2023-09-012024-08-312024-08-31false09159657Glencastle Financial Services 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Glencastle Financial Services Limited

Registered Number
09159657
(England and Wales)

Unaudited Financial Statements for the Year ended
31 August 2024

Glencastle Financial Services Limited
Company Information
for the year from 1 September 2023 to 31 August 2024

Director

Adam Glencastle

Registered Address

Jubilee House 10 Bixley Lane
Rushmere St Andrew
Ipswich
IP4 5UA

Registered Number

09159657 (England and Wales)
Glencastle Financial Services Limited
Balance Sheet as at
31 August 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets3747,746321,229
Tangible assets4336,616168,446
1,084,362489,675
Current assets
Debtors20,01954,000
Cash at bank and on hand51,28958,363
71,308112,363
Creditors amounts falling due within one year(251,494)(104,213)
Net current assets (liabilities)(180,186)8,150
Total assets less current liabilities904,176497,825
Creditors amounts falling due after one year(491,192)(187,150)
Provisions for liabilities(2,783)(911)
Net assets410,201309,764
Capital and reserves
Called up share capital1,5001,500
Profit and loss account408,701308,264
Shareholders' funds410,201309,764
The financial statements were approved and authorised for issue by the Director on 22 May 2025, and are signed on its behalf by:
Adam Glencastle
Director
Registered Company No. 09159657
Glencastle Financial Services Limited
Notes to the Financial Statements
for the year ended 31 August 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.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Vehicles18
Office Equipment20
2.Average number of employees

20242023
Average number of employees during the year55
3.Intangible assets

Total

£
Cost or valuation
At 01 September 23350,164
Additions480,510
At 31 August 24830,674
Amortisation and impairment
At 01 September 2328,935
Charge for year53,993
At 31 August 2482,928
Net book value
At 31 August 24747,746
At 31 August 23321,229
4.Tangible fixed assets

Total

£
Cost or valuation
At 01 September 23174,569
Additions183,270
At 31 August 24357,839
Depreciation and impairment
At 01 September 236,123
Charge for year15,100
At 31 August 2421,223
Net book value
At 31 August 24336,616
At 31 August 23168,446