Company registration number 07735412 (England and Wales)
GLENBROOK PROPERTY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
GLENBROOK PROPERTY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
GLENBROOK PROPERTY LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
75,900
73,492
Investments
4
261,087
209,772
336,987
283,264
Current assets
Debtors
5
224,148
6,389
Cash at bank and in hand
468,468
735,406
692,616
741,795
Creditors: amounts falling due within one year
6
(78,839)
(55,198)
Net current assets
613,777
686,597
Net assets
950,764
969,861
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
950,763
969,860
Total equity
950,764
969,861

The director of the company has 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 director acknowledges his 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 23 September 2024
I Sherry
Director
Company registration number 07735412 (England and Wales)
GLENBROOK PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Glenbrook Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is Union, 2-10 Albert Square, Manchester, M2 6LW.

1.1
Reporting period

These financial statements represent a fourteen month period. The year end date was amended to align with the parent company.

1.2
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 under the historical cost convention modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover represents amounts receivable for services net of VAT and trade discounts.

1.4
Tangible fixed assets

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

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

Leasehold improvements
over 10 years
Fixtures and fittings
25% reducing balance
Motor vehicles
over 5 years

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
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.

GLENBROOK PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
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.

Fair value measurement of financial instruments

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

1.7
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.

 

 

2
Employees

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

2023
2022
Number
Number
Total
2
2
GLENBROOK PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
16,894
98,061
114,955
Additions
21,450
1,832
23,282
Disposals
-
0
(1,000)
(1,000)
At 31 December 2023
38,344
98,893
137,237
Depreciation and impairment
At 1 January 2023
6,738
34,725
41,463
Depreciation charged in the year
3,373
16,501
19,874
At 31 December 2023
10,111
51,226
61,337
Carrying amount
At 31 December 2023
28,233
47,667
75,900
At 31 December 2022
10,156
63,336
73,492
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
261,087
209,772
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2023
209,772
Additions
50,000
Valuation changes
29,458
Capital returned
(28,143)
At 31 December 2023
261,087
Carrying amount
At 31 December 2023
261,087
At 31 December 2022
209,772
GLENBROOK PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
60,000
-
0
Corporation tax recoverable
40,358
-
0
Other debtors
123,790
6,389
224,148
6,389
6
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
9,146
8,000
Corporation tax
40,358
24,124
Other taxation and social security
26,060
19,799
Other creditors
3,275
3,275
78,839
55,198
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
100
100
1
1
8
Directors' transactions

Loans have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
Directors loan account
2.25
3,312
115,010
1,258
119,580
3,312
115,010
1,258
119,580
9
Parent company

The parent company is Kinsem Limited, a company registered in England & Wales.

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