Company registration number 13354914 (England and Wales)
GLAWOOD ESTATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
GLAWOOD ESTATES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
GLAWOOD ESTATES LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GLAWOOD ESTATES LIMITED FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Glawood Estates Limited for the year ended 31 March 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Glawood Estates Limited, as a body, in accordance with the terms of our engagement letter dated 25 January 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Glawood Estates Limited and state those matters that we have agreed to state to the board of directors of Glawood Estates Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Glawood Estates Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Glawood Estates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Glawood Estates Limited. You consider that Glawood Estates Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Glawood Estates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Carpenter Box
18 November 2024
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
GLAWOOD ESTATES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,503,884
3,405,179
Investment property
4
1,895,000
2,020,000
5,398,884
5,425,179
Current assets
Debtors
5
26,989
2,128
Cash at bank and in hand
102,754
77,162
129,743
79,290
Creditors: amounts falling due within one year
6
(41,265)
(41,535)
Net current assets
88,478
37,755
Total assets less current liabilities
5,487,362
5,462,934
Provisions for liabilities
(29,800)
(35,000)
Net assets
5,457,562
5,427,934
Capital and reserves
Called up share capital
7
5,280,100
5,280,100
Profit and loss reserves
8
177,462
147,834
Total equity
5,457,562
5,427,934

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

GLAWOOD ESTATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 18 November 2024 and are signed on its behalf by:
Mrs K E Ransom
Director
Company registration number 13354914 (England and Wales)
GLAWOOD ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

Glawood Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is 50 Crabtree Lane, Lancing, West Sussex, BN15 9PJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors had a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties, and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration receivable for rent.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Revalued on an annual basis
Plant and equipment
25% per annum on a diminishing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

GLAWOOD ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

GLAWOOD ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 3 (2023 - 2).

3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 April 2023
3,400,000
5,404
3,405,404
Revaluation
100,000
-
0
100,000
At 31 March 2024
3,500,000
5,404
3,505,404
Depreciation and impairment
At 1 April 2023
-
0
225
225
Depreciation charged in the year
-
0
1,295
1,295
At 31 March 2024
-
0
1,520
1,520
Carrying amount
At 31 March 2024
3,500,000
3,884
3,503,884
At 31 March 2023
3,400,000
5,179
3,405,179
4
Investment property
2024
£
Fair value
At 1 April 2023
2,020,000
Revaluations
(125,000)
At 31 March 2024
1,895,000

Investment property comprises a mix of commercial and residential property. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

GLAWOOD ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
8,781
1,481
Amounts owed by group undertakings
7,077
-
0
Other debtors
11,131
647
26,989
2,128
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,242
1,832
Taxation and social security
21,797
27,656
Other creditors
17,226
12,047
41,265
41,535
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
2,112,040
2,112,040
2,112,040
2,112,040
Ordinary B shares of £1 each
3,168,060
3,168,060
3,168,060
3,168,060
5,280,100
5,280,100
5,280,100
5,280,100
8
Profit and loss reserves

Included within the profit and loss reserves are non-distributable reserves of £86,250 (2023: £105,000).

GLAWOOD ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
9
Prior period adjustment
Reconciliation of changes in equity
1 April
31 March
2022
2023
£
£
Adjustments to prior year
Deferred tax liability
-
(70,000)
Equity as previously reported
5,279,249
5,497,934
Equity as adjusted
5,279,249
5,427,934
Analysis of the effect upon equity
Profit and loss reserves
-
(70,000)
Notes to reconciliation

Deferred tax was not correctly provided for in the financial statements for the prior year. The closing reserves and profit in the prior year were therefore overstated by £70,000. The prior year accounts have now been correctly restated.

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