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REGISTERED NUMBER: 04896323 (England and Wales)















Unaudited Financial Statements

for the Period 1 April 2023 to 31 August 2024

for

Glenfield Real Estate Limited

Glenfield Real Estate Limited (Registered number: 04896323)

Contents of the Financial Statements
for the Period 1 April 2023 to 31 August 2024










Page

Balance Sheet 1

Notes to the Financial Statements 3


Glenfield Real Estate Limited (Registered number: 04896323)

Balance Sheet
31 August 2024

2024 2023
Notes £ £
Fixed assets
Tangible assets 5 - 55,668
Investment property 6 - 6,325,000
- 6,380,668

Current assets
Debtors 7 - 37,334
Cash at bank 178,663 254,453
178,663 291,787
Creditors
Amounts falling due within one year 8 (153,663 ) (2,800,120 )
Net current assets/(liabilities) 25,000 (2,508,333 )
Total assets less current liabilities 25,000 3,872,335

Creditors
Amounts falling due after more than one
year

9

-

(2,151,052

)
Net assets 25,000 1,721,283

Capital and reserves
Called up share capital 150 150
Retained earnings 24,850 1,721,133
25,000 1,721,283

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Glenfield Real Estate Limited (Registered number: 04896323)

Balance Sheet - continued
31 August 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 October 2024 and were signed on its behalf by:





Mr P Chase - Director


Glenfield Real Estate Limited (Registered number: 04896323)

Notes to the Financial Statements
for the Period 1 April 2023 to 31 August 2024


1. Statutory information

Glenfield Real Estate Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 04896323

Registered office: East Coast House
Galahad Road
Gorleston
Great Yarmouth
Norfolk
NR31 7RU

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Given the straightforward operations and financial position of the company, there are not considered to be any key sources of judgement or estimation uncertainty within these financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Glenfield Real Estate Limited (Registered number: 04896323)

Notes to the Financial Statements - continued
for the Period 1 April 2023 to 31 August 2024


3. Accounting policies - continued

Tangible fixed assets
Tangible fixed assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings- 20% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Glenfield Real Estate Limited (Registered number: 04896323)

Notes to the Financial Statements - continued
for the Period 1 April 2023 to 31 August 2024


3. Accounting policies - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Glenfield Real Estate Limited (Registered number: 04896323)

Notes to the Financial Statements - continued
for the Period 1 April 2023 to 31 August 2024


3. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. Employees and directors

The average number of employees during the period was 2 (2023 - 3 ) .

5. Tangible fixed assets
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£ £ £ £ £
Cost
At 1 April 2023 32,904 128,525 14,054 2,399 177,882
Additions - 2,452 - - 2,452
Disposals (32,904 ) (130,977 ) (14,054 ) (2,399 ) (180,334 )
At 31 August 2024 - - - - -
Depreciation
At 1 April 2023 - 112,848 7,134 2,232 122,214
Eliminated on disposal - (112,848 ) (7,134 ) (2,232 ) (122,214 )
At 31 August 2024 - - - - -
Net book value
At 31 August 2024 - - - - -
At 31 March 2023 32,904 15,677 6,920 167 55,668

Glenfield Real Estate Limited (Registered number: 04896323)

Notes to the Financial Statements - continued
for the Period 1 April 2023 to 31 August 2024


6. Investment property
Total
£
Fair value
At 1 April 2023 6,325,000
Disposals (6,325,000 )
At 31 August 2024 -
Net book value
At 31 August 2024 -
At 31 March 2023 6,325,000

7. Debtors: amounts falling due within one year
2024 2023
£ £
Other debtors - 37,334

8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 32,806 2,737,529
Hire purchase contracts - 2,233
Trade creditors 1,360 15,002
Taxation and social security 1,735 (263 )
Other creditors 117,762 45,619
153,663 2,800,120

9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans - 2,135,949
Other creditors - 15,103
- 2,151,052

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 years - 2,100,400

Repayable by instalments
Bank loans more 5 years - 15,026

Glenfield Real Estate Limited (Registered number: 04896323)

Notes to the Financial Statements - continued
for the Period 1 April 2023 to 31 August 2024


10. Secured debts

The following secured debts are included within creditors:

2024 2023
£ £
Managed properties - 4,832,800
Hire purchase agreements - 2,233
- 4,835,033

Debts are secured by way of charge over the underlying assets concerned and personal guarantees from the directors' over the managed properties.