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REGISTERED NUMBER: 03201732 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

GLEBE HOUSE COTTAGES LIMITED

GLEBE HOUSE COTTAGES LIMITED (REGISTERED NUMBER: 03201732)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GLEBE HOUSE COTTAGES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: Mrs P Brewer
N P Brewer
J Brewer





REGISTERED OFFICE: Glebe House
Bridgerule
Holsworthy
Devon
EX22 7EW





REGISTERED NUMBER: 03201732 (England and Wales)





ACCOUNTANTS: Barker Wilkinson Limited
19-21 Middle Row
Stevenage
Hertfordshire
SG1 3AW

GLEBE HOUSE COTTAGES LIMITED (REGISTERED NUMBER: 03201732)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,011,720 608,725

CURRENT ASSETS
Stocks 7,628 7,908
Debtors 5 81,494 23,965
Cash at bank and in hand 936,974 24,926
1,026,096 56,799
CREDITORS
Amounts falling due within one year 6 1,925,340 591,110
NET CURRENT LIABILITIES (899,244 ) (534,311 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

112,476

74,414

CAPITAL AND RESERVES
Called up share capital 130,000 130,000
Retained earnings (17,524 ) (55,586 )
112,476 74,414

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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.

GLEBE HOUSE COTTAGES LIMITED (REGISTERED NUMBER: 03201732)

BALANCE SHEET - continued
29 FEBRUARY 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 6 November 2024 and were signed on its behalf by:




N P Brewer - Director



Mrs P Brewer - Director


GLEBE HOUSE COTTAGES LIMITED (REGISTERED NUMBER: 03201732)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Glebe House Cottages 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.

The directors have assessed various factors and risks affecting the company and its ability in these difficult economic times to continue to trade as a going concern. The directors have not identified any material uncertainties or risks related to events or conditions that could affect the carrying values of the company's assets and liabilities as at the balance sheet date. Further, the directors continue to support the company by way of director funding and have not indicated that such support will be withdrawn in the foreseeable future. Therefore the financial statements for the year ended 29th February 2024 have been prepared using the going concern basis of accounting.

Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from those estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation and uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

Freehold Property
The residual value of freehold property has been estimated to be at least equal to original cost at which it is stated within the accounts based on current market conditions.

Revenue recognition
Revenue from accommodation charges is recognised on the date the customer occupies the rental property. All other revenue from bar and food sales is recognised on the date of the transaction.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 2% on cost
Improvements to property - 2% on cost
Plant and machinery - 10% on reducing balance

Stocks
Stocks have been valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for obsolete and slow moving items.

Financial instruments
The directors consider all financial instruments to be basic financial instruments in accordance with paragraph 11 of FRS102. All basic financial instruments including other debtors, cash and cash equivalents, and other creditors, are initially recognised at transaction price and thereafter stated at amortised cost.


GLEBE HOUSE COTTAGES LIMITED (REGISTERED NUMBER: 03201732)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year 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 year 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Assets Improvements
Freehold under to Plant and
property construction property machinery Totals
£    £    £    £    £   
COST
At 1 March 2023 310,375 - 128,036 385,003 823,414
Additions - 416,884 - 30,192 447,076
At 29 February 2024 310,375 416,884 128,036 415,195 1,270,490
DEPRECIATION
At 1 March 2023 - - 16,483 198,206 214,689
Charge for year - - 2,561 41,520 44,081
At 29 February 2024 - - 19,044 239,726 258,770
NET BOOK VALUE
At 29 February 2024 310,375 416,884 108,992 175,469 1,011,720
At 28 February 2023 310,375 - 111,553 186,797 608,725

Estimated residual value of the freehold property is reviewed on an annual basis and the directors consider the residual value to be at least the cost at which it stands in the accounts.

GLEBE HOUSE COTTAGES LIMITED (REGISTERED NUMBER: 03201732)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
VAT 42,814 -
Deferred tax asset 31,180 23,965
Prepayments 7,500 -
81,494 23,965

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 1,382,555 -
Trade creditors (3 ) (1 )
Social security and other taxes 1,981 78
VAT - 1,566
Deposits 57,324 81,318
Directors' current accounts 482,233 506,899
Accrued expenses 1,250 1,250
1,925,340 591,110