Greenstone_Resources_(UK) - Accounts

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

Greenstone Resources (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 11 Albemarle Street, London, W1S 4HH.

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 amounts in these financial statements are rounded to the nearest £.

After making reasonable enquiries, assessing all data relating to the Group's liquidity and potential impact of the COVID-19 global pandemic on the Group, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and do not consider there to be any threat to the going concern status of the Company. For this reason, they have adopted the going concern basis in preparing the financial statements.true

Turnover represents distributable profit allocated to the Company during the period arising from its investment in the Partnership. Amounts are recognised at the point that the Company during the period establishes its legal entitlement to receive the distribution. Any amounts that remain unpaid at the year end are recognised within debtors.

The directors review the carrying value of the investment on an annual basis. This review is based on a number of sources, including net asset position, expected future performance and cashflow of the investment. No impairment is recognised in the year end financial statements.

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 statement of financial position 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.

Basic financial assets, which include debtors, 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.

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, 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 payments 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. Amounts 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.

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.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year using tax rates enacted or substantively enacted at the statement of financial position date and any adjustment to tax payable in respect of the previous years. Taxable income is different from accounting profit as it takes account of timing differences between the different treatment of certain items for taxation and accounting purposes.

The charge for taxation takes into account deferred taxation that may arise because of timing differences between the treatment of certain items for taxation and accounting purposes.

Deferred taxation is provided using the liability method on all timing differences which are expected to reverse in the future without being replaced and calculated at the rate at which is it anticipated the timing differences will reverse. Deferred tax assets are recognised only when, on the basis of available evidence, it is more likely than not that there will be taxable profits in the future against which the deferred tax asset can be offset. Deferred tax is measured on an undiscounted basis at the rates that are expected to apply n the periods in which timing difference reverse, based on tax rates and laws enacted or substantially enacted at the statement of financial position date.

The functional and presentational currency of the Company is the Pound Sterling. Transactions in foreign currencies are recorded at the rate ruling at the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate at the statement of Financial position date. All differences are taken to the statement of comprehensive income.

Debtors

Debtors are recognised at the amount the company expects to receive on settlement of the balance.

Administrative expenses and creditors

Expenses are recognised on an accruals basis. Creditors represent any expense items that are unpaid at the year end. These amounts are recognised at the amount required to settle the obligation.

Investments in affiliates and Non-consolidation

Investments are held at the lower of cost and net realisable value. Any impairment is recognised in the statement of comprehensive income.

Whilst the group holds a majority of the capital issued by the Partnership, it is deemed to not have control of this entity, accordingly , the company is not required to prepare consolidated financial statements that incorporate the financial results and position of the Partnership.

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

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 was unqualified.

During the year, a profit allocation of £6,500 (2020: £6,000) was allocated to the Company by Greenstone Capital LLP. As at 31 December 2021, the Company had £6,500 due from the Partnership (2020: £6,000). Audit fees of £6,500 inclusive of VAT (2020: £6,000) were paid on behalf of the Company by Greenstone Capital LLP during the year. This payment was used to cancel the prior year debtor due to the Company from the Partnership.

The Company's ultimate parent undertaking and controlling party is Greenstone Resources Limited, which is incorporated in Guernsey. The registered office of this entity is PO Box 656, East Wing, Trafalgar Court, Les Banques, St Peter Port, Guernsey, GY1 3PP.