Registration number: 09672111

Half Moon Investment Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 9

Half Moon Investment Limited

Company Information

Directors

Carl Oliver Grebelius Nils Lennart Grebelius

Registered office

80-83 Long Lane London EC1A 9ET

Auditors

Carbon Accountancy Limited Chartered Accountants and Statutory Auditors 80-83 Long Lane London EC1A 9ET

Half Moon Investment Limited

(Registration number: 09672111)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Investment property	6	22,237,500	23,375,000
Current assets
Debtors	7	515,418	828,541
Cash at bank and in hand		1,201,550	1,293,728
		1,716,968	2,122,269
Creditors: Amounts falling due within one year	8	(13,540,605)	(13,679,021)
Net current liabilities		(11,823,637)	(11,556,752)
Total assets less current liabilities		10,413,863	11,818,248
Provisions for liabilities		(1,676,646)	(2,202,061)
Net assets		8,737,217	9,616,187
Capital and reserves
Called up share capital	9	6,514,870	6,514,870
Other reserves		5,621,639	6,474,733
Retained earnings		(3,399,292)	(3,373,416)
Shareholders' funds		8,737,217	9,616,187

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 September 2025 and signed on its behalf by:
 

......................................... Carl Oliver Grebelius Director

Half Moon Investment Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
80-83 Long Lane
London
EC1A 9ET
United Kingdom

These financial statements were authorised for issue by the Board on 26 September 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

The directors have given consideration to the foreseeable future based on formal finance projections. The bank loan agreement with SEB Bank is due for renewal in January 2026, which has the option to roll annually until end of January 2027 and the directors are confident that the agreement will be extended.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 26 September 2025 was John Leyden FCA, who signed for and on behalf of Carbon Accountancy Limited.

.........................................

Revenue recognition

Revenue represents rental income which is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Rental income is recognised on an accrual basis over the period of the rental agreements.

Half Moon Investment Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture and fittings	25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Half Moon Investment Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2023 - 1).

Half Moon Investment Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

4	Loss/profit before tax

Arrived at after charging/(crediting)

	2024 £	2023 £
Depreciation expense	-	1,033
Foreign currency (gains)/losses	(221,375)	(63,898)
(Gain)/loss from investment property valuation	1,126,228	(511,241)

5	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2024	4,132	4,132
At 31 December 2024	4,132	4,132
Depreciation
At 1 January 2024	4,132	4,132
At 31 December 2024	4,132	4,132
Carrying amount
At 31 December 2024	-	-

6	Investment properties

	2024 £
At 1 January	23,375,000
Fair value adjustments	(1,126,228)
Amortisation of capitalised letting fees	(11,272)
At 31 December	22,237,500

The valuation being based on directors assessment of market value as at the reporting date based on observable
market prices.

There has been no valuation of investment property by an independent valuer.

Half Moon Investment Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

7

Debtors

Current	Note	2024 £	2023 £
Trade debtors		706	3,897
Amounts owed by related parties	11	276,638	276,691
Prepayments		34,728	31,347
Other debtors		203,346	516,606
		515,418	828,541

Half Moon Investment Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

8

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	10	7,800,000	7,800,000
Trade creditors		41,249	20,921
Amounts owed to group undertakings and undertakings in which the company has a participating interest	11	4,778,107	5,016,145
Taxation and social security		95,333	103,975
Accruals and deferred income		377,610	308,886
Other creditors		448,306	429,094
		13,540,605	13,679,021

9	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
A Ordinary shares of £1 each	199,949	199,949	199,949	199,949
C Ordinary shares of £1 each	2,514,870	2,514,870	2,514,870	2,514,870
B Ordinary shares of £1 each	3,800,051	3,800,051	3,800,051	3,800,051
	6,514,870	6,514,870	6,514,870	6,514,870

10	Loans and borrowings

Current loans and borrowings

	2024 £	2023 £
Bank borrowings	7,800,000	7,800,000

Skandinaviska Enskilda Banken AB holds charge over the investment property, 47 Great Marlborough Street London W1F 7JP.
 

Half Moon Investment Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

11	Related party transactions

Summary of transactions with other related parties

COG Property Limited
(Company under common ownership and control)
During the year COG Property Limited charged management fee of £60,000 (2023: £60,000).
At the balance sheet date, intercompany balance due from COG Property Limited was £15,000 (2023: £17,088).

Satila Holding AB
(Company under common control, incorporated in Sweden)
During the year Satila Holding AB charged fee of £20,000 (2023: £20,000) for services provided. Trade creditors include amount due to Satila holding AB £20,000 (2023: £Nil).

47 Is Prime AB
(Company under common control, incorporated in Sweden)
47 Is Prime AB has provided property development loan which is interest bearing and repayable on demand. At the balance sheet date intercompany loan due to 47 Is Prime AB was £2,962,851 (2023: £3,184,226).

Grebelius Europe Limited
(Ultimate parent, incorporated in Ireland)
Grebelius Europe has provided property development loan which is interest bearing and repayable on demand. At the balance sheet date intercompany loan due to Grebelius Europe was £1,815,256 (2023: £1,815,256).

Satila Propety UK LImited
(Company under common control)
At the balance sheet date amount due to Satila Property UK Limited was £nil (2023: £16,663).

Great Marlborough Holdings Limited
(Company under common control)
At the balance sheet date, amount due from Great Marlborough Holding was £261,638 (2023: £259,603).
 

12	Parent and ultimate parent undertaking

The ultimate parent is Grebelius Europe Limited, incorporated in Republic of Ireland.

  These financial statements are available upon request from Westmoreland House, Westmoreland Park, Ranelagh, Dublin 6.