IRIS Accounts Production v23.3.1.45 00728574 Board of Directors 1.10.22 30.9.23 30.9.23 18.1.24 false true false false true false Auditors Opinion Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh007285742022-09-30007285742023-09-30007285742022-10-012023-09-30007285742021-09-30007285742021-10-012022-09-30007285742022-09-3000728574ns10:Originalns15:EnglandWales2022-10-012023-09-3000728574ns14:PoundSterlingns10:Original2022-10-012023-09-3000728574ns10:Originalns10:Director12022-10-012023-09-3000728574ns10:Original2022-10-012023-09-3000728574ns10:Original2023-09-3000728574ns10:Originalns10:PrivateLimitedCompanyLtd2022-10-012023-09-3000728574ns10:Originalns10:SmallEntities2022-10-012023-09-3000728574ns10:Originalns10:Audited2022-10-012023-09-3000728574ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-10-012023-09-3000728574ns10:SmallCompaniesRegimeForAccountsns10:Original2022-10-012023-09-3000728574ns10:Originalns10:FullAccounts2022-10-012023-09-3000728574ns10:Originalns10:OrdinaryShareClass12022-10-012023-09-3000728574ns10:Originalns10:Director22022-10-012023-09-3000728574ns10:Originalns10:Director32022-10-012023-09-3000728574ns10:Originalns10:Director42022-10-012023-09-3000728574ns10:CompanySecretary1ns10:Original2022-10-012023-09-3000728574ns10:Originalns10:RegisteredOffice2022-10-012023-09-3000728574ns10:Original2022-09-3000728574ns10:Originalns5:CurrentFinancialInstruments2023-09-3000728574ns10:Originalns5:CurrentFinancialInstruments2022-09-3000728574ns10:Originalns5:Non-currentFinancialInstruments2023-09-3000728574ns10:Originalns5:Non-currentFinancialInstruments2022-09-3000728574ns5:ShareCapitalns10:Original2023-09-3000728574ns5:ShareCapitalns10:Original2022-09-3000728574ns10:Originalns5:RevaluationReserve2023-09-3000728574ns10:Originalns5:RevaluationReserve2022-09-3000728574ns10:Originalns5:CapitalRedemptionReserve2023-09-3000728574ns10:Originalns5:CapitalRedemptionReserve2022-09-3000728574ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-09-3000728574ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-09-3000728574ns10:Original12022-10-012023-09-3000728574ns10:Original2021-10-012022-09-3000728574ns10:Originalns5:LandBuildings2022-09-3000728574ns10:Originalns5:PlantMachinery2022-09-3000728574ns10:Original2022-09-3000728574ns10:Originalns5:LandBuildings2022-10-012023-09-3000728574ns10:Originalns5:PlantMachinery2022-10-012023-09-3000728574ns10:Originalns5:LandBuildings2023-09-3000728574ns10:Originalns5:PlantMachinery2023-09-3000728574ns10:Originalns5:LandBuildings2022-09-3000728574ns10:Originalns5:PlantMachinery2022-09-3000728574ns10:Originalns5:CostValuation2022-09-3000728574ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-09-3000728574ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-09-3000728574ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-09-3000728574ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-09-3000728574ns5:Securedns10:Original2023-09-3000728574ns5:Securedns10:Original2022-09-3000728574ns10:Originalns5:DeferredTaxation2022-09-3000728574ns10:Originalns5:DeferredTaxation2022-10-012023-09-3000728574ns10:Originalns5:DeferredTaxation2023-09-3000728574ns10:Originalns10:OrdinaryShareClass12023-09-3000728574ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-09-3000728574ns10:Originalns5:RevaluationReserve2022-09-3000728574ns10:Originalns5:CapitalRedemptionReserve2022-09-3000728574ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-10-012023-09-30
REGISTERED NUMBER: 00728574 (England and Wales)















Glen House Estates Limited

Audited Financial Statements for the Year Ended 30th September 2023






Glen House Estates Limited (Registered number: 00728574)

Contents of the Financial Statements
for the Year Ended 30th September 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Glen House Estates Limited

Company Information
for the Year Ended 30th September 2023







DIRECTORS: B R Mellstrom LLB
S C Mellstrom MRICS
J M Slot
L J Roberts





SECRETARY: W Munday





REGISTERED OFFICE: Glen House
Glen Road
Grayshott
Hindhead
Surrey
GU26 6NF





REGISTERED NUMBER: 00728574 (England and Wales)





AUDITORS: Sheen Stickland
Chartered Accountants
Statutory Auditors
2 Oriel Court
Omega Park
Alton
Hampshire
GU34 2YT

Glen House Estates Limited (Registered number: 00728574)

Balance Sheet
30th September 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 6 983,033 681,374
Investments 7 2,833 2,833
Investment property 8 134,411,778 129,202,257
135,397,644 129,886,464

CURRENT ASSETS
Debtors 9 2,403,484 2,324,727
Cash at bank and in hand 4,217,042 3,735,528
6,620,526 6,060,255
CREDITORS: AMOUNTS FALLING DUE WITHIN
ONE YEAR

10

(25,966,209

)

(4,905,835

)
NET CURRENT (LIABILITIES)/ASSETS (19,345,683 ) 1,154,420
TOTAL ASSETS LESS CURRENT LIABILITIES 116,051,961 131,040,884

CREDITORS: AMOUNTS FALLING DUE AFTER
MORE THAN ONE YEAR

11

(29,823,249

)

(48,173,050

)

PROVISIONS FOR LIABILITIES 13 (6,102,585 ) (5,438,600 )
NET ASSETS 80,126,127 77,429,234

CAPITAL AND RESERVES
Called up share capital 14 2,004 2,004
Fair value reserve 15 44,861,896 44,390,872
Capital redemption reserve 15 230,372 230,372
Retained earnings 15 35,031,855 32,805,986
SHAREHOLDERS' FUNDS 80,126,127 77,429,234

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 12th January 2024 and were signed on its behalf by:




S C Mellstrom MRICS - Director


Glen House Estates Limited (Registered number: 00728574)

Notes to the Financial Statements
for the Year Ended 30th September 2023


1. STATUTORY INFORMATION

Glen House Estates 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. STATEMENT OF COMPLIANCE

Glen House Estates Limited is a company limited by shares and is incorporated in England and Wales, registration number 00728574. The registered office is Glen House, Glen Road, Grayshott, Hindhead, Surrey GU26 6NF.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years unless otherwise stated.

3. 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" and the Companies Act 2006. The financial statements have been prepared under historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Glen House Estates Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Critical accounting judgements and key sources of estimation uncertainty
The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements:

Provisions against receivables
Using information available up to the date the financial statements have been approved, the Directors make judgments based on experience regarding the level of provision required to account for potentially uncollectible receivables.

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:

Useful life of fixed assets
Tangible assets are depreciated over their useful lives taking into account residual values, where appropriate. The useful lives of these assets are estimated based on historic experience and future considerations and these are re-assessed annually.

Valuation of Investment Properties
Investment properties are generally held at the most recent valuation. Where there has been no formal valuation carried out at the balance sheet date, the directors will review the current stated values to ensure they appear reasonable. If required the valuation of investment properties would be held at management valuations, based on their knowledge of the market.

Turnover
Turnover represents the total rents receivable under operating leases for the year. Rents are included net of VAT on properties where the option to tax has been exercised.

Glen House Estates Limited (Registered number: 00728574)

Notes to the Financial Statements - continued
for the Year Ended 30th September 2023


3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Freehold land and buildings are shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in market values is transferred to a revaluation reserve.

Depreciation is provided at the following rates in order to write off each asset over its estimated useful life.

Land and buildings - Not depreciated / held at valuation
Plant & machinery etc - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Profit and Loss.

Investment properties purchased in the year are stated at cost including stamp duty and other purchase costs.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Fixed asset investments
Unlisted investments are stated at cost less any provision for impairment.

Glen House Estates Limited (Registered number: 00728574)

Notes to the Financial Statements - continued
for the Year Ended 30th September 2023


3. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and financial liabilities are recognised when Glen House becomes party to the contractual provisions of the financial instrument.

Cash and cash equivalents
These comprise cash at bank.

Debtors
Debtors are stated at their nominal value and where balances become overdue interest is charged. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.

Creditors
Creditors are stated at their nominal value, the only creditors which are interest bearing relate to the bank loans.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 9 ) .

5. AUDITORS' REMUNERATION
2023 2022
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

23,500

21,250

Included in auditors remuneration are non audit fees of £9,400 (2022: £8,500).

Glen House Estates Limited (Registered number: 00728574)

Notes to the Financial Statements - continued
for the Year Ended 30th September 2023


6. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1st October 2022 575,250 346,323 921,573
Additions 238,325 44,587 282,912
Revaluations 56,425 - 56,425
At 30th September 2023 870,000 390,910 1,260,910
DEPRECIATION
At 1st October 2022 - 240,199 240,199
Charge for year - 37,678 37,678
At 30th September 2023 - 277,877 277,877
NET BOOK VALUE
At 30th September 2023 870,000 113,033 983,033
At 30th September 2022 575,250 106,124 681,374

Freehold land and buildings is held at the most recent valuation.

No depreciation is charged in respect of the freehold buildings as the directors consider that any depreciation charge would be immaterial, as permitted by Financial Reporting Standard 102 in such circumstances.This depreciation is considered immaterial as the residual value of the property is not materially different from the carrying value.

Repairs and maintenance costs incurred on the general up keep of the property are charged to the profit and loss account in the year in which they are incurred. An annual impairment review is conducted.

The cost of freehold land and buildings was £709,549.

Cost or valuation at 30th September 2023 is represented by:


Land and
Buildings
Plant and
machinery etc

Totals
£££
Valuation b/f104,117-104,117
Valuation 202356,42556,425
Cost709,458390,9101,100,368
870,000390,9101,260,910

Freehold property was revalued during the year.

Glen House Estates Limited (Registered number: 00728574)

Notes to the Financial Statements - continued
for the Year Ended 30th September 2023


7. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st October 2022
and 30th September 2023 2,833
NET BOOK VALUE
At 30th September 2023 2,833
At 30th September 2022 2,833

The company holds 100% share capital of Glen House Securities Ltd, a non trading company with capital and reserves of £278,087 (2022: £278,087).

8. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st October 2022 129,202,257
Additions 4,130,936
Revaluations 1,078,585
At 30th September 2023 134,411,778
NET BOOK VALUE
At 30th September 2023 134,411,778
At 30th September 2022 129,202,257

Glen House Estates Limited (Registered number: 00728574)

Notes to the Financial Statements - continued
for the Year Ended 30th September 2023


8. INVESTMENT PROPERTY - continued

Fair Value at 30th September 2023 is represented by:

£
Cost Bfwd 76,556,413
Valuation Bfwd 52,645,844
Additions 4,130,936
Disposals -
Revaluation 2023 1,078,585

134,411,778

If investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£ £
Cost 83,597,622 79,476,903

The Directors valued the property portfolio at the year end 30th September 2023. A selection of properties were professionally valued during the year by valuation firms Vail Williams, Hornbeam Real Estate, Miller Commercial, and Global Commercial Real Estate Services.

A full professional valuation of the entire property portfolio was performed in June 2023.

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,378,106 2,362,951
Provision for bad debts (762,366 ) (693,374 )
Other debtors 787,744 655,150
2,403,484 2,324,727

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 20,880,000 -
Trade creditors 310,916 116,955
Amounts owed to group undertakings 277,291 277,291
Tax 356,841 703,424
Social security and other taxes 4,691 3,661
VAT 517,764 581,368
Other creditors 3,282,833 3,151,793
Directors' current accounts 630 534
Accrued expenses 335,243 70,809
25,966,209 4,905,835

Glen House Estates Limited (Registered number: 00728574)

Notes to the Financial Statements - continued
for the Year Ended 30th September 2023


11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 2-5 years 29,823,249 48,173,050

12. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 50,703,249 48,173,050

The loans and overdrafts are secured by charges on the company's investment properties.

Bank loans bear interest at varying rates above SONIA (formerly LIBOR). Of the total loans outstanding at the balance sheet date, £20,880,000 matures in September 2024 and £29,823,249 in October 2025.

The loan of £29,823,249 is repayable on the maturity date of October 2025, with interest only repayments until the date of maturity. During the year, an extention to the original facility amount was granted in several tranches, the total movement was to increase the facility by £2,530,119.

The loan of £20,880,000 is repayable in full on the maturity date of September 2024, after exercising a one year extension, with interest only repayments until the date of maturity.

13. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 6,102,585 5,438,600

Deferred
tax
£   
Balance at 1st October 2022 5,438,600
Provided during year 663,985
Balance at 30th September 2023 6,102,585

The movement in deferred tax on the revaluation of investment properties has been transferred to the fair value reserve.

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2,004 Ordinary 1 2,004 2,004

Glen House Estates Limited (Registered number: 00728574)

Notes to the Financial Statements - continued
for the Year Ended 30th September 2023


15. RESERVES
Fair Capital
Retained value redemption
earnings reserve reserve Totals
£    £    £    £   

At 1st October 2022 32,805,986 44,390,872 230,372 77,427,230
Profit for the year 3,386,599 - - 3,386,599
Dividends (746,130 ) - - (746,130 )
Revaluation in year - 56,424 - 56,424
Transfer (414,600 ) 414,600 - -
At 30th September 2023 35,031,855 44,861,896 230,372 80,124,123

The movement in deferred tax on the revaluation of investment properties has been transferred to the fair value reserve.

16. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

David Sanders (Senior Statutory Auditor)
for and on behalf of Sheen Stickland

17. OTHER FINANCIAL COMMITMENTS

The companies minimum operating lease commitments as at 30th September 2023 were £4,038 (2022: £5,680). Of which £1,642 (2022: £1,642) is due within 12 months of the balance sheet date.

18. RELATED PARTY DISCLOSURES

During the year, the company charged for management services on behalf of a former director, worth £97,479 (2022: £Nil). At the year end there was £97,479 owed to the company (2022: £Nil).