GLENDINNING PROPERTIES LIMITED


Director	GLENDINNING, Nigel Charles


Registered Address	Carleton House
	136 Gray Street
	Workington
	CA14 2LU


Registered Number	04320017 (England and Wales)

Statement of Financial Position
30 November 2024

	Notes	2024		2023
		£	£	£	£
Fixed assets
Tangible assets	3		1,533		1,306
Investment property	4		1,475,000		1,475,000
			1,476,533		1,476,306
Current assets
Debtors	5	356,500		358,500
Cash at bank and on hand		5,760		9,912
		362,260		368,412
Creditors amounts falling due within one year	6	(83,021)		(97,800)
Net current assets (liabilities)			279,239		270,612
Total assets less current liabilities			1,755,772		1,746,918
Net assets			1,755,772		1,746,918
Capital and reserves
Called up share capital			1,000		1,000
Profit and loss account			1,754,772		1,745,918
Shareholders' funds			1,755,772		1,746,918

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Director on 27 March 2025, and are signed on its behalf by:

GLENDINNING, Nigel Charles
Director
Registered Company No. 04320017

GLENDINNING PROPERTIES LIMITED

Notes to the Financial Statements
for the year ended 30 November 2024

1.	Accounting policies

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

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Borrowing costs
	Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

	Current taxation
	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.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement

Depreciation is provided on all tangible fixed assets as follows:


		Straight line (years)
	Office Equipment	4

	Investment property
	Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate. These values are adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement.

	Trade and other 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.

	Financial instruments
	The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.	Average number of employees


		2024		2023
	Average number of employees during the year	2		2

3.	Tangible fixed assets

	Office Equipment	Total
	£	£
Cost or valuation
At 01 December 23	1,464	1,464
Additions	583	583
At 30 November 24	2,047	2,047
Depreciation and impairment
At 01 December 23	158	158
Charge for year	356	356
At 30 November 24	514	514
Net book value
At 30 November 24	1,533	1,533
At 30 November 23	1,306	1,306

4.	Investment property
	The investment properties class of fixed assets was valued on 30 November 2024 by the Director who is internal to the company. Any revaluations have no effect on the tax payable in the year. This class of assets have a current value of £1,475,000 (2023 - £1,475,000) and a carrying amount at historical cost of £1,218,122.93 (2023 - £1,218,122.93). The depreciation on this historical cost is £nil (2023 - £nil).

Investment property

The investment properties class of fixed assets was valued on 30 November 2024 by the Director who is internal to the company. Any revaluations have no effect on the tax payable in the year. This class of assets have a current value of £1,475,000 (2023 - £1,475,000) and a carrying amount at historical cost of £1,218,122.93 (2023 - £1,218,122.93). The depreciation on this historical cost is £nil (2023 - £nil).


		£
	Fair value at 01 December 23	1,475,000
	At 30 November 24	1,475,000

5.	Debtors: amounts due within one year

	2024	2023
	£	£
Trade debtors / trade receivables	-	2,000
Amounts owed by associates and joint ventures / participating interests	356,500	356,500
Total	356,500	358,500

6.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	61,047	69,847
Taxation and social security	8,034	7,517
Accrued liabilities and deferred income	13,940	20,436
Total	83,021	97,800

7.	Creditors: amounts due after one year

8.	Related party transactions
	Glendinning Properties Limited has a loan to a company in which Mr N C Glendinning is also a director and shareholder. The loan is interest free and repayable upon demand. At the balance sheet date the balance outstanding was £295,000 (2023 - £295,000). Glendinning Properties Limited has a loan to a company in which Mr N C Glendinning is also a director and shareholder. The loan is interest free and repayable upon demand. At the balance sheet date the balance outstanding was £61,500 (2023 - £61,500).

Related party transactions

Glendinning Properties Limited has a loan to a company in which Mr N C Glendinning is also a director and shareholder. The loan is interest free and repayable upon demand. At the balance sheet date the balance outstanding was £295,000 (2023 - £295,000).

Glendinning Properties Limited has a loan to a company in which Mr N C Glendinning is also a director and shareholder. The loan is interest free and repayable upon demand. At the balance sheet date the balance outstanding was £61,500 (2023 - £61,500).