REGISTERED NUMBER: |
Glyn-Afon Property Co Limited |
Financial Statements |
for the Period 1 August 2022 to 31 January 2024 |
REGISTERED NUMBER: |
Glyn-Afon Property Co Limited |
Financial Statements |
for the Period 1 August 2022 to 31 January 2024 |
Glyn-Afon Property Co Limited (Registered number: 00560937) |
Contents of the Financial Statements |
for the period 1 August 2022 to 31 January 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Glyn-Afon Property Co Limited |
Company Information |
for the period 1 August 2022 to 31 January 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
24 Cornwall Road |
Dorchester |
Dorset |
DT1 1RX |
Glyn-Afon Property Co Limited (Registered number: 00560937) |
Balance Sheet |
31 January 2024 |
2024 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 11 |
Retained earnings |
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. |
Glyn-Afon Property Co Limited (Registered number: 00560937) |
Balance Sheet - continued |
31 January 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Glyn-Afon Property Co Limited (Registered number: 00560937) |
Notes to the Financial Statements |
for the period 1 August 2022 to 31 January 2024 |
1. | STATUTORY INFORMATION |
Glyn-Afon Property Co Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the 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. |
Tangible fixed assets |
Fixtures, fittings, equipment | - |
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. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
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. |
Fair value reserve |
Whilst fair value gains on investment property are taken to the profit and loss account, they are not distributable as dividend to shareholders because the gain is unrealised. The company therefore adopts the policy of transferring the fair value adjustment net/inclusive of the deferred tax charge/credit to a separate account,'fair value reserve'. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
Glyn-Afon Property Co Limited (Registered number: 00560937) |
Notes to the Financial Statements - continued |
for the period 1 August 2022 to 31 January 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures, |
fittings, |
equipment |
£ |
COST |
At 1 August 2022 |
Additions |
At 31 January 2024 |
DEPRECIATION |
At 1 August 2022 |
Charge for period |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 July 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 August 2022 |
Revaluations | 374,700 |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 July 2022 |
Fair value at 31 January 2024 is represented by: |
£ |
Valuation in 2021 | 10,511,353 |
Valuation in 2024 | 374,700 |
Cost | 1,793,647 |
12,679,700 |
If investment property had not been revalued it would have been included at the following historical cost: |
2024 | 2022 |
£ | £ |
Cost | 1,793,647 | 1,793,647 |
Investment property was valued on a fair value basis on 31 January 2024 by the directors . |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Glyn-Afon Property Co Limited (Registered number: 00560937) |
Notes to the Financial Statements - continued |
for the period 1 August 2022 to 31 January 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2022 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2022 |
£ | £ |
Bank loans |
Mortgages are secured by legal charges created on 31 August 2022 over the company's investment properties, |
10. | PROVISIONS FOR LIABILITIES |
2024 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 15,570 | - |
Capital gains on investment property | 1,740,094 | 1,609,392 |
1,755,664 | 1,609,392 |
Deferred |
tax |
£ |
Balance at 1 August 2022 |
Charge to Income Statement during period |
Balance at 31 January 2024 |
Glyn-Afon Property Co Limited (Registered number: 00560937) |
Notes to the Financial Statements - continued |
for the period 1 August 2022 to 31 January 2024 |
11. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 August 2022 |
Transfer unrealised gain/loss on investment property to fair value reserve |
243,998 |
At 31 January 2024 |
The fair value reserve represents the unrealised gains on carrying investment property at fair value less the deferred tax provision thereon; being unrealised, such amounts are not available to be distributed as dividend to shareholders. |
12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the periods ended 31 January 2024 and 31 July 2022: |
2024 | 2022 |
£ | £ |
Balance outstanding at start of period |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |