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REGISTERED NUMBER: 03201732 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28TH FEBRUARY 2023

FOR

GLEBE HOUSE COTTAGES LIMITED

GLEBE HOUSE COTTAGES LIMITED (REGISTERED NUMBER: 03201732)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GLEBE HOUSE COTTAGES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28TH FEBRUARY 2023







DIRECTORS: Mrs P Brewer
N P Brewer





REGISTERED OFFICE: Glebe House
Bridgerule
Holsworthy
Devon
EX22 7EW





REGISTERED NUMBER: 03201732 (England and Wales)





ACCOUNTANTS: Barker Wilkinson Limited
19-21 Middle Row
Stevenage
Hertfordshire
SG1 3AW

GLEBE HOUSE COTTAGES LIMITED (REGISTERED NUMBER: 03201732)

BALANCE SHEET
28TH FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 608,725 591,021

CURRENT ASSETS
Stocks 7,908 7,162
Debtors 5 23,965 6,972
Cash at bank and in hand 24,926 40,807
56,799 54,941
CREDITORS
Amounts falling due within one year 6 591,110 507,098
NET CURRENT LIABILITIES (534,311 ) (452,157 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

74,414

138,864

CAPITAL AND RESERVES
Called up share capital 130,000 130,000
Retained earnings (55,586 ) 8,864
74,414 138,864

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GLEBE HOUSE COTTAGES LIMITED (REGISTERED NUMBER: 03201732)

BALANCE SHEET - continued
28TH FEBRUARY 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17th November 2023 and were signed on its behalf by:




N P Brewer - Director



Mrs P Brewer - Director


GLEBE HOUSE COTTAGES LIMITED (REGISTERED NUMBER: 03201732)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2023

1. STATUTORY INFORMATION

Glebe House Cottages Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has incurred a loss this period which has resulted in accumulated losses carried forward. The current year's loss has been incurred due to investment in the maintenance of the current rental cottages and in a new purpose built wedding barn which will hopefully be up and running in late 2024.

The directors have assessed various factors and risks affecting the company and its ability in these difficult economic times to continue to trade as a going concern. The directors have not identified any material uncertainties or risks related to events or conditions that could affect the carrying values of the company's assets and liabilities as at the balance sheet date. Further, the directors continue to support the company by way of director funding and have not indicated that such support will be withdrawn in the foreseeable future. Therefore the financial statements for the year ended 28th February 2023 have been prepared using the going concern basis of accounting.

Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from those 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation and uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

Freehold Property
The residual value of freehold property has been estimated to be at least equal to original cost at which it is stated within the accounts based on current market conditions.

Revenue recognition
Revenue from accommodation charges is recognised on the date the customer occupies the rental property. All other revenue from bar and food sales is recognised on the date of the transaction.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 2% on cost
Improvements to property - 2% on cost
Plant and machinery - 10% on reducing balance

Stocks
Stocks have been valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for obsolete and slow moving items.

GLEBE HOUSE COTTAGES LIMITED (REGISTERED NUMBER: 03201732)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The directors consider all financial instruments to be basic financial instruments in accordance with paragraph 11 of FRS102. All basic financial instruments including other debtors, cash and cash equivalents, and other creditors, are initially recognised at transaction price and thereafter stated at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery Totals
£    £    £    £   
COST
At 1st March 2022 310,375 104,431 349,843 764,649
Additions - 23,605 35,160 58,765
At 28th February 2023 310,375 128,036 385,003 823,414
DEPRECIATION
At 1st March 2022 - 13,922 159,706 173,628
Charge for year - 2,561 38,500 41,061
At 28th February 2023 - 16,483 198,206 214,689
NET BOOK VALUE
At 28th February 2023 310,375 111,553 186,797 608,725
At 28th February 2022 310,375 90,509 190,137 591,021

Estimated residual value of the freehold property is reviewed on an annual basis and the directors consider the residual value to be at least the cost at which it stands in the accounts.

GLEBE HOUSE COTTAGES LIMITED (REGISTERED NUMBER: 03201732)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Deferred tax asset 23,965 6,972

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors (1 ) (1 )
Social security and other taxes 78 -
VAT 1,566 421
Deposits 81,318 26,218
Directors' current accounts 506,899 479,210
Accrued expenses 1,250 1,250
591,110 507,098