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Company Registration No. 03811093 (England and Wales)
GLEESK PROPERTY CO. LTD.
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 31 DECEMBER 2024
Sumer Auditco Limited
Chartered Accountants and Statutory Auditors
14th Floor
33 Cavendish Square, London
W1G 0PW
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DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the period ended 31 December 2024.
Directors' responsibilities statement
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The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The principal activity of the company during the year was that of property development.
The directors who served during the period were:
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Michael Dowling (resigned 8 August 2025)
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Kacey O'Driscoll (appointed 1 October 2023)
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Disclosure of information to auditors
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Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.
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DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
Riordan O'Sullivan & Co, the previous auditors, have transferred their audit business to Sumer Auditco Limited who will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on 26 September 2025 and signed on its behalf.
___________________________
Kacey O'Driscoll
Director
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GLEESK PROPERTY CO. LTD.
REGISTERED NUMBER:03811093
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BALANCE SHEET
AS AT 31 DECEMBER 2024
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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Provisions for liabilities
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The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 September 2025.
___________________________
Kacey O'Driscoll
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GLEESK PROPERTY CO. LTD.
REGISTERED NUMBER:03811093
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BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
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Deferred tax movement on revalutaion
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Dividends paid to parent company
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
Gleesk Property Co. Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is 22 Barretts Green Road, Park Royal, London, NW10 7AE.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and investment properties and certain financial instruments at fair value, unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company.
The following principal accounting policies have been applied:
Turnover from the sale of development properties is recognised when the company has transferred all control and significant risks and rewards of ownership to the buyer, the amount receivable can be measured reliably, it is probable that the company will receive consideration and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Freehold properties are maintained so as to ensure that their values do not diminish over time. The maintenance costs are charged to the profit and loss accounts in the year in which they are incurred. In the director's opinion, depreciation would be immaterial and has not been charged.
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Revaluation of tangible fixed assets
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Freehold land and buildings, all of which are located in the UK, are measured using the revaluation model. These assets are stated at fair value on the date of the latest revaluation less any impairment losses, where applicable. Valuations are made on an annual basis by the Directors so that the carrying amount of these assets do not differ materially from its fair value.
Revaluation gains and losses are recognised in other comprehensive income net of deferred tax unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost comprises the cost of land, construction costs and those overheads that have been incurred in bringing the stocks to their present condition.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
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Current and deferred taxation
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The tax expense represents the sum of the tax payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither tax profit nor the accounting profit.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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The average monthly number of employees, including directors, during the period was 3 (2023 - 2).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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Land and buildings were revalued in 2020 by an independent valuer on an open market existing use value basis and the directors consider that these valuations reflect the fair value of the properties at the balance sheet date.
If the land and buildings had not been included at valuation they would have been included under the historical cost convention at £1,515,243 (2023: £1,515,243)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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Amounts owed by group undertaking
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The amounts owed by group and related undertakings are unsecured, interest-free and repayable on demand.
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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The amounts owed to group undertakings are unsecured, interest-free and repayable on demand.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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The provision for deferred taxation is made up as follows:
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Revaluation of freehold properties
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Authorised, allotted, called up and fully paid
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1,000,000 Ordinary shares of £1 each
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Related party transactions
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The company has taken advantage of the exemption available in accordance with Financial Reporting Standard 102, Section 33.1A, 'Related Party Disclosures' not to disclose transactions entered into and outstanding balances between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
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Post balance sheet events
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There were no events since the period end which materially affected the company.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
Danny Sullivan Group Limited is the company's immediate parent undertaking. The ultimate parent company is CH Parachute Ventures Limited.
Timothy O'Sullivan and Kacey O'Driscoll who hold 100% of the shares in CH Parachute Ventures Limited are the ultimate controllers of the company. The consolidated financial statements of CH Parachute Ventures Limited can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
The auditors' report on the financial statements for the period ended 31 December 2024 was unqualified.
The audit report was signed on 26 September 2025 by Andrew Hill (Senior Statutory Auditor) on behalf of Sumer Auditco Limited, Chartered Accountants and Statutory Auditors.
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