Caseware UK (AP4) 2023.0.135 2023.0.135 2023-06-302023-06-302022-07-01falseThe principal activity of the company continued to be that of investment property.11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03384675 2022-07-01 2023-06-30 03384675 2021-07-01 2022-06-30 03384675 2023-06-30 03384675 2022-06-30 03384675 c:Director1 2022-07-01 2023-06-30 03384675 c:Director2 2022-07-01 2023-06-30 03384675 c:Director3 2022-07-01 2023-06-30 03384675 c:Director4 2022-07-01 2023-06-30 03384675 c:RegisteredOffice 2022-07-01 2023-06-30 03384675 d:FreeholdInvestmentProperty 2023-06-30 03384675 d:FreeholdInvestmentProperty 2022-06-30 03384675 d:CurrentFinancialInstruments 2023-06-30 03384675 d:CurrentFinancialInstruments 2022-06-30 03384675 d:Non-currentFinancialInstruments 2023-06-30 03384675 d:Non-currentFinancialInstruments 2022-06-30 03384675 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 03384675 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 03384675 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 03384675 d:Non-currentFinancialInstruments d:AfterOneYear 2022-06-30 03384675 d:ShareCapital 2023-06-30 03384675 d:ShareCapital 2022-06-30 03384675 d:RevaluationReserve 2023-06-30 03384675 d:RevaluationReserve 2022-06-30 03384675 d:RetainedEarningsAccumulatedLosses 2023-06-30 03384675 d:RetainedEarningsAccumulatedLosses 2022-06-30 03384675 c:FRS102 2022-07-01 2023-06-30 03384675 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 03384675 c:FullAccounts 2022-07-01 2023-06-30 03384675 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 03384675 e:PoundSterling 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure
Registered number: 03384675














GLEBE ROAD LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 JUNE 2023

 
GLEBE ROAD LIMITED
 
 
COMPANY INFORMATION


Directors
E Elias 
M Elias 
M Collins 
I Heptonstall 




Registered number
03384675



Registered office
5 Elstree Gate
Elstree Way

Borehamwood

Hertfordshire

United Kingdom

WD6 1JD




Accountants
Sopher + Co LLP
Chartered Accountants

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD





 
GLEBE ROAD LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
 
1 - 2
Notes to the Financial Statements
 
 
3 - 7


 
GLEBE ROAD LIMITED
REGISTERED NUMBER:03384675

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
6,924,779
6,924,779

  
6,924,779
6,924,779

Current assets
  

Debtors: amounts falling due within one year
 5 
442,182
651,057

Cash at bank and in hand
  
221,750
149,794

Current liabilities
  
663,932
800,851

Creditors: amounts falling due within one year
 6 
(167,206)
(134,504)

Net current assets
  
 
 
496,726
 
 
666,347

Total assets less current liabilities
  
7,421,505
7,591,126

Creditors: amounts falling due after more than one year
 7 
(996,272)
(1,050,262)

Provisions for liabilities
  

Deferred tax
  
(1,376,132)
(1,376,131)

  
 
 
(1,376,132)
 
 
(1,376,131)

Net assets
  
5,049,101
5,164,733


Capital and reserves
  

Called up share capital 
  
96
96

Revaluation reserve
 8 
4,466,803
4,466,803

Profit and loss account
 8 
582,202
697,834

  
5,049,101
5,164,733


Page 1

 
GLEBE ROAD LIMITED
REGISTERED NUMBER:03384675
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




I Heptonstall
Director

Date: 12 March 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
GLEBE ROAD LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Glebe Road limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, United Kingdom, WD6 1JD.
The principal activity of the company continued to be that of investment property.
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 £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention 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 the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover represents rent receivable, excluding value added tax. Rental income is recognised on a calendar basis. 

 
2.3

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
GLEBE ROAD LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
GLEBE ROAD LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.10

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 5

 
GLEBE ROAD LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


Investment property


Freehold investment property

£



Valuation


At 1 July 2022
6,924,779



At 30 June 2023
6,924,779

Investment property was valued at 30 June 2023 by the directors on a fair value basis.





5.


Debtors

2023
2022
£
£


Trade debtors
14,870
14,579

Other debtors
419,737
629,413

Prepayments and accrued income
7,575
7,065

442,182
651,057



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
63,158
63,158

Trade creditors
18,416
802

Corporation tax
8,343
857

Other taxation and social security
367
-

Other creditors
25,900
30,138

Accruals and deferred income
51,022
39,549

167,206
134,504


Page 6

 
GLEBE ROAD LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
996,272
1,050,262

996,272
1,050,262


The aggregate amount of liabilities repayable wholly or in part more than five years after the reporting date is:

2023
2022
£
£


Payable by instalments
743,639
797,629

743,639
797,629

The bank loans are secured by fixed charges over the investment property, dated 4 May 2016 and 11 May 2016.


8.


Reserves

Amounts included within the revaluation reserve are not distributable.


9.


Related party transactions

Included within other debtors is an amount of £419,737 (2022 - £629,413) owed by a related company in which the directors have material interest or significant control. This amount is interest free and repayable on demand.
Included within other creditors is an amount of £161 (2022 - £161) owed to a related company in which the directors have material interest or significant control. This amount is interest free and repayable on demand.

 
Page 7