40 false false false false false false false false false false false false false false false true true No description of principal activity 2023-10-03 Sage Accounts Production Advanced 2024 - FRS102_2024 83,939 72,320 5,563 77,883 6,056 11,619 1,229,000 1,229,000 1,229,000 xbrli:pure xbrli:shares iso4217:GBP NI036477 2023-10-03 2024-10-02 NI036477 2024-10-02 NI036477 2023-10-02 NI036477 2022-10-03 2023-10-02 NI036477 2023-10-02 NI036477 2022-10-02 NI036477 core:NetGoodwill 2023-10-03 2024-10-02 NI036477 core:LandBuildings 2023-10-03 2024-10-02 NI036477 core:FurnitureFittings 2023-10-03 2024-10-02 NI036477 core:MotorVehicles 2023-10-03 2024-10-02 NI036477 bus:OrdinaryShareClass1 2023-10-03 2024-10-02 NI036477 bus:Director1 2023-10-03 2024-10-02 NI036477 core:NetGoodwill 2023-10-02 NI036477 core:NetGoodwill 2024-10-02 NI036477 core:LandBuildings 2023-10-02 NI036477 core:FurnitureFittings 2023-10-02 NI036477 core:MotorVehicles 2023-10-02 NI036477 core:LandBuildings 2024-10-02 NI036477 core:FurnitureFittings 2024-10-02 NI036477 core:MotorVehicles 2024-10-02 NI036477 core:WithinOneYear 2024-10-02 NI036477 core:WithinOneYear 2023-10-02 NI036477 core:ShareCapital 2024-10-02 NI036477 core:ShareCapital 2023-10-02 NI036477 core:RetainedEarningsAccumulatedLosses 2024-10-02 NI036477 core:RetainedEarningsAccumulatedLosses 2023-10-02 NI036477 core:NetGoodwill 2023-10-02 NI036477 core:CostValuation core:Non-currentFinancialInstruments 2023-10-02 NI036477 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2024-10-02 NI036477 core:Non-currentFinancialInstruments 2023-10-02 NI036477 core:AcceleratedTaxDepreciationDeferredTax 2024-10-02 NI036477 core:AcceleratedTaxDepreciationDeferredTax 2023-10-02 NI036477 core:RevaluationPropertyPlantEquipmentDeferredTax 2024-10-02 NI036477 core:RevaluationPropertyPlantEquipmentDeferredTax 2023-10-02 NI036477 core:LandBuildings 2023-10-02 NI036477 core:FurnitureFittings 2023-10-02 NI036477 core:MotorVehicles 2023-10-02 NI036477 bus:SmallEntities 2023-10-03 2024-10-02 NI036477 bus:AuditExemptWithAccountantsReport 2023-10-03 2024-10-02 NI036477 bus:SmallCompaniesRegimeForAccounts 2023-10-03 2024-10-02 NI036477 bus:PrivateLimitedCompanyLtd 2023-10-03 2024-10-02 NI036477 bus:FullAccounts 2023-10-03 2024-10-02 NI036477 bus:OrdinaryShareClass1 2024-10-02 NI036477 bus:OrdinaryShareClass1 2023-10-02
COMPANY REGISTRATION NUMBER: NI036477
GLENDALE RETAIL LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
2 October 2024
GLENDALE RETAIL LTD
STATEMENT OF FINANCIAL POSITION
2 October 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
6,056
11,619
Tangible assets
6
103,401
96,829
Investments
7
1,229,000
---------
------------
109,457
1,337,448
Current assets
Stocks
149,664
129,502
Debtors
8
296,001
1,066,306
Cash at bank and in hand
1,516,456
1,376,969
------------
------------
1,962,121
2,572,777
Creditors: amounts falling due within one year
9
1,613,224
216,118
------------
------------
Net current assets
348,897
2,356,659
---------
------------
Total assets less current liabilities
458,354
3,694,107
Provisions
Taxation including deferred tax
77,785
61,176
---------
------------
Net assets
380,569
3,632,931
---------
------------
GLENDALE RETAIL LTD
STATEMENT OF FINANCIAL POSITION (continued)
2 October 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
11
2
2
Profit and loss account
380,567
3,632,929
---------
------------
Shareholders funds
380,569
3,632,931
---------
------------
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 statement of income and retained earnings has not been delivered.
For the year ending 2 October 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 .
These financial statements were approved by the board of directors and authorised for issue on 4 March 2025 , and are signed on behalf of the board by:
AG Gracey
Director
Company registration number: NI036477
GLENDALE RETAIL LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 2 OCTOBER 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 73 Newton Park, Belfast, BT8 6FQ.
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
The turnover shown in the profit and loss account represents amounts received during the period, exclusive of Value Added Tax.
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. The company has now adopted FRS 19. Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallize, based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Long land leasehold
-
5% straight line
Fixtures and fittings
-
25% straight line
Motor vehicles
-
25% straight line
Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 40 (2023: 40 ).
5. Intangible assets
Goodwill
£
Cost
At 3 October 2023 and 2 October 2024
83,939
--------
Amortisation
At 3 October 2023
72,320
Charge for the year
5,563
--------
At 2 October 2024
77,883
--------
Carrying amount
At 2 October 2024
6,056
--------
At 2 October 2023
11,619
--------
6. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 3 October 2023
318,167
196,978
9,495
144,417
669,057
Additions
32,695
32,695
---------
---------
-------
---------
---------
At 2 October 2024
318,167
229,673
9,495
144,417
701,752
---------
---------
-------
---------
---------
Depreciation
At 3 October 2023
259,350
160,548
7,913
144,417
572,228
Charge for the year
2,020
22,521
1,582
26,123
---------
---------
-------
---------
---------
At 2 October 2024
261,370
183,069
9,495
144,417
598,351
---------
---------
-------
---------
---------
Carrying amount
At 2 October 2024
56,797
46,604
103,401
---------
---------
-------
---------
---------
At 2 October 2023
58,817
36,430
1,582
96,829
---------
---------
-------
---------
---------
7. Investments
Other investments other than loans
£
Cost
At 3 October 2023
1,229,000
Disposals
( 1,229,000)
------------
At 2 October 2024
------------
Impairment
At 3 October 2023 and 2 October 2024
------------
Carrying amount
At 2 October 2024
------------
At 2 October 2023
1,229,000
------------
8. Debtors
2024
2023
£
£
Amounts owed by group and related undertakings
132,791
447,299
Other debtors
163,210
619,007
---------
------------
296,001
1,066,306
---------
------------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
95,751
98,529
Amounts owed to group and related undertakings
49,958
Corporation tax
60,927
24,433
Social security and other taxes
49,134
58,734
Other creditors
1,357,454
34,422
------------
---------
1,613,224
216,118
------------
---------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
77,785
61,176
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
21,741
5,132
Revaluation of tangible assets
56,044
56,044
--------
--------
77,785
61,176
--------
--------
11. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
12. Contingencies
The company had no contingencies at either year end.
13. Directors' advances, credits and guarantees
During the year, the director repaid net loans of £219,530 and advanced further loans of £4,978 to the company (2023: the director repaid net loans of £3,453 to the company). At the year end, the company owed £4,978 to the director (2023: £219,530 owed from the director to the company).
14. Related party transactions
The company was under the joint control of Mr & Mrs Gracey throughout the current period.