Company registration number 05431278 (England and Wales)
GARTSIDE INVESTMENTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
GARTSIDE INVESTMENTS LIMITED
COMPANY INFORMATION
Directors
F P Graham-Watson
M J Ingall
Cork Street Properties Management Ltd
Company number
05431278
Registered office
C/O Allied London
Suite 1, Bonded Warehouse
18 Lower Byrom Street
Manchester
M3 4AP
Auditor
Sumer Auditco Limited
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
GARTSIDE INVESTMENTS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 17
GARTSIDE INVESTMENTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Review of the business

The company is an intermediate holding company, holding shares in its trading subsidiaries, as detailed in note 9.

The loss reported for the year principally arises on interest payable to fellow group companies, on group borrowings net of dividends received from group entities.

At the year end, the company has net liabilities of £9.8m, fundamentally due to liabilities owed to group companies.

Principal risks and uncertainties

The company, uses various financial instruments including loans and group borrowings, together with various other mainstream items, such as debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations.

 

The existence of these financial instruments exposes the company to a number of financial risks which are described in more detail below. The directors review and agree policies for managing these risks. These policies have remained unchanged from previous years.

 

Liquidity risk

The company (and the wider group) seeks to manage financial risk by ensuring liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short-term flexibility is achieved by an invoice discounting facility.

Interest rate risk

The company (and the wider group) finances its operations through a combination of retained profits and finance leases and hire purchase contracts. The group exposure to interest rate fluctuations on its borrowings is managed by the use of both fixed and floating facilities.

Key performance indicators

The company reviews and monitors its performance against a number of key performance indicators both financial and non-financial. As an intermediate holding company, the principal measures relate to the underlying performance of the trading subsidiary, together with dividends received from subsidiaries, carrying value of investments in subsidiaries and net assets. These are reviewed by the management team and reported to the board on a monthly basis.

The Directors have and will continue to monitor all of the KPI’s and daily operating controls and maintain a strong focus on increasing performance in all aspects of the business.

 

The main KPI’s and corresponding results are as follows:

2024
2023
Dividends received from subsidiaries
£1.7m
£nil
Loss before tax
(£0.4m)
(£2.1m)
Investments
£20.6m
£20.6m
Net liabilities
(£9.8m)
(£9.4m)
The increase in net liabilities is a result of the loss incurred in the year. The loss principally relates to group interest charged on group borrowings net of dividends received from group entities. Despite the net liabilities position, due to group financial support, the company is deemed a going concern.
GARTSIDE INVESTMENTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

On behalf of the board

F P Graham-Watson
Director
30 June 2025
GARTSIDE INVESTMENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company continued to be that of an intermediate investment holding company.

Results and dividends

During the year, the company made a loss of £385,823 (2023: £2,103,706 loss).

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

F P Graham-Watson
M J Ingall
Cork Street Properties Management Ltd
Future developments

As an intermediate parent company, the future developments of the company are solely based on the continued success of the group's trading subsidiary. The Directors continue to monitor and manage the trading subsidiary from a income and costs perspective.

 

The company (and wider group) has sufficient financial resources in place to execute its strategy to develop for the future.

Auditor

The auditor, Sumer Auditco Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

GARTSIDE INVESTMENTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Going concern

The company is an intermediate investment holding company with no financial obligations, other than to its subsidiary undertaking, Gartside Limited. Gartside Limited receives income from a finance leased asset from the UK Government, which is greater than the forecasted cash outflow to repay its bank loan obligations. Group financial support is provided by the trading subsidiary, Gartside Limited.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

 

In preparing this report, the directors have taken advantage of the small companies exemption provided by Section 415A of the companies Act 2006.

On behalf of the board
F P Graham-Watson
Director
30 June 2025
GARTSIDE INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF GARTSIDE INVESTMENTS LIMITED
- 5 -
Opinion

We have audited the financial statements of Gartside Investments Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

GARTSIDE INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF GARTSIDE INVESTMENTS LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, are detailed below:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussions with the directors (as required by auditing standards) and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.

 

Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

 

Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: laws related to employment laws, Companies Act 2006, Data Protection and Health and Safety at Work Act.

GARTSIDE INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF GARTSIDE INVESTMENTS LIMITED (CONTINUED)
- 7 -

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any. Through these procedures we did not become aware of any actual or suspected non-compliance.

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

 

We design procedures in line with our responsibilities, outlined below to detect material misstatement due to fraud:

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.

Stuart Stead (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited, Statutory Auditor
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
1 July 2025
GARTSIDE INVESTMENTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
-
-
Administrative expenses
(8,449)
(5,188)
Operating loss
3
(8,449)
(5,188)
Interest receivable and similar income
5
1,747,249
-
0
Interest payable and similar expenses
6
(2,124,623)
(2,098,518)
Loss before taxation
(385,823)
(2,103,706)
Tax on loss
7
-
0
-
0
Loss for the financial year
(385,823)
(2,103,706)
GARTSIDE INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
8
20,647,936
20,647,936
Current assets
Debtors
10
49,465
51,512
Cash at bank and in hand
1
1
49,466
51,513
Creditors: amounts falling due within one year
11
(30,501,221)
(30,117,445)
Net current liabilities
(30,451,755)
(30,065,932)
Net liabilities
(9,803,819)
(9,417,996)
Capital and reserves
Called up share capital
12
1
1
Profit and loss reserves
13
(9,803,820)
(9,417,997)
Total equity
(9,803,819)
(9,417,996)

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 30 June 2025 and are signed on its behalf by:
F P Graham-Watson
Director
Company registration number 05431278 (England and Wales)
GARTSIDE INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
1
(7,314,291)
(7,314,290)
Year ended 31 December 2023:
Loss and total comprehensive income
-
(2,103,706)
(2,103,706)
Balance at 31 December 2023
1
(9,417,997)
(9,417,996)
Year ended 31 December 2024:
Loss and total comprehensive income
-
(385,823)
(385,823)
Balance at 31 December 2024
1
(9,803,820)
(9,803,819)
GARTSIDE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Company information

Gartside Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Allied London, Suite 1, Bonded Warehouse, 18 Lower Byrom Street, Manchester, M3 4AP.

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.

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.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Gartside Investments Limited is a wholly owned subsidiary of Gartside Holdings Limited and the results of Gartside Investments Limited are included in the consolidated financial statements of Cork Street Properties Limited which are available from C/O Allied London, Suite 1, Bonded Warehouse, 18 Lower Byrom Street, Manchester, M3 4AP.

1.2
Going concern

The directors have reviewed the financial forecasts of the company and its subsidiaries for a period of 12 months from the date of approval of the financial statements. true

 

As at 31 December 2024, the company owes £30,023,020 (2023: £29,643,881) to its subsidiary undertaking. These are repayable on demand and bear interest at 9%. However, the directors have received confirmation from the subsidiary that these liabilities will not be sought for repayment in the next 12 month period from the signing date of the financial statements. The Directors have also considered the underlying cashflow requirements of its subsidiary in considering the assessment. No additional funds are anticipated in the company's cashflow forecasts.

 

Based on the letters of financial support from the subsidiary undertaking, the directors are confident that there are sufficient funds for the company to meet its obligations and liabilities as they fall due for a period of at lease 12 months from the approval of the financial statements. On this basis, the directors feel it is appropriate to prepare the financial statements on a going concern basis, notwithstanding the company's net current liabilities of £30,451,755 (2023: £30,065,932) and net liability position of £9,803,819 (2023: £9,417,996). As at the balance sheet date, the majority of liabilities are due to group or related companies.

GARTSIDE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.3
Other Income

Dividend income represents dividends receivable from subsidiary undertakings. Dividends receivable are recognised on receipt.

1.4
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.

1.5
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.

1.6
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 balance sheet 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 and cash and bank balances, 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.

GARTSIDE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

GARTSIDE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
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.

1.8

Finance costs

Finance costs are charged to the profit and loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Carrying value of investments

The company holds investments stated at cost less any provision for impairment. The directors' have assessed the recoverability of investments made and economic benefit of the investments based on market conditions, economic forecasts and cashflow estimates. The value of investments is disclosed in Note 8.

3
Operating loss
2024
2023
Operating loss for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
-
0
-
0

The company's audit fee is borne by the trading subsidiary company, Gartside Limited.

GARTSIDE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
4
Employees

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

2024
2023
Number
Number
Directors
2
2

The company had no employees during the current and prior year, other than the directors, who received no remuneration.

5
Interest receivable and similar income
2024
2023
£
£
Income from fixed asset investments
Income from shares in group undertakings
1,747,249
-
0
6
Interest payable and similar expenses
2024
2023
£
£
Interest payable to group undertakings
2,124,623
2,098,518
7
Taxation

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(385,823)
(2,103,706)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
(96,456)
(525,927)
Tax effect of expenses that are not deductible in determining taxable profit
94,344
524,630
Unutilised tax losses carried forward
2,112
1,297
Taxation charge for the year
-
-
8
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
9
20,647,936
20,647,936
GARTSIDE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
9
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Gartside Limited
1
Commercial property investment and lettings
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
C/O Allied London, Suite 1, Bonded Warehouse, 18 Lower Byrom Street, Manchester, M3 4AP

The aggregate share capital and reserves of the subsidiary, as at the balance sheet date was £3,776,881 (2023: £3,664,354) and profit for the year was £1,859,776 (2023: £1,817,105). Based on ongoing profitability, the directors have not considered there to be an impairment in the subsidiary as at the balance sheet date.

10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
43,265
43,265
Other debtors
6,200
8,247
49,465
51,512

The amounts due from group undertakings are repayable in demand and not interest bearing.

11
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
300
300
Amounts owed to group undertakings
30,023,020
29,643,881
Accruals and deferred income
477,901
473,264
30,501,221
30,117,445

The amounts owed to group undertakings are repayable on demand with balances of £23,529,996 (2023: £23,301,662) attracting interest at 9% per annum. The remaining group balance is not interest bearing.

12
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1

Called up share capital represents the nominal value of the shares issued.

 

GARTSIDE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
13
Profit and loss reserves

The profit and loss account represents cumulative profits and losses net of dividends paid and other adjustments.

14
Related party transactions

The company has taken advantage of the exemption allowed by Financial Reporting Standard 102, "Related party disclosures" Section 33.1A not to disclose details of related party transactions with entities that are 100% owned members of the same group.

15
Ultimate controlling party

The immediate parent company is Gartside Holdings Limited, a company registered in England and Wales.

 

The ultimate parent company is Capital Holdco Limited, a company registered in the British Virgin Islands.

 

Gartside Investments Limited is consolidated into the Cork Street Properties Limited group's financial statements. Copies of these consolidated accounts can be obtained from Companies House.

The ultimate individual controlling party is deemed to be M J Ingall, by virtue of his majority shareholding in Capital Holdco Limited.

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