Company registration number 04361053 (England and Wales)
GARTSIDE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
GARTSIDE LIMITED
COMPANY INFORMATION
Directors
F P Graham-Watson
M J Ingall
Cork Street Properties Management Ltd
Company number
04361053
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 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 - 20
GARTSIDE 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

During the year, the company continued to receive rental income from the Civil Justice Centre in Manchester.

 

There have not been any other significant changes in the company's principle activities in the year under review.

 

The Statement of Comprehensive Income shows a profit of £1,859,776 (2023: £1,817,105).

 

The directors paid a group dividend in the year of £1,747,249 (2023: £Nil) to its immediate parent company, Gartside Investments Limited.

 

At the balance sheet date the company had net assets of £3,776,881 (2023: £3,664,354), which the directors believe illustrates the increased financial strength of the company.

Principal risks and uncertainties

The company, as with all businesses, is exposed to a number of risks and uncertainties that can affect its operational performance in both the short and long term. The key risks and uncertainties together with how they are managed are outlined below.

 

The directors monitor the trading of the company on a monthly basis. The finance lease and loans were entered into in 2007 and will remain in place for the length of the lease, until 2042. As such, there are no residual risks arising during the year.

Health and Safety

Accidents and incidents in the properties owned and managed by the company can result in serious injury and possibly loss of life. The company has dedicated, well trained health and safety staff and extensively uses third parties to monitor compliance. Training and site procedures are reviewed regularly to ensure the highest standards are continually maintained. Health and safety is reported on in detail at all board meetings.

Rental demand

The company owns and manages the Civil Justice Centre and rental cashflows or fees generated from this property under management represent a significant proportion of total company revenue. The property continues to be fully occupied as it is let to the government as sole tenant for a fixed lease term. Rental demand risk is therefore considered to be low.

Key performance indicators

The company reviews and monitors its performance against a number of key performance indicators both financial and non-financial. As a property investment company, the principal measures relate to the underlying performance of the properties held. 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

 

 

£

 

£

 

 

 

 

 

Fixed Assets

 

£166.4m

 

£165.3m

Net Assets

 

£3.8m

 

£3.7m

Profit before tax

 

£1.9m

 

£1.8m

 

The company’s investment property portfolio has fundamentally remained consistent year-on-year.

 

Other information and explanations
GARTSIDE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

 

Going Concern

As the company owns and manages the Civil Justice Centre, with the government as the sole tenant for a fixed lease term, the directors do not expect a major change in the nature or level of the company's activity and cashflows in the year ahead. The directors have assessed the likelihood of non payment of rentals, however, due to rentals continuing to be received post year end, there is little risk of non payment. Therefore, the board considers that the company will be able to continue to trade as a going concern and meet its liabilities as they fall due.

The directors have pleasure in submitting their report and audited financial statements for the year ended 31 December 2024.

F P Graham-Watson
Director
30 June 2025
GARTSIDE 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 commercial property investment and letting.

Results and dividends

The statement of comprehensive income is shown on page 8 and shows a profit of £1,859,776 (2023: £1,817,105).

A dividend of £1,747,249 (2023: £Nil) was paid to the immediate parent company Gartside Investments Limited.

Gartside Limited did not contribute to a pension scheme in respect of Director's Services.

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

The company continues to received income from its investment in a finance lease that was entered into in 2007 and is expected to continue until the end of the lease term. The directors no expect a major change in the nature or level of the company's activity in the year ahead.

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.

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.

GARTSIDE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Medium-sized companies exemption

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

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

We have audited the financial statements of Gartside 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 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GARTSIDE 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, road haulage, health & safety and data protection.

 

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.

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

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 members, as a body, 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 members those matters we are required to state to them 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 members as a body, 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 LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
12,171,041
12,064,681
Administrative expenses
(69,625)
(70,874)
Operating profit
4
12,101,416
11,993,807
Interest receivable and similar income
6
2,133,312
2,107,926
Interest payable and similar expenses
7
(12,374,952)
(12,284,628)
Profit before taxation
1,859,776
1,817,105
Tax on profit
8
-
0
-
0
Profit for the financial year
1,859,776
1,817,105

The profit and loss account has been prepared on the basis that all operations are continuing operations.

GARTSIDE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Net amounts receivable under finance leases
10
166,351,153
165,299,088
Current assets
Debtors
11
30,736,490
30,345,045
Cash at bank and in hand
3,405,756
3,403,803
34,142,246
33,748,848
Creditors: amounts falling due within one year
12
(3,305,029)
(3,283,420)
Net current assets
30,837,217
30,465,428
Total assets less current liabilities
197,188,370
195,764,516
Creditors: amounts falling due after more than one year
13
(193,411,489)
(192,100,162)
Net assets
3,776,881
3,664,354
Capital and reserves
Called up share capital
15
1
1
Profit and loss reserves
16
3,776,880
3,664,353
Total equity
3,776,881
3,664,354

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 04361053 (England and Wales)
GARTSIDE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
1
1,847,248
1,847,249
Year ended 31 December 2023:
Profit and total comprehensive income
-
1,817,105
1,817,105
Balance at 31 December 2023
1
3,664,353
3,664,354
Year ended 31 December 2024:
Profit and total comprehensive income
-
1,859,776
1,859,776
Dividends
9
-
(1,747,249)
(1,747,249)
Balance at 31 December 2024
1
3,776,880
3,776,881
GARTSIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Company information

Gartside 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. 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 financial statements of the company are consolidated in the financial statements of Cork Street Properties Limited. These consolidated financial statements are available from its registered office, C/O Allied London, Suite 1, Bonded Warehouse, 18 Lower Byrom Street, Manchester, M3 4AP.

1.2
Going concern

Atruet 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. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

The directors have assessed the likelihood of non-payment of rentals as well as the company's obligations to settle amounts due under its long term funding facility. As the company owns and manages the Civil Justice Centre, with the government as the sole tenant for a fixed lease term, the risk of non-payment is considered to be low. Given the tenure of the term, this is accounted for as a finance lease asset. The directors do not expect any major changes in the nature or level of the company's activity and cashflows in the year ahead and the rental income and payments under the lending facility are predetermined at the inception of the facility and lease. Furthermore, rentals continue to be received post year end, there is little risk of non-payment given that the UK government is the sole tenant. The net receivable under the rental agreement is greater than the expected cashflows under the bank loan and therefore the company is expected to maintain this cash balance over the course of the forthcoming year.

 

The company has £1,222 (2023: £1,222) that is owed to group undertakings as at 31 December 2024. These are repayable on demand and are not interest bearing. The accruals and deferred income represents rent paid in advance rather than a contractual obligation to settle in cash. Furthermore, no additional funds are anticipated in the company's cashflow forecasts. Amounts owed by group undertakings of £30,058,309 (2023: £29,672,768) as at the balance sheet date do not form part of the expected cashflow post year end in the going concern assessment. Therefore the board considers that the company will be able to trade as a going concern and meet its liabilities as they fall due.

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

Rental income is stated exclusive of VAT and is receivable under finance leases apportioned between rental income and repayment of the investment finance lease. Over the entire period of the finance lease, the finance income is equal to the gross earnings from the lease i.e. the amount by which the total of the receipts expected by the lessor exceeds the cost of the leased asset. The receipts expected by the lessor consist of the total rentals payable by the lessee, together with any residual value of the asset which is receivable by the lessor, whether or not that residual value is guaranteed.

1.4
Finance lease asset

Finance lease assets are recognised when a lease is entered into whereby the group retains the legal title to the property but substantially all of the risks and rewards of ownership pass onto the lessee. When this is the case, the asset is reclassified from fixed assets to investments as a receivable at an amount equal to the net investment in the lease.

 

The finance lease asset is reviewed for impairment annually by the directors and any provision taken to the Statement of Comprehensive Income.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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 fair value less costs to sell and 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 estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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.

GARTSIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
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 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.

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.

GARTSIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
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.

Derecognition of financial liabilities

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

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.

Equity dividends are recognised when they become legally payable. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

GARTSIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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

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.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Finance lease income
12,171,041
12,064,681
2024
2023
£
£
Other revenue
Interest income
2,133,312
2,107,926
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
17,500
20,000
GARTSIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
5
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.

6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
8,689
9,408
Interest receivable from group companies
2,124,623
2,098,518
Total income
2,133,312
2,107,926
7
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
12,048,160
11,957,836
Other interest
326,792
326,792
12,374,952
12,284,628
8
Taxation

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

2024
2023
£
£
Profit before taxation
1,859,776
1,817,105
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
464,944
454,276
Revenue exempt from tax
(464,944)
(524,629)
Unutilised tax losses carried forward
-
0
43,103
Tax at marginal rate
-
0
27,250
Taxation charge for the year
-
-
GARTSIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Taxation
(Continued)
- 17 -

Deferred tax balances and charges would be calculated based on the rate enacted as at 31 December 2024. The company does not have a deferred tax balance as at the year end, or any deferred tax charges during the year.

9
Dividends
2024
2023
£
£
Final paid
1,747,249
-
0
10
Net amounts receivable under finance leases
£
Cost
At 1 January 2024
165,299,088
Aggregate amount of finance lease income receivable in the year
12,171,041
Rents received from tenants in the year
(11,118,976)
At 31 December 2024
166,351,153
2024
2023
£
£
Ageing
Amounts receivable within one year
11,117,708
11,117,708
Amounts receivable in two to five years
48,390,568
46,929,610
Amounts receivable after five years
180,879,702
193,458,368
240,387,978
251,505,686

The amounts receivable are undiscounted.

11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
30,058,309
29,672,768
Prepayments and accrued income
678,181
672,277
30,736,490
30,345,045

The amount due from group undertakings fall due for payment within one year. Included within the balance is an amount of £23,529,996 (2023: £23,301,662) which attracts interest at 9% per annum. The remaining balance is not interest bearing.

GARTSIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
12
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,266
2,800
Amounts owed to group undertakings
1,222
1,222
Taxation and social security
555,835
555,835
Other creditors
1,112
1,112
Accruals and deferred income
2,743,594
2,722,451
3,305,029
3,283,420

The amounts due to group undertakings are repayable on demand and are not interest bearing.

13
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans
14
193,411,489
192,100,162

The bank loan is secured over the company's property and bears interest at 6.0406% per annum.

The balance above is stated net of loan issue expenses of £5,897,505 (2023: £6,224,297).

 

The maturity of sources of debt finance are as follows.

Amounts included above which fall due after five years are as follows:
Payable by instalments
(193,411,489)
(192,100,162)
14
Loans and overdrafts
2024
2023
£
£
Bank loans
193,411,489
192,100,162
Payable after one year
193,411,489
192,100,162

The long-term loans are secured by fixed charges over the company's property and bears interest at 6.0406% per annum.

The loan is fixed for a period of 19 years with repayments commencing in 2027. Repayments are to reduce the capital balance of the loan.

GARTSIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
15
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.

16
Profit and loss reserves

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

17
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Name of related party
Nature of relationship
Other related parties
Description of
Income
Payments
transaction
2024
2023
2024
2023
£
£
£
£
Other related parties
Rechage of expenses
-
0
-
0
-
0
1,112
Balances with related parties
Amounts owed by
Amounts owed to
related parties
related parties
2024
2023
2024
2023
£
£
£
£
Other related parties
-
0
-
0
1,112
1,112
Other information

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.

GARTSIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
18
Ultimate controlling party

The immediate parent company is Gartside Investments 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 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.

2024-12-312024-01-01falsefalsefalseCCH SoftwareCCH Accounts Production 2025.200F P Graham-WatsonM J IngallCork Street Properties Management Ltd043610532024-01-012024-12-3104361053bus:Director12024-01-012024-12-3104361053bus:Director22024-01-012024-12-3104361053bus:Director32024-01-012024-12-3104361053bus:RegisteredOffice2024-01-012024-12-31043610532024-12-31043610532023-01-012023-12-3104361053core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3104361053core:RetainedEarningsAccumulatedLosses2024-01-012024-12-3104361053core:OtherResidualIntangibleAssets2024-12-3104361053core:OtherResidualIntangibleAssets2023-12-31043610532023-12-3104361053core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-3104361053core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3104361053core:Non-currentFinancialInstrumentscore:AfterOneYear2024-12-3104361053core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3104361053core:CurrentFinancialInstruments2024-12-3104361053core:CurrentFinancialInstruments2023-12-3104361053core:ShareCapital2024-12-3104361053core:ShareCapital2023-12-3104361053core:RetainedEarningsAccumulatedLosses2024-12-3104361053core:RetainedEarningsAccumulatedLosses2023-12-3104361053core:ShareCapital2022-12-3104361053core:RetainedEarningsAccumulatedLosses2022-12-3104361053core:ShareCapitalOrdinaryShareClass12024-12-3104361053core:ShareCapitalOrdinaryShareClass12023-12-3104361053core:IntangibleAssetsOtherThanGoodwill2024-01-012024-12-310436105312024-01-012024-12-310436105312023-01-012023-12-3104361053core:UKTax2024-01-012024-12-3104361053core:UKTax2023-01-012023-12-3104361053core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-12-3104361053core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-12-3104361053core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillcore:InternallyGeneratedIntangibleAssets2024-01-012024-12-3104361053core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-01-012024-12-3104361053core:Non-currentFinancialInstruments2024-12-3104361053core:Non-currentFinancialInstruments2023-12-3104361053bus:OrdinaryShareClass12024-01-012024-12-3104361053bus:OrdinaryShareClass12024-12-3104361053bus:OrdinaryShareClass12023-12-3104361053bus:PrivateLimitedCompanyLtd2024-01-012024-12-3104361053bus:FRS1022024-01-012024-12-3104361053bus:Audited2024-01-012024-12-3104361053bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP