| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 29 February 2024 |
| for |
| Greystoke Land Limited |
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 29 February 2024 |
| for |
| Greystoke Land Limited |
| Greystoke Land Limited (Registered number: 05047975) |
| Contents of the Financial Statements |
| for the Year Ended 29 February 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Greystoke Land Limited |
| Company Information |
| for the Year Ended 29 February 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Pendragon House |
| 65 London Road |
| St Albans |
| Hertfordshire |
| AL1 1LJ |
| Greystoke Land Limited (Registered number: 05047975) |
| Balance Sheet |
| 29 February 2024 |
| 29.2.24 | 28.2.23 |
| as restated |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks and work in progress |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Greystoke Land Limited (Registered number: 05047975) |
| Notes to the Financial Statements |
| for the Year Ended 29 February 2024 |
| 1. | STATUTORY INFORMATION |
| Greystoke Land Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 is sterling, which is the functional currency of the company. Monetary amount in these financial statements are rounded to the nearest £. |
| The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies are set out below. |
| Going concern |
| At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. |
| A letter of support for the company has been obtained from the parent company, Oxford Law Holdings Limited, which is underpinned by a further letter of support from Stancroft Trust Limited, a shareholder of Oxford Law Holdings Limited. The letters of support are not legally binding, however the directors expect all funding requirements to be met for at least 12 months from the date of approval of the financial statements. |
| Turnover |
| Turnover comprises the fair value of consideration received or receivable for goods and services provided in the normal course of business. Turnover is categorised into the following streams: |
| Promotional Agreements: Income derived from promotional agreements is recognised when the performance obligations under the agreement are satisfied. This occurs when the agreed services have been delivered or when the milestone requirements stipulated in the agreement have been met. |
| Option Agreements: Revenue from option agreements is recognised at the point in time when the company exercises the option, fulfilling its contractual obligations as outlined in the agreement. |
| Land Sales: Turnover from land sales is recognised upon the transfer of significant risks and rewards of ownership, which typically coincides with the legal completion of the sale transaction. |
| Revenue is measured net of sale/value added tax, returns, rebates and trade discounts. The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company’s activities. |
| Greystoke Land Limited (Registered number: 05047975) |
| Notes to the Financial Statements - continued |
| for the Year Ended 29 February 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of deprecation and any impairment losses. |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Plant and machinery etc - 33% on cost and 20% on cost |
| At each reporting period end date, the group reviews the carrying amount 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). |
| Recoverable amount is the higher of the fair value less costs to sell and the value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimate of the future cash flows have not been adjusted. |
| Investments in subsidiaries |
| Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. |
| Stocks and work in progress |
| Development land and property is valued at the lower of cost and net realisable value. Regular reviews are carried out to identify any impairment in the value of the land and property by comparing the total estimated selling price less estimated costs to sell against the carrying value of the land and property plus estimated costs to complete. Provision is made for any irrecoverable amounts. Any increase in the value of land and property previously written down to net realisable value is recognised immediately. |
| Work in progress relating to planning projects is stated at the lower of cost and net realisable value. Net realisable value represents the estimated selling price less estimated future costs weighted for the probability of planning success. At each reporting date, an assessment is made for impairment. Impairments are made on an aggregate basis across a portfolio of sites as investment decisions are made on the same basis. Any excess of the carrying amount of work in progress across the portfolio over net realisable value of the portfolio is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss. |
| At the point in time that the risk profile of a project increases such that it is no longer economical to continue investing as part of the wider portfolio, the project is considered impaired and is fully written down. |
| Greystoke Land Limited (Registered number: 05047975) |
| Notes to the Financial Statements - continued |
| for the Year Ended 29 February 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company has elected to apply the provisions of Section 11 and Section 12 of FRS 102 to all of its financial instruments. |
| Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
| Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price 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 fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
| Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 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. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Greystoke Land Limited (Registered number: 05047975) |
| Notes to the Financial Statements - continued |
| for the Year Ended 29 February 2024 |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 March 2023 |
| Additions |
| At 29 February 2024 |
| DEPRECIATION |
| At 1 March 2023 |
| Charge for year |
| At 29 February 2024 |
| NET BOOK VALUE |
| At 29 February 2024 |
| At 28 February 2023 |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 March 2023 |
| Additions |
| At 29 February 2024 |
| NET BOOK VALUE |
| At 29 February 2024 |
| At 28 February 2023 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 29.2.24 | 28.2.23 |
| as restated |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Greystoke Land Limited (Registered number: 05047975) |
| Notes to the Financial Statements - continued |
| for the Year Ended 29 February 2024 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 29.2.24 | 28.2.23 |
| as restated |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 8. | LEASING AGREEMENTS |
| At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £181,917 (2023: £40,417). |
| 9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 10. | RELATED PARTY DISCLOSURES |
| At the year end, the amount owed to the company by Greystoke CB Limited, a subsidiary, was £274,450 (2023 - £140,350). |
| The company has taken advantage of the exemptions for qualifying subsidiary undertakings not to include details of transactions with other group companies. |
| During the year, the company entered into transactions totalling £120,000 with Katharine Aldridge Consulting Limited. Katharine is the wife of one of the directors of Greystoke Land Limited. |
| 11. | PARENT COMPANY AND ULTIMATE CONTROLLING PARTY |
| The immediate parent company is Oxford Law Holdings Limited, registered at 63 Bermondsey Street, London, SE1 3XF.As at the year end, Greystoke Land Limited has no ultimate controlling party. Post year end, the shareholding of Stancroft Trust Limited increased to above 50% in Oxford Law Holdings Limited.In the opinion of the directors, the ultimate controlling party of Greystoke Land Limited is the Glengarry Trust, a trust registered in Canada. |