Company Registration No. 08586231 (England and Wales)
Greenstone Resources (UK) Limited
Financial statements
for the year ended 31 December 2024
Pages for filing with the registrar
Greenstone Resources (UK) Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
Greenstone Resources (UK) Limited
Statement of financial position
As at 31 December 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
41,000
41,000
Current assets
Debtors
4
11,296
11,480
Creditors: amounts falling due within one year
5
(11,296)
(11,480)
Net current assets
-
0
-
0
Net assets
41,000
41,000
Capital and reserves
-
-
Called up share capital
6
41,000
41,000

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

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 4 April 2025 and are signed on its behalf by:
M J Haworth
Director
Company Registration No. 08586231
Greenstone Resources (UK) Limited
Notes to the financial statements
For the year ended 31 December 2024
2
1
Accounting policies
Company information

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.

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 £.

1.2
Going concern

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.

1.3
Turnover

Turnover represents distributable profit allocated to the Company during the period arising from its investment in the Partnership. Amounts are recognised at the point that the Company during the period establishes its legal entitlement to receive the distribution. Any amounts that remain unpaid at the year end are recognised within debtors.

1.4
Fixed asset investments

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.

1.5
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.

Greenstone Resources (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
3
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.

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.

1.6
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.

1.7
Taxation

Current tax is the expected tax payable or receivable on the taxable income or loss for the year using tax rates enacted or substantively enacted at the statement of financial position date and any adjustment to tax payable in respect of the previous years. Taxable income is different from accounting profit as it takes account of timing differences between the different treatment of certain items for taxation and accounting purposes.

Deferred tax

The charge for taxation takes into account deferred taxation that may arise because of timing differences between the treatment of certain items for taxation and accounting purposes.

 

Deferred taxation is provided using the liability method on all timing differences which are expected to reverse in the future without being replaced and calculated at the rate at which is it anticipated the timing differences will reverse. Deferred tax assets are recognised only when, on the basis of available evidence, it is more likely than not that there will be taxable profits in the future against which the deferred tax asset can be offset. Deferred tax is measured on an undiscounted basis at the rates that are expected to apply n the periods in which timing difference reverse, based on tax rates and laws enacted or substantially enacted at the statement of financial position date.

1.8

Debtors

Debtors are recognised at the amount the company expects to receive on settlement of the balance.

Greenstone Resources (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
4
1.9

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.

1.10

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.

2
Employees

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

2024
2023
Number
Number
Total
-
0
-
0
3
Fixed asset investments
2024
2023
£
£
Other investments
41,000
41,000
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
11,296
11,480
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
11,296
11,480
Greenstone Resources (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
5
6
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
Ordinary shares of £1 each
41,000
41,000
7
Audit report information

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

We draw attention to Note 1.2 to the financial statements which details the intentions of the directors to cease trading and liquidate the business. Therefore, the directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 1.2. Our opinion is not modified in respect of this matter.

Senior Statutory Auditor:
Jamie Cassell
Statutory Auditors:
Saffery LLP
8
Events after the reporting date

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.

 

9
Related party transactions

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.

10
Parent company

The Company's ultimate parent undertaking and controlling party is Greenstone Resources Limited, which is incorporated in Guernsey. The registered office of this entity is PO Box 656, East Wing, Trafalgar Court, Les Banques, St Peter Port, Guernsey, GY1 3PP.

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