Company registration number 09061708 (England and Wales)
GLADBROOK DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
PAGES FOR FILING WITH REGISTRAR
GLADBROOK DEVELOPMENTS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9
GLADBROOK DEVELOPMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MAY 2025
31 May 2025
- 1 -
2025
2024
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
5
5,020
4,052
Investments
6
4
3
5,024
4,055
Current assets
Inventories
2,148,230
2,091,517
Trade and other receivables
7
5,613,604
5,165,792
Cash and cash equivalents
2,072,529
2,758,969
9,834,363
10,016,278
Current liabilities
8
(49,994)
(46,037)
Net current assets
9,784,369
9,970,241
Total assets less current liabilities
9,789,393
9,974,296
Non-current liabilities
9
(15,722,099)
(15,722,099)
Net liabilities
(5,932,706)
(5,747,803)
Equity
Called up share capital
10
200
200
Retained earnings
(5,932,906)
(5,748,003)
Total equity
(5,932,706)
(5,747,803)
GLADBROOK DEVELOPMENTS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MAY 2025
31 May 2025
- 2 -

For the financial year ended 31 May 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

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

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 20 February 2026 and are signed on its behalf by:
N Kusturovic
Director
Company registration number 09061708 (England and Wales)
GLADBROOK DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
- 3 -
1
Accounting policies
Company information

Gladbrook Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, Arthur Stanley House, 40-50 Tottenham Street, London, England, W1T 4RN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Revenue

Turnover represents amounts receivable for sale of property stock net of VAT and trade discounts. Sales of property are recognised on legal completion of the transaction.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
15% Reducing balance
Computer equipment
25% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

GLADBROOK DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 4 -
1.5
Non-current investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

GLADBROOK DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 5 -
1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

GLADBROOK DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 6 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

GLADBROOK DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 7 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
5
5
4
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2024 and 31 May 2025
257,028
Amortisation and impairment
At 1 June 2024 and 31 May 2025
257,028
Carrying amount
At 31 May 2025
-
0
At 31 May 2024
-
0
GLADBROOK DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 8 -
5
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 June 2024
26,471
Additions
1,689
At 31 May 2025
28,160
Depreciation and impairment
At 1 June 2024
22,419
Depreciation charged in the year
721
At 31 May 2025
23,140
Carrying amount
At 31 May 2025
5,020
At 31 May 2024
4,052
6
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
4
3
Movements in non-current investments
Shares in subsidiaries
£
Cost or valuation
At 1 June 2024
3
Additions
1
At 31 May 2025
4
Carrying amount
At 31 May 2025
4
At 31 May 2024
3
GLADBROOK DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 9 -
7
Trade and other receivables
2025
2024
Amounts falling due within one year:
£
£
Trade receivables
766
838
Corporation tax recoverable
537,716
537,470
Amounts owed by group undertakings
3,958,751
3,410,093
Other receivables
1,116,371
1,217,391
5,613,604
5,165,792

The company, through its subsidiaries is undertaking real estate developments in Serbia. Included in amounts owed by group undertakings are amounts advanced to its subsidiaries for that purpose.

8
Current liabilities
2025
2024
£
£
Trade payables
30,392
26,405
Taxation and social security
3,286
4,462
Other payables
16,316
15,170
49,994
46,037
9
Non-current liabilities
2025
2024
£
£
Other payables
15,722,099
15,722,099

Other payables represents 15,722,099 preference shares of £1 par value per share, treated as non-current liabilities in accordance with accounting requirements.

10
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
-
0
-
0
Ordinary non-participating but voting of £1 each
100
100
100
100
Ordinary non-voting but participating of £1 each
100
100
100
100
202
202
200
200

The company has two classes of ordinary shares which carry no right to fixed income. Additionally, the company has in issue 15,722,099 preference shares of £1 each, classified as liabilities. These shares do not carry voting rights.

2025-05-31 2024-06-01 false false false 20 February 2026 CCH Software CCH Accounts Production 2025.300 No description of principal activity N Kusturovic M Kusturovic 09061708 2024-06-01 2025-05-31 09061708 2025-05-31 09061708 2024-05-31 09061708 core:OtherPropertyPlantEquipment 2025-05-31 09061708 core:OtherPropertyPlantEquipment 2024-05-31 09061708 core:CurrentFinancialInstruments core:WithinOneYear 2025-05-31 09061708 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 09061708 core:WithinOneYear 2025-05-31 09061708 core:WithinOneYear 2024-05-31 09061708 core:AfterOneYear 2025-05-31 09061708 core:AfterOneYear 2024-05-31 09061708 core:CurrentFinancialInstruments 2025-05-31 09061708 core:CurrentFinancialInstruments 2024-05-31 09061708 core:ShareCapital 2025-05-31 09061708 core:ShareCapital 2024-05-31 09061708 core:RetainedEarningsAccumulatedLosses 2025-05-31 09061708 core:RetainedEarningsAccumulatedLosses 2024-05-31 09061708 core:ShareCapitalOrdinaryShareClass1 2025-05-31 09061708 core:ShareCapitalOrdinaryShareClass1 2024-05-31 09061708 core:ShareCapitalOrdinaryShareClass2 2025-05-31 09061708 core:ShareCapitalOrdinaryShareClass2 2024-05-31 09061708 core:ShareCapitalOrdinaryShareClass3 2025-05-31 09061708 core:ShareCapitalOrdinaryShareClass3 2024-05-31 09061708 core:ShareCapitalOrdinaryShares 2025-05-31 09061708 core:ShareCapitalOrdinaryShares 2024-05-31 09061708 bus:Director1 2024-06-01 2025-05-31 09061708 core:Goodwill 2024-06-01 2025-05-31 09061708 core:FurnitureFittings 2024-06-01 2025-05-31 09061708 core:ComputerEquipment 2024-06-01 2025-05-31 09061708 2023-06-01 2024-05-31 09061708 core:NetGoodwill 2024-05-31 09061708 core:NetGoodwill 2025-05-31 09061708 core:NetGoodwill 2024-05-31 09061708 core:OtherPropertyPlantEquipment 2024-05-31 09061708 core:OtherPropertyPlantEquipment 2024-06-01 2025-05-31 09061708 core:Non-currentFinancialInstruments 2025-05-31 09061708 core:Non-currentFinancialInstruments 2024-05-31 09061708 bus:OrdinaryShareClass1 2024-06-01 2025-05-31 09061708 bus:OrdinaryShareClass2 2024-06-01 2025-05-31 09061708 bus:OrdinaryShareClass3 2024-06-01 2025-05-31 09061708 bus:OrdinaryShareClass1 2025-05-31 09061708 bus:OrdinaryShareClass1 2024-05-31 09061708 bus:OrdinaryShareClass2 2025-05-31 09061708 bus:OrdinaryShareClass2 2024-05-31 09061708 bus:OrdinaryShareClass3 2025-05-31 09061708 bus:OrdinaryShareClass3 2024-05-31 09061708 bus:AllOrdinaryShares 2025-05-31 09061708 bus:AllOrdinaryShares 2024-05-31 09061708 bus:PrivateLimitedCompanyLtd 2024-06-01 2025-05-31 09061708 bus:FRS102 2024-06-01 2025-05-31 09061708 bus:AuditExemptWithAccountantsReport 2024-06-01 2025-05-31 09061708 bus:Director2 2024-06-01 2025-05-31 09061708 bus:SmallCompaniesRegimeForAccounts 2024-06-01 2025-05-31 09061708 bus:FullAccounts 2024-06-01 2025-05-31 xbrli:pure xbrli:shares iso4217:GBP