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Registered number: SC363049
Glenham Property Management Ltd
Unaudited Financial Statements
For The Year Ended 31 July 2023
Michael Revels & Co
Ladhope Vale House
Ladhope Vale
Galashiels
Selkirkshire
TD1 1BT
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: SC363049
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 404,000 404,000
Tangible Assets 5 177,680 47,708
581,680 451,708
CURRENT ASSETS
Debtors 6 79,980 76,982
Cash at bank and in hand 6,642 22,145
86,622 99,127
Creditors: Amounts Falling Due Within One Year 7 (199,566 ) (173,059 )
NET CURRENT ASSETS (LIABILITIES) (112,944 ) (73,932 )
TOTAL ASSETS LESS CURRENT LIABILITIES 468,736 377,776
Creditors: Amounts Falling Due After More Than One Year 8 (120,507 ) (46,519 )
NET ASSETS 348,229 331,257
CAPITAL AND RESERVES
Called up share capital 10 158 158
Share premium account 30,072 30,072
Revaluation reserve 12 404,000 404,000
Profit and Loss Account (86,001 ) (102,973 )
SHAREHOLDERS' FUNDS 348,229 331,257
Page 1
Page 2
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Miles Gilham
Director
15/04/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Glenham Property Management Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC363049 . The registered office is First Floor, 2 Atholl Place , Edinburgh, EH3 8HP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold -
Motor Vehicles 25% reducing balance
Fixtures & Fittings 20% reducing balance
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 9 8
9 8
4. Intangible Assets
Goodwill
£
Cost
As at 1 August 2022 404,000
As at 31 July 2023 404,000
Net Book Value
As at 31 July 2023 404,000
As at 1 August 2022 404,000
5. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 August 2022 45,384 41,543 86,927
Additions 140,000 1,459 141,459
As at 31 July 2023 185,384 43,002 228,386
...CONTINUED
Page 4
Page 5
Depreciation
As at 1 August 2022 8,964 30,255 39,219
Provided during the period 9,105 2,382 11,487
As at 31 July 2023 18,069 32,637 50,706
Net Book Value
As at 31 July 2023 167,315 10,365 177,680
As at 1 August 2022 36,420 11,288 47,708
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 73,457 70,459
Prepayments and accrued income 1,875 1,875
Other debtors 4,648 4,648
79,980 76,982
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 32,002 11,187
Trade creditors 43,709 37,687
Bank loans and overdrafts 39,880 45,018
Corporation tax 13,785 1,096
Other taxes and social security 6,770 4,321
VAT 24,180 23,981
Accruals and deferred income 4,394 1,003
Director's loan account 34,846 48,766
199,566 173,059
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 92,257 16,519
Bank loans 28,250 30,000
120,507 46,519
9. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 32,002 11,187
Later than one year and not later than five years 92,257 16,519
124,259 27,706
124,259 27,706
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10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 158 158
11. Dividends
2023 2022
£ £
On equity shares:
Final dividend paid 29,901 48,950
29,901 48,950
12. Reserves
Revaluation Reserve
£
As at 1 August 2022 404,000
As at 31 July 2023 404,000
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