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Company Registration No. 10782984 (England and Wales)
GLENFROME DEVELOPMENTS LIMITED
Financial Statements
for the Period from 01 June 2023 to 31 May 2024

GLENFROME DEVELOPMENTS LIMITED

Financial Statements for the period ending 31 May 2024

GLENFROME DEVELOPMENTS LIMITED

Financial Statements for the period ending 31 May 2024

Notes to the Accounts

1. Statutory Information
GLENFROME DEVELOPMENTS LIMITED is a private company, limited by shares, registered in England and Wales, registration number 10782984.
2. Accounting Policies
Basis of preparing the Financial Statements
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities.
Presentation Currency
The accounts are presented in £ sterling.
Turnover
Turnover from the sale of residential property is recognised on completion of the sales contract. Turnover from other sources is recognised on an accruals basis when it falls due.

GLENFROME DEVELOPMENTS LIMITED

Financial Statements for the period ending 31 May 2024

Notes to the Accounts

Current Tax
Current tax is provided at amounts expected to be paid or recovered at the rates and laws enacted at the balance sheet date.

GLENFROME DEVELOPMENTS LIMITED

Financial Statements for the period ending 31 May 2024

Notes to the Accounts

Stock
Property held with a view to eventual sale is held at the lower of cost and net asset value. On 31 May 2024 the company's trading property was appropriated from trading to investment properties.

GLENFROME DEVELOPMENTS LIMITED

Financial Statements for the period ending 31 May 2024

Notes to the Accounts

3. Exceptional Items
On 31 May 2024 the company's trading property was appropriated from trading to investment properties on the basis of an external independent valuation of £440,000. This gave rise to a gain of £38,144 which has been classified as Other Income within the Income Statement.
4. Employees
Average number of employees, including directors, during the year was as follows:
2024 0
2023 0
5. Principal Activity
The principal activity of the company is development of residential property. Construction of a terrace of 4 houses at Glenfrome Place, Winterbourne, South Gloucestershire was completed in December 2021 and 3 of the houses were sold in the year ended 31 May 2022. The 4th property has, since completion, been let out with a view to its eventual sale. At 31 May 2024 it was determined that this property would be retained for the longer term and has accordingly been transferred from trading assets to investment properties.

GLENFROME DEVELOPMENTS LIMITED

Financial Statements for the period ending 31 May 2024

Notes to the Accounts

6. Investment Properties
2024 2023
£ £
Valuation at 01/06/2023 - -
Additions 440,000 -
Disposals - -
Transfered (to)/from tangible fixed assets - -
Fair Value adjustments - -
Valuation at 31/05/2024 440,000 -

GLENFROME DEVELOPMENTS LIMITED

Financial Statements for the period ending 31 May 2024

Notes to the Accounts

7. Debtors
2024 2023
£ £
Other debtors 592 361
Prepayment and accrued income 528 -
1,120 361
8. Creditors: amount falling due within one year
2024 2023
£ £
Corporation Tax 13,580 3,983
Accruals and deferred income 17,397 15,362
30,977 19,345