Granite Real Estate UK Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 03020811

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

GRANITE REAL ESTATE UK LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors' Responsibilities Statement

6

Independent Chartered Accountants' Review Report

7

DIRECTORS:

W Schaper

P Galos

REGISTERED OFFICE:

c/o William Evans & Partners

20 Harcourt Street

London

W1H 4HG

REGISTERED NUMBER:

03020811

ACCOUNTANTS:

William Evans & Partners

20 Harcourt Street

London

W1H 4HG

CURRENT ASSETS

Debtors

3

10,172

10,049

Cash at bank

44,252

44,375

54,424

CREDITORS

Amounts falling due within one year

4

(11,410

)

(11,410

)

NET CURRENT ASSETS

43,014

TOTAL ASSETS LESS CURRENT
LIABILITIES

43,014

CAPITAL AND RESERVES

Called up share capital

5

1

Retained earnings

43,013

SHAREHOLDERS' FUNDS

43,014

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 September 2025 and were signed on its behalf by:

P Galos - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Granite Real Estate UK Limited is a company incorporated in the United Kingdom under the Companies Act. The address of the registered office is given on page 1. The nature of the company's operations and its principal activities are set out in the directors' report on Page 2.

The financial statements have prepared in accordance with Financial Reporting Standard 102 ( FRS 102) issued by the Financial Reporting Council, and under the historical accounting rules, modified to include the revaluation of investment properties.

Under FRS 102 the company is exempt from the requirement to:

i) Prepare a statement of cash flows;

ii)Disclose remuneration of key management personnel:

iii) Disclose details about financial instruments required by sections 11 and 12 of FRS 102

on the grounds that the parent undertaking includes the company in its own published consolidated financial statements. These are available at the address found in Note 15.

The functional currency of Granite Real Estate UK Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the company operates. The financial statements are also presented in pounds sterling.

Taxation

Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid ( or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

Taxation

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.

Foreign currencies

Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Monetary assets and liabilities in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.balance sheet

Related party transactions

The company is a wholly owned subsidiary of Granite Real Estate Investment Trust, the accounts of which are publicly available. Accordingly the company has taken advantage of the exemption in FRS102 Section 33 from disclosing transactions with investees of the Granite REIT.

Financial instruments

Financial assets (including cash at bank and in hand, and debtors;) and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Going concern

The company has been inactive since 2021. As the company has ceased its trade the directors have produced the accounts on a basis other than going concern. No adjustments arose as a result of ceasing to apply the going concern basis.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

3.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Other debtors

6,495

Sums due by group companies

3,677

3,554

10,172

10,049

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade creditors

300

Accruals and deferred income

11,110

11,410

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

1

Ordinary shares

£1

1

6.	RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption available under of Financial Reporting Standard 102 with regard to non-disclosure of transactions with wholly owned group companies.

7.	POST BALANCE SHEET EVENTS

The company has remained inactive since the year end.

8.	ULTIMATE CONTROLLING PARTY

At 31 December 2024 in the Directors' opinion, the ultimate parent undertaking and controlling party for which group financial statements are drawn up and of which the Company is a member, was Granite Real Estate Investment Trust. Granite Real Estate Investment Trust is an unincorporated, open ended, limited purpose trust established under and governed by the laws of the province of Ontario, Canada.

The immediate parent company is Granite Europe b.v., Eduard van Beinumstraat 8,Netherlands 1077CZ Amsterdam, a corporation registered in the Netherlands, which is an indirect subsidiary of Granite Real Investment Trust.

Copies of the financial statements of Granite Real Estate Investment Trust are available from 77 King St West, Suite 4010, PO Box 159, Toronto- Dominion Centre, Toronto, Ontario, Canada, M5K 1H, which is the registered address of this entity. This is both the largest and the smallest parent entity for which consolidated financial statements are prepared.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

The directors are responsible for preparing the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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.

ON BEHALF OF THE BOARD:

P Galos - Director

3 September 2025

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

We have reviewed the financial statements of Granite Real Estate UK Limited for the year ended 31 December 2024, which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Directors' responsibility for the financial statements

As explained more fully in the Directors' Responsibilities Statement set out on page nine, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.

Accountants' responsibility

Our responsibility is to express a conclusion on the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), 'Engagements to review historical financial statements' and ICAEW Technical Release TECH 09/13AAF (Revised) 'Assurance review engagements on historical financial statements'. ISRE 2400 (Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the financial statements, taken as a whole, are not prepared, in all material respects, in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). ISRE 2400 (Revised) also requires us to comply with the ICAEW Code of Ethics and the FRC's Ethical Standard, as applicable.

Scope of the assurance review

A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures, primarily consisting of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK). Accordingly, we do not express an audit opinion on these financial statements.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:

-	so as to give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

-	in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	in accordance with the requirements of the Companies Act 2006.

Use of our report

This report is made solely to the company's directors, as a body, in accordance with our terms of engagement. Our review has been undertaken so that we might state to the directors those matters that we have agreed with them in a reviewer'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 directors as a body for our work, for this report, or for the conclusions we have formed.

William Evans & Partners

20 Harcourt Street

London

W1H 4HG

3 September 2025