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COMPANY REGISTRATION NUMBER: NI621540
GLENALLEN LIMITED
Filleted Unaudited Financial Statements
For the year ended
30 June 2024
GLENALLEN LIMITED
Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of GLENALLEN LIMITED
Year ended 30 June 2024
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 30 June 2024, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
HENRY MURRAY & COMPANY LTD. Chartered accountants
23 Church Place, Lurgan, Co. Armagh. N. Ireland BT66 6EY
23 June 2025
GLENALLEN LIMITED
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
46,141
55,848
Current assets
Stocks
867,285
498,442
Debtors
5
312,990
266,208
Cash at bank and in hand
14,101
123,911
------------
---------
1,194,376
888,561
Creditors: amounts falling due within one year
6
865,249
561,925
------------
---------
Net current assets
329,127
326,636
---------
---------
Total assets less current liabilities
375,268
382,484
Creditors: amounts falling due after more than one year
7
509,768
370,034
Provisions
Taxation including deferred tax
8,767
11,447
---------
---------
Net (liabilities)/assets
( 143,267)
1,003
---------
---------
Capital and reserves
Called up share capital
6
6
Profit and loss account
( 143,273)
997
---------
-------
Shareholders (deficit)/funds
( 143,267)
1,003
---------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
GLENALLEN LIMITED
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 23 June 2025 , and are signed on behalf of the board by:
Mr. B Polly
Mr A Shields
Director
Director
Company registration number: NI621540
GLENALLEN LIMITED
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 261 Donaghadee Road, Newtownards, Co Down, BT23 7QQ, N Ireland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
10% straight line
Motor vehicles
-
20% straight line
Equipment
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 July 2023 and 30 June 2024
57,582
19,500
245
77,327
--------
--------
----
--------
Depreciation
At 1 July 2023
17,250
4,217
12
21,479
Charge for the year
5,758
3,900
49
9,707
--------
--------
----
--------
At 30 June 2024
23,008
8,117
61
31,186
--------
--------
----
--------
Carrying amount
At 30 June 2024
34,574
11,383
184
46,141
--------
--------
----
--------
At 30 June 2023
40,332
15,283
233
55,848
--------
--------
----
--------
5. Debtors
2024
2023
£
£
Trade debtors
1,800
1,800
Other debtors
311,190
264,408
---------
---------
312,990
266,208
---------
---------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
441,804
141,199
Corporation tax
72,324
49,932
Social security and other taxes
13,493
6,519
Other creditors
337,628
364,275
---------
---------
865,249
561,925
---------
---------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
9,618
19,884
Other creditors
500,150
350,150
---------
---------
509,768
370,034
---------
---------
8. Directors' advances, credits and guarantees
During the year, an amount of £54,270 was advanced to a Director and his associates. Interest was charged at the HMRC Official Rate of 2.25%. The amount owed to the company at the year end was £55,474.22.
9. Related party transactions
Glenallen Limited was jointly controlled by Brian Polly and Alan Shields during the year. Glenallen Limited paid £36,000 for management charges to Crawfordsville Limited and Crawfordsville Limited paid expenses on behalf of Glenallen Limited totalling £13,306 during the year . Glenallen Limited also made loans to Crawfordsville Limited of £9,070 during the year. There was a net balance of £18,372.90 due to Crawfordsville Limited at 30th June 2024. Crawfordsville Limited is a company controlled by Mr Polly. There is a balance of £75,000 owing from Glenallen Limited to Burrenview Limited at 30th June 2024.Burrenview Limited is a company controlled by Mr Shields. During the year, Glenallen Limited made sales to Streamvale Limited of £123,746.05. Streamvale Limited made payments to Glenallen Limited totalling £117,312.15. There is a balance owing to Glenallen from Streamvale of £10,433.90 as at 30th June 2024. Streamvale Developments Limited is a company controlled by Mr Shields. There is a total amount of £224,515 outstanding from Glenallen Ltd to GF Construction as at 30th June 2024. GF Construction Limited is a company controlled by Mr Shields.