Company Registration No. 15041985 (England and Wales)
GLM Property Ltd
Unaudited accounts
for the period from 1 August 2023 to 31 August 2024
GLM Property Ltd
Unaudited accounts
Contents
GLM Property Ltd
Statement of financial position
as at 31 August 2024
Investment property
34,680
Cash at bank and in hand
96
Total assets less current liabilities
43,422
Creditors: amounts falling due after more than one year
(51,464)
Profit and loss account
(8,044)
Shareholders' funds
(8,042)
For the period ending 31 August 2024 the company was entitled to exemption from audit 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 directors acknowledge 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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 24 April 2025 and were signed on its behalf by
G Macdonald
Director
Company Registration No. 15041985
GLM Property Ltd
Notes to the Accounts
for the period from 1 August 2023 to 31 August 2024
GLM Property Ltd is a private company, limited by shares, registered in England and Wales, registration number 15041985. The registered office is c/o Hamilton Accounts Limited, Howbery Business Park, Benson Lane, Wallingford, Oxfordshire, OX10 8BA, England.
2
Compliance with accounting standards
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the provisions of FRS 102 Section 1A Small Entities.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Investment properties, which are properties held to earn rentals and/or for capital appreciation, are measured initially at cost (purchase price and directly attributable expenditure) and subsequently are measured using the fair value model and stated at their fair value as at the end of the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
No depreciation is provided on investment properties which is a departure from the requirements of the Companies Act 2006. In the opinion of the directors, these properties are held primarily for their investment potential and so their fair value is of more significance than any measure of consumption and to depreciate them would not give a true and fair view. The provisions of FRS102 Section 16 "Investment Property" have therefore been adopted in order to give a true and fair view. If this departure from the Act had not been made, the profit would have been reduced by depreciation. The amount of depreciation cannot reasonably be quantified and the amount which might otherwise has been shown cannot be separately identified or quantified.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
20% Reducing Balance
GLM Property Ltd
Notes to the Accounts
for the period from 1 August 2023 to 31 August 2024
4
Tangible fixed assets
Fixtures & fittings
Charge for the period
1,244
The carrying value of the investment properties held by the company have been reviewed by the directors during the year with reference to open market values who considers that the fair values at the balance sheet date are consistent with the amount stated in the accounts.
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Creditors: amounts falling due after more than one year
2024
Loans from directors
51,464
7
Average number of employees
During the period the average number of employees was 0.