Company registration number 10988419 (England and Wales)
GROLAR DEVELOPMENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
GROLAR DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
GROLAR DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
5
173,553
173,553
Tangible assets
6
1,250
1,500
Investment property
7
4,337,777
6,627,456
Investments
8
51
21,308
4,512,631
6,823,817
Current assets
Stocks
52,913
1,033,265
Debtors
9
1,145,345
34,228,828
Cash at bank and in hand
118,942
72,164
1,317,200
35,334,257
Creditors: amounts falling due within one year
10
(3,435,035)
(37,294,831)
Net current liabilities
(2,117,835)
(1,960,574)
Total assets less current liabilities
2,394,796
4,863,243
Creditors: amounts falling due after more than one year
11
(2,268,300)
(3,364,443)
Provisions for liabilities
(16,662)
(493,153)
Net assets
109,834
1,005,647
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
109,734
1,005,547
Total equity
109,834
1,005,647

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 30 June 2026 and are signed on its behalf by:
Mr D A Searle
Director
Company registration number 10988419 (England and Wales)
GROLAR DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
1
Accounting policies
Company information

Grolar Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Reedham House, 31-33 King Street West, Manchester, M3 2PJ.

1.1
Accounting convention

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention as modified by the revaluation of investment property. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rents and services provided in the normal course of business and is stated net of VAT.

Under FRS102, reduced income derived from rent free periods is spread over the life of the lease.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

1.5
Tangible fixed assets

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
10% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

GROLAR DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 3 -
1.6
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.7
Fixed asset investments

Interests in subsidiaries and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
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.

1.11
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

GROLAR DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

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

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.12
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.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

GROLAR DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -
1.14
Provisions

Provisions are recognised when the company has a legal or constructive present obligation 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.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
0
0

4
Interest payable and similar expenses

Interest payable includes an amount of accrued interest due to HM Revenue & Customs in respect of late payment of corporation tax.

GROLAR DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
5
Intangible fixed assets
Cryptoassets
£
Cost
At 1 April 2024 and 31 March 2025
173,553
Amortisation and impairment
At 1 April 2024 and 31 March 2025
-
0
Carrying amount
At 31 March 2025
173,553
At 31 March 2024
173,553

During the year, the company reclassified its cryptocurrency holdings from investments to intangible assets to better reflect their nature. Comparative figures have been restated accordingly. There was no impact on total assets or net equity as a result of this reclassification.

6
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2024 and 31 March 2025
2,500
Depreciation and impairment
At 1 April 2024
1,000
Depreciation charged in the year
250
At 31 March 2025
1,250
Carrying amount
At 31 March 2025
1,250
At 31 March 2024
1,500
7
Investment property
2025
£
Fair value
At 1 April 2024
6,627,455
Additions
164,610
Transfers
1,033,265
Disposals
(3,594,971)
Revaluations
107,418
At 31 March 2025
4,337,777
GROLAR DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
7
Investment property
(Continued)
- 7 -

Investment property were valued on an open market basis on 31 March 2025. Valuation of investment property was determined by internal property specialists using market data and analysis of comparable properties.

8
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
51
58
Other investments other than loans
-
0
21,250
51
21,308
Movements in fixed asset investments
Shares in subsidiaries and joint ventures
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2024
58
21,250
21,308
Disposals
(7)
(21,250)
(21,257)
At 31 March 2025
51
-
51
Carrying amount
At 31 March 2025
51
-
51
At 31 March 2024
58
21,250
21,308
9
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
53,784
67,268
Amounts owed by group undertakings
-
0
29,693,064
Other debtors
1,091,561
4,468,496
1,145,345
34,228,828
GROLAR DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
10
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
8,649
8,024
Trade creditors
179,046
235,366
Amounts owed to group undertakings
23,656
33,241,224
Corporation tax
987,751
3,259,383
Other creditors
2,235,933
550,834
3,435,035
37,294,831
11
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
5,932
15,220
Other creditors
2,262,368
3,349,223
2,268,300
3,364,443
12
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Senior Statutory Auditor:
Nathaniel Davidson BA(Hons) ACA
Statutory Auditor:
Lopian Gross Barnett & Co
Date of audit report:
1 July 2026
13
Events after the reporting date

There are no post balance sheet events that require disclosure.

14
Related party transactions

There are no related party transactions that require disclosure.

GROLAR DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
15
Parent company

The ultimate controlling parties are Guy Horne and David Searle.

16
Contingent liability and material uncertainty related to going concern

During the year, a contractual dispute has arisen with a purchaser of properties from the Company in relation to alleged failures to perform works under the sale contract. The Company has engaged in discussions regarding the dispute; however, the outcome of those discussions, including both the amount and timing of any potential resolution, remains highly uncertain. These uncertainties arise because the matter is at a very early stage, the Company disputes liability, and such disputes can take a prolonged period to resolve. Accordingly, it is not practicable to estimate the financial effect at this stage.

In the event of an unfavourable outcome, the contingent liability could have a material adverse impact on the Company’s liquidity position and its ability to meet its obligations as they fall due. As a result, the directors consider that this matter gives rise to a material uncertainty related to going concern. Nevertheless, the financial statements have been prepared on a going concern basis, as the directors believe that the Company will be able to continue in operational existence for the foreseeable future. The financial statements do not include any adjustments that would be required if the Company were unable to continue as a going concern.

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