Registered number
04930305
J Gleek Properties Limited
Filleted Abridged Accounts
31 May 2024
J Gleek Properties Limited
Registered number: 04930305
Abridged Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Investments 6 43,251,622 34,237,952
Current assets
Debtors 8 11,983,087 14,014,162
Cash at bank and in hand 15,362,674 12,958,841
27,345,761 26,973,003
Creditors: amounts falling due within one year 10 (11,024,515) (10,550,681)
Net current assets 16,321,246 16,422,322
Total assets less current liabilities 59,572,868 50,660,274
Provisions for liabilities 11 (10,759,236) (8,503,111)
Net assets 48,813,632 42,157,163
Capital and reserves
Called up share capital 1 1
Profit and loss account 48,813,631 42,157,162
Shareholders' funds 48,813,632 42,157,163
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.
J Gleek
Director
Approved by the board on 24 February 2025
J Gleek Properties Limited
Notes to the Abridged Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The abridged accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover comprises fees and dividend income.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
Taxation comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets or 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 expenditure 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 period end and that are expected to apply to the reversal of timing differences. 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.

The Spring Budget 2021 announced that the UK corporation tax rate will increase to 25% from 1 April 2023. The deferred tax assets and liabilities of the company have been calculated at 25% as this rate was substantively enacted on 24 May 2021.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Preparation of consolidated financial statements
The financial statements present information about J Gleek Properties Limited as an individual company and do not contain consolidated financial information as a parent of a group. The company is exempt under Section 399 of the Companies Act 2006 from the requirement to prepare consolidated financial statements.
3 Related party exemption
Refer to Note 11. The company has taken advantage of the exemption in FRS102 not to disclose related party transactions or balances with entities which form part of the group.
4 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
5 Taxation 2024 2023
£ £
UK Corporation tax for the year 292,972 45,415
Under/(overprovision) in respect of prior periods -
292,972 45,415
Deferred tax 2,256,125 3,677,724
2,549,097 3,723,139
6 Investments
Investments in
subsidiary Other
undertakings investments Total
Listed & Unlisted
£ £ £
Cost
At 1 June 2023 3,003 34,234,949 34,237,952
Additions - 2,760 2,760
Revaluation - 13,720,847 13,720,847
Provision - - -
Disposal in the period - (4,709,937) (4,709,937)
At 31 May 2024 3,003 43,248,619 43,251,622
Fixed Asset investments - not listed Group undertaking and participating interest Unlisted Investments Total
£ £ £
As at 1 June 2023 1,221,635 1,550,009 2,771,644
Addition - 2,760 2,760
Revaluation - - -
Disposal - -
1,221,635 1,552,769 2,774,404
Amount Written Off
At 1 June 2023 (1,218,632) (1,438,517) (2,657,149)
Written off in the period - -
Eliminated on disposal -
(1,218,632) (1,438,517) (2,657,149)
At 31 May 2024 3,003 114,252 117,255
Loans
At 1 June 2023 2,067,226 - 2,067,226
Repaid in the period - - -
Written back/(off) period (2,067,226) - (2,067,226)
At 31 May 2024 - - -
Net book value
At 31 May 2024 3,003 114,252 117,255
At 31 May 2023 3,003 111,492 114,495
Fixed asset investments - listed 2024 2023
£ £
B/f 34,123,457 19,411,088
Addition - -
Disposal (4,709,937) -
Fair value movement 13,720,847 14,712,369
43,134,367 34,123,457
7 Fixed asset Investment - Listed - Notes
The listed investment is DraftKings Inc, which is listed on the US Nasdaq. As at 31 May 2023 the value of each share was $ 23.34 At the balance sheet date the exchange rate was $ 1.23887 £1.This equated to a fair value of £34,123,457.
On 31 January 2024 250,000 shares have been sold for USD 9,980,676.19 which equate to £7,905,523.73 at the transaction date.
As at 31 May 2024 the value of each share was $35.13. At the balance sheet date, the exchange rate was $1.27153 to £1. This equated to a fair value of £43,134,367.45. The movement in the value of £ 13,720,847 is reflected in the fair value movement through the Statement of Retained Earnings.
8 Debtors 2024 2023
£ £
Trade debtors 1,020,818 2,396,405
Amounts owed by companies under common control 2,323,971 2,122,100
Other debtors 8,638,298 9,495,657
11,983,087 14,014,162
9 Investments held as current assets 2024 2023
£ £
Fair value
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Listed investments 13,720,847 14,712,369
10 Creditors : amounts falling due within one year: 2024 2023
£ £
Trade creditors 154,961 161,526
Amounts owed to group undertakings 3,395,656 3,048,811
Corporation tax 343,618 206,064
Other creditors 7,130,280 7,134,280
11,024,515 10,550,681
11 Provision for liabilities and charges 2024 2023
£ £
Deferred tax
At 1 June 2024 8,503,111 4,825,387
Movement Increase / (decrease) 2,256,125 3,677,724
10,759,236 8,503,111
12 Related party transactions
At the date of the financial position, the director, J Gleek, owed £4,154,606 (May 2023: £5,073,193) to the company. This amount is interest free with no repayment date.
At the date of the financial position, the company owed the director, J Gleek, in relation to the Joint Share
Ownership Agreement, £nil.(May 2023: £nil)
The company has a loan of £2,067,226 ( May 2023: £2,104,226),which is included as a fixed asset
investment (Loans to participating interest), to UK Acorn Finance Limited, a company of which J Gleek is a
director. UK Acorn Finance Limited is not a going concern and a provision for the unrecoverable amount of the
loan, in the director's opinion, of £ 2,067,226 (May 2023: £2,104,266) has been made at the date of the
financial position. The balance of the loan of is nil.
The company has made loans to the following companies in which J Gleek is a director:
Company
31 May 2024 31 May 2023
£ £
Loan to Mrs Lowry & Sons Ltd 29,881 29,881
Loan to Screenplay Films Ltd 7,500 7,500
Loan to Pleasure Beach Ltd 9,500 9,500
Loan to The Railway Children Film Ltd 10,000 10,000
Loan to BGCS Pubs Ltd 128,167 128,167
Loan to Genesius Pictures Ltd - -
Loan to Genesius Sales & Distribution Ltd 343,687 104,419
A provision for the full amount of the loan to BGCS Pubs Ltd has been made at the date of the
financial position.
A provision for the full amount of the loan to Screenplay Films Ltd has been made at the date of
the financial position.
A provision for the full amount of the loan to Pleasure Beach Ltd has been made at the date of
the financial position.
A provision for the full amount of the loan to The Railway Children Film Ltd has been made at the
date of the financial position.
13 Joint Share Ownership Agreement
On 29 June 2020, the company entered into a JOE Agreement with J Gleek, a director of J Gleek Properties Limited. Under the agreement, J Gleek Properties Limited agree to transfer an interest in the shares of DraftKings Inc to the director for consideration and that both parties would hold the share as tenants in common subject to and in accordance with the agreement.On 5 November 2023 an amendment to the original agreement was entered into between the two parties under which J Gleek transferred part of his interest back to J Gleek Properties Limited for market value consideration.
14 Other information
J Gleek Properties Limited is a private company limited by shares and incorporated in England. Its registered office is:
Richmond House ,
Avonmouth Way,
Avonmouth,
Bristol,
England, BS11 8DE.
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