TIDM62QE
30 September 2016
GROSVENOR UK FINANCE PLC
(the "Company")
HALF-YEARLY FINANCIAL REPORT FOR THE HALF YEARED 30 JUNE 2016
The Company announces the publication of its half-yearly financial
report for the half year ended 30 June 2016.
The half-yearly financial report of the Company has been submitted to
the National Storage Mechanism (where historic financial reports of the
Company and Grosvenor West End Properties can also be found) and is
available for inspection at http://www.morningstar.co.uk/uk/NSM.
Katie Robinson
Company Secretary
Grosvenor UK Finance plc
30 September 2016
GROSVENOR UK FINANCE PLC
HALF - YEARLY FINANCIAL REPORT
FOR THE SIX MONTHSED 30 JUNE 2016
CONTENTS
Page
Responsibility Statement 3
Interim Management Report 4
Condensed Profit and Loss Account 5
Condensed Balance Sheet 6
Condensed Statement of Changes in Equity 7
Notes to the Financial Statements 8-12
RESPONSIBILITY STATEMENT
We confirm that to the best of our knowledge:
(a) the condensed set of financial statements has
been prepared in accordance with FRS104 'Interim Financial
Reporting'.
(b) the interim management report includes a fair
review of the information required by DTR 4.2.7R (indication
of important events during the first six months and
description of principal risks and uncertainties for
the remaining six months of the year); and
(c) the interim management report includes a fair
review of the information required by DTR 4.2.7R (disclosure
of related parties' transactions and changes therein).
By order of the Board
Director Director
P S Vernon R F C Blundell
30 September 2016 30 September 2016
INTERIM MANAGEMENT REPORT
OPERATIONS
The principal activity of the company during the period was the holding
of finance through listed debt securities and its on-lending to
Grosvenor Limited for general use in the business.
The company is in a net asset position and is profit making as at 30
June 2016.
The results of the company for the period are shown in the Condensed
Profit and Loss Account.
FINANCIAL POSITION
The Condensed Balance Sheet shows that the company's net assets
increased from GBP4,472,000 to GBP4,934,000 during the six months ended
30 June 2016.
GOING CONCERN
After making enquiries the directors have a reasonable expectation that
the company has adequate resources for the foreseeable future and for a
minimum period of 12 months from the date of signing these financial
statements. Accordingly, they continue to adopt the going concern basis
in preparing the company's financial statements.
PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the execution of the company's
strategy are subject to a number of risks. The key business risks and
uncertainties affecting the company arise from financial risk through
its assets and liabilities. The key financial risk is that the proceeds
from financial assets are not sufficient to fund the obligations arising
from liabilities as they fall due. Due to the nature of the company's
business and the assets and liabilities contained within the company's
balance sheet the only financial risks the directors consider relevant
to this company are credit risk and liquidity risk. These risks are
mitigated by the high credit quality of the debtor balances receivable,
these being due from other group companies.
The company is a subsidiary of Grosvenor Limited, the "Group". The Group
co-ordinates its cash flows, liquidity position and borrowing facilities
on a group basis and further disclosures relating to these matters are
included in the annual report of Grosvenor Limited.
KEY PERFORMANCE INDICATORS
As set out in the most recent Annual Report of Grosvenor UK Finance Plc,
the directors of Grosvenor Limited manage its group operations on a
divisional basis. For this reason, the company's directors believe that
further key financial and non-financial performance indicators for the
company are not necessary or appropriate for an understanding of the
development, performance or position of the business of the company.
The performance of Grosvenor Limited, which includes the company, is
discussed in the directors' report in the annual report of that company
which does not form part of this report.
FUTURE OUTLOOK
The directors do not anticipate any significant change in the activity
of the company and its profitability. The directors expect the general
level of activity to remain consistent with 2015 in the current year.
The company is incorporated in the United Kingdom and the registered
office is 70 Grosvenor Street, London, W1K 3JP.
By order of the Board,
Director Director
P S Vernon R F C Blundell
30 September 2016 30 September 2016
CONDENSED PROFIT AND LOSS ACCOUNT
SIX MONTHSED 30 JUNE 2016
Six months ended Six months ended Year ended
30 June 30 June 31 December
2016 2015 2015
(unaudited) (unaudited) (audited)
Note GBP000 GBP000 GBP000
Cost of sales - - -
Gross profit - - -
Interest receivable 2 6,850 6,793 13,517
Interest payable and similar charges 3 (6,388) (6,413) (12,888)
Profit on ordinary activities before
taxation 462 380 629
Taxation on profit on ordinary
activities 4 - - -
Profit for the period 462 380 629
The notes on pages 8 to 12 form part of these financial statements.
There were no items of other comprehensive income for the six months
ended 30 June 2016, six months ended 30 June 2015 or year ended 31
December 2015 other than those included in the condensed profit and loss
account. As a result no statement of total comprehensive income has been
presented.
All activities in the current period and prior year are derived from
continuing operations.
REGISTERED NUMBER: 04140116
CONDENSED BALANCE SHEET
AS AT 30 JUNE 2016
30 June 30 June 31 December
2016 2015 2015
GBP000 GBP000 GBP000
Note (unaudited) (unaudited) (audited)
Current assets
Debtors: amounts falling due within one year 5 209,853 209,280 209,504
Creditors: amounts falling due within
one year 6 (3,312) (3,277) (3,336)
Net current assets 206,541 206,003 206,168
Total assets less current liabilities 206,541 206,003 206,168
Creditors: amounts falling due after more than one
year 7 (201,607) (201,780) (201,696)
Net assets 4,934 4,223 4,472
Capital and reserves
Called up share capital 11 50 50 50
Profit and loss account 10 4,884 4,173 4,422
Shareholders' funds 4,934 4,223 4,472
CONDENSED STATEMENT OF CHANGES IN EQUITY
AS AT 30 JUNE 2016
Share Retained
capital earnings Total equity
GBP000 GBP000 GBP000
At 1 January 2016 (audited) 50 4,422 4,472
Comprehensive income for the period
Profit for the period (unaudited) - 462 462
Total comprehensive income for the
period - 462 462
At 30 JUNE 2016 (unaudited) 50 4,884 4,934
CONDENSED STATEMENT OF CHANGES IN EQUITY
AS AT 30 JUNE 2015
Share Retained
capital earnings Total equity
GBP000 GBP000 GBP000
At 1 January 2015 (audited) 50 3,793 3,843
Comprehensive income for the period
Profit for the period (unaudited) - 380 380
Total comprehensive income for the
period - 380 380
At 30 JUNE 2015 (unaudited) 50 4,173 4,223
CONDENSED STATEMENT OF CHANGES IN EQUITY
AS AT 31 DECEMBER 2015
Share Retained
capital earnings Total equity
GBP000 GBP000 GBP000
At 1 January 2015 (audited) 50 3,793 3,843
Comprehensive income for the year
Profit for the year (audited) - 629 629
Total comprehensive income for the year - 629 629
At 31 DECEMBER 2015 (audited) 50 4,422 4,472
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2016
1. ACCOUNTING POLICIES
The statutory accounts for the year ended 31 December 2015 have been
prepared in accordance with Financial Reporting Standards (FRS) 101
"Reduced Disclosure Framework" and the Companies Act 2006. Accordingly,
this condensed set of financial statements has been prepared in
accordance with FRS 104 "Interim Financial Reporting".
The accounting policies applied in the preparation of this Interim
Report are consistent with those that will be adopted in the statutory
accounts for the year ending 31 December 2016. The full accounting
policies of the company, set out in the 2015 statutory accounts, have
been applied in preparing this Interim Report.
The financial information relating to the six months ended 30 June 2016
and 30 June 2015 is unaudited.
The results for the year ended 31 December 2015 are not the company's
statutory accounts. A copy of the statutory accounts for the year has
been delivered to the Registrar of Companies. The auditor's report on
those accounts was not qualified, did not contain any reference to any
matters which the auditor drew attention by way of emphasis without
qualifying the report and did not contain statements under Section
498(2) or (3) of the Companies Act 2006.
In accordance with FRS 101, the company will be exempt from presentation
of a cash flow statement in its next annual financial statements as it
will be included in the consolidated financial statements of Grosvenor
Limited, and accordingly the company has taken an equivalent exemption
in preparing these condensed interim financial statements.
Where required, equivalent disclosures are given in the group accounts
of Grosvenor Limited. The group accounts of Grosvenor Limited are
available to the public and can be obtained as set out in note 12.
The Interim Management Report describes the going concern basis of
preparation of the financial statements.
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2016
2. INTEREST RECEIVABLE Six months ended Year end
30 June 2016 30 June 2015 31 Dec 2015
GBP000 GBP000 GBP000
Interest receivable from group
companies 6,850 6,793 13,517
6,850 6,793 13,517
3. INTEREST PAYABLE AND SIMILAR CHARGES
Six months ended Year end
30 June 2016 30 June 2015 31 Dec 2015
GBP000 GBP000 GBP000
Interest payable on Secured
Debenture Stock 6,477 6,441 13,023
Amortisation of deferred finance
cost (89) (28) (135)
6,388 6,413 12,888
4. TAXATION
FACTORS AFFECTING TAX CHARGE FOR THE PERIOD
The tax assessed for the year is lower than (2015
- lower than) the standard rate of corporation tax
in the UK
of 20.0% (30 June 2015 - 20.5%, 31 December 2015 -
20.25%). The differences are explained below:
Six months
ended Year end
30 30
June June 31 Dec
2016 2015 2015
GBP000 GBP000 GBP000
Profit on ordinary activities before tax 462 380 629
Profit on ordinary activities multiplied by standard
rate
of corporation tax in UK of 20.0% (30 June 2015 -
20.5%,
31 December 2015 - 20.25%) 92 78 127
Effects of:
Group relief received for nil consideration (92) (78) (127)
Total tax charge for the period - - -
FACTORS THAT MAY AFFECT FUTURE TAX CHARGES
There were no factors that may affect future tax charges
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2016
5. DEBTORS
30 June 2016 30 June 2015 31 Dec 2015
GBP000 GBP000 GBP000
Amounts owed by group
undertakings 209,853 209,280 209,504
209,853 209,280 209,504
Interest is charged on the amounts owed by group undertakings
at a fixed rate of 6.7% per annum.
6. CREDITORS: Amounts falling due within one year
30 June 2016 30 June 2015 31 Dec 2015
GBP000 GBP000 GBP000
Accruals and deferred income 3,312 3,277 3,336
3,312 3,277 3,336
CREDITORS: Amounts falling due after more than one
7. year
30 June 2016 30 June 2015 31 Dec 2015
GBP000 GBP000 GBP000
Secured Debenture Stock 2026 201,607 201,780 201,696
201,607 201,780 201,696
Secured loans
The Effective Interest rate on the secured debenture stock is 6.7%. The
debenture stock is secured by means of a floating charge over the assets
of Grosvenor West End Properties, a fellow subsidiary, and is repayable
in a single instalment in 2026.
Included in the debenture stock is GBP1,607,098 (30 June 2015 -
GBP1,780,026, 31 December 2015 - GBP1,696,132) of net unamortised
premium.
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2016
8. SECURED DEBENTURE STOCK
30 June 2016 30 June 2015 31 Dec 2015
GBP000 GBP000 GBP000
Analysis of the maturity of loans is given below:
Amounts falling due after more than 5 years
6.5% Secured Debenture Stock
2026 201,607 201,780 201,696
201,607 201,780 201,696
9. FINANCIAL INTSTRUMENTS
30 June 30 June
2016 2015 31 Dec 2015
GBP000 GBP000 GBP000
Financial Assets
Financial assets that are debt instruments measured
at amortised cost 209,853 209,280 209,504
209,853 209,280 209,504
Financial Liabilities
Financial liabilities measured at amortised cost (204,919) (205,057) (205,032)
(204,919) (205,057) (205,032)
Financial assets measured at amortised cost comprise intercompany
debtors.
Financial Liabilities measured at amortised cost comprise secured
debenture stock and accrued interest.
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2016
10. RESERVES
Profit and loss account
The profit and loss account reserve contains the balance of retained
earnings to carry forward. Dividends are paid from this reserve.
11. SHARE CAPITAL
Six months ended Year end
30 June 2016 30 June 2015 31 Dec 2015
GBP000 GBP000 GBP000
Authorised, called up and fully paid
50,000 Ordinary shares
of GBP1 each 50 50 50
50 50 50
12. CONTROLLING PARTY
The company's ultimate parent undertaking is Grosvenor Group Limited a
company incorporated in Great Britain and registered in England and
Wales which is wholly owned by trusts on behalf of the Grosvenor family,
headed by the Duke of Westminster.
The ultimate parent undertaking heads the largest group of undertakings
of which the company is a member and for which group accounts are
prepared. Grosvenor Limited, the intermediate holding company, heads the
smallest group of undertakings of which the company is a member and for
which group accounts are prepared.
Copies of the consolidated financial statements of Grosvenor Group
Limited and Grosvenor Limited can be obtained from Companies House, 3
Crown Way, Maindy, Cardiff, CF14 3U
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Grosvenor UK Finance Plc via Globenewswire
http://www.grosvenor.com
(END) Dow Jones Newswires
September 30, 2016 13:53 ET (17:53 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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