Registration number:
Glenullin Limited
for the Year Ended 31 December 2023
Glenullin Limited
(Registration number: 12502562)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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- |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
- |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
|
Retained earnings |
144,568 |
160,141 |
|
Shareholders' funds |
144,668 |
160,241 |
For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Glenullin Limited
(Registration number: 12502562)
Balance Sheet as at 31 December 2023
......................................... |
Glenullin Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
United Kingdom
The principal place of business is:
Woodside Livery Stables,
Haynes West End,
Bedfordshire
MK45 3QU
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis.
Glenullin Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Judgements
The preparation of the financial statements 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. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and Machinery |
10% reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Glenullin Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised at the transaction price.
Stocks
Stock comprises properties acquired that are being developed within the business. Amounts are held at cost and include labour and material costs in developing the properties and land. At each period end the cost is reviewed and ensured that it is held at the lower of cost and net realisable value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Glenullin Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Tangible assets |
Other tangible assets |
Total |
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Cost or valuation |
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Additions |
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At 31 December 2023 |
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Depreciation |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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The above assets include assets held on hire purchase contracts. These are secured on the assets concerned. The total net book value of assets held on hire purchase is £27,381 (2022: £nil). The total depreciation charged in the year in respect of these assets was £464 (2022: £nil).
Stocks |
2023 |
2022 |
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Work in progress |
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Debtors |
Current |
Note |
2023 |
2022 |
Amounts owed by related parties |
|
- |
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Prepayments |
- |
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Other debtors |
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Glenullin Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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- |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
- |
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Accruals and deferred income |
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Other creditors |
- |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £7,556 (2022 - £nil). Hire purchase obligations are secured on the assets concerned.
Creditors include other borrowings of £356,438 (2022 - £nil) secured by a charge held in favour of Together Commercial Finance Limited and is secured over the land held at Water End Road, Maulden.
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £16,914 (2022 - £340,352).
Hire purchase obligations of £16,914 are secured on the assets concerned.
Other borrowings of £340,352 is secured by a charge held in favour of Together Commercial Finance Limited and is secured over the land held Water End Road, Maulden.
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
Ordinary shares of £1 each |
100 |
100 |
100 |
100 |
Glenullin Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Obligations under leases and hire purchase contracts |
Finance leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
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Not later than one year |
|
- |
Later than one year and not later than five years |
|
- |
|
- |
The hire purchase liabilities are secured on the assets concerned.
Related party transactions |
Summary of transactions with other related parties
At the balance sheeet date the company was owed £257,945 ((2022: £nil) from Mullan Groundworks & Civil Engineering Limited ( a company under common control). The amount is repayable on demand and carries no right to interest.
At the balance sheet date the company was owed £495 (2022 - £50 owed to) by the director Mr B Mullan. The amount is repayable on demand and carries no right to interest.
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is
Loans and borrowings |
Non-current loans and borrowings
2023 |
2022 |
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Other borrowings |
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Current loans and borrowings
2023 |
2022 |
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Other borrowings |
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- |