Company registration number 01341588 (England and Wales)
GRIGNY (UK) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
GRIGNY (UK) LIMITED
COMPANY INFORMATION
Directors
Mr J Blendis
B Lepage
L Rossi
Secretary
J Blendis
Company number
01341588
Registered office
The Rivers Office Park
Denham Way
Maple Cross
Hertfordshire
WD3 9YS
Auditor
Mercer & Hole LLP
21 Lombard Street
London
EC3V 9AH
London
EC3V 9AH
GRIGNY (UK) LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Statement of comprehensive income
Statement of financial position
7
Statement of changes in equity
8
Notes to the financial statements
9 - 13
GRIGNY (UK) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2022.
Principal activities
The principal activity of the company continued to be that of
a holding company that provided funding to Alpine Racing Limited. At the year end date, the directors took the decision to cease all activities and the company was made dormant on 31 December 2022. The directors intend to liquidate the company. Consequently these financial statements have been prepared on a non going concern basis. Further information is set out in note 1.2.
Results and dividends
The results for the year are set out on .
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr J Blendis
B Lepage
L Rossi
Auditor
Mercer & Hole LLP
were appointed as auditor to the company
.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
GRIGNY (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
On behalf of the board
Benoit Lepage
Director
24 January 2023
GRIGNY (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GRIGNY (UK) LIMITED
- 3 -
Opinion
We have audited the financial statements of Grigny (UK) Limited
(the 'company')
for the year ended 31 December 2022 which comprise, the statement of financial position, the statement of changes in equity and
notes to the financial statements, including significant accounting policies
. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 December 2022 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.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the
financial statements
section of our report. We are independent of the
company
in accordance with the ethical requirements that are relevant to our audit of the
financial statements
in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Emphasis of matter
- financial statements prepared on a basis other than going concern
We draw attention to note 1.2 of the financial statements, which explains that the directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in note 1.2.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the directors'
r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the directors' report has been prepared in accordance with applicable legal requirements.
GRIGNY (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GRIGNY (UK) LIMITED
- 4 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the directors'
r
eport
.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of
remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the directors were not entitled to take advantage of the small companies exemption from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of
financial statements
that are free from material misstatement, whether due to fraud or error. In preparing the
financial statements
, the
directors are
responsible for assessing the company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have
no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the
financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with
ISAs (UK)
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements
.
The extent to which out procedures are capable of detecting irregularities, including fraud, is detailed below.
Extent to which the audit was considered capable of detecting irregularities, including fraud
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, the Companies Act 2006 and tax legislation.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries and management bias.
Audit procedures performed by the engagement team included
:
-
discussions with management, including considerations of known or suspected instances of non-compliance with laws and regulations and fraud;
-
evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities;
-
identifying and testing journal entries.
GRIGNY (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GRIGNY (UK) LIMITED
- 5 -
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities is available on the
Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities.
This description forms part of our
auditor's
report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Andy Turner
Senior Statutory Auditor
For and on behalf of Mercer & Hole LLP
24 January 2023
Chartered Accountants
Statutory Auditor
21 Lombard Street
London
EC3V 9AH
GRIGNY (UK) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
2022
2021
£
£
Administrative expenses
(166,125)
Loss for the year
(166,125)
Total comprehensive loss for the year
(166,125)
GRIGNY (UK) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2022
31 December 2022
- 7 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investments
4
1
Current assets
Investments
4
15,226,741
-
Trade and other receivables
6
387,038
553,163
15,613,779
553,163
Net current assets
15,613,779
553,163
Net assets
15,613,779
553,164
Equity
Called up share capital
7
40,951,740
25,725,000
Retained earnings
(25,337,961)
(25,171,836)
Total equity
15,613,779
553,164
The financial statements were approved by the board of directors and authorised for issue on 24 January 2023 and are signed on its behalf by:
Benoit Lepage
Director
Company registration number 01341588
GRIGNY (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 January 2021
25,725,000
(25,171,836)
553,164
Year ended 31 December 2021:
Balance at 31 December 2021
25,725,000
(25,171,836)
553,164
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
(166,125)
(166,125)
Transactions with owners in their capacity as owners:
Issue of share capital
7
15,226,740
-
15,226,740
Balance at 31 December 2022
40,951,740
(25,337,961)
15,613,779
Difference - opening bal of PY less adjusted closing bal of PPY
25,725,000
25,171,836
GRIGNY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
1
Accounting policies
Company information
Grigny (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is
The Rivers Office Park, Denham Way, Maple Cross, Hertfordshire, WD3 9YS.
The company's principal activities and nature of its operations are disclosed in the directors' report.
1.1
Accounting convention
The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.
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 £.
The financial statements have been prepared under the historical cost convention
.
The principal accounting policies adopted are set out below.
As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS
:
-
presentation of a statement of cash flows and related notes;
-
comparative period reconciliations for share capital, tangible fixed assets and intangible assets;
-
disclosures in respect of capital management;
-
disclosure of the future impact of new IFRSs in issue but not yet effective at the reporting date;
-
disclosure of key management personnel compensation;
-
related party disclosures for transactions with the parent or wholly owned members of the group.
The company has taken advantage of the exemption under section 401 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Where required, equivalent disclosures are given in the group accounts of
Renault S.A.
The group accounts of
Renault S.A.
are available to the public and can be obtained as set out in
note 8.
1.2
Going concern
At the year end date, the directors took the decision to cease all activities and intend to liquidate the company. As such the year ended 31 December 2022 financial statements have not been prepared on a going concern basis. The company's balance sheet principally comprises of the company's investment in Alpine Racing Limited at £15,226,741. It is intended that this will be transferred to another group company and as realisable value exceeds book value no write down is required. Further, this has been classified as current in the balance sheet. Amounts receivable from Renault S.A. of £387,037 (2021: £553,162) are also expected to be settled in full prior to any liquidation. Consequently the use of the non going concern basis has not had any material effect of on the financial statements.
1.3
Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
GRIGNY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 10 -
1.4
Financial assets
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.
At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.
Financial assets at fair value through profit or loss
When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.
Financial assets held at amortised cost
Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.
Financial assets at fair value through other comprehensive income
Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.
The company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.
GRIGNY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 11 -
Impairment of financial assets
Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.
The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.
For trade receivables, the simplified approach permitted by IFRS 9 is applied, which requires expected lifetime losses to be recognised from initial recognition of the receivables
.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
Other financial liabilities
Other financial liabilities, including borrowings
, t
rade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs
directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method
.
For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the
company’s
obligations are discharged, cancelled, or they expire.
2
Operating (loss)/profit
2022
2021
Operating loss for the year is stated after charging/(crediting):
£
£
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
3
The notional cost of Directors not remunerated through Grigny (UK) Limited, but borne by another group company, has been considered and is not deemed to be significant for the years ended 31 December 2021 or 31 December 2020.
GRIGNY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 12 -
4
Investments
Current
Non-current
2022
2021
2022
2021
£
£
£
£
Investments in subsidiaries
15,226,741
-
-
1
In the event of the planned future liquidation of the company the intention is that the investment will be transferred to another group company. As the liquidation is planned by the Directors within 12 months from the date of these financial statements the investment has been disclosed as current.
Movements in investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2022
1
Additions
15,226,740
At 31 December 2022
15,226,741
Carrying amount
At 31 December 2022
15,226,741
At 31 December 2021
1
Error! Does not agree to TB:
-
Difference
15,226,741
On 15 February 2022, Grigny (UK) Limited exercised a call option resulting in the purchase of the remaining 10 per cent share capital in Alpine Racing Limited from Gravity Motorsports SARL. As a result, Grigny (UK) Limited now owns 100 per cent of the share capital in Alpine Racing Limited.
5
Subsidiaries
Details of the company's subsidiaries at 31 December 2022 are as follows:
Name of undertaking
Registered office
Principal activities
Class of
% Held
shares held
Direct
Alpine Racing Limited
Whiteways Technical Centre, Enstone, Chipping Norton, Oxfordshire, OX7 4EE
Motor Racing
Ordinary
100.00
GRIGNY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 13 -
6
Trade and other receivables
2022
2021
£
£
Amounts owed by group undertakings
387,038
553,163
7
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
40,951,740
25,725,000
40,951,740
25,725,000
During the year the company issued 15,226,740 £1 fully paid shares at par in order to finance the purchase of the investment in the year.
Reconciliation of movements during the year:
Number
At 1 January 2022
25,725,000
Issue of fully paid shares
15,226,740
At 31 December 2022
40,951,740
8
Controlling party
The Company's immediate parent undertaking is Renault Développement Industriel el Commercial (RDIC), a company registered in France.
The ultimate parent undertaking and ultimate controlling party is Renault S.A, a company incorporated in France. This is the parent undertaking and smallest group of which the Company is a member and for which consolidated financial statements are prepared. Copies of these financial statements may be obtained from 13-15 Quai Alphonse Le Gallo, 92100 Boulogne Billancourt Cedex, France.
2022-12-31
2022-01-01
Mr J Blendis
B Lepage
L Rossi
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