REGISTERED NUMBER: 05047975 (England and Wales)

Financial Statements for the Year Ended 28 February 2025

for

Greystoke Land Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

N J Aldridge

DA Secretarial Limited

SECRETARY:

DA Secretarial Limited

REGISTERED OFFICE:

63 Bermondsey Street

London

SE1 3XF

REGISTERED NUMBER:

05047975 (England and Wales)

AUDITORS:

Gilberts Chartered Accountants

Pendragon House

65 London Road

St Albans

Hertfordshire

AL1 1LJ

FIXED ASSETS

Tangible assets

4

2,262

7,096

Investments

5

637,592

1,165,339

639,854

1,172,435

CURRENT ASSETS

Stocks and work in progress

3,789,369

2,932,294

Debtors

6

971,633

550,908

Cash at bank

345,634

2,311,934

5,106,636

5,795,136

CREDITORS

Amounts falling due within one year

7

6,037,176

5,674,886

NET CURRENT (LIABILITIES)/ASSETS

(930,540

)

120,250

TOTAL ASSETS LESS CURRENT LIABILITIES

(290,686

)

1,292,685

CREDITORS

Amounts falling due after more than one year

8

1,020,274

-

NET (LIABILITIES)/ASSETS

(1,310,960

)

1,292,685

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(1,310,962

)

1,292,683

(1,310,960

)

1,292,685

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 May 2026 and were signed on its behalf by:

N J Aldridge - Director

1.	STATUTORY INFORMATION

Greystoke Land Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amount in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies are set out below.

Going concern

As at the balance sheet date, the company had net liabilities of £1,310,960. The directors have prepared the financial statements on the going concern basis after assessing the principal risks and considering the likelihood of success of the current projects included in work in progress. Current funding is provided by the parent company Oxford Law Holdings Limited. A letter of support for the company has been obtained from Oxford Law Holdings Limited, which is underpinned by a further letter of support from Stancroft Trust Limited, the parent of Oxford Law Holdings Limited. The letters of support are not legally binding, however the directors expect all funding requirements to be met for at least twelve months from the date of approval of the financial statements. As such the directors believe that the company has the necessary funding to continue trading for at least twelve months from the date of approval of the financial statements and the use of the going concern basis is appropriate, however is continent on the support noted above.

Turnover

Turnover comprises the fair value of consideration received or receivable for goods and services provided in the normal course of business. Turnover is categorised into the following streams:

Promotional Agreements: Income derived from promotional agreements is recognised when the performance obligations under the agreement are satisfied. This occurs when the agreed services have been delivered or when the milestone requirements stipulated in the agreement have been met.

Option Agreements: Revenue from option agreements is recognised at the point in time when the company exercises the option, fulfilling its contractual obligations as outlined in the agreement.

Land Sales: Turnover from land sales is recognised upon the transfer of significant risks and rewards of ownership, which typically coincides with the legal completion of the sale transaction.

Asset Management Fees:The company provides asset management services to a joint venture and is entitled to receive quarterly asset management fees under the terms of the agreement. Revenue from these services is recognised in the period in which the related services are provided, in accordance with Section 23 of FRS 102.

Where the period of service completed does not align with the quarterly invoicing schedule, revenue is accrued at the year end to reflect the company’s entitlement to income for services performed but not yet invoiced.

Intercompany Recharges: The company incurs certain costs on behalf of other group companies and recharges these costs in line with intra-group arrangements. Revenue from such recharges is recognised when the related expenditure is incurred and the company becomes entitled to recover the amounts from the relevant group entities.

Where amounts have been incurred but not yet recharged at the year end, an accrual is recognised for revenue earned but not invoiced.

Revenue is measured net of sale/value added tax, returns, rebates and trade 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.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of deprecation and any impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc - 33% on cost and 20% on cost

At each reporting period end date, the group reviews the carrying amount of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of the fair value less costs to sell and the value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimate of the future cash flows have not been adjusted.

Investments in subsidiaries

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses.

Investment in Subsidiaries - Transfers of Ongoing Projects:

Where ongoing development projects are transferred into newly incorporated special purpose vehicles ('SPVs'), the company recognises its investment in the SPV at deemed cost. The deemed cost of the investment is measured as the carrying amount of work in progress relating to the project at the date of transfer, less any consideration paid by the SPV.

Because SPVs are typically established at an early stage of the project lifecycle, the cost of work in progress represents the most reliable measure of the project’s value at the transfer date. Accordingly, the deemed market value of the transferred project is considered to be its accumulated work in progress, as no other valuation basis can be reliably determined at that stage.

Realisation of Returns from SPV Projects:

When an SPV project reaches completion, the SPV may either be sold or distribute profits to the company by way of dividends. Amounts received from the SPV are allocated between a return of investment and a return on investment.

The return of investment element is applied against the carrying amount of the investment in the SPV on the balance sheet until the investment’s carrying value is reduced to nil. Any amounts received in excess of the investment’s carrying value are treated as a return on investment and recognised in the profit and loss account as dividend income or profit on disposal of the investment, as appropriate.

Stocks and work in progress

Development land and property is valued at the lower of cost and net realisable value. Regular reviews are carried out to identify any impairment in the value of the land and property by comparing the total estimated selling price less estimated costs to sell against the carrying value of the land and property plus estimated costs to complete. A provision is made for any irrecoverable amounts. Any increase in the value of land and property previously written down to net realisable value is recognised immediately.

Work in progress relating to planning projects is recognised when a project has progressed beyond its exploratory phase and management considers that the development or transaction is expected to proceed, even if a formal agreement has not yet been executed. Work in progress is stated at the lower of cost and net realisable value. Net realisable value represents the estimated selling price less estimated future costs, weighted for the probability of planning success.

At each reporting date, an assessment is made for impairment. Impairments are assessed on an aggregate basis across a portfolio of sites, as investment decisions are made on that basis. Any excess of the carrying amount of work in progress across the portfolio over the net realisable value of the portfolio is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

At the point in time that the risk profile of a project increases such that it is no longer economical to continue investing as part of the wider portfolio, the project is considered impaired and is fully written down.

Financial instruments

The company has elected to apply the provisions of Section 11 and Section 12 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.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price 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 fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.

Taxation

Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Changes in accounting policy

Change in Accounting Policy - Recognition of Work in Progress:

During the year, the company reviewed its policy for recognising work in progress ('WIP') on development projects. Under the previous policy, WIP was recognised only once a formal agreement or legally binding contractual arrangement had been executed.

Management now considers that recognising WIP only at the point of formal agreement does not fully reflect the stage at which projects become commercially viable and no longer exploratory in nature. Under the revised policy, WIP is recognised when a project has progressed beyond its exploratory phase and management considers that the transaction or development is expected to proceed, even if a formal agreement has not yet been executed.

The change in accounting policy provides more reliable and relevant information by recognising costs as assets at the point at which they are expected to generate future economic benefits.

The change has been applied prospectively, as the effect of retrospective restatement was impracticable.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2024 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 March 2024

and 28 February 2025

22,584

DEPRECIATION

At 1 March 2024

15,488

Charge for year

4,834

At 28 February 2025

20,322

NET BOOK VALUE

At 28 February 2025

2,262

At 29 February 2024

7,096

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 March 2024

1,165,339

Additions

562,490

Disposals

(1,090,237

)

At 28 February 2025

637,592

NET BOOK VALUE

At 28 February 2025

637,592

At 29 February 2024

1,165,339

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.25

29.2.24

as restated

£

£

Trade debtors

-

8,729

Amounts owed by group undertakings

841,423

376,626

Other debtors

130,210

165,553

971,633

550,908

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.25

29.2.24

as restated

£

£

Trade creditors

366,652

216,428

Amounts owed to group undertakings

5,044,155

5,136,365

Taxation and social security

370,333

266,853

Other creditors

256,036

55,240

6,037,176

5,674,886

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.2.25

29.2.24

as restated

£

£

Amounts owed to group undertakings

1,020,274

-

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Luke Parker ACA (Senior Statutory Auditor)

for and on behalf of Gilberts Chartered Accountants

10.	RELATED PARTY DISCLOSURES

At the year end, the amount owed to the company by Greystoke CB Limited, a subsidiary, was £381,214 (2024 - £274,450).

The company has taken advantage of the exemptions for qualifying subsidiary undertakings not to include details of transactions with other group companies.

The company notes a related party relationship by virtue of common directorship. A Director of Dragon Argent maintains a controlling interest in Dragon Argent Secretarial. Dragon Argent Secretarial is an appointed director of Greystoke Land Limited.

The amount owed to Dragon Argent at the year end was £6,650 which is included with the trade creditor balance.

11.	PARENT COMPANY AND ULTIMATE CONTROLLING PARTY

The immediate parent company is Oxford Law Holdings Limited, registered at 63 Bermondsey Street, London, SE1 3XF. During the year, the shareholding of Stancroft Trust Limited increased to above 50% in Oxford Law Holdings Limited.In the opinion of the directors, the ultimate controlling party of Greystoke Land Limited is the Glengarry Trust, a trust registered in Canada.

12.	LEASING AGREEMENTS

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £155,833 (2024: £181,917).