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Registration number: NI069739

Glendale Finance Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Glendale Finance Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 8

 

Glendale Finance Limited

(Registration number: NI069739)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

117,327

130,184

Current assets

 

Debtors

6

60,500

60,500

Cash at bank and in hand

 

31,563

56,722

 

92,063

117,222

Creditors: Amounts falling due within one year

7

(54,633)

(42,705)

Net current assets

 

37,430

74,517

Total assets less current liabilities

 

154,757

204,701

Creditors: Amounts falling due after more than one year

7

(20,050)

(34,851)

Net assets

 

134,707

169,850

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

134,607

169,750

Shareholders' funds

 

134,707

169,850

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 director on 21 January 2025
 

.........................................
Alison McHenry
Director

 

Glendale Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
18 Ballyclogh Road
Bushmills
Co Antrim
BT57 8TU

These financial statements were authorised for issue by the director on 21 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

The financial statements have been prepared on a going concern basis. The directors have assessed a period of 12 months from the date of approving the financial statements with regard to the appropriateness of the going concern assumption in preparing the financial statements. The directors note the trading and cashflow position at sign off of the financial statements and believe that the company will continue as a going concern and be able to realise its assets and discharge its liabilities in the normal course of business.

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.

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.

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.

 

Glendale Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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

Fixtures, Fittings & Equipment

25% reducing balance

Motor Vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

straight line over 5 years

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price. 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 at the transaction price.

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.

 

Glendale Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 5).

 

Glendale Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

25,000

25,000

At 30 April 2024

25,000

25,000

Amortisation

At 1 May 2023

25,000

25,000

At 30 April 2024

25,000

25,000

Carrying amount

At 30 April 2024

-

-

5

Tangible assets

Land and buildings
£

Motor vehicles
 £

Fixtures, Fittings & Equipment
£

Total
£

Cost or valuation

At 1 May 2023

68,591

95,253

55,927

219,771

Additions

-

-

3,387

3,387

At 30 April 2024

68,591

95,253

59,314

223,158

Depreciation

At 1 May 2023

-

58,507

31,080

89,587

Charge for the year

-

9,186

7,058

16,244

At 30 April 2024

-

67,693

38,138

105,831

Carrying amount

At 30 April 2024

68,591

27,560

21,176

117,327

At 30 April 2023

68,591

36,746

24,847

130,184

 

Glendale Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Debtors

Current

2024
£

2023
£

Other debtors

60,500

60,500

 

60,500

60,500

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

14,721

17,874

Trade creditors

 

562

3,310

Taxation and social security

 

33,141

14,372

Accruals and deferred income

 

3,420

3,330

Other creditors

 

2,789

3,819

 

54,633

42,705

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

20,050

34,851

 

Glendale Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

15,894

26,237

Hire purchase contracts

4,156

8,614

20,050

34,851

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,263

8,214

Hire purchase contracts

4,458

9,660

14,721

17,874

 

Glendale Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

10

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

30,000

94,167

Contributions paid to money purchase schemes

526

2,451

30,526

96,618