Company registration number 14333099 (England and Wales)
Glenbrook Triangle Limited
Unaudited financial statements
For the period ended 31 December 2023
Glenbrook Triangle Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 4
Glenbrook Triangle Limited
Balance sheet
As at 31 December 2023
31 December 2023
- 1 -
2023
Notes
£
£
Fixed assets
Investment property
3
401,482
Current assets
Debtors
4
10,111
Cash at bank and in hand
18,263
28,374
Creditors: amounts falling due within one year
5
(15,319)
Net current assets
13,055
Total assets less current liabilities
414,537
Creditors: amounts falling due after more than one year
6
(401,400)
Net assets
13,137
Capital and reserves
Called up share capital
7
100
Profit and loss reserves
13,037
Total equity
13,137
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the period 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 by the board of directors and authorised for issue on 23 April 2024 and are signed on its behalf by:
Mr G S Butler
Director
Company registration number 14333099 (England and Wales)
Glenbrook Triangle Limited
Notes to the financial statements
For the period ended 31 December 2023
- 2 -
1
Accounting policies
Company information
Glenbrook Triangle Limited is a private company limited by shares incorporated in England and Wales. The registered office is Union, 2-10 Albert Square, Manchester, M2 6LW.
1.1
Reporting period
The financial statements cover the first period of account from incorporation to 31 December 2023.
1.2
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 investment properties at fair value. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover represents rental income receivable.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Glenbrook Triangle Limited
Notes to the financial statements (continued)
For the period ended 31 December 2023
1
Accounting policies
(Continued)
- 3 -
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
Number
Total
4
3
Investment property
2023
£
Fair value
At 2 September 2022
Additions
401,482
At 31 December 2023
401,482
The fair value of the investment property was measured by the directors as at the balance sheet date on an open market basis. At the balance sheet date the valuation was considered to be the same as cost.
Glenbrook Triangle Limited
Notes to the financial statements (continued)
For the period ended 31 December 2023
- 4 -
4
Debtors
2023
Amounts falling due within one year:
£
Trade debtors
2,584
Other debtors
935
3,519
Deferred tax asset
6,592
10,111
5
Creditors: amounts falling due within one year
2023
£
Other creditors
15,319
Other creditors are accruals and deferred income.
6
Creditors: amounts falling due after more than one year
2023
£
Other creditors
401,400
Other creditors are loans from shareholders.
7
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
100
100