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J Gleek Properties Limited |
Notes to the Abridged Accounts |
for the year ended 31 May 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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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). |
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Turnover |
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Turnover comprises fees and dividend income. |
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Investments |
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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. |
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Debtors |
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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. |
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Creditors |
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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. |
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Taxation |
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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. |
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Deferred Tax |
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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. |
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Provisions |
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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. |
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Foreign currency translation |
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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. |
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2 |
Preparation of consolidated financial statements |
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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. |
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3 |
Related party exemption |
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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. |
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4 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
0 |
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0 |
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5 |
Taxation |
2024 |
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2023 |
£ |
£ |
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UK Corporation tax for the year |
292,972 |
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45,415 |
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Under/(overprovision) in respect of prior periods |
- |
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292,972 |
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45,415 |
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Deferred tax |
2,256,125 |
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3,677,724 |
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2,549,097 |
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3,723,139 |
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6 |
Investments |
Investments in |
subsidiary |
Other |
undertakings |
investments |
Total |
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Listed & Unlisted |
£ |
£ |
£ |
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Cost |
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At 1 June 2023 |
3,003 |
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34,234,949 |
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34,237,952 |
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Additions |
- |
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2,760 |
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2,760 |
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Revaluation |
- |
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13,720,847 |
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13,720,847 |
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Provision |
- |
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- |
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- |
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Disposal in the period |
- |
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(4,709,937) |
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(4,709,937) |
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At 31 May 2024 |
3,003 |
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43,248,619 |
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43,251,622 |
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Fixed Asset investments - not listed |
Group undertaking and participating interest |
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Unlisted Investments |
Total |
£ |
£ |
£ |
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As at 1 June 2023 |
1,221,635 |
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1,550,009 |
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2,771,644 |
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Addition |
- |
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2,760 |
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2,760 |
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Revaluation |
- |
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- |
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- |
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Disposal |
- |
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- |
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1,221,635 |
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1,552,769 |
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2,774,404 |
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Amount Written Off |
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At 1 June 2023 |
(1,218,632) |
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(1,438,517) |
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(2,657,149) |
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Written off in the period |
- |
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- |
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Eliminated on disposal |
- |
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(1,218,632) |
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(1,438,517) |
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(2,657,149) |
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At 31 May 2024 |
3,003 |
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114,252 |
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117,255 |
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Loans |
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At 1 June 2023 |
2,067,226 |
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- |
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2,067,226 |
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Repaid in the period |
- |
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- |
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- |
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Written back/(off) period |
(2,067,226) |
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- |
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(2,067,226) |
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At 31 May 2024 |
- |
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- |
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- |
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Net book value |
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At 31 May 2024 |
3,003 |
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114,252 |
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117,255 |
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At 31 May 2023 |
3,003 |
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111,492 |
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114,495 |
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Fixed asset investments - listed |
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2024 |
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2023 |
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£ |
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£ |
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B/f |
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34,123,457 |
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19,411,088 |
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Addition |
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- |
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- |
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Disposal |
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(4,709,937) |
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- |
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Fair value movement |
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13,720,847 |
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14,712,369 |
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43,134,367 |
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34,123,457 |
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7 |
Fixed asset Investment - Listed - Notes |
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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. |
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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. |
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8 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Trade debtors |
1,020,818 |
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2,396,405 |
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Amounts owed by companies under common control |
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2,323,971 |
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2,122,100 |
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Other debtors |
8,638,298 |
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9,495,657 |
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11,983,087 |
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14,014,162 |
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9 |
Investments held as current assets |
2024 |
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2023 |
£ |
£ |
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Fair value |
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Increase/(decrease) in fair value included in the profit and loss account for the financial year |
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Listed investments |
13,720,847 |
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14,712,369 |
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10 |
Creditors : amounts falling due within one year: |
2024 |
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2023 |
£ |
£ |
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Trade creditors |
154,961 |
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161,526 |
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Amounts owed to group undertakings |
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3,395,656 |
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3,048,811 |
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Corporation tax |
343,618 |
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206,064 |
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Other creditors |
7,130,280 |
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7,134,280 |
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11,024,515 |
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10,550,681 |
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11 |
Provision for liabilities and charges |
2024 |
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2023 |
£ |
£ |
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Deferred tax |
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At 1 June 2024 |
8,503,111 |
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4,825,387 |
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Movement Increase / (decrease) |
2,256,125 |
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3,677,724 |
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10,759,236 |
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8,503,111 |
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12 |
Related party transactions |
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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. |
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At the date of the financial position, the company owed the director, J Gleek, in relation to the Joint Share |
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Ownership Agreement, £nil.(May 2023: £nil) |
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The company has a loan of £2,067,226 ( May 2023: £2,104,226),which is included as a fixed asset |
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investment (Loans to participating interest), to UK Acorn Finance Limited, a company of which J Gleek is a |
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director. UK Acorn Finance Limited is not a going concern and a provision for the unrecoverable amount of the |
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loan, in the director's opinion, of £ 2,067,226 (May 2023: £2,104,266) has been made at the date of the |
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financial position. The balance of the loan of is nil. |
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The company has made loans to the following companies in which J Gleek is a director: |
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Company |
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31 May 2024 |
31 May 2023 |
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£ |
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£ |
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Loan to Mrs Lowry & Sons Ltd |
29,881 |
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29,881 |
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Loan to Screenplay Films Ltd |
7,500 |
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7,500 |
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Loan to Pleasure Beach Ltd |
9,500 |
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9,500 |
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Loan to The Railway Children Film Ltd |
10,000 |
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10,000 |
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Loan to BGCS Pubs Ltd |
128,167 |
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128,167 |
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Loan to Genesius Pictures Ltd |
- |
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- |
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Loan to Genesius Sales & Distribution Ltd |
343,687 |
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104,419 |
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A provision for the full amount of the loan to BGCS Pubs Ltd has been made at the date of the |
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financial position. |
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A provision for the full amount of the loan to Screenplay Films Ltd has been made at the date of |
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the financial position. |
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A provision for the full amount of the loan to Pleasure Beach Ltd has been made at the date of |
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the financial position. |
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A provision for the full amount of the loan to The Railway Children Film Ltd has been made at the |
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date of the financial position. |
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13 |
Joint Share Ownership Agreement |
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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. |
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14 |
Other information |
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J Gleek Properties Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Richmond House , |
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Avonmouth Way, |
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Avonmouth, |
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Bristol, |
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England, BS11 8DE. |