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Registration number: 00796880

Retail Shops (Glencora) Limited

Unaudited Filleted Financial Statements

for the Year Ended 24 June 2024

 

Retail Shops (Glencora) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Retail Shops (Glencora) Limited

Company Information

Directors

Mrs R Struckett

Mr R J Struckett

Mr M D Struckett

Company secretary

Miss N S Budden

Registered office

93 Aldwick Road
Bognor Regis
West Sussex
PO21 2NW

Accountants

Matthews Hanton Limited
Chartered Certified Accountants93 Aldwick Road
Bognor Regis
West Sussex
PO21 2NW

 

Retail Shops (Glencora) Limited

(Registration number: 00796880)
Balance Sheet as at 24 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,157

1,543

Investment property

5

4,050,000

4,050,000

Investments

6

25,010

25,010

 

4,076,167

4,076,553

Current assets

 

Debtors

7

62,256

68,548

Cash at bank and in hand

 

154,379

121,291

 

216,635

189,839

Creditors: Amounts falling due within one year

8

(64,587)

(58,700)

Net current assets

 

152,048

131,139

Total assets less current liabilities

 

4,228,215

4,207,692

Creditors: Amounts falling due after more than one year

8

(600,000)

(600,000)

Provisions for liabilities

(495,270)

(495,270)

Net assets

 

3,132,945

3,112,422

Capital and reserves

 

Called up share capital

9

100

100

Other reserves

826,584

826,584

Retained earnings

2,306,261

2,285,738

Shareholders' funds

 

3,132,945

3,112,422

For the financial year ending 24 June 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 January 2025 and signed on its behalf by:
 

 

Retail Shops (Glencora) Limited

(Registration number: 00796880)
Balance Sheet as at 24 June 2024

.........................................
Mrs R Struckett
Director

.........................................
Mr R J Struckett
Director

 

Retail Shops (Glencora) Limited

Notes to the Unaudited Financial Statements for the Year Ended 24 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
93 Aldwick Road
Bognor Regis
West Sussex
PO21 2NW
United Kingdom

The principal place of business is:
Cranmere House
Pook Lane
Lavant
Chichester
West Sussex
PO18 0AD
United Kingdom

These financial statements were authorised for issue by the Board on 2 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable from rents on properties.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Retail Shops (Glencora) Limited

Notes to the Unaudited Financial Statements for the Year Ended 24 June 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

Not provided

Plant and Equipment

25% Reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Retail Shops (Glencora) Limited

Notes to the Unaudited Financial Statements for the Year Ended 24 June 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for rental income due in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

Retail Shops (Glencora) Limited

Notes to the Unaudited Financial Statements for the Year Ended 24 June 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 25 June 2023

13,686

13,686

At 24 June 2024

13,686

13,686

Depreciation

At 25 June 2023

12,143

12,143

Charge for the year

386

386

At 24 June 2024

12,529

12,529

Carrying amount

At 24 June 2024

1,157

1,157

At 24 June 2023

1,543

1,543

5

Investment properties

2024
£

At 25 June

4,050,000

At 24 June

4,050,000


The properties have been valued by MRICS qualified surveyors.

6

Investments

2024
£

2023
£

Investments in subsidiaries

25,010

25,010

Subsidiaries

£

Cost or valuation

At 25 June 2023

25,010

Provision

Carrying amount

At 24 June 2024

25,010

At 24 June 2023

25,010

 

Retail Shops (Glencora) Limited

Notes to the Unaudited Financial Statements for the Year Ended 24 June 2024

The unlisted investments have been impaired by the hive up of the company assets to the parent company on the 16th June 2010. The directors consider that the reduced valuation is the realistic value of the investments as at 24th June 2024.

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Retail Shops (Lowestoft) Limited

93 Aldwick Road, Bognor Regis, West Sussex, PO21 2NW.

United Kingdom

Ordinary

100%

100%

Subsidiary undertakings

Retail Shops (Lowestoft) Limited

The principal activity of Retail Shops (Lowestoft) Limited is Dormant.

7

Debtors

Current

2024
£

2023
£

Trade debtors

13,409

22,636

Other debtors

48,847

45,912

 

62,256

68,548

 

Retail Shops (Glencora) Limited

Notes to the Unaudited Financial Statements for the Year Ended 24 June 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

1,578

-

Amounts owed to group undertakings and undertakings in which the company has a participating interest

12

25,010

25,010

Taxation and social security

 

4,905

5,503

Accruals and deferred income

 

1,560

1,560

Other creditors

 

31,534

26,627

 

64,587

58,700

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

600,000

600,000

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

600,000

600,000

11

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £Nil (2023 - £1,000.00) per each Ordinary

-

100,000

 

 
 

Retail Shops (Glencora) Limited

Notes to the Unaudited Financial Statements for the Year Ended 24 June 2024

12

Related party transactions

During the period the following transactions were undertaken with subsidiary undertakings of which Retail Shops (Glencora) Limited own 100% of the issued share capital.

At the year end Retail Shops (Lowestoft) Limited was owed by the company £25,010 (2023: £25,010).

In addition the company also had the following related party transactions.

The company paid £1,905 (2023: £3,770) to R J, M D & R C Struckett for expenses incurred.

Directors guarantees

During the period the company paid interest at 3% above base rate to Mr M & Mrs R Struckett and Mr R J Struckett on loans provided against Freehold Property, the amount of interest paid in the period was £44,535 (2023: £25,730).

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

15,851

19,656