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30/04/2024
2024-04-30
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No description of principal activities is disclosed
2023-05-01
Sage Accounts Production 23.0 - FRS102_2023
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xbrli:shares
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00708369
2023-05-01
2024-04-30
00708369
2024-04-30
00708369
2023-04-30
00708369
2022-05-01
2023-04-30
00708369
2023-04-30
00708369
2022-04-30
00708369
core:FurnitureFittingsToolsEquipment
2023-05-01
2024-04-30
00708369
bus:RegisteredOffice
2023-05-01
2024-04-30
00708369
bus:LeadAgentIfApplicable
2023-05-01
2024-04-30
00708369
bus:Director1
2023-05-01
2024-04-30
00708369
bus:Director2
2023-05-01
2024-04-30
00708369
core:DeferredTaxation
2023-05-01
2024-04-30
00708369
core:WithinOneYear
2024-04-30
00708369
core:WithinOneYear
2023-04-30
00708369
core:ShareCapital
2024-04-30
00708369
core:ShareCapital
2023-04-30
00708369
core:RetainedEarningsAccumulatedLosses
2024-04-30
00708369
core:RetainedEarningsAccumulatedLosses
2023-04-30
00708369
core:CostValuation
core:Non-currentFinancialInstruments
2024-04-30
00708369
core:Non-currentFinancialInstruments
2024-04-30
00708369
core:Non-currentFinancialInstruments
2023-04-30
00708369
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2024-04-30
00708369
core:AcceleratedTaxDepreciationDeferredTax
2023-04-30
00708369
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2024-04-30
00708369
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2023-04-30
00708369
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2023-04-30
00708369
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2024-04-30
00708369
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2024-04-30
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2023-05-01
2024-04-30
00708369
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2023-05-01
2024-04-30
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2023-05-01
2024-04-30
00708369
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2023-05-01
2024-04-30
Company registration number:
00708369
Glenfit Properties Limited
Unaudited filleted abridged financial statements
30 April 2024
Glenfit Properties Limited
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
Glenfit Properties Limited
Directors and other information
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Directors |
Mr TM Krell |
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Mr EG Krell |
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Company number |
00708369 |
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Registered office |
31 Bridge Street |
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Aberystwyth |
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Ceredigion |
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SY23 1QB |
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Accountants |
Davies Lewis Baker |
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31 Bridge Street |
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Aberystwyth |
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Ceredigion |
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SY23 1QB |
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Glenfit Properties Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Glenfit Properties Limited
Year ended 30 April 2024
27 January 2025
This page has intentionally been left blank
Glenfit Properties Limited
Abridged statement of financial position
30 April 2024
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2024 |
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2023 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
6,058 |
|
|
|
7,127 |
|
|
Investments |
|
6 |
3,032,535 |
|
|
|
3,032,535 |
|
|
|
|
|
_______ |
|
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|
_______ |
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3,038,593 |
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3,039,662 |
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Current assets |
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Debtors |
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1,990,100 |
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1,936,790 |
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Cash at bank and in hand |
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203,823 |
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|
199,761 |
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|
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_______ |
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_______ |
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2,193,923 |
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2,136,551 |
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|
Creditors: amounts falling due |
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|
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|
within one year |
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|
(
225,345) |
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(
210,091) |
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|
|
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|
_______ |
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_______ |
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Net current assets |
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1,968,578 |
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1,926,460 |
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_______ |
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_______ |
Total assets less current liabilities |
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5,007,171 |
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4,966,122 |
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Provisions for liabilities |
|
7 |
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(
567,557) |
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(
567,825) |
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|
|
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|
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_______ |
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_______ |
Net assets |
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4,439,614 |
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4,398,297 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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1,000 |
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|
1,000 |
Profit and loss account |
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4,438,614 |
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4,397,297 |
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_______ |
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_______ |
Shareholders funds |
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4,439,614 |
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4,398,297 |
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_______ |
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_______ |
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For the 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.
Directors responsibilities:
-
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;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the current year ending 30 April 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the
board of directors
and authorised for issue on
27 January 2025
, and are signed on behalf of the board by:
Mr TM Krell
Director
Company registration number:
00708369
Glenfit Properties Limited
Notes to the financial statements
Year ended 30 April 2024
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 31 Bridge Street, Aberystwyth, Ceredigion, SY23 1QB.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The company has taken advantage of exemption, under the terms of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Fittings fixtures and equipment |
- |
15 % |
reducing balance |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Investment properties are initially recorded at cost, and are then revalued at fair value at each balance sheet date. Shares in group undertakings are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
4
(2023:
4
).
5.
Tangible assets
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£ |
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Cost |
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At 1 May 2023 and 30 April 2024 |
57,019 |
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|
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|
|
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_______ |
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Depreciation |
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At 1 May 2023 |
49,892 |
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Charge for the year |
1,069 |
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_______ |
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At 30 April 2024 |
50,961 |
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_______ |
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Carrying amount |
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At 30 April 2024 |
6,058 |
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|
|
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|
_______ |
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At 30 April 2023 |
7,127 |
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_______ |
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6.
Investments
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£ |
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Cost |
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At 1 May 2023 and 30 April 2024 |
3,032,535 |
|
|
|
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|
_______ |
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Impairment |
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At 1 May 2023 and 30 April 2024 |
- |
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_______ |
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Carrying amount |
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At 30 April 2024 |
3,032,535 |
|
|
|
|
|
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|
_______ |
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|
At 30 April 2023 |
3,032,535 |
|
|
|
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|
_______ |
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A property valuation was undertaken by the director, TM Krell, who is a qualified chartered surveyor, on 30 April 2024. The valuations are deemed to be at fair value at the balance sheet date.
7.
Provisions
|
|
Deferred tax (note 8) |
Total |
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|
£ |
£ |
|
|
|
|
At 1 May 2023 |
567,825 |
567,825 |
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|
|
|
Additions |
(
268) |
(
268) |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
At 30 April 2024 |
567,557 |
567,557 |
|
|
|
|
|
_______ |
_______ |
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|
|
|
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8.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
|
|
2024 |
2023 |
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|
|
£ |
£ |
|
Included in provisions (note 7) |
|
567,557 |
567,825 |
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|
_______ |
_______ |
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|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
|
|
2024 |
2023 |
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|
|
£ |
£ |
|
Accelerated capital allowances |
|
1,514 |
1,782 |
|
Fair value adjustment of investment property |
|
566,043 |
566,043 |
|
|
|
_______ |
_______ |
|
|
|
567,557 |
567,825 |
|
|
|
_______ |
_______ |
|
|
|
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|
9.
Controlling party
Glenfit Properties Limited
is a wholly owned subsiduary of Levonoh Limited
. The controlling party is the director, Mr TM Krell
.
10.
Contingent Liabilities
There are legal charges on three of the company's properties in favour of Nationwide Building Society as security on monies due by Kutoress Limited.