REGISTERED NUMBER: 10066664 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

GLS Property Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Miss G L Sharples

S J Green

REGISTERED OFFICE:

Seagreen

Turner Street

Redcar

TS10 1AZ

REGISTERED NUMBER:

10066664 (England and Wales)

ACCOUNTANTS:

Anderson Barrowcliff Limited

Chartered Accountants

3 Kingfisher Court

Bowesfield Park

Stockton on Tees

TS18 3EX

FIXED ASSETS

Investments

4

33

33

Investment property

5

1,005,000

1,005,000

1,005,033

1,005,033

CURRENT ASSETS

Debtors

6

232,020

230,320

Cash at bank

46,716

85,387

278,736

315,707

CREDITORS

Amounts falling due within one year

7

87,192

81,999

NET CURRENT ASSETS

191,544

233,708

TOTAL ASSETS LESS CURRENT LIABILITIES

1,196,577

1,238,741

CREDITORS

Amounts falling due after more than one year

8

(818,733

)

(874,628

)

PROVISIONS FOR LIABILITIES

(83,500

)

(83,500

)

NET ASSETS

294,344

280,613

CAPITAL AND RESERVES

Called up share capital

10

1

1

Non-distributable reserve

11

266,145

266,145

Retained earnings

28,198

14,467

SHAREHOLDERS' FUNDS

294,344

280,613

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 23 December 2025 and were signed on its behalf by:

Miss G L Sharples - Director

1.	STATUTORY INFORMATION

GLS Property 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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 rental income, fees earned in the period and commission received. Fees are charged for locating investment properties for third parties. Commission is earned from acting as a property agent.

Investments in associates

Investments in associate undertakings are recognised at cost.

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.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at present value.

3.	EMPLOYEES AND DIRECTORS

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

4.	FIXED ASSET INVESTMENTS

Interest

in

associate

undertaking

£

COST

At 1 April 2024

and 31 March 2025

33

NET BOOK VALUE

At 31 March 2025

33

At 31 March 2024

33

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

and 31 March 2025

1,005,000

NET BOOK VALUE

At 31 March 2025

1,005,000

At 31 March 2024

1,005,000

Fair value at 31 March 2025 is represented by:

£

Valuation in 2017

277,724

Valuation in 2018

41,396

Valuation in 2019

(114,475

)

Valuation in 2021

80,000

Valuation in 2024

65,000

Cost

655,355

1,005,000

At 31 March 2025 the investment properties were valued at £1,005,000 by Miss G L Sharples, the director, on a fair value basis. Ms Sharples has a BA Hons in teaching and is CeMAP Level 3 qualified in mortgage advice. She has 15 years experience in property investment, development and conversions and her valuation is provided using her overall knowledge of the properties and their condition combined with the appropriate industry rental yield multiples and by comparison with similar properties in the local area.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other debtors

232,020

230,320

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

5,882

5,882

Taxation and social security

3,221

2,746

Other creditors

78,089

73,371

87,192

81,999

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

601,897

607,845

Other creditors

216,836

266,783

818,733

874,628

Amounts falling due in more than five years:

Repayable by instalments

Bank loans due after more than

5 years by instalments

233,363

239,311

233,363

239,311

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

607,779

613,727

The loans are secured by a fixed and floating charge over the company's investment properties.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

1

Ordinary

£1

1

1

11.

RESERVES

Non-distributable

reserve

£

At 1 April 2024

and 31 March 2025

266,145

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2025 and 31 March 2024:

2025

2024

£

£

Miss G L Sharples and S J Green

Balance outstanding at start of year

-

-

Amounts advanced

44,175

-

Amounts repaid

(15,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

29,175

-

Interest has been charged at a rate of 2.25% on the amounts advanced to the directors. The balance is repayable on demand.