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Company Registration No. 03811093 (England and Wales)







GLEESK PROPERTY CO. LTD.

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023




































Riordan O'Sullivan & Co
Chartered Certified Accountants and Statutory Auditors
40 Chamberlayne Road
London
NW10 3JE

 
GLEESK PROPERTY CO. LTD.
 
 
COMPANY INFORMATION


 Directors
Timothy O'Sullivan 
Michael Dowling 
Kacey O'Driscoll (appointed 1 October 2023)




 Company secretary
Michael Dowling



 Company number
03811093



 Registered office
22 Barretts Green Road
Park Royal

London

NW10 7AE




 Auditors
Riordan O'Sullivan & Co
Chartered Certified Accountants and Statutory Auditors

40 Chamberlayne Road

London

NW10 3JE




 Bankers
Barclays Bank
Acorn House

36-38 Park Royal Road

London

NW10 7JA





 
GLEESK PROPERTY CO. LTD.
 

CONTENTS



Page
Directors' Report
 
 
1 - 2
Independent Auditors' Report
 
 
3 - 6
Profit and Loss Account
 
 
7
Balance Sheet
 
 
8
Statement of Changes in Equity
 
 
9
Notes to the Financial Statements
 
 
10 - 13


 
GLEESK PROPERTY CO. LTD.
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2023

The directors present their report and the financial statements for the year ended 31 July 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the company's financial statements 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;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

The principal activity of the company during the year was that of property development.

Directors

The directors who served during the year were:

Timothy O'Sullivan 
Michael Dowling 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Page 1

 
GLEESK PROPERTY CO. LTD.
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023


Auditors

Under section 487(2) of the Companies Act 2006Riordan O'Sullivan & Co, Chartered Certified Accountants and Statutory Auditors, are deemed to be reappointed as auditors.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 8 February 2024 and signed on its behalf.
 





___________________________
Kacey O'Driscoll
Director

Page 2

 
GLEESK PROPERTY CO. LTD.
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLEESK PROPERTY CO. LTD.
 

Opinion


We have audited the financial statements of Gleesk Property Co. Ltd. (the 'company') for the year ended 31 July 2023, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (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 July 2023 and of its profit 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.


Basis for opinion


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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Page 3

 
GLEESK PROPERTY CO. LTD.
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLEESK PROPERTY CO. LTD. (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' Report 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.


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 identified material misstatements in the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires  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 ; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' 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 prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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.


Page 4

 
GLEESK PROPERTY CO. LTD.
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLEESK PROPERTY CO. LTD. (CONTINUED)

Auditors' 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 Auditors' 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, through discussions with directors and senior management and from our commercial knowledge and experience of the industry.
We focused on specific laws and regulations which we considered may have a material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.
We assessed the extent of compliance with these laws and regulations through discussions and enquiry with directors and senior management. 
We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur.
We considered the financial controls in place to mitigate risks of fraud and error, including the risk of management bias or override. We tested the appropriateness of journal entries that appeared unusual as to nature or amount.
Our audit procedures were designed to respond to the risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment or collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations are from financial transactions, the less likely we are to become aware of it.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 5

 
GLEESK PROPERTY CO. LTD.
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLEESK PROPERTY CO. LTD. (CONTINUED)

Use of our 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 2006Our 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 Auditors' 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.





Patrick McNamara (Senior Statutory Auditor)
for and on behalf of
Riordan O'Sullivan & Co
Chartered Certified Accountants and Statutory Auditors
40 Chamberlayne Road
London
NW10 3JE

8 February 2024
Page 6

 
GLEESK PROPERTY CO. LTD.
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2023

2023
2022
Note
£
£

  

Turnover
  
331,410
1,381,990

Cost of sales
  
(13,730)
(947,739)

Gross profit
  
317,680
434,251

Administrative expenses
  
(5,281)
(4,299)

Operating profit
  
312,399
429,952

Interest receivable and similar income
  
8
-

Interest payable and similar expenses
  
-
(242)

Profit before tax
  
312,407
429,710

Tax on profit
  
(65,399)
(56,454)

Profit for the financial year
  
247,008
373,256

The notes on pages 10 to 13 form part of these financial statements.

Page 7

 
GLEESK PROPERTY CO. LTD.
REGISTERED NUMBER:03811093

BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,890,065
1,890,065

  
1,890,065
1,890,065

Current assets
  

Stocks
 5 
282,489
282,489

Debtors
 6 
61,407
51,492

Cash at bank and in hand
  
373,970
612,114

  
717,866
946,095

Creditors: amounts falling due within one year
 7 
(73,626)
(548,863)

Net current assets
  
 
 
644,240
 
 
397,232

Total assets less current liabilities
  
2,534,305
2,287,297

Provisions for liabilities
  

Deferred tax
 8 
(93,706)
(71,216)

  
 
 
(93,706)
 
 
(71,216)

Net assets
  
2,440,599
2,216,081


Capital and reserves
  

Called up share capital 
 9 
1,000,000
1,000,000

Revaluation reserve
  
281,117
303,607

Profit and loss account
  
1,159,482
912,474

  
2,440,599
2,216,081


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 February 2024.



___________________________
Kacey O'Driscoll
Director

Page 8

 
GLEESK PROPERTY CO. LTD.
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 August 2021
1,000,000
303,607
539,218
1,842,825



Profit for the year
-
-
373,256
373,256



At 1 August 2022
1,000,000
303,607
912,474
2,216,081



Profit for the year
-
-
247,008
247,008

Deferred tax movement on revaluation due to change in corporation tax rates
-
(22,490)
-
(22,490)


At 31 July 2023
1,000,000
281,117
1,159,482
2,440,599


Page 9

 
GLEESK PROPERTY CO. LTD.
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


Company information

Gleesk Property Co. Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is 22 Barretts Green Road, Park Royal, London, NW10 7AE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and investment properties and certain financial instruments at fair value, unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover from the sale of development properties is recognised when the company has transferred all control and significant risks and rewards of ownership to the buyer, the amount receivable can be measured reliably, it is probable that the company will receive consideration and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Tangible fixed assets

Freehold properties are maintained so as to ensure that their values do not diminish over time. The maintenance costs are charged to the profit and loss accounts in the year in which they are incurred. In the director's opinion, depreciation would be immaterial and has not been charged.


 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost comprises the cost of land, construction costs and those overheads that have been incurred in bringing the stocks to their present condition.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.5

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

Page 10

 
GLEESK PROPERTY CO. LTD.
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense represents the sum of the tax 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.
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 tax profit nor the accounting profit.


3.


Employees



The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Tangible fixed assets





Freehold property

£



Cost or valuation


At 1 August 2022
1,890,065



At 31 July 2023

1,890,065






Net book value



At 31 July 2023
1,890,065



At 31 July 2022
1,890,065


5.


Stocks

2023
2022
£
£

Development properties
282,489
282,489


Page 11

 
GLEESK PROPERTY CO. LTD.
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

6.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
10,909
100

Other debtors
50,498
50,092

Prepayments
-
1,300

61,407
51,492


The amounts owed by group undertakings are unsecured, interest-free and repayable on demand.


7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
3,750
484,341

Corporation tax
65,376
56,522

Accruals
4,500
8,000

73,626
548,863


The amounts owed to group undertakings are unsecured, interest-free and repayable on demand.


8.


Deferred taxation




2023
2022


£

£






At beginning of year
71,216
71,216


Movement
22,490
-



At end of year
93,706
71,216

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Revaluation of freehold properties
93,706
71,216

Page 12

 
GLEESK PROPERTY CO. LTD.
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

9.


Share capital

2023
2022
£
£
Authorised, allotted, called up and fully paid



1,000,000 Ordinary shares of £1 each
1,000,000
1,000,000



10.


Related party transactions

The company has taken advantage of the exemption available in accordance with Financial Reporting Standard 102, Section 33.1A, 'Related Party Disclosures' not to disclose transactions entered and outstanding balances between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.


11.


Post balance sheet events

There were no events since the year end which materially affected the company. 


12.


Controlling party

Danny Sullivan Group Limited is the company's immediate parent undertaking. The ultimate parent company is CH Parachute Ventures Limited. 
Timothy O'Sullivan who holds 100% of the shares in CH Parachute Ventures Limited is the ultimate controller of the company. The consolidated financial statements of CH Parachute Ventures Limited can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

 
Page 13