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Unaudited Financial Statements
Granular Property Ltd
For the Year Ended 31 December 2024
Registered number: 12401075
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Company Information
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Grant Thornton Advisors (NI) LLP
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12 - 15 Donegall Square West
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Contents
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Notes to the Financial Statements
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Granular Property Ltd
Registered number:12401075
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Balance Sheet
As at 31 December 2024
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Current asset investments
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Page 1
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Granular Property Ltd
Registered number:12401075
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Balance Sheet (continued)
As at 31 December 2024
For the year ended 31 December 2024 the Company was entitled to exemption from audit under section 480 of the Companies Act 2006.
Members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 September 2025.
The notes on pages 3 to 7 form part of these financial statements.
Page 2
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Notes to the Financial Statements
For the Year Ended 31 December 2024
Granular Property Ltd is a company limited by shares and incorporated in England. The registered office is 4-5 Manchester Square, London, England, W1U 3PD.
The principal activity of the company is that of property development.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
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Exemption from preparing consolidated financial statements
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The Company is exempt by virtue of s399 of the Companies Act 2006 from preparing consolidated accounts, as the group is small. Therfore, the financial statements present the results of the Company only and not its group.
The company made a loss of £555,899 for the year and has net current liabilities of £4,103,547. The company meets its working capital requirements through financial support from a related party and and is dependent on this continuing support. The director is confident the support will continue to be made available to allow the company to trade for the foreseeable future. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.
Investments in subsidiaries are measured at cost less accumulated impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 3
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Notes to the Financial Statements
For the Year Ended 31 December 2024
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Judgments in applying accounting policies and key sources of estimation uncertainty
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Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
Recoverability of debtors
Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the ageing profile of debtors are considered.
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Investments in subsidiary companies
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The following was a subsidiary undertaking of the Company:
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251 Little Falls Drive, Wilmington, DE 19808
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Page 4
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Notes to the Financial Statements
For the Year Ended 31 December 2024
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Due after more than one year
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Amounts owed by group undertakings
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The amounts owed by group undertaking is unsecured, interest free and repayable upon demand.
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Current asset investments
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Cash and cash equivalents
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Page 5
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Notes to the Financial Statements
For the Year Ended 31 December 2024
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Creditors: Amounts falling due within one year
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Amounts owed to group undertaking
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Accruals and deferred income
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The amounts owed to group undertaking is unsecured, interest free and repayable upon demand.
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Allotted, called up and fully paid
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100 (2023 - 100) Ordinary shares of £1.00 each
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Profit and loss account
Includes all current and prior period losses.
At the 1 January 2022 a contingent liability existed totalling £6,705,000 in relation to a contract to purchase a property from Acacia Freehold Limited. In 2022 the company transferred 29 Acacia Road for a property at 2 The Courtyard, Trident Place at arm’s length.
There was due to be a delayed completion date on the purchase of the property at 2 Courtyard, Trident Place until February 2025 with an amount owing to complete the contract of £1,128,862. However, the company was released from this contract on 11 February 2025 and therefore no continguent liability existed at 31 December 2024.
Comparative figures have been restated to conform with current year presentation. This has had no impact on profit or loss reported.
Page 6
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Notes to the Financial Statements
For the Year Ended 31 December 2024
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Related party transactions
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The company has availed of the exemption under FRS102 section 33 which does not require disclosure of
transactions entered into between any subsidiary undertaking which is wholly owned by a member of that group.
At the balance sheet date the amount owed from the director Mr T Mordehachvili was£12,248 (2023: -£7,316). The loan is unsecured, interest free and repayable upon demand.
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Post balance sheet events
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On 11 February 2025 the company was released from its contract regarding the delayed completion of a purchase of a property. As a result of this, any payments made in relation to this property to date will be released, resulting in a loss to the company.
The company's immediate parent undertaking is Granular Holdings Ltd.
Mr T Mordehachvili is considered the ultimate controlling party by virtue of his shareholding in Granular Holdings Ltd.
Page 7
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