Company registration number 09903340 (England and Wales)
GLYNFELIN ESTATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
GLYNFELIN ESTATES LIMITED
COMPANY INFORMATION
Directors
Mr S R Lopez
Mrs S E B Lopez
Company number
09903340
Registered office
Glynfelin Longford Road
Dyffryn
Neath
Neath Port Talbot
SA10 7AX
Accountants
WBV Limited
The Third Floor
Langdon House, Langdon Road
SA1 Swansea Waterfront
Swansea
Wales
SA1 8QY
GLYNFELIN ESTATES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 10
GLYNFELIN ESTATES LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GLYNFELIN ESTATES LIMITED FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Glynfelin Estates Limited for the year ended 31 December 2023 which comprise, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Glynfelin Estates Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Glynfelin Estates Limited and state those matters that we have agreed to state to the board of directors of Glynfelin Estates Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Glynfelin Estates Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Glynfelin Estates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Glynfelin Estates Limited. You consider that Glynfelin Estates Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Glynfelin Estates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
WBV Limited
16 September 2024
Chartered Accountants
The Third Floor
Langdon House, Langdon Road
SA1 Swansea Waterfront
Swansea
Wales
SA1 8QY
GLYNFELIN ESTATES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
32,240
27,688
Investment property
4
24,749,789
24,708,380
Investments
5
127,347
227,347
24,909,376
24,963,415
Current assets
Debtors
6
442,143
238,006
Cash at bank and in hand
279,812
747,888
721,955
985,894
Creditors: amounts falling due within one year
7
(13,036,713)
(13,631,840)
Net current liabilities
(12,314,758)
(12,645,946)
Total assets less current liabilities
12,594,618
12,317,469
Creditors: amounts falling due after more than one year
8
(10,088,524)
(10,170,644)
Provisions for liabilities
(473,432)
(439,647)
Net assets
2,032,662
1,707,178
Capital and reserves
Called up share capital
10
1,000
1,000
Profit and loss reserves
2,031,662
1,706,178
Total equity
2,032,662
1,707,178
The directors of the company have 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 directors acknowledge their 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.
GLYNFELIN ESTATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 8 September 2024 and are signed on its behalf by:
Mr S R Lopez
Director
Company registration number 09903340 (England and Wales)
GLYNFELIN ESTATES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 31 December 2022:
Balance at 1 January 2022
1,000
1,178,701
1,179,701
Year ended 31 December 2022:
Profit and total comprehensive income
-
1,066,236
1,066,236
Dividends
-
(99,112)
(99,112)
Balance at 31 December 2022
1,000
2,145,825
2,146,825
Year ended 31 December 2023:
Effect of prior year adjustments
-
(439,647)
(439,647)
Profit and total comprehensive income
-
337,546
337,546
Dividends
-
(12,062)
(12,062)
Balance at 31 December 2023
1,000
2,031,662
2,032,662
GLYNFELIN ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
1
Accounting policies
Company information
Glynfelin Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is Glynfelin Longford Road, Dyffryn, Neath, Neath Port Talbot, SA10 7AX.
1.1
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents the fair value of rents received from the tenants of the company's properties, excluding value added tax.
1.3
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:
Plant and equipment
20% on cost
Computers
20% on cost
Motor vehicles
20% on cost
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.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
GLYNFELIN ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
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
GLYNFELIN ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
3
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
8,046
24,729
14,047
46,822
Additions
19,375
19,375
Disposals
(14,047)
(14,047)
At 31 December 2023
8,046
24,729
19,375
52,150
Depreciation and impairment
At 1 January 2023
2,308
10,272
6,554
19,134
Depreciation charged in the year
1,609
4,439
1,283
7,331
Eliminated in respect of disposals
(6,555)
(6,555)
At 31 December 2023
3,917
14,711
1,282
19,910
Carrying amount
At 31 December 2023
4,129
10,018
18,093
32,240
At 31 December 2022
5,738
14,457
7,493
27,688
4
Investment property
2023
£
Fair value
At 1 January 2023
24,708,380
Additions
41,409
At 31 December 2023
24,749,789
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
100,000
Other investments other than loans
127,347
127,347
127,347
227,347
GLYNFELIN ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Shares in associates
Other
Total
£
£
£
Cost or valuation
At 1 January 2023
100,000
127,347
227,347
Disposals
(100,000)
-
(100,000)
At 31 December 2023
-
127,347
127,347
Carrying amount
At 31 December 2023
-
127,347
127,347
At 31 December 2022
100,000
127,347
227,347
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
352,184
138,047
Amounts owed by group undertakings and undertakings in which the company has a participating interest
89,959
99,959
442,143
238,006
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
718,065
1,354,011
Trade creditors
77,269
32,746
Amounts owed to group undertakings and undertakings in which the company has a participating interest
11,397,506
11,553,175
Corporation tax
124,908
193,141
Other taxation and social security
95,220
70,340
Other creditors
623,745
428,427
13,036,713
13,631,840
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
10,088,524
10,170,644
GLYNFELIN ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Creditors: amounts falling due after more than one year
(Continued)
- 9 -
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
7,216,263
324,873
9
Loans and overdrafts
2023
2022
£
£
Bank loans
10,806,589
11,524,655
Payable within one year
718,065
1,354,011
Payable after one year
10,088,524
10,170,644
The bank loan is secured by a charge over the freehold property owned by the company.
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,000
1,000
1,000
1,000
11
Prior period adjustment
Adjustments to equity
1 January
31 December
2022
2022
£
£
Adjustments to prior year
Deferred tax provision
-
(439,647)
Investment property
75,500
-
Total adjustments
75,500
(439,647)
Analysis of the effect upon equity
Profit and loss reserves
75,500
(439,647)
Adjustments to profit for the previous financial period
2022
£
Adjustments to prior year
Deferred tax provision
(439,647)
GLYNFELIN ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Prior period adjustment
(Continued)
- 10 -
Notes to adjustments
The adjustment of £439,647 relates to the under provision of deferred tax liability in the year ended 31st December 2022. This has been corrected in the comparative figures, by restating the opening reserves.
P&L reserves b/f as previous £2,145,825 prior year adjustment (see note) (£439,647), balance b/f as restated £1,706,178.
Profit for the year £337,546, dividends (£12,062), P&L reserves at 31 December 2023 £2,031,662.
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