Greenstone Noble Propco 1 Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 13233114

Greenstone Noble Propco 1 Ltd

Filleted Financial Statements

31 October 2025

Greenstone Noble Propco 1 Ltd

Financial Statements

Year ended 31 October 2025

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Greenstone Noble Propco 1 Ltd

Statement of Financial Position

31 October 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	5	58,363,435	57,704,814

Current assets

Debtors	6	1,294,837	1,800,959
Cash at bank and in hand		1,296,209	1,022,129
		------------	------------
		2,591,046	2,823,088

Creditors: amounts falling due within one year	7	25,589,898	26,241,204
		-------------	-------------
Net current liabilities		22,998,852	23,418,116
		-------------	-------------
Total assets less current liabilities		35,364,583	34,286,698

Creditors: amounts falling due after more than one year	8	27,096,529	27,000,000

Provisions	1,543,900	1,501,781
	-------------	-------------
Net assets	6,724,154	5,784,917
	-------------	-------------

Capital and reserves

Called up share capital	3,000,000	3,000,000
Non-distributable reserves	832,909	856,000
Profit and loss account	2,891,245	1,928,917
	------------	------------
Shareholder funds	6,724,154	5,784,917
	------------	------------

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 statement of comprehensive income 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 Propco 1 Ltd

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: 13233114

Greenstone Noble Propco 1 Ltd

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.

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 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

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 which aligns 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.

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.

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 the 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

	Freehold property	Plant and machinery	Fixtures and fittings	Property Improvements	Total
	£	£	£	£	£
Cost or valuation
At 1 November 2024	57,515,000	3,750	187,195	–	57,705,945
Additions	257,050	–	51,929	369,620	678,599
Revaluations	19,027	–	–	–	19,027
	-------------	-------	---------	---------	-------------
At 31 October 2025	57,791,077	3,750	239,124	369,620	58,403,571
	-------------	-------	---------	---------	-------------
Depreciation
At 1 November 2024	–	24	1,107	–	1,131
Charge for the year	–	375	20,933	17,697	39,005
	-------------	-------	---------	---------	-------------
At 31 October 2025	–	399	22,040	17,697	40,136
	-------------	-------	---------	---------	-------------
Carrying amount
At 31 October 2025	57,791,077	3,351	217,084	351,923	58,363,435
	-------------	-------	---------	---------	-------------
At 31 October 2024	57,515,000	3,726	186,088	–	57,704,814
	-------------	-------	---------	---------	-------------

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

6. Debtors

	2025	2024
	£	£
Trade debtors	110,324	44,528
Other debtors	1,184,513	1,756,431
	------------	------------
	1,294,837	1,800,959
	------------	------------

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	4,591	19,741
Trade creditors	208,484	544,338
Amounts owed to group undertakings and undertakings in which the company has a participating interest	24,639,953	24,929,315
Corporation tax	39,528	237,359
Social security and other taxes	215,126	8,599
Other creditors	482,216	501,852
	-------------	-------------
	25,589,898	26,241,204
	-------------	-------------

Bank loans and overdrafts are secured by way of a fixed and floating charge over the company’s assets and undertakings.

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

	2025	2024
	£	£
Bank loans and overdrafts	27,000,000	27,000,000
Other creditors	96,529	–
	-------------	-------------
	27,096,529	27,000,000
	-------------	-------------

Bank loans and overdrafts are secured by way of a fixed and floating charge over the company’s assets and undertakings.

9. 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.

10. 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 .

11. Related party transactions

The Group has taken advantage of the exemption for disclosure requirements with group companies.

12. Controlling party

The company’s immediate and ultimate parent company at the balance sheet date is Greenstone Noble Limited , a company incorporated in England and Wales. Greenstone Noble Limited’s registered address is Bradstowe House, 35 Middle Wall, Whitstable, Kent, England, CT5 1BJ .