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REGISTERED NUMBER: 00546493












G. GLASSUP & SON LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024






G. GLASSUP & SON LIMITED (REGISTERED NUMBER: 00546493)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024










Page

Company Information 1

Abridged Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 5


G. GLASSUP & SON LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 5 APRIL 2024







DIRECTOR: G S W Glassup





SECRETARY: G S W Glassup





REGISTERED OFFICE: Holme Farm
Thorpe Tilney Fen
Timberland
Lincolnshire
LN4 3RH





REGISTERED NUMBER: 00546493





ACCOUNTANTS: Dexter & Sharpe
Chartered Certified Accountants
The Old Vicarage
Church Close
Boston
Lincolnshire
PE21 6NA

G. GLASSUP & SON LIMITED (REGISTERED NUMBER: 00546493)

ABRIDGED BALANCE SHEET
5 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 84,080 108,902

CURRENT ASSETS
Stocks 145,907 177,374
Debtors 22,277 12,478
Cash at bank and in hand 116,846 168,690
285,030 358,542
CREDITORS
Amounts falling due within one year 232,028 315,318
NET CURRENT ASSETS 53,002 43,224
TOTAL ASSETS LESS CURRENT
LIABILITIES

137,082

152,126

PROVISIONS FOR LIABILITIES 12,181 16,513
NET ASSETS 124,901 135,613

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings 4 114,901 125,613
SHAREHOLDERS' FUNDS 124,901 135,613

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

G. GLASSUP & SON LIMITED (REGISTERED NUMBER: 00546493)

ABRIDGED BALANCE SHEET - continued
5 APRIL 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 5 April 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 December 2024 and were signed by:





G S W Glassup - Director


G. GLASSUP & SON LIMITED (REGISTERED NUMBER: 00546493)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024


1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Tractors and equipment - 30% on reducing balance
Fixtures and grain dryer - 15% on reducing balance and 10% on reducing balance
Motor vehicles - 25% on reducing balance
Harvesters and farm equipment - 25% on reducing balance, 20% on reducing balance and 12.5% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.The professional valuation was carried out by Escritt Barrell Golding of Grantham.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

G. GLASSUP & SON LIMITED (REGISTERED NUMBER: 00546493)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024


1. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

3. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 6 April 2023 869,331
Additions 2,732
At 5 April 2024 872,063
DEPRECIATION
At 6 April 2023 760,429
Charge for year 27,554
At 5 April 2024 787,983
NET BOOK VALUE
At 5 April 2024 84,080
At 5 April 2023 108,902

4. RESERVES
Retained
earnings
£   

At 6 April 2023 125,613
Deficit for the year (10,712 )
At 5 April 2024 114,901

5. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Most of the land farmed by the company is owned by Mr G S Glassup, during the year Mr G S Glassup was paid NIL (2023 - £131).