REGISTERED NUMBER: 00560937 (England and Wales)

Glyn-Afon Property Co Limited

Financial Statements

for the Year Ended 31 January 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G R Brazier

C S Brazier

REGISTERED OFFICE:

24 Cornwall Road

Dorchester

Dorset

DT1 1RX

REGISTERED NUMBER:

00560937 (England and Wales)

ACCOUNTANTS:

Read Woodruff

Chartered Accountants

24 Cornwall Road

Dorchester

Dorset

DT1 1RX

FIXED ASSETS

Tangible assets

4

114,304

62,278

Investment property

5

12,732,500

12,679,700

12,846,804

12,741,978

CURRENT ASSETS

Debtors

6

4,566,017

5,251,445

Cash at bank

79,922

401,033

4,645,939

5,652,478

CREDITORS

Amounts falling due within one year

7

290,663

1,243,044

NET CURRENT ASSETS

4,355,276

4,409,434

TOTAL ASSETS LESS CURRENT LIABILITIES

17,202,080

17,151,412

CREDITORS

Amounts falling due after more than one year

8

(3,951,300

)

(4,078,488

)

PROVISIONS FOR LIABILITIES

10

(1,943,217

)

(1,755,664

)

NET ASSETS

11,307,563

11,317,260

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Fair value reserve

11

9,394,518

9,145,959

Retained earnings

1,903,045

2,161,301

11,307,563

11,317,260

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 October 2025 and were signed on its behalf by:

G R Brazier - Director

C S Brazier - Director

1.	STATUTORY INFORMATION

Glyn-Afon Property Co 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Fixtures, fittings, equipment

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Fair value reserve

Whilst fair value gains on investment property are taken to the profit and loss account, they are not distributable as dividend to shareholders because the gain is unrealised. The company therefore adopts the policy of transferring the fair value adjustment net/inclusive of the deferred tax charge/credit to a separate account,'fair value reserve'.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2024 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures,

fittings,

Motor

equipment

vehicles

Totals

£

£

£

COST

At 1 February 2024

92,419

-

92,419

Additions

2,369

64,750

67,119

At 31 January 2025

94,788

64,750

159,538

DEPRECIATION

At 1 February 2024

30,141

-

30,141

Charge for year

9,697

5,396

15,093

At 31 January 2025

39,838

5,396

45,234

NET BOOK VALUE

At 31 January 2025

54,950

59,354

114,304

At 31 January 2024

62,278

-

62,278

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2024

12,679,700

Additions

16,399

Disposals

(1,005,000

)

Revaluations

1,041,401

At 31 January 2025

12,732,500

NET BOOK VALUE

At 31 January 2025

12,732,500

At 31 January 2024

12,679,700

Fair value at 31 January 2025 is represented by:

£

Valuation in 2025

11,309,159

Cost

1,423,341

12,732,500

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

2025

2024

£

£

Cost

1,423,341

1,793,647

Investment property was valued on a fair value basis on 31 January 2025 by the directors .

6.

DEBTORS

2025

2024

£

£

Amounts falling due within one year:

Trade debtors

18,180

16,251

Other debtors

3,416,791

4,132,008

3,434,971

4,148,259

2025

2024

£

£

Amounts falling due after more than one year:

Other debtors

1,131,046

1,103,186

Aggregate amounts

4,566,017

5,251,445

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

5,656

253

Taxation and social security

192,028

1,149,312

Other creditors

92,979

93,479

290,663

1,243,044

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

3,951,300

4,078,488

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans

3,951,300

4,078,488

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

3,951,300

4,078,488

Mortgages are secured by legal charges created on 31 August 2022 over the company's investment properties,

10.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

Accelerated capital allowances

28,576

15,570

Capital gains on investment property

1,914,641

1,740,094

1,943,217

1,755,664

Deferred

tax

£

Balance at 1 February 2024

1,755,664

Charge to Income Statement during year

187,553

Balance at 31 January 2025

1,943,217

11.

RESERVES

Fair

value

reserve

£

At 1 February 2024

9,145,959

Gain realised on disposal

(532,492

)

Transfer unrealised gain/loss on investment property to fair value reserve

781,051

At 31 January 2025

9,394,518

The fair value reserve represents the unrealised gains on carrying investment property at fair value less the deferred tax provision thereon; being unrealised, such amounts are not available to be distributed as dividend to shareholders.

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 31 January 2025 and the period ended 31 January 2024:

2025

2024

£

£

G R Brazier and C S Brazier

Balance outstanding at start of year

4,068,700

-

Amounts advanced

82,546

4,068,700

Amounts repaid

(800,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

3,351,246

4,068,700