Company registration number 00611265 (England and Wales)
GLENISLE PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
GLENISLE PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
GLENISLE PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
21,934
22,121
Investment property
4
430,000
555,000
Investments
5
425,881
431,634
877,815
1,008,755
Current assets
Debtors
6
12,431
1,570
Cash at bank and in hand
127,396
67,003
139,827
68,573
Creditors: amounts falling due within one year
7
(255,988)
(276,117)
Net current liabilities
(116,161)
(207,544)
Net assets
761,654
801,211
Capital and reserves
Called up share capital
8
2
2
Capital redemption reserve
2
2
Profit and loss reserves
761,650
801,207
Total equity
761,654
801,211

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 27 January 2025 and are signed on its behalf by:
T J Melia
Director
Company Registration No. 00611265
GLENISLE PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
2
2
745,201
745,205
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
60,006
60,006
Dividends
-
-
(4,000)
(4,000)
Balance at 31 March 2023
2
2
801,207
801,211
Year ended 31 March 2024:
Loss and total comprehensive income for the year
-
-
(35,557)
(35,557)
Dividends
-
-
(4,000)
(4,000)
Balance at 31 March 2024
2
2
761,650
761,654
GLENISLE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Glenisle Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Glass House, Beverley Lodge, Lisvane Road, Cardiff, United Kingdom, CF14 0SB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover consists of fees receivable during the year in respect of property advice, rents receivable and development of land and property, exclusive of value added tax.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Nil
Fixtures and fittings
25% on cost
Computers
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.6
Financial instruments
Classification of financial liabilities

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 company after deducting all of its liabilities.

GLENISLE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

GLENISLE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Leasehold improvements
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
22,121
11,975
34,096
Additions
-
0
870
870
Disposals
-
0
(9,309)
(9,309)
At 31 March 2024
22,121
3,536
25,657
Depreciation and impairment
At 1 April 2023
-
0
11,975
11,975
Depreciation charged in the year
885
172
1,057
Eliminated in respect of disposals
-
0
(9,309)
(9,309)
At 31 March 2024
885
2,838
3,723
Carrying amount
At 31 March 2024
21,236
698
21,934
At 31 March 2023
22,121
-
0
22,121
4
Investment property
2024
£
Fair value
At 1 April 2023
555,000
Revaluations
(125,000)
At 31 March 2024
430,000
GLENISLE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Investment property
(Continued)
- 6 -

The investment property was valued on a fair value basis at 31 March 2024 by the directors. In valuing the properties, the directors have considered rental yields and recent sales prices of comparable properties in a similar area.

5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
289,925
289,925
Loans to group undertakings and participating interests
40,000
40,000
Other investments other than loans
95,956
101,709
425,881
431,634
Movements in fixed asset investments
Shares in associates and joint ventures
Loans to joint ventures
Other investments
Total
£
£
£
£
Cost or valuation
At 1 April 2023
289,925
40,000
101,709
431,634
Valuation changes
-
-
783
783
Disposals
-
-
(6,536)
(6,536)
At 31 March 2024
289,925
40,000
95,956
425,881
Carrying amount
At 31 March 2024
289,925
40,000
95,956
425,881
At 31 March 2023
289,925
40,000
101,709
431,634
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
5,141
-
0
Other debtors
7,290
1,570
12,431
1,570
GLENISLE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
28,052
14,943
Other taxation and social security
3,558
12,366
Other creditors
224,378
248,808
255,988
276,117
8
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
Ordinary Shares of £1 each
2
2
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