ACCOUNTS - Final Accounts preparation

Company registration number: 09199510

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 MARCH 2025

	GLASSHILL STREET LTD


GLASSHILL STREET LTD REGISTERED NUMBER:09199510

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Investment property	4		2,340,000		2,340,000
			2,340,000		2,340,000
Current assets
Debtors: amounts falling due within one year	5	498,133		532,211
Cash at bank and in hand		5,157		1,871
		503,290		534,082
Creditors: amounts falling due within one year	6	(172,383)		(168,043)
Net current assets			330,907		366,039
Total assets less current liabilities			2,670,907		2,706,039
Creditors: amounts falling due after more than one year	7		(1,237,067)		(1,291,822)
Provisions for liabilities
Deferred tax	8	(201,633)		(201,633)
			(201,633)		(201,633)
Net assets			1,232,207		1,212,584

Capital and reserves
Called up share capital		100	100
Non-distributable reserves	9	604,899	604,899
Profit and loss account	9	627,208	607,585
		1,232,207	1,212,584

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GLASSHILL STREET LTD REGISTERED NUMBER:09199510

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2025

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 statement of comprehensive income 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 23 December 2025.

C Pollard

Director

The notes on pages 3 to 7 form part of these financial statements.

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GLASSHILL STREET LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

Glasshill Street Ltd is a private company, limited by shares, registered in England and Wales, company registration number 09199510. The address of the registered office is the same as that of the principal place of business and is disclosed on the company information page.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is generated by the letting of investment property and is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

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GLASSHILL STREET LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.7

Investment property

Investment property is carried at fair value determined annually by the directors with reference to external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

2.8

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

Employees

The average monthly number of employees, including directors, during the year was 2 (2024 - 2).

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GLASSHILL STREET LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

4.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 April 2024	2,340,000
	At 31 March 2025	2,340,000

The 2025 valuations were made by the directors, on an open market value for existing use basis.

If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
	2025	2024
	£	£

	Historic cost	1,408,143	1,408,143
		1,408,143	1,408,143

Debtors

					2025	2024
					£	£


Amounts owed by group undertakings	273,874	308,052
Other debtors	169,238	169,138
Tax recoverable	55,021	55,021
	498,133	532,211

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GLASSHILL STREET LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

6.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank loans	57,029	46,525
Corporation tax	10,706	19,558
Other taxation and social security	348	-
Other creditors	100,000	100,000
Accruals and deferred income	4,300	1,960
	172,383	168,043

Bank loans due within one year include amounts of £57,029 (2024: £46,525) which are secured.

7.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Bank loans	1,237,067	1,291,822
	1,237,067	1,291,822

Bank loans falling due in more than one year include amounts of £1,237,067 (2024: £1,291,822) which are secured.

8.	Deferred taxation

		2025
		£

	At beginning of year	(201,633)
	At end of year	(201,633)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

	Revaluation of investment property	(201,633)	(201,633)
		(201,633)	(201,633)

Reserves

Included within the reserves is £604,899 (2024: £604,899) which is not distributable.

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GLASSHILL STREET LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

10.	Transactions with directors

The balance due from the director C Pollard as at 31 March 2025 was £169,137 (2024: £169,137).
Interest has been charged on the outstanding amount at commercial rates amounting to £3,806. (2024: £3,806)
Amounts advanced and repaid during the year amount to £Nil. (2024: £Nil)
The director C Pollard has provided a personal guarantee in respect of the bank loans limited to £1,000,000. (2024: £1,000,000)

11.	Related party transactions
	The balance due to the director J Kroes as at 31 March 2025 was £100,000 (2024: £100,000). No interest was charged by the director to the company.

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