2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 03324334 2023-03-01 2024-02-29 03324334 2024-02-29 03324334 2023-02-28 03324334 2022-03-01 2023-02-28 03324334 2023-02-28 03324334 2022-02-28 03324334 bus:Director3 2023-03-01 2024-02-29 03324334 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-28 03324334 core:LandBuildings core:OwnedOrFreeholdAssets 2024-02-29 03324334 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 03324334 core:WithinOneYear 2024-02-29 03324334 core:WithinOneYear 2023-02-28 03324334 core:AfterOneYear 2024-02-29 03324334 core:AfterOneYear 2023-02-28 03324334 core:ShareCapital 2024-02-29 03324334 core:ShareCapital 2023-02-28 03324334 core:OtherReservesSubtotal 2024-02-29 03324334 core:OtherReservesSubtotal 2023-02-28 03324334 core:RetainedEarningsAccumulatedLosses 2024-02-29 03324334 core:RetainedEarningsAccumulatedLosses 2023-02-28 03324334 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-28 03324334 bus:SmallEntities 2023-03-01 2024-02-29 03324334 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 03324334 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 03324334 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 03324334 bus:FullAccounts 2023-03-01 2024-02-29 03324334 core:ComputerEquipment 2023-02-28 03324334 core:ComputerEquipment 2023-03-01 2024-02-29 03324334 core:ComputerEquipment 2024-02-29
COMPANY REGISTRATION NUMBER: 03324334
GLEBELAND DEVELOPMENTS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
29 February 2024
GLEBELAND DEVELOPMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
29 February 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
333,161
301,817
CURRENT ASSETS
Stocks
1,600
1,600
Debtors
6
12,613
4,670
Cash at bank and in hand
16,977
2,772
--------
-------
31,190
9,042
CREDITORS: amounts falling due within one year
7
168,294
40,133
---------
--------
NET CURRENT LIABILITIES
137,104
31,091
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
196,057
270,726
CREDITORS: amounts falling due after more than one year
8
4,157
80,089
---------
---------
NET ASSETS
191,900
190,637
---------
---------
CAPITAL AND RESERVES
Called up share capital
250,000
250,000
Non distributable reserve
70,106
70,106
Profit and loss account
( 128,206)
( 129,469)
---------
---------
SHAREHOLDERS FUNDS
191,900
190,637
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
GLEBELAND DEVELOPMENTS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 25 November 2024 , and are signed on behalf of the board by:
Mr P J Wardle
Director
Company registration number: 03324334
GLEBELAND DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 29 FEBRUARY 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unti 18 Enterprise Centre, East Northants Michael Way, Warth Park, Raunds, Northamptonshire, NN9 6GR.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the profit and loss account represents amounts receivable during the year.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office equipment
-
33 1/3% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. TANGIBLE ASSETS
Freehold property
Equipment
Total
£
£
£
Cost
At 1 March 2023
300,000
3,630
303,630
Additions
24,784
8,655
33,439
---------
--------
---------
At 29 February 2024
324,784
12,285
337,069
---------
--------
---------
Depreciation
At 1 March 2023
1,813
1,813
Charge for the year
2,095
2,095
---------
--------
---------
At 29 February 2024
3,908
3,908
---------
--------
---------
Carrying amount
At 29 February 2024
324,784
8,377
333,161
---------
--------
---------
At 28 February 2023
300,000
1,817
301,817
---------
--------
---------
The company's land and buildings were valued on an open market basis by the directors at the year end.
6. DEBTORS
2024
2023
£
£
Trade debtors
12,600
4,670
Other debtors
13
--------
-------
12,613
4,670
--------
-------
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
82,662
13,824
Corporation tax
1,127
Social security and other taxes
226
416
Other creditors
85,406
24,766
---------
--------
168,294
40,133
---------
--------
8. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
4,157
80,089
-------
--------
9. RELATED PARTY TRANSACTIONS
The directors have advanced monies to the company. The amount due from the company at 28 February 2024 was £34,963 (2023 - £25,043).