REGISTERED NUMBER: 07286966 (England and Wales)

Financial Statements

for the Year Ended 31 December 2024

for

Glebe Construction (Midlands) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G J Supple

T S Supple

J T White

REGISTERED OFFICE:

20 Victoria Way

Pride Park

Derby

DE24 8AN

REGISTERED NUMBER:

07286966 (England and Wales)

ACCOUNTANTS:

Bates Weston LLP

Chartered Accountants

The Mills

Canal Street

Derby

DE1 2RJ

FIXED ASSETS

Tangible assets

4

99,539

47,925

Investment property

5

875,000

500,000

974,539

547,925

CURRENT ASSETS

Work in progress

1,371,927

2,381,094

Debtors

6

33,242

19,494

Cash at bank

16,451

217,170

1,421,620

2,617,758

CREDITORS

Amounts falling due within one year

7

1,943,535

1,713,794

NET CURRENT (LIABILITIES)/ASSETS

(521,915

)

903,964

TOTAL ASSETS LESS CURRENT LIABILITIES

452,624

1,451,889

CREDITORS

Amounts falling due after more than one year

8

424,650

1,450,152

NET ASSETS

27,974

1,737

CAPITAL AND RESERVES

Called up share capital

111

111

Share premium

10

1,438

1,438

Fair value reserve

10

25,000

-

Retained earnings

10

1,425

188

SHAREHOLDERS' FUNDS

27,974

1,737

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

G J Supple - Director

1.	STATUTORY INFORMATION

Glebe Construction (Midlands) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents the value of completed property sales, excluding value added tax. Turnover is recognised on the completion date of the property sale.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

at varying rates on cost

Motor vehicles

-

25% on reducing balance

Investment property

Investment property is not depreciated but is revalued annually at its fair value. Any aggregate surplus or deficit arising from changes in fair value are taken to the profit and loss account and transferred to a fair value reserve.

Work in progress

Work in progress represent the cost of land and all relevant development costs to date, valued at the lower of cost and net realisable value.

Cost is based on purchase invoice price and net realisable value is based on the estimated selling price less further costs expected to be incurred to completion and disposal.

Pension costs and other post-retirement benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as an expense when they fall due. Amounts not paid are shown in accruals on the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2024

61,211

53,307

114,518

Additions

-

89,395

89,395

Disposals

(18,500

)

(35,307

)

(53,807

)

At 31 December 2024

42,711

107,395

150,106

DEPRECIATION

At 1 January 2024

45,968

20,625

66,593

Charge for year

3,390

18,668

22,058

Eliminated on disposal

(18,500

)

(19,584

)

(38,084

)

At 31 December 2024

30,858

19,709

50,567

NET BOOK VALUE

At 31 December 2024

11,853

87,686

99,539

At 31 December 2023

15,243

32,682

47,925

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

500,000

Additions

350,000

Revaluations

25,000

At 31 December 2024

875,000

NET BOOK VALUE

At 31 December 2024

875,000

At 31 December 2023

500,000

Fair value at 31 December 2024 is represented by:

£

Valuation in 2024

875,000

If investment property had not been revalued it would have been included at the following historical cost:

2024

2023

£

£

Cost

875,000

500,000

Aggregate depreciation

(37,500

)

(20,000

)

Investment property was valued on a fair value basis on 31 December 2024 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other debtors

1,085

11,900

Directors' loan accounts

27,360

-

Tax

-

1,662

Prepayments and accrued income

4,797

5,932

33,242

19,494

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

10,397

10,160

Other loans

270,000

270,000

Other loans - secured

997,954

881,455

Hire purchase contracts

34,142

9,582

Trade creditors

57,675

102,103

Tax

274

14,181

Social security and other taxes

9,106

3,350

Other creditors

26,660

31,071

Amounts owed to associated undertakings

330,379

179,206

Directors' loan accounts

185,431

161,224

Accrued expenses

21,517

51,462

1,943,535

1,713,794

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loan

4,399

14,019

Other loans - secured

368,294

1,405,741

Hire purchase contracts

51,957

30,392

424,650

1,450,152

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Other loans - secured

1,366,248

2,287,196

Hire purchase contracts

86,099

39,974

1,452,347

2,327,170

Loans are secured on property held within work in progress and investment property. Hire purchase contracts are secured on related assets.

10.

RESERVES

Fair

Retained

Share

value

earnings

premium

reserve

Totals

£

£

£

£

At 1 January 2024

188

1,438

-

1,626

Profit for the year

35,357

35,357

Dividends

(9,120

)

(9,120

)

Transfer gain on revaluation

(25,000

)

-

25,000

-

At 31 December 2024

1,425

1,438

25,000

27,863

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year net advances were made to a director of £27,360. This balance is repayable on demand and interest has been charged at the official rate.