Company registration number 13010158 (England and Wales)
GLAZIER CAPITAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
GLAZIER CAPITAL LIMITED
COMPANY INFORMATION
Directors
Mr D Gertler
Mrs L Gertler
Company number
13010158
Registered office
Hollinwood Business Centre
Albert Street
Oldham
Lancashire
OL8 3QL
Accountants
M J Goldman (Chartered Accountants)
Hollinwood Business Centre
Albert Street
Oldham
Lancashire
OL8 3QL
Business address
503-505 Bury New Road
Prestwich
Manchester
United Kingdom
M25 1AD
GLAZIER CAPITAL LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 6
GLAZIER CAPITAL LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GLAZIER CAPITAL LIMITED FOR THE YEAR ENDED 30 NOVEMBER 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Glazier Capital Limited for the year ended 30 November 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Glazier Capital Limited, as a body, in accordance with the terms of our engagement letter dated 4 April 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Glazier Capital Limited and state those matters that we have agreed to state to the board of directors of Glazier Capital Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Glazier Capital Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Glazier Capital Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Glazier Capital Limited. You consider that Glazier Capital Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Glazier Capital Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
M J Goldman (Chartered Accountants)
1 August 2024
Chartered Accountants
Hollinwood Business Centre
Albert Street
Oldham
Lancashire
OL8 3QL
GLAZIER CAPITAL LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
4
250,000
220,000
Current assets
Debtors
5
677
Cash at bank and in hand
3,979
3,038
4,656
3,038
Creditors: amounts falling due within one year
6
(14,454)
(13,890)
Net current liabilities
(9,798)
(10,852)
Total assets less current liabilities
240,202
209,148
Creditors: amounts falling due after more than one year
7
(108,790)
(111,033)
Provisions for liabilities
(27,010)
(21,310)
Net assets
104,402
76,805
Capital and reserves
Called up share capital
8
2
2
Other reserves
112,158
90,848
Profit and loss reserves
(7,758)
(14,045)
Total equity
104,402
76,805
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 year ended 30 November 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 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.
GLAZIER CAPITAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 1 August 2024 and are signed on its behalf by:
Mr D Gertler
Director
Company registration number 13010158 (England and Wales)
GLAZIER CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
1
Accounting policies
Company information
Glazier Capital Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hollinwood Business Centre, Albert Street, Oldham, Lancashire, OL8 3QL.
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.
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 arising from investment properties is accounted for on a straight line basis over the lease period.
1.3
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.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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.
Basic financial assets, which include debtors and cash, together with basic financial liabilities, including creditors, are initially recognised at transaction cost and not amortised as they are either receivable or payable within one year.
Creditors payable after one year constitutes a commercial business loan with a market rate of interest being applied. This is recognised in full.
GLAZIER CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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.
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
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
GLAZIER CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
4
Investment property
2023
£
Fair value
At 1 December 2022
220,000
Revaluations
30,000
At 30 November 2023
250,000
The valuations of investment properties were made on the 30 November 2023 by the directors, on an open market basis.
If investment properties were stated on a historical basis rather than a fair value basis, the properties would have been included at an original cost of £98,046.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
677
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
2,244
1,799
Other creditors
12,210
12,091
14,454
13,890
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
108,790
111,033
The bank loans and overdraft are secured by a fixed and floating charge over the company's investment properties.
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
1
1
1
1
Ordinary B shares of £1 each
1
1
1
1
2
2
2
2