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Registration number: 05007003

Glebe Limited
Unaudited Filleted Financial Statements
for the Period from 1 May 2024 to 31 December 2024

Glebe Limited

Contents

Company Information | 1
Balance Sheet | 2 to 3
Notes to the Unaudited Financial Statements | 4 to 10

Glebe Limited

Company Information

Director | Mr David Phillips

Registered office | 1 Moreton Terrace Mews North London England SW1V 2NT

Accountants | Charter Tax Consulting Limited 8th Floor 1 Southampton Street London WC2R 0LR

Glebe Limited

(Registration number: 05007003)
Balance Sheet as at 31 December 2024

| Note | 31 December 2024 £ | 30 April 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 15,103 | 15,504
Investment property | 5 | 1,320,485 | 1,320,485
Investments | 6 | - | 2
Other financial assets | 7 | 2,345,292 | -
|  | 3,680,880 | 1,335,991
Current assets |  |  |
Debtors | 8 | 45,380 | 733,612
Cash at bank and in hand |  | 40,273 | 1,590,958
|  | 85,653 | 2,324,570
Creditors: Amounts falling due within one year | 9 | (68,872) | (80,783)
Net current assets |  | 16,781 | 2,243,787
Total assets less current liabilities |  | 3,697,661 | 3,579,778
Provisions for liabilities |  | (52,005) | -
Net assets |  | 3,645,656 | 3,579,778
Capital and reserves |  |  |
Called up share capital | 10 | 1 | 1
Retained earnings |  | 3,645,655 | 3,579,777
Shareholders' funds |  | 3,645,656 | 3,579,778

For the financial period ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Glebe Limited

(Registration number: 05007003)
Balance Sheet as at 31 December 2024

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Director's responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and
• | The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved and authorised by the director on 22 April 2026

Mr David Phillips Director

Glebe Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2024 to 31 December 2024

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Moreton Terrace Mews North
London
SW1V 2NT
England

These financial statements were authorised for issue by the director on 22 April 2026.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Disclosure of long or short period

The accounts for the current period cover a period from 1 May 2024 to 31 December 2024. The reporting period has been shortened to align the Company's year end with other entities under the director's common ownership, in order to streamline internal administrative processes. Therefore, the comparative amounts presented in the financial statements, including related notes, are not entirely comparable with the amounts presented in the current period to 31 December 2024.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Glebe Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2024 to 31 December 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Fixtures, Fittings & Equipment | 20% reducing balance

Investment property

Investment property is carried at fair value. Changes in fair value are recognised in profit or loss.

Investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated 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.

Glebe Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2024 to 31 December 2024

Other financial assets

Trade investments are equity investments over which the company has no significant influence, joint control or control and are initially measured at transaction price. Transaction price includes transaction costs, except where trade investments are measured at fair value through profit or loss when transaction costs are expensed to profit or loss as incurred.
Trade investments are measured at fair value through profit or loss. The fair value of trade investments quote on a recognised stock exchange is the quoted bid price.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3 | Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1 (2024 - 2).

Glebe Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2024 to 31 December 2024

4 | Tangible assets

| Furniture, fittings and equipment £ | Total £
Cost or valuation
At 1 May 2024 | 167,807 | 167,807
At 31 December 2024 | 167,807 | 167,807
Depreciation
At 1 May 2024 | 152,303 | 152,303
Charge for the period | 401 | 401
At 31 December 2024 | 152,704 | 152,704
Carrying amount
At 31 December 2024 | 15,103 | 15,103
At 30 April 2024 | 15,504 | 15,504

5 | Investment properties

| 31 December 2024 £
At 1 May | 1,320,485
At 31 December | 1,320,485

The investment property was purchased on 23 December 2020. The directors believe the carrying value is the fair value of the property as at 31 December 2024.

Glebe Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2024 to 31 December 2024

6 | Investments

| 31 December 2024 £ | 30 April 2024 £
Investments in subsidiaries | - | 2

Subsidiaries | £
Cost or valuation
At 1 May 2024 | 2
Disposals | (2)
At 31 December 2024 | -
Provision
Carrying amount
At 31 December 2024 | -
At 30 April 2024 | 2

7 | Other financial assets (current and non-current)

| 31 December 2024 £ | 30 April 2024 £
Non-current financial assets
Derivatives not used for hedging | 11,796 | -
Investments other than loans | 2,333,496 | -
| 2,345,292 | -

Fixed asset investments revalued

Listed investments with a market value of £2,345,292 (20 April 2024: £nil) are held by the company as at the balance sheet date. The cost of these investments is £2,137,272 (30 April 2024: £nil).
The fair value of the investments has been determined by a quoted market price in an active market.

Glebe Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2024 to 31 December 2024

| Derivatives not used for hedging £ | Investments other than loans £ | Total £
Non-current financial assets
Cost or valuation
At 1 May 2024 | - | - | -
Fair value adjustments | - | 208,019 | 208,019
Additions | 11,796 | 2,873,043 | 2,884,839
Disposals | - | (747,566) | (747,566)
At 31 December 2024 | 11,796 | 2,333,496 | 2,345,292
Carrying amount
At 31 December 2024 | 11,796 | 2,333,496 | 2,345,292
At 30 April 2024 | - | - | -

At 31 December 2024, the cash investment balance totalled £20,431 (30 April 2024: £nil).

8 | Debtors

Current | 31 December 2024 £ | 30 April 2024 £
Trade debtors | 27,285 | 19,141
Prepayments | 1,713 | 13,278
Other debtors | 16,382 | 701,193
| 45,380 | 733,612

Included within other debtors is a balance of £5,760 (30 April 2024: £Nil) due from a related party. See note 13 for further details.

Glebe Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2024 to 31 December 2024

9 | Creditors

Creditors: amounts falling due within one year

| 31 December 2024 £ | 30 April 2024 £
Due within one year |  |
Trade creditors | 336 | 17,345
Taxation and social security | 46,705 | 44,465
Accruals and deferred income | 21,831 | 15,394
Other creditors | - | 3,579
| 68,872 | 80,783

10 | Share capital

Allotted, called up and fully paid shares

| 31 December 2024 | 30 April 2024
| No. | £ | No. | £
Ordinary share capital of £1 each | 1 | 1 | 1 | 1

11 | Dividends

|  | 31 December 2024 |  | 30 April 2024
|  | £ |  | £
Interim dividend of £Nil (2024 - £1,000.00) per ordinary share |  | - |  | 1,000

12 | Related party transactions

Summary of transactions with other related parties

At the year end, an amount of £5,760 (30 April 2024: £Nil) was receivable from Anacot Steel Limited, an entity in which Mr D Phillips is a Director. The balance in unsecured, interest-free and repayable on demand.
The company received fees of £Nil (30 April 2024: £134,156) from Glebe London 2 Limited Partnership, an entity in which Mr D Phillips is a member.
As at 31 December 2024, the Company owed the Director £7,828 (30 April 2024: £4,474).