Greenstone Resources (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office Mermaid Cottage The Bay, St. Margarets Bay, Dover, Kent, CT15 6DY.
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 on a basis other than going concern given the intentions of the directors to liquidate the business.
The Company continues to have the financial support of the UK partnership, which remains dependent on revenue from its Guernsey affiliates, Greenstone Management Limited and Greenstone Management II Limited (investment managers to Greenstone Resources LP and Greenstone Resources II LP, respectively – “Funds”). Greenstone Resources LP is due to terminate in August 2025, and Greenstone Resources II LP is due to terminate in February 2026. It is anticipated the Funds will exit their remaining investments within the next 12 months, and accordingly, it is expected the LLP will have no revenue after this date. At this point the Directors intend to cease business and liquidate the structure. For this reason, they have prepared the financial statements on a basis other than going concern.
The directors review the carrying value of the investment on an annual basis. This review is based on a number of sources, including net asset position, expected future performance and cashflow of the investment. No impairment is recognised in the year end financial statements.
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.
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, 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.
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.
Debtors
Debtors are recognised at the amount the company expects to receive on settlement of the balance.
Administrative expenses and creditors
Expenses are recognised on an accruals basis. Creditors represent any expense items that are unpaid at the year end. These amounts are recognised at the amount required to settle the obligation.
Investments in affiliates and non-consolidation
Investments are held at the lower of cost and net realisable value. Any impairment is recognised in the statement of comprehensive income.
Whilst the group holds a majority of the capital issued by the Partnership, it is deemed to not have control of this entity, accordingly, the company is not required to prepare consolidated financial statements that incorporate the financial results and position of the Partnership.
The average monthly number of persons (including directors) employed by the company during the year was:
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Emphasis of matter - Financial statements prepared on a basis other than going concern
The Company continues to have the financial support of the UK partnership, which remains dependent on revenue from its Guernsey affiliates, Greenstone Management Limited and Greenstone Management II Limited (investment managers to Greenstone Resources LP and Greenstone Resources II LP, respectively – “Funds”). Greenstone Resources LP is due to terminate in August 2025, and Greenstone Resources II LP is due to terminate in February 2026. After the year-end, the Members made the decision to cease trading and liquidate the business upon termination of the Funds, which is expected to be within the next 12 months, ultimately ceasing financial support to the Company. For this reason, the financial statements have been prepared on a basis other than going concern.
During the year, a profit allocation of £11,015 (2023: £11,920) was allocated to the Company by Greenstone Capital LLP. As at 31 December 2024, the Company had £11,296 due from the Partnership (2023: £11,480). Professional fees of £11,198 inclusive of VAT (2023: £10,590) were paid on behalf of the Company by Greenstone Capital LLP during the year. This payment was used to cancel the prior year debtor due to the Company from the Partnership.