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Registered number: 02113534
Glaslyn Retirement Homes Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Accountant's Report
Chartered Accountant's report to the directors on the preparation of the unaudited statutory accounts of Glaslyn Retirement Homes Limited For The Year Ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Glaslyn Retirement Homes Limited For The Year Ended 31 March 2024 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member 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 http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of Glaslyn Retirement Homes Limited , as a body, in accordance with the terms of our engagement letter dated 24 April 2018. Our work has been undertaken solely to prepare for your approval the accounts of Glaslyn Retirement Homes Limited and state those matters that we have agreed to state to the directors of Glaslyn Retirement Homes 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 Glaslyn Retirement Homes Limited and its directors, as a body, for our work or for this report.
It is your duty to ensure that Glaslyn Retirement Homes Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Glaslyn Retirement Homes Limited . You consider that Glaslyn Retirement Homes Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Glaslyn Retirement Homes 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 financial statements.
Signed
Ellis Lloyd Jones LLP
28/11/2024
Ellis Lloyd Jones LLP
Chartered Accountants
11 Park Square
Newport
NP20 4EL
Page 1
Page 2
Balance Sheet
Registered number: 02113534
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,916,761 2,992,365
2,916,761 2,992,365
CURRENT ASSETS
Stocks 5 15,200 19,000
Debtors 6 660,845 432,737
Cash at bank and in hand 2,361 195,596
678,406 647,333
Creditors: Amounts Falling Due Within One Year 7 (736,478 ) (233,578 )
NET CURRENT ASSETS (LIABILITIES) (58,072 ) 413,755
TOTAL ASSETS LESS CURRENT LIABILITIES 2,858,689 3,406,120
Creditors: Amounts Falling Due After More Than One Year 8 (443,576 ) (526,533 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (109,547 ) (96,886 )
NET ASSETS 2,305,566 2,782,701
CAPITAL AND RESERVES
Called up share capital 10 1 1
Capital redemption reserve 2 2
Profit and Loss Account 2,305,563 2,782,698
SHAREHOLDERS' FUNDS 2,305,566 2,782,701
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Page 3
For the 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.
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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs I J Wright
Director
28/11/2024
The notes on pages 4 to 7 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
Glaslyn Retirement Homes Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02113534 . The registered office is Crickhowell Road, Gilwern, Abergavenny, NP7 0EH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The presentational currency is pound sterling and the figures have been rounded to the nearest pound.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% straight line on residual value
Plant & Machinery 15% on written value and 25% straight line
Motor Vehicles 25% on written value
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 138 (2023: 136)
138 136
4. Tangible Assets
Land & Buildings Plant & Machinery etc. Total
£ £ £
Cost
As at 1 April 2023 2,443,893 2,376,878 4,820,771
Additions 2,280 52,260 54,540
As at 31 March 2024 2,446,173 2,429,138 4,875,311
Depreciation
As at 1 April 2023 - 1,828,406 1,828,406
Provided during the period - 130,144 130,144
As at 31 March 2024 - 1,958,550 1,958,550
Net Book Value
As at 31 March 2024 2,446,173 470,588 2,916,761
As at 1 April 2023 2,443,893 548,472 2,992,365
5. Stocks
2024 2023
£ £
Materials 15,200 19,000
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 154,742 141,373
Other debtors 10,619 -
Corporation tax recoverable assets 89,162 72,730
Directors' loan accounts 406,322 218,634
660,845 432,737
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 5,448 9,351
Trade creditors 167,317 61,342
Bank loans and overdrafts 417,173 74,395
Corporation tax (2,341 ) 7,440
Other taxes and social security 101,077 53,953
Other creditors 43,749 27,097
Accruals and deferred income 4,055 -
736,478 233,578
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 4,148
Bank loans over 1 year (Long term liabilities - creditors > 1 year) 443,576 522,385
443,576 526,533
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2024 2023
£ £
Bank loans 161,594 209,681
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 5,448 9,351
Later than one year and not later than five years - 4,148
5,448 13,499
5,448 13,499
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
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11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 10,798 28,873
Later than one year and not later than five years 10,782 10,782
21,580 39,655
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mrs Ingrid Wright (28 ) 136,371 - - 136,343
Mrs Olive Wright 206,163 634,834 - - 269,647
Mrs Zahra Altai 15,703 198 15,568 - 332
The above loans are unsecured and subject to an annual interest rate of 2.5% and is repayable on demand
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