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Registration number: 11429648

Prepared for the registrar

Gliding Investments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Gliding Investments Limited

(Registration number: 11429648)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

3,872,500

3,872,500

Investments

5

85,858

24

 

3,958,358

3,872,524

Current assets

 

Debtors

6

794,070

913,479

Cash at bank and in hand

 

95,749

307,149

 

889,819

1,220,628

Creditors: Amounts falling due within one year

7

(1,051,659)

(2,464,082)

Net current liabilities

 

(161,840)

(1,243,454)

Total assets less current liabilities

 

3,796,518

2,629,070

Creditors: Amounts falling due after more than one year

7

(3,241,079)

(2,086,239)

Deferred tax liabilities

 

(51,875)

(51,875)

Net assets

 

503,564

490,956

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

155,625

155,625

Profit and loss account

347,839

335,231

Shareholders' funds

 

503,564

490,956

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 20 November 2024 and signed on its behalf by:
 


D Nevies
Director

 

Gliding Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
19 Shirehall Lane
London
NW4 2PE

 

2

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 except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Revenue recognition

Turnover comprises the fair value of the rent received or receivable in respect of the investment properties in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

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 the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The corporation 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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate. Changes in fair value are recognised in profit or loss.

 

Gliding Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

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

 

Gliding Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

4

Investment properties

2024
£

At 1 April 2023 and 31 March 2024

3,872,500

The properties were valued at 31 August 2023, by the director. The historical costs of the properties is £3,665,000 (2023: £3,665,000).

 

5

Investments

2024
£

2023
£

Investments

85,858

24

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

School Lettings Investments Limited

Suite 2 Arkleigh Mansions
194-200 Brent Street
London
NW4 1BJ

Ordinary

24%

24%

The aggregate amount of capital and reserves of School Lettings Investments Limited at the end of the period was £1,042,034.

 

Gliding Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

6

Debtors

Note

2024
 £

2023
 £

Amounts owed by related parties

9

290,420

490,085

Other debtors

 

487,456

422,332

Prepayments

 

16,162

1,062

Corporation tax asset

32

-

 

794,070

913,479

 

7

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

8

-

1,403,989

Amounts due to related parties

9

1,041,252

1,040,814

Other creditors

 

7,509

5,019

Accrued expenses

 

2,898

1,840

Corporation tax liability

-

12,420

 

1,051,659

2,464,082

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

3,241,079

2,086,239

 

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

-

1,403,989

Note

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

 

1,250,000

-

Unsecured loans

9

1,991,079

2,086,239

 

3,241,079

2,086,239

The bank loan is secured on the investment properties.

The loan notes are unsecured and are repayable in accordance with the conditions as set out in the loan note instrument. At 31 March 2024, the company owed £456,249 (2023: £468,790) to the directors and £1,534,828 (2023: £1,617,449) to other related parties in the form of loan notes.

 

Gliding Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

9

Related party transactions

Summary of transactions with other related parties

At 31 March 2024, the company owed £422,783 (2023: £421,375) to a director in the form of a director's loan account. No interest was charged on this balance and there are no fixed repayment terms.

At 31 March 2024, the company owed £493,417 (2023: £493,937) to a director in the form of a director's loan account. No interest was charged on this balance and there are no fixed repayment terms.

At 31 March 2024, the company owed £125,052 (2023: £125,502) to shareholders in the form of loan accounts. No interest was charged on this balance and there are no fixed repayment terms.

At 31 March 2024, the company was owed £290,420 (2023: £490,085) by Gliding Developments Limited, a company under common control. No interest was charged on this balance and there are no fixed repayment terms.

Other transactions with related parties are included in note 9.