REGISTERED NUMBER: |
GLADE HOMES LTD |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Investments | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
Revaluations |
Reclassification/transfer | ( |
) |
At 31st March 2023 |
Depreciation |
At 1st April 2022 |
Eliminated on disposal | ( |
) | ( |
) |
At 31st March 2023 |
Net book value |
At 31st March 2023 |
At 31st March 2022 |
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 |
Net book value |
At 31st March 2023 |
At 31st March 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Related party debtors | 91,793 | - |
Prepayments |
7. | CURRENT ASSET INVESTMENTS |
2023 | 2022 |
£ | £ |
Listed investments | 489,356 | 504,758 |
Unlisted investments | 750 | 750 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Corporation tax |
Other creditors |
Loans | 1,773 | 325,232 |
Directors' current accounts | 9,666 | 37,736 |
Accrued expenses |
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 | - |
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 | - |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
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 |
Revaluation realised | (143,927 | ) |
Revaluations in period | 210,971 |
At 31st March 2023 |
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). |