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Company No: 12104157 (England and Wales)

GLENCROSS ESTATE LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

GLENCROSS ESTATE LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

GLENCROSS ESTATE LIMITED

BALANCE SHEET

As at 31 March 2024
GLENCROSS ESTATE LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 288,002 279,369
288,002 279,369
Current assets
Debtors 4 1,792 5,069
Cash at bank and in hand 717 5,342
2,509 10,411
Creditors: amounts falling due within one year 5 ( 275,240) ( 265,362)
Net current liabilities (272,731) (254,951)
Total assets less current liabilities 15,271 24,418
Creditors: amounts falling due after more than one year 6 ( 2,698) ( 5,640)
Provision for liabilities ( 1,252) ( 2,740)
Net assets 11,321 16,038
Capital and reserves
Called-up share capital 7 120 120
Revaluation reserve 23,520 23,520
Profit and loss account ( 12,319 ) ( 7,602 )
Total shareholder's funds 11,321 16,038

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Glencross Estate Limited (registered number: 12104157) were approved and authorised for issue by the Director on 08 August 2024. They were signed on its behalf by:

Mr J M D P Glencross
Director
GLENCROSS ESTATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
GLENCROSS ESTATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Glencross Estate Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lowin House, Tregolls Road, Truro, TR1 2NA, United Kingdom. The principal place of business is Wenmouth Manor, St Neot, Liskeard, PL14 6NN.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net assets of £11,321. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Investment property not depreciated
Plant and machinery 20 % reducing balance
3 years straight line
Vehicles 15 % reducing balance
Fixtures and fittings 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Investment property Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 April 2023 265,079 0 13,190 3,421 281,690
Additions 0 11,294 0 0 11,294
At 31 March 2024 265,079 11,294 13,190 3,421 292,984
Accumulated depreciation
At 01 April 2023 0 0 165 2,156 2,321
Charge for the financial year 0 454 1,954 253 2,661
At 31 March 2024 0 454 2,119 2,409 4,982
Net book value
At 31 March 2024 265,079 10,840 11,071 1,012 288,002
At 31 March 2023 265,079 0 13,025 1,265 279,369
Leased assets included above:
Net book value
At 31 March 2024 0 0 11,071 0 11,071
At 31 March 2023 0 0 13,025 0 13,025

There has been no valuation of investment property by an independent valuer.

4. Debtors

2024 2023
£ £
Other debtors 1,792 5,069

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 0 144
Obligations under finance leases and hire purchase contracts 2,943 2,943
Other creditors 272,297 262,275
275,240 265,362

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 2,698 5,640

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
120 Ordinary shares of £ 1.00 each 120 120