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Company registration number: 05134611
Glenhall Developments Limited
Unaudited filleted financial statements
31 May 2024
Glenhall Developments Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Glenhall Developments Limited
Directors and other information
Director Paul Evans
Company number 05134611
Registered office 103-104 Walter Road
Swansea
SA1 5QF
Accountants Morgan Hemp
103-104 Walter Road
Swansea
SA15QF
Bankers Barclays Bank Plc
Leicester
LE87 2BB
Glenhall Developments Limited
Report to the director on the preparation of the
unaudited statutory financial statements of Glenhall Developments Limited
Year ended 31 May 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Glenhall Developments Limited for the year ended 31 May 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the director of Glenhall Developments Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Glenhall Developments Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Glenhall Developments Limited and its director as a body for our work or for this report.
It is your duty to ensure that Glenhall Developments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Glenhall Developments Limited. You consider that Glenhall Developments Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Glenhall Developments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Morgan Hemp
Chartered Certified Accountants
103-104 Walter Road
Swansea
SA15QF
12 February 2025
Glenhall Developments Limited
Statement of financial position
31 May 2024
2024 2023
Note £ £ £ £
Current assets
Stocks 588,778 588,778
_______ _______
588,778 588,778
Creditors: amounts falling due
within one year 4 ( 570,356) ( 569,438)
_______ _______
Net current assets 18,422 19,340
_______ _______
Total assets less current liabilities 18,422 19,340
_______ _______
Net assets 18,422 19,340
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 18,322 19,240
_______ _______
Shareholders funds 18,422 19,340
_______ _______
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476;
- The director acknowledges 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 12 February 2025 , and are signed on behalf of the board by:
Paul Evans
Director
Company registration number: 05134611
Glenhall Developments Limited
Notes to the financial statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in Unitedn Kingdom. The address of the registered office is 103-104 Walter Road, Swansea, SA1 5QF.
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.
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
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.
4. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts - 8,445
Social security and other taxes 359 5,035
Other creditors 569,997 555,958
_______ _______
570,356 569,438
_______ _______
5. Related party transactions
Included within creditors are amounts owed to the director totalling £569,997 (£554,449 2023). The loan is interest free and repayable on demand.