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COMPANY REGISTRATION NUMBER: 12753033
Glendale Property Holdings Limited
Filleted Unaudited Financial Statements
31 July 2023
Glendale Property Holdings Limited
Financial Statements
Year ended 31 July 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Glendale Property Holdings Limited
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
2,245,423
2,283,111
Current assets
Debtors
6
137
139
Cash at bank and in hand
56,437
83,995
--------
--------
56,574
84,134
Creditors: amounts falling due within one year
7
97,027
2,423,285
--------
------------
Net current liabilities
40,453
2,339,151
------------
------------
Total assets less current liabilities
2,204,970
( 56,040)
Creditors: amounts falling due after more than one year
8
2,273,012
------------
--------
Net liabilities
( 68,042)
( 56,040)
------------
--------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
( 69,042)
( 57,040)
--------
--------
Shareholders deficit
( 68,042)
( 56,040)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Glendale Property Holdings Limited
Statement of Financial Position (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 13 March 2024 , and are signed on behalf of the board by:
Ms D M Barton
Dr A Ghassem Zadeh
Director
Director
Company registration number: 12753033
Glendale Property Holdings Limited
Notes to the Financial Statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Glendale House, Manor Road, Penn, High Wycombe, United Kingdom, HP10 8JA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These accounts have been prepared on a going concern basis. The directors are satisfied that the company will continue to meet its current obligations for at least the next 12 months.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of people employed by the company during the year, including the directors, amounted to 2 (2022: 2).
5. Tangible assets
Long leasehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 August 2022
2,158,169
252,672
2,410,841
Additions
16,058
16,058
------------
---------
------------
At 31 July 2023
2,158,169
268,730
2,426,899
------------
---------
------------
Depreciation
At 1 August 2022
76,522
51,208
127,730
Charge for the year
53,746
53,746
------------
---------
------------
At 31 July 2023
76,522
104,954
181,476
------------
---------
------------
Carrying amount
At 31 July 2023
2,081,647
163,776
2,245,423
------------
---------
------------
At 31 July 2022
2,081,647
201,464
2,283,111
------------
---------
------------
Of the land and buildings, £2,081,647 (2022: £2,081,647) is in respect to investment properties. Investment properties have been revalued based on valuations provided by the directors. The directors believe that the valuations continue to accurately reflect the open market value of the properties.
6. Debtors
2023
2022
£
£
Other debtors
137
139
----
----
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
602
10,430
Corporation tax
10,125
13,342
Other creditors
86,300
2,399,513
--------
------------
97,027
2,423,285
--------
------------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
2,273,012
------------
----
9. Related party transactions
At the year end the company owed £2,323,588 to companies under common control (2022: £2,287,429). At the year end the company owed a director £3,666 (2022: £3,666). At the year end the company owed another director £5,558 (2022: £81,918).