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Company Registration No. NI045385 (Northern Ireland)
Glad Properties Ltd Unaudited accounts for the year ended 29 February 2024
Glad Properties Ltd Unaudited accounts Contents
Page
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Glad Properties Ltd Company Information for the year ended 29 February 2024
Directors
Alistair Scott Desmond Turkington
Company Number
NI045385 (Northern Ireland)
Registered Office
1 Church Street Fintona Co Tyrone BT78 2BR
Accountants
A D Pottie & Co Ltd 1 Church Street Fintona Tyrone BT78 2BR
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Accountants' report to the Board of Directors on the unaudited financial statements of Glad Properties Ltd for the year ended 29 February 2024
In accordance with our terms of engagement, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the accounting records and information and explanations you have given to us.
This report is made solely to the company's Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company's Board of Directors that we have done so and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's Board of Directors as a body, for our work or for this report.
We have carried out this engagement in accordance with guidance issued by the Chartered Accountants Ireland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.
You have acknowledged on the balance sheet for the year ended 29 February 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. 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 financial statements.
A D Pottie & Co Ltd Chartered Accountants 1 Church Street Fintona Tyrone BT78 2BR 14 October 2024
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Glad Properties Ltd Statement of financial position as at 29 February 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
9,564 
11,955 
Current assets
Inventories
15,000 
15,000 
Debtors
33,800 
55,690 
Cash at bank and in hand
143,057 
149,536 
191,857 
220,226 
Creditors: amounts falling due within one year
(44,320)
(55,287)
Net current assets
147,537 
164,939 
Net assets
157,101 
176,894 
Capital and reserves
Called up share capital
20 
20 
Profit and loss account
157,081 
176,874 
Shareholders' funds
157,101 
176,894 
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 14 October 2024 and were signed on its behalf by
Alistair Scott Director Company Registration No. NI045385
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Glad Properties Ltd Notes to the Accounts for the year ended 29 February 2024
1
Statutory information
Glad Properties Ltd is a private company, limited by shares, registered in Northern Ireland, registration number NI045385. The registered office is 1 Church Street, Fintona, Co Tyrone, BT78 2BR.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% reducing balance
Motor vehicles
20% reducing balance
Fixtures & fittings
20% reducing balance
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 March 2023
50,000 
At 29 February 2024
50,000 
Amortisation
At 1 March 2023
50,000 
At 29 February 2024
50,000 
Net book value
At 29 February 2024
- 
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Glad Properties Ltd Notes to the Accounts for the year ended 29 February 2024
5
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 March 2023
89,917 
93,093 
1,616 
184,626 
At 29 February 2024
89,917 
93,093 
1,616 
184,626 
Depreciation
At 1 March 2023
87,315 
84,564 
792 
172,671 
Charge for the year
520 
1,706 
165 
2,391 
At 29 February 2024
87,835 
86,270 
957 
175,062 
Net book value
At 29 February 2024
2,082 
6,823 
659 
9,564 
At 28 February 2023
2,602 
8,529 
824 
11,955 
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
- 
21,890 
Trade debtors
27,500 
27,500 
Other debtors
6,300 
6,300 
33,800 
55,690 
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
11,933 
- 
Obligations under finance leases and hire purchase contracts
1,339 
1,339 
Trade creditors
19,323 
25,397 
Taxes and social security
(2,420)
15,289 
Other creditors
5,260 
- 
Loans from directors
2,385 
6,762 
Accruals
6,500 
6,500 
44,320 
55,287 
8
Average number of employees
During the year the average number of employees was 3 (2023: 4).
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