Source - GNW

30 September 2016

GROSVENOR UK FINANCE PLC
(the "Company") 

HALF-YEARLY FINANCIAL REPORT FOR THE HALF YEAR ENDED 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 MONTHS ENDED 30 JUNE 2016

CONTENTS



Responsibility Statement

Interim Management Report

Condensed Profit and Loss Account

Condensed Balance Sheet

Condensed Statement of Changes in Equity 

Notes to the Financial Statements
Page

3


4

5


6


7


 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 £4,472,000 to £4,934,000 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 MONTHS ENDED 30 JUNE 2016

    Six months ended
30 June
2016
(unaudited)
Six months ended
30 June
2015
(unaudited)
Year ended
31 December
2015
(audited)
  Note£000 £000 £000


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

  Note30 June
2016
£000

(unaudited)
30 June
2015
£000
(unaudited)
31 December
2015
£000
(audited)

Current assets

       
Debtors: amounts falling due within one year 5209,853 209,280 209,504
         
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 1150 50 50
Profit and loss account 104,884 4,173 4,422
Shareholders' funds 4,934 4,223 4,472


                                                                                                  

 CONDENSED STATEMENT OF CHANGES IN EQUITY
AS AT 30 JUNE 2016

 Share
capital
 Retained
earnings
 Total equity
  £000   £000   £000
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
capital
 Retained
earnings
 Total equity
  £000   £000   £000
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
capital
 Retained
earnings
 Total equity
  £000   £000   £000
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
  £000 £000 £000
      
  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
  £000 £000 £000
  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 June 2016 30 June 2015 31 Dec 2015
  £000 £000 £000
     
  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
   £000 £000 £000
  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
   £000 £000 £000
      
  Accruals and deferred income 3,312 3,277 3,336
      
   3,312 3,277 3,336

7.CREDITORS: Amounts falling due after more than one year 
       
   30 June 2016 30 June 2015 31 Dec 2015
   £000 £000 £000
      
  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 £1,607,098 (30 June 2015 - £1,780,026, 31 December 2015 - £1,696,132) 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
   £000 £000 £000
  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 2016 30 June 2015 31 Dec 2015
   £000 £000 £000
 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
   £000 £000 £000
  Authorised, called up and fully paid   
  50,000 Ordinary shares of £1 each  5050 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

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