedEarningsAccumulatedLosses2022-09-30001397482022-09-3000139748core:ShareCapitalOrdinaryShares2024-06-3000139748core:ShareCapitalOrdinaryShares2023-06-30001397482022-10-012023-06-3000139748core:RetainedEarningsAccumulatedLosses2022-10-012023-06-3000139748core:FurnitureFittings2023-07-012024-06-3000139748core:OtherPropertyPlantEquipment2023-06-3000139748core:OtherPropertyPlantEquipment2024-06-3000139748core:OtherPropertyPlantEquipment2023-06-3000139748core:WithinOneYear2024-06-3000139748core:WithinOneYear2023-06-3000139748bus:PrivateLimitedCompanyLtd2023-07-012024-06-3000139748bus:SmallCompaniesRegimeForAccounts2023-07-012024-06-3000139748bus:FRS1022023-07-012024-06-3000139748bus:AuditExemptWithAccountantsReport2023-07-012024-06-3000139748bus:FullAccounts2023-07-012024-06-30xbrli:purexbrli:sharesiso4217:GBP