Registered number
03481220
Glencourt Properties Limited
Filleted Accounts for the year ended
31 December 2023
Glencourt Properties Limited
Registered number: 03481220
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 383 574
Current assets
Stocks 787,381 787,381
Debtors 4 444 360
Cash at bank and in hand 198,981 275,628
986,806 1,063,369
Creditors: amounts falling due within one year 5 (51,646) (174,156)
Net current assets 935,160 889,213
Net assets 935,543 889,787
Capital and reserves
Called up share capital 30,000 30,000
Profit and loss account 905,543 859,787
Shareholders' funds 935,543 889,787
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R Sallows
Director
Approved by the board on 10 September 2024
Glencourt Properties Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 8,001
At 31 December 2023 8,001
Depreciation
At 1 January 2023 7,427
Charge for the year 191
At 31 December 2023 7,618
Net book value
At 31 December 2023 383
At 31 December 2022 574
4 Debtors 2023 2022
£ £
Prepayments 444 360
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 1,158 2,132
Director's loan account 2,417 141,391
Accruals 3,482 3,482
Deferred income 21,290 6,800
Taxation and social security costs 11,902 9,848
Tenant deposits 11,397 10,503
51,646 174,156
6 Controlling party
The ultimate controlling party is R Sallows, the director and majority shareholder.
7 Other information
Glencourt Properties Limited is a private company limited by shares and incorporated in England. Its registered office is:
238 Hornsey Road
Islington
London
N7 7LL
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