Greenstone Noble Limited Filleted accounts for Companies House (small only)

COMPANY REGISTRATION NUMBER: 11619725

Greenstone Noble Limited

Filleted Financial Statements

31 October 2025

Greenstone Noble Limited

Financial Statements

Year ended 31 October 2025

Contents	Page

Consolidated statement of financial position	1

Company statement of financial position	3

Consolidated statement of changes in equity	4

Company statement of changes in equity	5

Notes to the financial statements	6

Greenstone Noble Limited

Consolidated Statement of Financial Position

31 October 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	5		67,579,235	66,785,614

Current assets

Debtors	7	2,887,847	1,831,397
Cash at bank and in hand		2,533,425	2,563,167
		------------	------------
		5,421,272	4,394,564

Creditors: amounts falling due within one year	8	3,526,121		3,992,796
		------------		------------
Net current assets			1,895,151	401,768
			-------------	-------------
Total assets less current liabilities			69,474,386	67,187,382

Creditors: amounts falling due after more than one year	9		60,446,217	58,636,158

Provisions

Taxation including deferred tax	1,653,293	1,557,424
	-------------	-------------
Net assets	7,374,876	6,993,800
	-------------	-------------

Capital and reserves

Called up share capital	3,591,892	3,401,560
Share premium account	671,644	441,774
Reserve for own shares	( 236,604)	–
Other reserves	( 119,239)	( 160,620)
Profit and loss account	3,467,183	3,311,086
	------------	------------
Shareholders funds	7,374,876	6,993,800
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the consolidated income statement has not been delivered.

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.

Greenstone Noble Limited

Consolidated Statement of Financial Position (continued)

31 October 2025

These financial statements were approved by the board of directors and authorised for issue on 22 April 2026 , and are signed on behalf of the board by:

Mr A D L Price

Director

Company registration number: 11619725

Greenstone Noble Limited

Company Statement of Financial Position

31 October 2025

	2025		2024
Note	£	£	£

Fixed assets

Investments	6		6,741,486	6,896,192

Current assets

Debtors	7	29,763,727	28,499,762
Cash at bank and in hand		971,525	1,324,182
		-------------	-------------
		30,735,252	29,823,944

Creditors: amounts falling due within one year	8	2,239,694		2,300,606
		-------------		-------------
Net current assets			28,495,558	27,523,338
			-------------	-------------
Total assets less current liabilities			35,237,044	34,419,530

Creditors: amounts falling due after more than one year	9	32,327,028	30,614,040
		-------------	-------------
Net assets		2,910,016	3,805,490
		-------------	-------------

Capital and reserves

Called up share capital	3,591,892	3,401,560
Share premium account	671,644	441,774
Reserve for own shares	( 236,604)	–
Other reserves	( 1,246,865)	( 1,246,865)
Profit and loss account	129,949	1,209,021
	------------	------------
Shareholders funds	2,910,016	3,805,490
	------------	------------

The loss for the financial year of the parent company was £ 135,244 (2024: £ 502,749 profit).

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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.

These financial statements were approved by the board of directors and authorised for issue on 22 April 2026 , and are signed on behalf of the board by:

Mr A D L Price

Director

Company registration number: 11619725

Greenstone Noble Limited

Consolidated Statement of Changes in Equity

Year ended 31 October 2025

		Called up share capital	Share premium account	Reserve for own shares	Other reserves	Profit and loss account	Total
		£	£	£	£	£	£
At 1 November 2023		2,981,652	262,986	–	( 1,344,883)	2,339,025	4,238,780

Profit for the year						2,820,467	2,820,467
Other comprehensive income for the year:
	Non-distributable reserves movement	–	–	–	1,184,263	( 1,184,263)	–
		------------	---------	----	------------	------------	------------
Total comprehensive income for the year		–	–	–	1,184,263	1,636,204	2,820,467

Issue of shares		419,908	178,788	–	–	–	598,696
Dividends paid and payable		–	–	–	–	( 664,143)	( 664,143)
		------------	---------	----	------------	------------	------------
Total investments by and distributions to owners		419,908	178,788	–	–	( 664,143)	( 65,447)

At 31 October 2024		3,401,560	441,774	–	( 160,620)	3,311,086	6,993,800

Profit for the year						1,141,306	1,141,306
Other comprehensive income for the year:
	Non-distributable reserves movement	–	–	–	41,381	( 41,381)	–
		------------	---------	----	------------	------------	------------
Total comprehensive income for the year		–	–	–	41,381	1,099,925	1,141,306

Issue of shares		190,332	229,870	–	–	–	420,202
Dividends paid and payable		–	–	–	–	( 943,828)	( 943,828)
Purchase of treasury shares		–	–	( 236,604)	–	–	( 236,604)
		---------	---------	---------	----	---------	---------
Total investments by and distributions to owners		190,332	229,870	( 236,604)	–	( 943,828)	( 760,230)

		------------	---------	---------	---------	------------	------------
At 31 October 2025		3,591,892	671,644	( 236,604)	( 119,239)	3,467,183	7,374,876
		------------	---------	---------	---------	------------	------------

Greenstone Noble Limited

Company Statement of Changes in Equity

Year ended 31 October 2025

		Called up share capital	Share premium account	Reserve for own shares	Other reserves	Profit and loss account	Total
		£	£	£	£	£	£
At 1 November 2023		2,981,652	262,986	–	( 569,492)	693,042	3,368,188

Profit for the year						502,749	502,749
Other comprehensive income for the year:
	Non-distributable reserves movement	–	–	–	( 677,373)	677,373	–
		------------	---------	----	---------	------------	------------
Total comprehensive income for the year		–	–	–	( 677,373)	1,180,122	502,749

Issue of shares		419,908	178,788	–	–	–	598,696
Dividends paid and payable		–	–	–	–	( 664,143)	( 664,143)
		------------	---------	----	---------	------------	------------
Total investments by and distributions to owners		419,908	178,788	–	–	( 664,143)	( 65,447)

At 31 October 2024		3,401,560	441,774	–	( 1,246,865)	1,209,021	3,805,490

Loss for the year						( 135,244)	( 135,244)
		------------	---------	----	------------	------------	------------
Total comprehensive income for the year		–	–	–	–	( 135,244)	( 135,244)

Issue of shares		190,332	229,870	–	–	–	420,202
Dividends paid and payable		–	–	–	–	( 943,828)	( 943,828)
Purchase of treasury shares		–	–	( 236,604)	–	–	( 236,604)
		---------	---------	---------	----	---------	---------
Total investments by and distributions to owners		190,332	229,870	( 236,604)	–	( 943,828)	( 760,230)

		------------	---------	---------	------------	---------	------------
At 31 October 2025		3,591,892	671,644	( 236,604)	( 1,246,865)	129,949	2,910,016
		------------	---------	---------	------------	---------	------------

Greenstone Noble Limited

Notes to the Financial Statements

Year ended 31 October 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bradstowe House, 35 Middle Wall, Whitstable, Kent, CT5 1BJ, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:

(a) Disclosures in respect of each class of share capital have not been presented.

(b) No cash flow statement has been presented for the company.

(c) Disclosures in respect of financial instruments have not been presented.

(d) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The financial statements consolidate the financial statements of Greenstone Noble Limited and all of its subsidiary undertakings. The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not included its individual statement of comprehensive income.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rental of investment property in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax,returns, rebates and discounts. The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	10% straight line
Fixtures and fittings	-	5% straight line
Property Improvements	-	15 year straight line/ In line with the lease term

Property improvements are in respect of costs incurred by the company to fit out the investment property that their tenants are leasing. These are deemed to have an expected life of 15 years/ in line with the lease term with the tenant.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2024: 3 ).

5. Tangible assets

Group	Land and buildings	Plant and machinery	Fixtures and fittings	Property Improvements	Total
	£	£	£	£	£
Cost
At 1 November 2024	66,141,321	3,750	187,195	1,240,000	67,572,266
Additions	315,851	–	51,929	369,620	737,400
Revaluations	177,892	–	–	–	177,892
	-------------	-------	---------	------------	-------------
At 31 October 2025	66,635,064	3,750	239,124	1,609,620	68,487,558
	-------------	-------	---------	------------	-------------
Depreciation
At 1 November 2024	–	24	1,107	785,521	786,652
Charge for the year	–	375	20,933	100,363	121,671
	-------------	-------	---------	------------	-------------
At 31 October 2025	–	399	22,040	885,884	908,323
	-------------	-------	---------	------------	-------------
Carrying amount
At 31 October 2025	66,635,064	3,351	217,084	723,736	67,579,235
	-------------	-------	---------	------------	-------------
At 31 October 2024	66,141,321	3,726	186,088	454,479	66,785,614
	-------------	-------	---------	------------	-------------

The company has no tangible assets.

The investment property is measured at fair value in accordance with FRS 102. The property was revalued at the year end by Allsop LLP and Savills (UK) Limited, independent chartered surveyors regulated by RICS.

6. Investments

The group has no investments.

Company	Shares in group undertakings
	£
Cost
At 1 November 2024	6,896,192
Disposals	( 154,706)
	------------
At 31 October 2025	6,741,486
	------------
Impairment
At 1 November 2024 and 31 October 2025	–
	------------

Carrying amount
At 31 October 2025	6,741,486
	------------
At 31 October 2024	6,896,192
	------------

Subsidiaries, associates and other investments

Details of the investments in which the parent company has an interest of 20% or more are as follows:

	Class of share	Percentage of shares held
Subsidiary undertakings
Redrock Glasgow Limited	Ordinary	100
Greenstone Noble Devco 1 Limited	Ordinary	100
Greenstone Noble Propco 1 Ltd	Ordinary	100
Greenstone Noble Propco 2 Ltd	Ordinary	100
Greenstone Noble Resco Limited	Ordinary	100
Greenstone Glasgow Limited	Ordinary	100

7. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade debtors	125,215	53,296	5,600	3,000
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	–	28,265,934	28,476,280
Other debtors	2,762,632	1,778,101	1,492,193	20,482
	------------	------------	-------------	-------------
	2,887,847	1,831,397	29,763,727	28,499,762
	------------	------------	-------------	-------------

8. Creditors: amounts falling due within one year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Bank loans and overdrafts	4,591	207,533	–	–
Trade creditors	271,342	615,997	44,119	43,023
Corporation tax	151,824	303,424	–	–
Social security and other taxes	234,978	24,499	–	–
Other creditors	2,863,386	2,841,343	2,195,575	2,257,583
	------------	------------	------------	------------
	3,526,121	3,992,796	2,239,694	2,300,606
	------------	------------	------------	------------

The bank holds a fixed and floating charge over the assets of the company.

9. Creditors: amounts falling due after more than one year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Bank loans and overdrafts	28,022,660	28,022,118	–	–
Other creditors	32,423,557	30,614,040	32,327,028	30,614,040
	-------------	-------------	-------------	-------------
	60,446,217	58,636,158	32,327,028	30,614,040
	-------------	-------------	-------------	-------------

The bank holds a fixed and floating charge over the assets of the company.

10. Financial instruments

The existing interest rate swap agreement, designated as a derivative financial instrument held at fair value through profit or loss, on a nominal amount of £21,150,000 to reduce variable interest rate risk. This swap aims to mitigate the exposure to fair value losses arising from adverse movements in interest rates. At the year end, the swap had a fair value of £78,914 liability (2024: £106,014 asset). Hedge accounting has not been adopted for the above derivative, the loss for the year on the instrument of £184,928 has been recognised in the statement of profit or loss during the year. The second interest rate swap agreement, also designated as a derivative financial instrument held at fair value through profit or loss, on a nominal amount of £3,500,000 to reduce variable interest rate risk. This swap aims to mitigate the exposure to fair value losses arising from adverse movements in interest rates. At the year end, the swap had a fair value of £17,615 liability (2024: £8,769 asset). Hedge accounting has not been adopted for the above derivative, and so the full loss of £26,384 has been recognised in the statement of profit or loss during the year.

11. Investment units

Investment Units comprise of shares and a linked loan. A share and its linked loan can only be dealt with together as an Investment Unit as outlined in the Articles of Association. A share and a linked loan cannot be dealt with separately. The original cost of an Investment Unit in the company was £10 split as £1 Ordinary Share and £9 of linked loans. A total of 3,591,892 (2024: 3,401,560) units have been issued as at the date of these financial statements. At the balance sheet date, the pro-rata book value of an Investment Unit was £11.05 (2024: £11.06). This value is based on the company's balance sheet value excluding the shareholder loans that make up an Investment Unit.

	2025	2024
	£	£
Net Asset Value	7,374,876	6,993,800
Shareholder Loans	32,327,028	30,614,040
Book Value of Investment Units at Balance Sheet date	39,701,904	37,607,840
Value per Investment Unit	11	11

12. Summary audit opinion

The auditor's report dated 7 May 2026 was unqualified .

The senior statutory auditor was Stuart Harris ACA , for and on behalf of Burgess Hodgson Audit Limited .

13. Related party transactions

Company

The Group has taken advantage of the exemption for disclosure requirements with wholly owned subsidiaries.