Company registration number 03068591 (England and Wales)
GLENGARIFF COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
92 Station Road
Clacton on Sea
Essex
CO15 1SG
GLENGARIFF COMPANY LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr A K Sharma
Mrs A Vashisht
Mrs S S Sharma
Company number
03068591
Registered office
45 Freeland Road
Clacton on Sea
Essex
CO165 1LX
Accountants
TC Group
92 Station Road
Clacton on Sea
Essex
CO15 1SG
GLENGARIFF COMPANY LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
GLENGARIFF COMPANY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,181,202
1,237,873
Current assets
Debtors
5
11,348
30,266
Cash at bank and in hand
145,970
94,695
157,318
124,961
Creditors: amounts falling due within one year
6
(174,957)
(171,525)
Net current liabilities
(17,639)
(46,564)
Total assets less current liabilities
1,163,563
1,191,309
Creditors: amounts falling due after more than one year
7
(632,009)
(626,613)
Provisions for liabilities
(17,411)
(22,074)
Net assets
514,143
542,622
Capital and reserves
Called up share capital
750,000
750,000
Profit and loss reserves
(235,857)
(207,378)
Total equity
514,143
542,622
GLENGARIFF COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 16 April 2025 and are signed on its behalf by:
Mr A K Sharma
Director
Company Registration No. 03068591
The notes on pages 4 to 8 form part of these financial statements
GLENGARIFF COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 4 -
1
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.
2
Accounting policies
Company information
Glengariff Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 45 Freeland Road, Clacton on Sea, Essex, CO165 1LX.
2.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
2.2
Turnover
Turnover is recognised at the fair value of the consideration received for care services provided in the normal course of business, and is shown net of other sales related taxes.
2.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% straight line
Plant and equipment
20% reducing balance
Fixtures and fittings
20% reducing balance
Motor vehicles
25% reducing balance
GLENGARIFF COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Accounting policies
(Continued)
- 5 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2.4
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2.5
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
GLENGARIFF COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
54
55
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
1,852,600
204,695
81,328
63,990
2,202,613
Additions
683
683
Disposals
(59,925)
(1,094)
(61,019)
At 31 December 2024
1,852,600
144,770
80,917
63,990
2,142,277
Depreciation and impairment
At 1 January 2024
703,988
193,298
47,457
19,997
964,740
Depreciation charged in the year
37,052
2,244
6,773
10,998
57,067
Eliminated in respect of disposals
(59,755)
(977)
(60,732)
At 31 December 2024
741,040
135,787
53,253
30,995
961,075
Carrying amount
At 31 December 2024
1,111,560
8,983
27,664
32,995
1,181,202
At 31 December 2023
1,148,612
11,397
33,871
43,993
1,237,873
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
11,348
18,777
Other debtors
11,489
11,348
30,266
GLENGARIFF COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
21,583
21,865
Taxation and social security
43,801
39,688
Other creditors
109,573
109,972
174,957
171,525
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
632,009
626,613
GLENGARIFF COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
8
Related party transactions
At the year end the company owes Castletroy Care Home Limited, a company in which the directors have a controlling interest, £446,576 (2023 £435,684) in respect of loans made by that company. This will be repaid as soon as funds permit. Interest of 2.5% is charged on the outstanding balance.
At the year end the company owes Kilkee Lodge Care Home Limited, a company in which the directors have a controlling interest, £67,894 (2023 £66,238) in respect of loans made by that company. This will be repaid as soon as funds permit. Interest of 2.5% is charged on the outstanding balance.