Company Registration No. 05652933 (England and Wales)
GLENMORE INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
GLENMORE INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
GLENMORE INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
90,577
132,419
Investment properties
4
1,573,750
1,573,750
Investments
5
47,504
47,504
1,711,831
1,753,673
Current assets
Debtors
7
21,629,151
10,867,430
Investments
8
32
31
Cash at bank and in hand
138,531
137,031
21,767,714
11,004,492
Creditors: amounts falling due within one year
9
(19,189,510)
(8,998,244)
Net current assets
2,578,204
2,006,248
Total assets less current liabilities
4,290,035
3,759,921
Provisions for liabilities
(138,866)
(138,866)
Net assets
4,151,169
3,621,055
Capital and reserves
Called up share capital
244
244
Capital redemption reserve
1,150,076
1,150,076
Investment property reserve
709,059
709,059
Profit and loss reserves
2,291,790
1,761,676
Total equity
4,151,169
3,621,055

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 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 year in question in accordance with section 476.

These 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 applying section 1A (small entities).

GLENMORE INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 August 2024 and are signed on its behalf by:
D J Rubin
Director
Company Registration No. 05652933
GLENMORE INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Share capital
Capital redemption reserve
Investment property reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2022
244
1,150,076
334,058
1,800,451
3,284,829
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
-
336,226
336,226
Transfers
-
-
375,001
(375,001)
-
Balance at 31 December 2022
244
1,150,076
709,059
1,761,676
3,621,055
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
530,114
530,114
Balance at 31 December 2023
244
1,150,076
709,059
2,291,790
4,151,169
GLENMORE INVESTMENTS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Glenmore Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kinetic Business Centre, Theobald Street, Borehamwood, WD6 4PJ.

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 on the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

The directors are confident that revenues will continue to be generated from the investment properties and from management services. The directors have a reasonable expectation that they company has adequate resources to continue in operation for the foreseeable future and as such have prepared the financial statements on a going concern basis.true

1.3
Turnover

Turnover is derived from rental income and sundry income, net of VAT.

 

Rental income is recognised on an accruals basis.

 

Sundry income consists of property insurance, service charges and other ancillary services provided by the company.

 

1.4
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & motor vehicles
20% - 33.33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account. The fair value movements in investment property valuations and the associated deferred tax are then transferred out of the profit and loss reserves into the investment property reserve.

GLENMORE INVESTMENTS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Fixed asset investments

Interests in subsidiaries are measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.7
Impairment of fixed assets

At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

 

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand & deposits held at call with banks.

1.9
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.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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.

Classification of financial liabilities

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

GLENMORE INVESTMENTS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including trade and other creditors, loans from group and connected companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
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.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

GLENMORE INVESTMENTS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.15

Current asset investments

Current asset investments are measured at fair value through profit or loss except for those investments that are not publicly traded and whose fair value cannot otherwise be measured reliably which are recognised at cost less impairment until a reliable measure of fair value becomes available.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 9 (2022: 9).

2023
2022
Number
Number
Total
9
9
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 and 31 December 2023
177,554
Depreciation and impairment
At 1 January 2023
45,135
Depreciation charged in the year
41,842
At 31 December 2023
86,977
Carrying amount
At 31 December 2023
90,577
At 31 December 2022
132,419
4
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
1,573,750
GLENMORE INVESTMENTS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Investment property
(Continued)
- 8 -

The fair value of the investment property has been arrived at on the basis of valuation carried out at 31 December 2023 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

If the revalued investment property was stated on a historical cost basis rather than a fair value basis, the amount would have been £725,825 (2022: £725,825).

5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
47,503
47,503
Other investments other than loans
1
1
47,504
47,504
Movements in fixed asset investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost or valuation
At 1 January 2023 & 31 December 2023
47,503
1
47,504
Carrying amount
At 31 December 2023
47,503
1
47,504
At 31 December 2022
47,503
1
47,504
GLENMORE INVESTMENTS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
6
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Glenmore Property Holdings Limited
Kinetic Business Centre, Theobald Street, Borehamwood, WD6 4PJ
Property investment and letting
Ordinary
100.00
0
SDM Associates Limited
Kinetic Business Centre, Theobald Street, Borehamwood, WD6 4PJ
Dormant
Ordinary
100.00
0
Viceroy Capital Limited
Kinetic Business Centre, Theobald Street, Borehamwood, WD6 4PJ
Dormant
Ordinary
100.00
0
Barratts of Staffs Limited
Kinetic Business Centre, Theobald Street, Borehamwood, WD6 4PJ
Dormant
Ordinary
0
100.00
Queensway Securities Limited
Kinetic Business Centre, Theobald Street, Borehamwood, WD6 4PJ
Dormant
Ordinary
100.00
0
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
997
6,013
Amounts owed by group undertakings
-
0
526,678
Other debtors
17,377,374
6,504,620
Prepayments and accrued income
372,305
356,653
17,750,676
7,393,964
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
3,878,475
3,473,466
Total debtors
21,629,151
10,867,430
GLENMORE INVESTMENTS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Debtors
(Continued)
- 10 -

Short term other debtors includes £16,668,159 (2022: £6,438,047) and long term other debtors includes £3,878,475 (2022: £3,473,466) of debt due from companies under common control which is subordinated in favour of third party loans within those companies under common control.

8
Current asset investments
2023
2022
£
£
Other investments
32
31
9
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
7,303
21,718
Amounts due to group undertakings
4,640,089
139,336
Directors' current accounts
-
0
1,055,897
Corporation tax payable
190,357
-
0
Other taxation and social security
81,280
30,543
Other creditors
14,207,375
7,683,757
Accruals and deferred income
63,106
66,993
19,189,510
8,998,244
10
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
138,866
138,866
11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
Within one year
57,134
26,414
Between two and five years
13,880
7,642
71,014
34,056
12
Financial commitments, guarantees and contingent liabilities

There are fixed and floating charges held over the assets of the company.

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