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Registration number: 10510504

Glendinning Construction Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

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Glendinning Construction Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Glendinning Construction Limited

Company Information

Directors

A Glendinning

K C Glendinning

Registered office

48 Powerscroft Road
London
E5 0PP

Accountants

Viewpoint Accountants Ltd
Saxon House 27 Duke Street
Chelmsford
Essex
CM1 1HT

 

Glendinning Construction Limited

(Registration number: 10510504)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

221

443

Investment property

6

500,000

500,000

 

500,221

500,443

Current assets

 

Debtors

7

21,000

21,000

Cash at bank and in hand

 

11,120

10,919

 

32,120

31,919

Creditors: Amounts falling due within one year

8

(344,618)

(336,618)

Net current liabilities

 

(312,498)

(304,699)

Total assets less current liabilities

 

187,723

195,744

Creditors: Amounts falling due after more than one year

8

(314,000)

(314,000)

Net liabilities

 

(126,277)

(118,256)

Capital and reserves

 

Called up share capital

9

1,000

1,000

Retained earnings

(127,277)

(119,256)

Shareholders' deficit

 

(126,277)

(118,256)

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Glendinning Construction Limited

(Registration number: 10510504)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 6 September 2024 and signed on its behalf by:
 

.........................................
A Glendinning
Director

 

Glendinning Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
48 Powerscroft Road
London
E5 0PP

These financial statements were authorised for issue by the Board on 6 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. The company is financially supported by the directors.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Glendinning Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer Equipment

20% straight line method

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Glendinning Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract
that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares
are issued, any component that creates a financial liability of the company is presented as a liability in the
balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in
the profit and loss account.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

222

222

 

Glendinning Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

1,109

1,109

At 31 December 2023

1,109

1,109

Depreciation

At 1 January 2023

666

666

Charge for the year

222

222

At 31 December 2023

888

888

Carrying amount

At 31 December 2023

221

221

At 31 December 2022

443

443

6

Investment properties

2023
£

At 1 January

500,000

At 31 December

500,000

The investment property has been internally revalued by the director with reference to independent property valuation tools.

7

Debtors

Note

2023
£

2022
£

Deferred tax assets

21,000

21,000

 

21,000

21,000

 

Glendinning Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Other creditors

344,618

336,618

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

314,000

314,000

Bank borrowings

The mortgage with Metro Bank is secured by a fixed legal charge over the freehold property.
The mortgage is repayable over 15 years.

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Shares of £1 each

1,000

1,000

1,000

1,000

       

10

Reserves

Included within the profit and loss account are losses of £110,982 (2022: £110,982) not available for distribution as they are unrealised.

 

Glendinning Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

11

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Repayments by director
£

At 31 December 2023
£

Directors' Loan

(334,818)

(8,000)

(342,818)