COMPANY REGISTRATION NUMBER:
07902104
GLENMOOR PROPERTY SERVICES LTD |
|
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
GLENMOOR PROPERTY SERVICES LTD |
|
31 January 2023
FIXED ASSETS
Investment properties |
5 |
|
90,000 |
|
90,000 |
|
|
|
|
|
|
CURRENT ASSETS
Debtors |
6 |
336,701 |
|
343,598 |
|
Cash at bank and in hand |
8,190 |
|
857 |
|
|
---------- |
|
---------- |
|
|
344,891 |
|
344,455 |
|
|
|
|
|
|
|
CREDITORS: amounts falling due within one year |
7 |
(
585,606) |
|
(
528,068) |
|
|
---------- |
|
---------- |
|
NET CURRENT LIABILITIES |
|
(
240,715) |
|
(
183,613) |
|
|
---------- |
|
---------- |
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
(
150,715) |
|
(
93,613) |
|
|
---------- |
|
--------- |
|
|
|
|
|
|
CAPITAL AND RESERVES
Called up share capital |
|
100 |
|
100 |
Profit and loss account |
8 |
|
(
150,815) |
|
(
93,713) |
|
|
---------- |
|
--------- |
TOTAL EQUITY |
|
(
150,715) |
|
(
93,613) |
|
|
---------- |
|
--------- |
|
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
21 November 2023
, and are signed on behalf of the board by:
Company registration number:
07902104
GLENMOOR PROPERTY SERVICES LTD |
|
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 31 JANUARY 2023
1.
GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is New Burlington House, 1075 Finchley Road, London, NW11 0PU.
The presentation currency of these financial statements is sterling.
2.
STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared under the historical cost convention except that investment property is measured at fair value.
Going concern
The financial statements have been prepared on a going concern basis notwithstanding the company's net current liabilities and net liabilities, in view of the financial support provided by Bergfeld Co. Limited and Mexcrown Enterprises Limited, loan creditors connected to this company.
Judgements and key sources of estimation uncertainty
Judgements made by the directors, in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are discussed below: i. Property valuations The valuation of the company's property is inherently subjective, depending on many factors, including the individual nature of the property, its location and expected future net rental values, market yields and comparable market transactions. Therefore the valuation is subject to a degree of uncertainty and is made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions. ii. Trade debtors Management uses details of the age of trade debtors and the status of any disputes together with external evidence of the credit status of the counterparty in making judgements concerning any need to impair the carrying values.
Taxation
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income. Current tax is expected tax payable or receivable on the taxable income or loss for the year, using rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. The following timing differences are not provided for: differences between accumulated depreciation and tax allowances for the cost of a fixed asset if and when all conditions for retaining the tax allowances have been met. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense. Deferred tax is provided in respect of the additional tax that will be paid or avoided on differences between the amount at which an asset (other than goodwill) or liability is recognised in a business combination and the corresponding amount that can be deducted or assessed for tax. Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. For investment property that is measured at fair value, deferred tax is provided at the rate and allowances applicable to the sale of the property. 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 profits.
Fixed assets
All fixed assets are initially recorded at cost. Investment properties Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost. Subsequent to initial recognition - - Investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from changes in the fair value are recognised in the profit and loss account in the period that they arise; and - No depreciation is provided in respect of investment properties applying the fair value model. Investment property fair value is determined by the Directors based on their understanding of property market conditions and the specific properties concerned using a sales valuation approach, derived from recent comparable transactions on the market, adjusted by applying discounts to reflect status of occupation and condition. Acquisitions and disposals of properties Acquisitions and disposals are considered to have taken place at the date of legal completion and are included in the financial statements accordingly.
Financial instruments
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 entity after deducting all its financial liabilities. Basic financial instruments Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits. Trade and other debtors Trade and other debtors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate for a similar debt instrument. Trade and other creditors Trade and other creditors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate for a similar debt instrument.
4.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to nil (2022: nil).
5.
INVESTMENT PROPERTIES
|
Long leasehold property |
|
£ |
Fair value |
|
At 1 February 2022 and 31 January 2023 |
90,000 |
|
--------- |
Carrying amount |
|
At 31 January 2023 |
90,000 |
|
--------- |
At 31 January 2022 |
90,000 |
|
--------- |
|
|
The Company's investment property was valued by the Directors at 31 January 2023 based on their understanding of property market conditions and the specific property concerned, using a sales valuation approach, derived from recent comparable transactions on the market, adjusted by applying discounts to reflect status of occupation and condition. The historic cost of the leasehold property as at 31 January 2023 was £113,121.
6.
DEBTORS
|
2023 |
2022 |
|
£ |
£ |
Other debtors |
336,701 |
343,598 |
|
---------- |
---------- |
|
|
|
7.
CREDITORS:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Other creditors |
585,606 |
528,068 |
|
---------- |
---------- |
|
|
|
8.
CAPITAL AND RESERVES
Called-up share capital represents the nominal value of shares that have been issued. Profit and loss account includes all current and prior period retained profits and losses.
9.
RELATED PARTY TRANSACTIONS
Amounts due from related parties Other debtors include loan balances aggregating £323,017 (2022: £341,767) due from companies which have connections with this company, either through its board or through its shareholders. The amounts are interest-free and effectively repayable on demand. Amounts due to related parties Other creditors include loan balances aggregating £458,623 (2022: £416,123) due to companies which have connections with this company, either through its board or through its shareholders. The amounts are interest-free and effectively repayable on demand.
No transactions with related parties, other than those disclosed above, were undertaken such as are required to be disclosed under the FRS 102.