Glooston Properties Ltd 11988509 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is the provision of veterinary services. Digita Accounts Production Advanced 6.30.9574.0 true 11988509 2023-05-01 2024-04-30 11988509 2024-04-30 11988509 core:AcceleratedTaxDepreciationDeferredTax 2024-04-30 11988509 core:CurrentFinancialInstruments 2024-04-30 11988509 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 11988509 core:FurnitureFittingsToolsEquipment 2024-04-30 11988509 core:MotorVehicles 2024-04-30 11988509 bus:SmallEntities 2023-05-01 2024-04-30 11988509 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 11988509 bus:FilletedAccounts 2023-05-01 2024-04-30 11988509 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 11988509 bus:RegisteredOffice 2023-05-01 2024-04-30 11988509 bus:Director2 2023-05-01 2024-04-30 11988509 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 11988509 core:FurnitureFittings 2023-05-01 2024-04-30 11988509 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 11988509 core:MotorVehicles 2023-05-01 2024-04-30 11988509 countries:EnglandWales 2023-05-01 2024-04-30 11988509 2023-04-30 11988509 core:FurnitureFittingsToolsEquipment 2023-04-30 11988509 core:MotorVehicles 2023-04-30 11988509 2022-05-01 2023-04-30 11988509 2023-04-30 11988509 core:AcceleratedTaxDepreciationDeferredTax 2023-04-30 11988509 core:FurtherSpecificItem1DeferredTaxComponentTotalForDeferredTax 2023-04-30 11988509 core:CurrentFinancialInstruments 2023-04-30 11988509 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 11988509 core:FurnitureFittingsToolsEquipment 2023-04-30 11988509 core:MotorVehicles 2023-04-30 iso4217:GBP xbrli:pure

Registration number: 11988509

Prepared for the registrar

Glooston Properties Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Glooston Properties Ltd

(Registration number: 11988509)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

66,172

112,549

Investment property

5

751,237

751,237

 

817,409

863,786

Current assets

 

Debtors

6

-

18,000

Cash at bank and in hand

 

100,073

39,749

 

100,073

57,749

Creditors: Amounts falling due within one year

7

(723,191)

(723,999)

Net current liabilities

 

(623,118)

(666,250)

Total assets less current liabilities

 

194,291

197,536

Deferred tax liabilities

9

(16,543)

(23,744)

Net assets

 

177,748

173,792

Capital and reserves

 

Called up share capital

100

100

Retained earnings

177,648

173,692

Shareholders' funds

 

177,748

173,792

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.

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 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 Board on 29 January 2025 and signed on its behalf by:
 


Mrs E Trayner
Director

 

Glooston Properties Ltd

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 England and Wales.

The address of its registered office is:
Glenfield Surgery 111 Station Road
Glenfield
Leicester
LE3 8GS

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value received for gross rental income.

Tax

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

The current 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 on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture and fittings

25% Straight Line

Motor vehicles

25% Reducing balance

 

Glooston Properties Ltd

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

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.

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 merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

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.

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.

 

Glooston Properties Ltd

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

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

 

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

 

Glooston Properties Ltd

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

 

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 May 2023

6,617

117,104

123,721

Additions

1,308

-

1,308

At 30 April 2024

7,925

117,104

125,029

Depreciation

At 1 May 2023

3,853

7,319

11,172

Charge for the year

1,900

27,446

29,346

Impairment

-

18,339

18,339

At 30 April 2024

5,753

53,104

58,857

Carrying amount

At 30 April 2024

2,172

64,000

66,172

At 30 April 2023

2,764

109,785

112,549

 

5

Investment properties

Total
 £

At 1 May 2023

751,237

At 30 April 2024

751,237

The investment property was purchased in August 2019, commercial property values have not significantly changed in the local area since the purchase and therefore the directors do not consider that the market value of the property would be significantly different to the amount stated in the accounts.

 

6

Debtors

2024
£

2023
£

Trade debtors

-

18,000

-

18,000

 

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

714,376

722,032

Taxation and social security

 

6,699

-

Accruals and deferred income

 

2,116

1,967

 

723,191

723,999

 

Glooston Properties Ltd

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

 

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

714,376

722,032

 

9

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Fixed asset timing differences

16,543

16,543

2023

Liability
£

Fixed asset timing differences

28,137

Losses and other deductions

(4,393)

23,744

 

10

Related party transactions

Transactions with directors

At 30 April 2024, the directors were owed £714,376 (2023: £722,032) in the form of a directors loan account. The loan is unsecured, repayable on demand and no interest is payable.