Belsfield Propco Limited

	Page
Abridged Balance Sheet	1—2
Notes to the Abridged Financial Statements	3—5

Registered number: 14131371

		31 December 2024		31 December 2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		16,287,868		16,083,297

			16,287,868		16,083,297
CURRENT ASSETS
Debtors		1		37,341
Cash at bank and in hand		20,683		23,362

		20,684		60,703
Creditors: Amounts Falling Due Within One Year		(10,237,628 )		(9,966,863 )

NET CURRENT ASSETS (LIABILITIES)			(10,216,944 )		(9,906,160 )

TOTAL ASSETS LESS CURRENT LIABILITIES			6,070,924		6,177,137

Creditors: Amounts Falling Due After More Than One Year			(6,710,717 )		(6,505,210 )

NET LIABILITIES			(639,793 )		(328,073 )

CAPITAL AND RESERVES
Called up share capital	5		1		1
Profit and Loss Account			(639,794 )		(328,074 )

SHAREHOLDERS' FUNDS			(639,793)		(328,073)

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Belsfield Propco Limited

Abridged Balance Sheet (continued)

As At 31 December 2024

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

All of the company's members have consented to the preparation of an Abridged Balance Sheet for the year end 31 December 2024 in accordance with section 444(2A) of the Companies Act 2006.

On behalf of the board

Mr Richard Berry

Director

29 September 2025

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Belsfield Propco Limited is a private company, limited by shares, incorporated in England & Wales, registered number 14131371 . The registered office is 6c Clifford Court, Cooper Way, Parkhouse, Carlisle, CA3 0JG.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Going Concern Disclosure

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company has a shareholder's deficit of £639,793. Included within this value is a sum of £10,171,226 which is owed to the ultimate parent company The company holds property for use within the trade of the group. The group manages the cash resources of the company and parent company and has funds available should this be required by the company.

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

2.3. Significant judgements and estimations

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.

Sale and leaseback

The sale and leaseback entered into on 12 December 2022 has been considered by the Directors, and after consideration of the circumstances and by reference to the relevant accounting standards and guidance, this has been treated as a finance lease.

The asset is recorded at cost and liability has been recorded at the present value of the minimum lease payments, using the interest rate implicit in the lease of 6.3%. Lease payments are then apportioned between interest and capital using the effective interest method.

2.4. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

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Belsfield Propco Limited

Notes to the Abridged Financial Statements (continued)

For The Year Ended 31 December 2024

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold Land and Buildings	Over the period of the lease term, 150 years
Property Improvements	No depreciation charge

2.6. 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.

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, loans from fellow group companies 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.

2.7. Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 3 (2023: 3)

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Belsfield Propco Limited

Notes to the Abridged Financial Statements (continued)

For The Year Ended 31 December 2024

4. Tangible Assets

	Total
	£
Cost
As at 1 January 2024	16,187,089
Additions	308,363

As at 31 December 2024	16,495,452

Depreciation
As at 1 January 2024	103,792
Provided during the period	103,792

As at 31 December 2024	207,584

Net Book Value
As at 31 December 2024	16,287,868

As at 1 January 2024	16,083,297

5. Share Capital

	31 December 2024	31 December 2023
	£	£
Allotted, Called up and fully paid	1	1

6. Post Balance Sheet Events

On 6 March 2025, control of the company passed from MM Aurora HoldCo Limited to G.G.E Ltd. following the acquisition of the 100% share capital issued in Belsfiled HoldCo Limited.

Accordingly, the company’s ultimate controlling party as at 31 December 2024 was MM Aurora HoldCo Limited, whereas from 6 March 2025 the ultimate controlling party is G.G.E Ltd.

7. Ultimate Parent Undertaking and Controlling Party

The company's immediate and ultimate parent undertaking is G.G.E Ltd . G.G.E Ltd was incorporated in England and Wales. The ultimate controlling party is G.G.E Ltd who controls 100% of the shares of Belsfield Propco Limited .

8. Audit Exemption

For the year ended 31 December 2024, the company has claimed exemption from audit under section 479A of the Companies Act 2006 as a subsidiary company.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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