Company registration number 08064759 (England and Wales)
GLENN REES PROJECT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
GLENN REES PROJECT LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
GLENN REES PROJECT LIMITED
BALANCE SHEET
AS AT
31 MAY 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
41,544
48,873
Current assets
Debtors
5
10,000
10,001
Cash at bank and in hand
57,515
17,304
67,515
27,305
Creditors: amounts falling due within one year
6
(20,719)
(13,586)
Net current assets
46,796
13,719
Net assets
88,340
62,592
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
88,339
62,591
Total equity
88,340
62,592

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 23 February 2024
Mr G D Rees
Director
Company Registration No. 08064759
GLENN REES PROJECT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 June 2021
1
66,067
66,068
Year ended 31 May 2022:
Loss and total comprehensive income for the year
-
(3,476)
(3,476)
Balance at 31 May 2022
1
62,591
62,592
Year ended 31 May 2023:
Profit and total comprehensive income for the year
-
25,748
25,748
Balance at 31 May 2023
1
88,339
88,340
GLENN REES PROJECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
1
Accounting policies
Company information

Glenn Rees Project Limited is a private company limited by shares incorporated in England and Wales. The registered office is Norwood House, 96 Navigation Road, Altrincham, Cheshire, WA14 1LL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
15%
Computers
15%

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

GLENN REES PROJECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 4 -
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 the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.5
Government grants
2
Judgements and key sources of estimation uncertainty
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
1
GLENN REES PROJECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2022 and 31 May 2023
81,594
Depreciation and impairment
At 1 June 2022
32,720
Depreciation charged in the year
7,330
At 31 May 2023
40,050
Carrying amount
At 31 May 2023
41,544
At 31 May 2022
48,873
Last year c/fwd depreciation
32,721
Differs from this year b/fwd by
(1)
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
1
Other debtors
10,000
10,000
10,000
10,001
6
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
2,891
-
0
Other creditors
17,828
13,586
20,719
13,586
2023-05-312022-06-01false23 February 2024CCH SoftwareCCH Accounts Production 2023.100No description of principal activityMr Glenn Douglas Rees080647592022-06-012023-05-31080647592023-05-31080647592022-05-3108064759core:OtherPropertyPlantEquipment2023-05-3108064759core:OtherPropertyPlantEquipment2022-05-3108064759core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-3108064759core:CurrentFinancialInstrumentscore:WithinOneYear2022-05-3108064759core:CurrentFinancialInstruments2023-05-3108064759core:CurrentFinancialInstruments2022-05-3108064759core:ShareCapital2023-05-3108064759core:ShareCapital2022-05-3108064759core:RetainedEarningsAccumulatedLosses2023-05-3108064759core:RetainedEarningsAccumulatedLosses2022-05-3108064759core:ShareCapital2021-05-3108064759core:RetainedEarningsAccumulatedLosses2021-05-3108064759bus:Director12022-06-012023-05-3108064759core:RetainedEarningsAccumulatedLosses2021-06-012022-05-31080647592021-06-012022-05-3108064759core:RetainedEarningsAccumulatedLosses2022-06-012023-05-3108064759core:PlantMachinery2022-06-012023-05-3108064759core:ComputerEquipment2022-06-012023-05-3108064759core:OtherPropertyPlantEquipment2022-05-3108064759core:OtherPropertyPlantEquipment2022-06-012023-05-3108064759core:WithinOneYear2023-05-3108064759core:WithinOneYear2022-05-3108064759bus:PrivateLimitedCompanyLtd2022-06-012023-05-3108064759bus:SmallCompaniesRegimeForAccounts2022-06-012023-05-3108064759bus:FRS1022022-06-012023-05-3108064759bus:AuditExemptWithAccountantsReport2022-06-012023-05-3108064759bus:FullAccounts2022-06-012023-05-31xbrli:purexbrli:sharesiso4217:GBP