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REGISTERED NUMBER: 03269060 (England and Wales)














GLADE HOMES LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2023






GLADE HOMES LTD (REGISTERED NUMBER: 03269060)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GLADE HOMES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2023







DIRECTOR: S.G. Routledge





SECRETARY: D.G.M. Reese





REGISTERED OFFICE: 17 Richmond Road,
North Chingford,
London,
E4 7BN





REGISTERED NUMBER: 03269060 (England and Wales)





ACCOUNTANTS: Cobbin Floyd Ltd
t/as Findlay Wetherfield Scott & Co
Chartered Accountants
137, Station Road,
Chingford,
London
E4 6AG

GLADE HOMES LTD (REGISTERED NUMBER: 03269060)

BALANCE SHEET
31ST MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 16,355,000 12,343,684
Investments 5 1,000 1,000
16,356,000 12,344,684

CURRENT ASSETS
Debtors 6 100,109 46,192
Investments 7 490,106 505,508
Cash at bank 151,907 230,599
742,122 782,299
CREDITORS
Amounts falling due within one year 8 190,932 1,327,070
NET CURRENT ASSETS/(LIABILITIES) 551,190 (544,771 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

16,907,190

11,799,913

CREDITORS
Amounts falling due after more than one year 9 (4,690,749 ) (79,621 )

PROVISIONS FOR LIABILITIES (1,114,223 ) (1,093,810 )
NET ASSETS 11,102,218 10,626,482

CAPITAL AND RESERVES
Called up share capital 12,000 12,000
Fair value reserve 11 5,537,055 5,470,011
Retained earnings 5,553,163 5,144,471
SHAREHOLDERS' FUNDS 11,102,218 10,626,482

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GLADE HOMES LTD (REGISTERED NUMBER: 03269060)

BALANCE SHEET - continued
31ST MARCH 2023


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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 22nd December 2023 and were signed by:





S.G. Routledge - Director


GLADE HOMES LTD (REGISTERED NUMBER: 03269060)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023

1. STATUTORY INFORMATION

Glade Homes Ltd 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. 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
The turnover represents rents and ground rents receivable on properties held for investment purposes together with administration charges on managing properties for clients.

Tangible fixed assets
Depreciation is calculated so as to allocate the cost of tangible assets, net of anticipated disposal proceeds, over their estimated useful economic lives. No depreciation is charged on freehold and long leasehold properties. The residual values of the properties are regularly reviewed in order to identify any permanent diminution in value which would be charged to the profit and loss account.

Fixtures and fittings are depreciated at the rate of 12.5% applied on a reducing balance basis.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

GLADE HOMES LTD (REGISTERED NUMBER: 03269060)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Long and
property leasehold fittings Totals
£    £    £    £   
Cost or valuation
At 1st April 2022 3,405,000 8,934,000 60,516 12,399,516
Additions 728,295 3,322,918 - 4,051,213
Disposals - (282,000 ) (60,516 ) (342,516 )
Revaluations 83,391 163,396 - 246,787
Reclassification/transfer (324,686 ) 324,686 - -
At 31st March 2023 3,892,000 12,463,000 - 16,355,000
Depreciation
At 1st April 2022 - - 55,832 55,832
Eliminated on disposal - - (55,832 ) (55,832 )
At 31st March 2023 - - - -
Net book value
At 31st March 2023 3,892,000 12,463,000 - 16,355,000
At 31st March 2022 3,405,000 8,934,000 4,684 12,343,684

A number of the company's freehold and leasehold properties are security for the bank loans. Further details are as stated in the Secured Debts note.

Cost or valuation at 31st March 2023 is represented by:

Freehold Long
property leasehold Totals
£    £    £   
Valuation in 2023 1,770,540 4,912,647 6,683,187
Cost 2,121,460 7,550,353 9,671,813
3,892,000 12,463,000 16,355,000

If freehold & leasehold property had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 9,671,813 5,758,673

Freehold & leasehold property was valued on an open market basis on 31st March 2023 by the director .

All properties held at the balance sheet date were revalued at that date and the amount stated is the cumulative effect of all revaluations. The effect of the current year's revaluations after provision for deferred tax is stated in the movement in the Fair Value Reserve within the Note on Reserves.

GLADE HOMES LTD (REGISTERED NUMBER: 03269060)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
Cost
At 1st April 2022
and 31st March 2023 1,000
Net book value
At 31st March 2023 1,000
At 31st March 2022 1,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,270 6,276
Other debtors 1,056 36,393
Related party debtors 91,793 -
Prepayments 4,990 3,523
100,109 46,192

7. CURRENT ASSET INVESTMENTS
2023 2022
£    £   
Listed investments 489,356 504,758
Unlisted investments 750 750
490,106 505,508

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 849,904
Trade creditors 7,623 7,910
Corporation tax 86,148 71,875
Other creditors 65,613 17,751
Loans 1,773 325,232
Directors' current accounts 9,666 37,736
Accrued expenses 20,109 16,662
190,932 1,327,070

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Mortgage - 79,621
Bank loans repayable
after more than 5 years 4,690,749 -
4,690,749 79,621

GLADE HOMES LTD (REGISTERED NUMBER: 03269060)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2023 2022
£    £   
Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans repayable
after more than 5 years 4,690,749 -
4,690,749 -

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 4,690,749 929,525

Mortgages and loans are secured by way of a first legal charge over a number of the company's freehold and long leasehold properties. The valuation of these properties at the balance sheet date was £6,525,000.

11. RESERVES
Fair
value
reserve
£   
At 1st April 2022 5,470,011
Revaluation realised (143,927 )
Revaluations in period 210,971

At 31st March 2023 5,537,055

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date the sum owed to the sole director, S.G.Routledge, amounted to £9,666 (previous year - £37,736).

13. RELATED PARTY DISCLOSURES

The controlling party is S.G. Routledge, the director, by virtue of his ownership of more than 50% of the issued ordinary share capital.

At the balance sheet date the sums owed to various family members related to S.G.Routledge or their companies, amounted to £1,773 (previous year - £342,302). These balances are included within creditors.

At the balance sheet date the amount owed by Spiketruce Limited, a wholly owned subsidiary company, amounted to £91,793 (previous year - £36,246). This balance is included within other debtors.

During the period under review, Spiketruce Limited paid no dividend to Glade Homes Limited (previous year - £nil)..

Any interest paid to or by the company to any related party was at the rate of 2% per annum (previous year - 2% per annum).