REGISTERED NUMBER: 03269060 (England and Wales)

GLADE HOMES LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S.G. Routledge

SECRETARY:

D.G.M. Reese

REGISTERED OFFICE:

17 Richmond Road,

North Chingford,

London,

E4 7BN

REGISTERED NUMBER:

03269060 (England and Wales)

ACCOUNTANTS:

Cobbin Floyd Ltd

t/as Findlay Wetherfield Scott & Co.

Chartered Accountants

137, Station Road

Chingford,

London

E4 6AG

FIXED ASSETS

Tangible assets

4

17,874,000

16,726,000

Investments

5

1,000

1,000

17,875,000

16,727,000

CURRENT ASSETS

Debtors

6

756,009

290,206

Investments

7

-

534,289

Cash at bank

34,612

314,722

790,621

1,139,217

CREDITORS

Amounts falling due within one year

8

(273,233

)

(170,874

)

NET CURRENT ASSETS

517,388

968,343

TOTAL ASSETS LESS CURRENT LIABILITIES

18,392,388

17,695,343

CREDITORS

Amounts falling due after more than one year

9

(4,690,718

)

(4,691,049

)

PROVISIONS FOR LIABILITIES

(1,632,073

)

(1,569,672

)

NET ASSETS

12,069,597

11,434,622

CAPITAL AND RESERVES

Called up share capital

12,000

12,000

Fair value reserve

11

5,686,351

5,491,825

Retained earnings

6,371,246

5,930,797

SHAREHOLDERS' FUNDS

12,069,597

11,434,622

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 9th December 2025 and were signed by:

S.G. Routledge - Director

1.	STATUTORY INFORMATION

Glade Homes Ltd 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

The turnover represents rents and ground rents receivable on properties held for investment purposes together with administration charges on managing properties for clients.

Tangible fixed assets

Depreciation is calculated so as to allocate the cost of tangible assets, net of anticipated disposal proceeds, over their estimated useful economic lives. No depreciation is charged on freehold and long leasehold properties. The residual values of the properties are regularly reviewed in order to identify any permanent diminution in value which would be charged to the profit and loss account.

Fixtures and fittings are depreciated at the rate of 12.5% applied on a reducing balance basis.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2024 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Long

property

leasehold

Totals

£

£

£

COST OR VALUATION

At 1st April 2024

4,053,000

12,673,000

16,726,000

Additions

-

878,800

878,800

Revaluations

167,000

102,200

269,200

At 31st March 2025

4,220,000

13,654,000

17,874,000

NET BOOK VALUE

At 31st March 2025

4,220,000

13,654,000

17,874,000

At 31st March 2024

4,053,000

12,673,000

16,726,000

A number of the company's freehold and leasehold properties are security for the bank loans. Further details are as stated in the Secured Debts note.

Cost or valuation at 31st March 2025 is represented by:

Freehold

Long

property

leasehold

Totals

£

£

£

Valuation in 2025

2,093,577

5,224,847

7,318,424

Cost

2,126,423

8,429,153

10,555,576

4,220,000

13,654,000

17,874,000

If freehold & leasehold property had not been revalued they would have been included at the following historical cost:

2025

2024

£

£

Cost

10,555,576

9,676,776

Freehold & leasehold property was valued on an open market basis on 31st March 2025 by the director .

All properties held at the balance sheet date were revalued at that date and the amount stated is the cumulative effect of all revaluations. The effect of the current year's revaluations after provision for deferred tax is stated in the movement in the Fair Value Reserve within the Note on Reserves.

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st April 2024

and 31st March 2025

1,000

NET BOOK VALUE

At 31st March 2025

1,000

At 31st March 2024

1,000

6.

DEBTORS

2025

2024

£

£

Amounts falling due within one year:

Trade debtors

8,994

3,323

Other debtors

6,673

1,265

Related party debtors

381,285

884

Prepayments

-

4,734

396,952

10,206

Amounts falling due after more than one year:

Other debtors

359,057

280,000

Aggregate amounts

756,009

290,206

Included in the other debtors of over one year is now a nine year loan of £257,500 to a company in which the director holds a minority interest.

The other debt over one year comprises unsecured floating notes 2028.

7.	CURRENT ASSET INVESTMENTS

2025

2024

£

£

Listed investments

-

533,539

Unlisted investments

-

750

-

534,289

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

15,695

13,738

Corporation tax

146,598

115,342

Other creditors

19,377

1,756

Related party creditors

47,772

207

Directors' current accounts

1,686

1,325

Accrued expenses

42,105

38,506

273,233

170,874

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans repayable

after more than 5 years

4,690,718

4,691,049

4,690,718

4,691,049

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans repayable

after more than 5 years

4,690,718

4,691,049

4,690,718

4,691,049

10.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

4,690,718

4,691,049

The bank loans are secured by way of mortgages, being first legal charges over a number of the company's freehold and long leasehold properties. The valuation of these properties at the balance sheet date was £6,884,750.

11.

RESERVES

Fair

value

reserve

£

At 1st April 2024

5,491,825

Revaluation realised

(9,205

)

Revaluations in period

203,731

At 31st March 2025

5,686,351

12.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date the sum owed to the sole director, S.G.Routledge, amounted to £1,686.

13.	RELATED PARTY DISCLOSURES

The controlling party is S.G. Routledge, the director, by virtue of his ownership of the majority of the issued ordinary share capital.

There was an amount of £1,686 owed to the director at the balance sheet date.

At the balance sheet date there was an amount of £46,647 owed to Spiketruce Limited, a wholly owned subsidiary company.

During the period under review, Spiketruce Limited paid a dividend of £10,000 to Glade Homes Limited.

There was an amount of £381,285 owed from another company controlled by the director.

Any interest paid to or by the company to any related party was at the rate of 4.00% per annum.