Company Registration No. NI045385 (Northern Ireland)
Glad Properties Ltd
Unaudited accounts
for the year ended 29 February 2024
Glad Properties Ltd
Unaudited accounts
Contents
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
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
Glad Properties Ltd
Statement of financial position
as at 29 February 2024
Tangible assets
9,564
11,955
Cash at bank and in hand
143,057
149,536
Creditors: amounts falling due within one year
(44,320)
(55,287)
Net current assets
147,537
164,939
Net assets
157,101
176,894
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
Glad Properties Ltd
Notes to the Accounts
for the year ended 29 February 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
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 (including purchased goodwill and patents) are included at cost less accumulated amortisation.
4
Intangible fixed assets
Goodwill
At 29 February 2024
50,000
At 29 February 2024
50,000
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
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
At 29 February 2024
2,082
6,823
659
9,564
At 28 February 2023
2,602
8,529
824
11,955
Amounts falling due within one year
Trade debtors
27,500
27,500
7
Creditors: amounts falling due within one year
2024
2023
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
Loans from directors
2,385
6,762
8
Average number of employees
During the year the average number of employees was 3 (2023: 4).