Company registration number 00524735 (England and Wales)
GLANMOOR INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
GLANMOOR INVESTMENTS LIMITED
COMPANY INFORMATION
Directors
Prof. G.C.P Rayner (Chair)
W.J.H. Spooner BSc MRICS (Managing)
G.A Glover BA
A.G.J. Spooner
M.G Lousada
T.M. Spooner
T.J Lousada MA
J.M.G. Rayner
Secretary
W.J.H. Spooner BSc MRICS (Managing)
Company number
00524735
Registered office
The Chapel
High Street
Pytchley
Kettering
Northamptonshire
NN14 1EN
Accountants
Moore
Oakley House
Headway Business Park
3 Saxon Way West
Corby
Northamptonshire
NN18 9EZ
GLANMOOR INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
GLANMOOR INVESTMENTS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
272,626
277,778
Investment properties
4
15,722,000
15,096,120
Investments
5
56,136
82,111
16,050,762
15,456,009
Current assets
Stocks
45,765
38,331
Debtors
6
28,649
52,119
Cash at bank and in hand
428,693
447,034
503,107
537,484
Creditors: amounts falling due within one year
7
(307,251)
(2,702,367)
Net current assets/(liabilities)
195,856
(2,164,883)
Total assets less current liabilities
16,246,618
13,291,126
Creditors: amounts falling due after more than one year
8
(230,000)
Provisions for liabilities
(377,871)
(306,750)
Net assets
15,868,747
12,754,376
Capital and reserves
Called up share capital
9
500,002
500,002
Share premium account
21
21
Revaluation reserve
10
291,244
291,244
Profit and loss reserves
15,077,480
11,963,109
Total equity
15,868,747
12,754,376
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
GLANMOOR INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 8 November 2023 and are signed on its behalf by:
W.J.H. Spooner BSc MRICS (Managing)
Director
Company Registration No. 00524735
GLANMOOR INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Glanmoor Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Chapel, High Street, Pytchley, Kettering, Northamptonshire, NN14 1EN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
Whilst the impact of coronavirus has dissipated to some degree, the legacy of its effect continues to be felt throughout most sectors of the economy. Other matters such as supply chain issues and rising prices, particularly fuel and energy, are impacting across all businesses. Going concern is therefore an important area that the directors are keeping under close scrutiny. No immediate concerns in relation to the company’s long term future have been identified, but this area continues to be monitored. The directors are satisfied that the steps they have taken in the short term are appropriate and effective.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for property rental provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings freehold
£500 per annum
Plant and machinery
33.3% straight line
Fixtures, fittings & equipment
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
GLANMOOR INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
GLANMOOR INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
GLANMOOR INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
10
10
GLANMOOR INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
3
Tangible fixed assets
Land and buildings freehold
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 April 2022 and 31 March 2023
334,817
798
31,489
367,104
Depreciation and impairment
At 1 April 2022
62,317
798
26,211
89,326
Depreciation charged in the year
500
4,652
5,152
At 31 March 2023
62,817
798
30,863
94,478
Carrying amount
At 31 March 2023
272,000
626
272,626
At 31 March 2022
272,500
5,278
277,778
4
Investment property
2023
£
Fair value
At 1 April 2022
15,096,120
Additions
622,369
Revaluations
3,511
At 31 March 2023
15,722,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out at the balance sheet date by the directors of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1,327
1,302
Other investments other than loans
54,809
80,809
56,136
82,111
GLANMOOR INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
5
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2022
1,302
80,809
82,111
Additions
25
-
25
Amortisation
-
(26,000)
(26,000)
At 31 March 2023
1,327
54,809
56,136
Carrying amount
At 31 March 2023
1,327
54,809
56,136
At 31 March 2022
1,302
80,809
82,111
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
28,649
52,119
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
180,000
Amounts owed to group undertakings
1,304
2,590,020
Taxation and social security
57,091
52,226
Other creditors
68,856
60,121
307,251
2,702,367
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
230,000
GLANMOOR INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
244,802
244,802
244,802
244,802
B Ordinary shares of £1 each
177,726
177,726
177,726
177,726
C Ordinary shares of £1 each
77,474
77,474
77,474
77,474
500,002
500,002
500,002
500,002
10
Revaluation reserve
2023
2022
£
£
At the beginning and end of the year
291,244
291,244
11
Reserves
Included within reserves is an amount of £1,553,547 (2022 £1,622,380) which is non-distributable.
2023-03-312022-04-01false22 November 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityProf. G.C.P Rayner (Chair)G.A Glover BAA.G.J. SpoonerM.G LousadaT.M. SpoonerT.J Lousada MAJ.M.G. RaynerJ.M.G. RaynerW.J.H. Spooner BSc MRICS (Managing)005247352022-04-012023-03-3100524735bus:Director12022-04-012023-03-3100524735bus:CompanySecretaryDirector12022-04-012023-03-3100524735bus:Director22022-04-012023-03-3100524735bus:Director32022-04-012023-03-3100524735bus:Director42022-04-012023-03-3100524735bus:Director52022-04-012023-03-3100524735bus:Director62022-04-012023-03-3100524735bus:Director72022-04-012023-03-3100524735bus:CompanySecretary12022-04-012023-03-3100524735bus:Director82022-04-012023-03-3100524735bus:RegisteredOffice2022-04-012023-03-31005247352023-03-31005247352022-03-3100524735core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3100524735core:PlantMachinery2023-03-3100524735core:FurnitureFittings2023-03-3100524735core:LandBuildingscore:OwnedOrFreeholdAssets2022-03-3100524735core:PlantMachinery2022-03-3100524735core:FurnitureFittings2022-03-3100524735core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3100524735core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3100524735core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3100524735core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-3100524735core:CurrentFinancialInstruments2023-03-3100524735core:CurrentFinancialInstruments2022-03-3100524735core:ShareCapital2023-03-3100524735core:ShareCapital2022-03-3100524735core:SharePremium2023-03-3100524735core:SharePremium2022-03-3100524735core:RevaluationReserve2023-03-3100524735core:RevaluationReserve2022-03-3100524735core:RetainedEarningsAccumulatedLosses2023-03-3100524735core:RetainedEarningsAccumulatedLosses2022-03-3100524735core:ShareCapitalOrdinaryShares2023-03-3100524735core:ShareCapitalOrdinaryShares2022-03-3100524735core:LandBuildingscore:OwnedOrFreeholdAssets2022-04-012023-03-3100524735core:PlantMachinery2022-04-012023-03-3100524735core:FurnitureFittings2022-04-012023-03-31005247352021-04-012022-03-3100524735core:LandBuildingscore:OwnedOrFreeholdAssets2022-03-3100524735core:PlantMachinery2022-03-3100524735core:FurnitureFittings2022-03-31005247352022-03-3100524735core:Non-currentFinancialInstruments2023-03-3100524735core:Non-currentFinancialInstruments2022-03-3100524735core:WithinOneYear2023-03-3100524735core:WithinOneYear2022-03-3100524735bus:PrivateLimitedCompanyLtd2022-04-012023-03-3100524735bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3100524735bus:FRS1022022-04-012023-03-3100524735bus:AuditExemptWithAccountantsReport2022-04-012023-03-3100524735bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP