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Registration number: 05007003

Glebe Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Glebe Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Glebe Limited

Company Information

Director

Mr David Phillips

Registered office

1 Moreton Terrace Mews North
London
SW1V 2NT

Accountants

Charter Tax Consulting Limited 8th Floor
1 Southampton Street
London
WC2R 0LR

 

Glebe Limited

(Registration number: 05007003)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

15,504

15,197

Investment property

5

1,320,485

1,320,485

Investments

6

2

3

 

1,335,991

1,335,685

Current assets

 

Debtors

7

733,612

1,018,458

Cash at bank and in hand

 

1,590,958

1,297,658

 

2,324,570

2,316,116

Creditors: Amounts falling due within one year

8

(80,783)

(190,420)

Net current assets

 

2,243,787

2,125,696

Net assets

 

3,579,778

3,461,381

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

3,579,777

3,461,380

Shareholders' funds

 

3,579,778

3,461,381

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

Glebe Limited

(Registration number: 05007003)
Balance Sheet as at 30 April 2024

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved and authorised by the director on 25 April 2025
 


Mr David Phillips
Director

 

Glebe Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Moreton Terrace Mews North
London
SW1V 2NT
England

These financial statements were authorised for issue by the director on 25 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Glebe Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, Fittings & Equipment

20% reducing balance

Investment property

Investment property is carried at fair value. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Glebe Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

At the reporting end date the company had no outstanding commitments for future minimum lease payments under non-cancellable operating leases.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and
the company has no legal or constructive obligation to pay further contributions even if the fund does not hold
sufficient assets to pay all employees the benefits relating to employee service in the current and prior
periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If
contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

Glebe Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

166,790

166,790

Additions

1,017

1,017

At 30 April 2024

167,807

167,807

Depreciation

At 1 May 2023

151,593

151,593

Charge for the year

710

710

At 30 April 2024

152,303

152,303

Carrying amount

At 30 April 2024

15,504

15,504

At 30 April 2023

15,197

15,197

5

Investment properties

2024
£

At 1 May

1,320,485

At 30 April

1,320,485

The investment property was purchased on 23 December 2020. The directors believe the carrying value is the fair value of the property as at 30 April 2024.

 

Glebe Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Investments

2024
£

2023
£

Investments in subsidiaries

2

3

Subsidiaries

£

Cost or valuation

At 1 May 2023

3

Disposals

(1)

At 30 April 2024

2

Provision

Carrying amount

At 30 April 2024

2

At 30 April 2023

3

7

Debtors

Current

2024
£

2023
£

Trade debtors

19,141

11,584

Prepayments

13,278

18,101

Other debtors

701,193

988,773

 

733,612

1,018,458

 

Glebe Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

17,345

20,189

Taxation and social security

44,465

92,968

Accruals and deferred income

15,394

72,056

Other creditors

3,579

5,207

80,783

190,420

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share capital of £1 each

1

1

1

1

       

10

Dividends

2024

2023

£

£

Interim dividend of £1,000.00 (2023 - £2,000.00) per ordinary share

1,000

2,000

 

 

11

Related party transactions

Summary of transactions with other related parties

The company received fees of £nil (2023 £73,448) from Glebe London Limited Partnership, an entity in which Mr D Phillips is a member.

The company received fees of £134,156 (2023 £193,781) from Glebe London 2 Limited Partnership, an entity in which Mr D Phillips is a member.

As at 30 April 2024, the Company owed the Director £4,474 (2023 £1,628 ).