1 June 2022 v2024.39.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP012518582022-06-012023-11-30012518582023-11-30012518582022-05-3101251858core:WithinOneYear2023-11-3001251858core:WithinOneYear2022-05-3101251858core:AfterOneYear2023-11-3001251858core:AfterOneYear2022-05-3101251858core:ShareCapital2023-11-3001251858core:ShareCapital2022-05-3101251858core:OtherReservesSubtotal2022-05-3101251858core:RetainedEarningsAccumulatedLosses2023-11-3001251858core:RetainedEarningsAccumulatedLosses2022-05-3101251858bus:Director12022-06-012023-11-3001251858bus:RegisteredOffice2022-06-012023-11-3001251858core:FurnitureFittingsToolsEquipment2022-06-012023-11-3001251858core:MotorVehicles2022-06-012023-11-30012518582021-06-012022-05-3101251858core:LandBuildings2022-06-0101251858core:PlantMachinery2022-06-01012518582022-06-0101251858core:PlantMachinery2022-06-012023-11-3001251858core:LandBuildings2022-06-012023-11-3001251858core:LandBuildings2023-11-3001251858core:PlantMachinery2023-11-3001251858core:LandBuildings2022-05-3101251858core:PlantMachinery2022-05-3101251858core:CostValuation2022-06-0101251858core:AdditionsToInvestments2023-11-3001251858core:CostValuation2023-11-300125185812022-06-012023-11-3001251858countries:EnglandWales2022-06-012023-11-3001251858bus:AuditExempt-NoAccountantsReport2022-06-012023-11-3001251858bus:PrivateLimitedCompanyLtd2022-06-012023-11-3001251858bus:SmallEntities2022-06-012023-11-3001251858bus:FullAccounts2022-06-012023-11-30
Company registration number:
01251858
Glosgrange Limited
Unaudited Filleted Financial Statements for the period ended
30 November 2023
Glosgrange Limited
Statement of Financial Position
30 November 2023
30 Nov 202331 May 2022
Note££
Fixed assets    
Tangible assets 5
786,605
 
684,154
 
Investments 6
232,104
 
232,096
 
1,018,709
 
916,250
 
Current assets    
Stocks
92,282
 
113,304
 
Debtors 7
798,207
 
977,823
 
Cash at bank and in hand
202,375
 
233,345
 
1,092,864
 
1,324,472
 
Creditors: amounts falling due within one year 8
(347,836
)
(369,362
)
Net current assets
745,028
 
955,110
 
Total assets less current liabilities 1,763,737   1,871,360  
Creditors: amounts falling due after more than one year 9
(1,567,400
)
(1,640,894
)
Net assets
196,337
 
230,466
 
Capital and reserves    
Called up share capital
54,000
 
54,000
 
Other reserves -  
46,000
 
Profit and loss account
142,337
 
130,466
 
Shareholders funds
196,337
 
230,466
 
For the period ending
30 November 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 period 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.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
12 August 2024
, and are signed on behalf of the board by:
P Patel
Director
Company registration number:
01251858
Glosgrange Limited
Notes to the Financial Statements
Period ended
30 November 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
85 Station Road
,
Edgware
,
Middlesex
,
HA8 7JH
, .

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Fixtures, fittings and equipment
15% reducing balance
Motor vehicles
25% reducing balance

Fixed asset investments

Investments in subsidiaries, associates and joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in subsidiaries, associates and joint ventures accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income or profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Other fixed asset investments which are listed are measured at fair value with changes in fair value being recognised in profit or loss.
All other Investments held as fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated impairment losses.

Impairment

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the period was
16
(2022:
16
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost or valuation      
At
1 June 2022
585,844
 
416,539
 
1,002,383
 
Additions -  
11,110
 
11,110
 
Revaluations
88,950
  -  
88,950
 
At
30 November 2023
674,794
 
427,649
 
1,102,443
 
Depreciation      
At
1 June 2022
49,714
 
268,515
 
318,229
 
Charge -  
26,792
 
26,792
 
Other movements
(39,228
)
10,045
 
(29,183
)
At
30 November 2023
10,486
 
305,352
 
315,838
 
Carrying amount      
At
30 November 2023
664,308
 
122,297
 
786,605
 
At 31 May 2022
536,130
 
148,024
 
684,154
 

6 Investments

Other investments other than loans
£
Cost  
At
1 June 2022
232,096
 
Additions
8
 
At
30 November 2023
232,104
 
Impairment  
At
1 June 2022
and
30 November 2023
-  
Carrying amount  
At
30 November 2023
232,104
 
At 31 May 2022
232,096
 
The market value of the fixed asset investments held ate 31st May 2021 is £995,655.

7 Debtors

30 Nov 202331 May 2022
££
Trade debtors
290,550
 
448,504
 
Other debtors
507,657
 
529,319
 
798,207
 
977,823
 

8 Creditors: amounts falling due within one year

30 Nov 202331 May 2022
££
Trade creditors
180,310
 
167,114
 
Taxation and social security
940
 
3,003
 
Other creditors
166,586
 
199,245
 
347,836
 
369,362
 

9 Creditors: amounts falling due after more than one year

30 Nov 202331 May 2022
££
Bank loans and overdrafts -  
40,494
 
Other creditors
1,567,400
 
1,600,400
 
1,567,400
 
1,640,894
 

11 Controlling party

The company is under the control of Mr P I Patel who owns the entire Class A ordinary shares of the company which carry voting rights.