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REGISTERED NUMBER: 00560937 (England and Wales)

















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: G R Brazier
C S Brazier





REGISTERED OFFICE: 24 Cornwall Road
Dorchester
Dorset
DT1 1RX





REGISTERED NUMBER: 00560937 (England and Wales)





ACCOUNTANTS: Read Woodruff
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 62,278 2,618
Investment property 5 12,679,700 12,305,000
12,741,978 12,307,618

CURRENT ASSETS
Debtors 6 5,251,445 65,132
Cash at bank 401,033 1,083,940
5,652,478 1,149,072
CREDITORS
Amounts falling due within one year 7 1,243,044 955,271
NET CURRENT ASSETS 4,409,434 193,801
TOTAL ASSETS LESS CURRENT
LIABILITIES

17,151,412

12,501,419

CREDITORS
Amounts falling due after more than one
year

8

(4,078,488

)

-

PROVISIONS FOR LIABILITIES 10 (1,755,664 ) (1,609,392 )
NET ASSETS 11,317,260 10,892,027

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Fair value reserve 11 9,145,959 8,901,961
Retained earnings 2,161,301 1,980,066
11,317,260 10,892,027

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31 January 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.

Glyn-Afon Property Co Limited (Registered number: 00560937)

Balance Sheet - continued
31 January 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2024 and were signed on its behalf by:




G R Brazier - Director



C S Brazier - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures, fittings, equipment - 15% 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.

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 3 (2022 - 2 ) .

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 21,769
Additions 70,650
At 31 January 2024 92,419
DEPRECIATION
At 1 August 2022 19,151
Charge for period 10,990
At 31 January 2024 30,141
NET BOOK VALUE
At 31 January 2024 62,278
At 31 July 2022 2,618

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2022 12,305,000
Revaluations 374,700
At 31 January 2024 12,679,700
NET BOOK VALUE
At 31 January 2024 12,679,700
At 31 July 2022 12,305,000

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 16,251 11,334
Other debtors 5,235,194 53,798
5,251,445 65,132

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 253 4,579
Amounts owed to group undertakings - 140,381
Taxation and social security 1,149,312 16,772
Other creditors 93,479 793,539
1,243,044 955,271

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2022
£    £   
Bank loans 4,078,488 -

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans 4,078,488 -

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2022
£    £   
Bank loans 4,078,488 -

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 1,609,392
Charge to Income Statement during period 146,272
Balance at 31 January 2024 1,755,664

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 8,901,961
Transfer unrealised gain/loss on investment
property to fair value reserve

243,998


At 31 January 2024 9,145,959

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
£    £   
G R Brazier
Balance outstanding at start of period - -
Amounts advanced 4,068,700 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 4,068,700 -