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REGISTERED NUMBER: 10185032 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

GLENDALE RIDGEWAY LTD

GLENDALE RIDGEWAY LTD (REGISTERED NUMBER: 10185032)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


GLENDALE RIDGEWAY LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTOR: Dr P Petrou





REGISTERED OFFICE: Southgate Office Village
286a Chase Road
London
N14 6HF





REGISTERED NUMBER: 10185032 (England and Wales)





ACCOUNTANTS: ELM Partners
Chartered Certified Accountants
Southgate Office Village
286a Chase Road
Southgate
London
N14 6HF

GLENDALE RIDGEWAY LTD (REGISTERED NUMBER: 10185032)

STATEMENT OF FINANCIAL POSITION
31 MAY 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Stocks 4,192,255 2,840,095
Debtors 4 581,609 581,609
Cash at bank and in hand 969 1,153
4,774,833 3,422,857
CREDITORS
Amounts falling due within one year 5 4,787,144 3,432,590
NET CURRENT LIABILITIES (12,311 ) (9,733 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(12,311

)

(9,733

)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (12,411 ) (9,833 )
SHAREHOLDERS' FUNDS (12,311 ) (9,733 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 February 2025 and were signed by:





Dr P Petrou - Director


GLENDALE RIDGEWAY LTD (REGISTERED NUMBER: 10185032)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Glendale Ridgeway Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statement has been prepared on a going concern basis as the directors are satisfied that the company will have adequate resources to meet its liabilities to third parties as they fall due. The directors will finance the company as and when required.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 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.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 1,440 1,440
Amounts owed by connected companies 580,169 580,169
581,609 581,609

GLENDALE RIDGEWAY LTD (REGISTERED NUMBER: 10185032)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 1,850,947 1,451,596
Trade creditors 866,663 20,521
Amounts owed to connected companies 2,049,637 1,940,637
Other creditors 19,897 19,836
4,787,144 3,432,590

6. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 1,850,947 1,451,596

7. RELATED PARTY DISCLOSURES

Included in 'Creditors: amounts falling due with in one year' is an amount of £18,276 (2023: £18,276) due to Mr P Petrou, director of the company. The loan is interest free.

Included in 'Creditors: amounts falling due within one year' is an amount of £1,972,137 (2023: £1,940,637) due to a company where Mr P Petrou, is the sole director and has a beneficial ownership. The loan is interest free.

Included in 'Creditors: amounts falling due within one year' is an amount of £77,500 (2023: £Nil) due from a
company where the son of Mr P Petrou is the ultimate beneficial owner and is a also the sole director. The loan is interest free.

Included in 'Debtors: amounts falling due within one year' is an amount of £580,169 (2023: £580,169) due from companies where the son of Mr P Petrou is the ultimate beneficial owner and is a also the sole director. The loans are interest free.