|
Registered number: 02641433
GLADEHURST PROPERTIES LIMITED
Unaudited
Financial statements
Information for filing with the registrar
For the Year Ended 30 June 2025
|
|
|
|
|
|
GLADEHURST PROPERTIES LIMITED
Registered number:02641433
|
Statement of financial position
As at 30 June 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 1
|
|
|
|
|
|
GLADEHURST PROPERTIES LIMITED
Registered number:02641433
|
Statement of financial position (continued)
As at 30 June 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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
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 by:
The notes on pages 3 to 10 form part of these financial statements.
Page 2
|
|
|
|
|
|
GLADEHURST PROPERTIES LIMITED
|
Notes to the financial statements
For the Year Ended 30 June 2025
Gladehurst Properties Limited is a company incorporated in England and Wales under the Companies Act. The address of the registered office is given on the Company Information page. The principal activity of the company is that of property investment.
2.Accounting policies
|
|
|
Basis of preparation of financial statements
|
The financial statements contain information about Gladehurst Properties Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland Section 1A 'Small Entities' and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Page 3
|
|
|
|
|
|
GLADEHURST PROPERTIES LIMITED
|
Notes to the financial statements
For the Year Ended 30 June 2025
2.Accounting policies (continued)
Investment property is carried at fair value determined annually by the directors 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 the Statement of comprehensive income.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.
Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.
|
|
|
Current and deferred taxation
|
The tax expense for the year comprises current and deferred tax. Tax is recognised in the statement of comprehensive income, except that a charge attributable to an item of income or 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 enacated or substantively enacted by the reporting date.
Deferred balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except:
∙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;
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Revenue represents gross rental income from the letting of property and 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. Rent reviews are only recognised as income once the review has been settled, agreed and concluded.
Lease incentives are recognised over the period of the lease. However, the group took advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard to continue to be charged over the shorter period to the first market rent review rather than the term of lease.
Page 4
|
|
|
|
|
|
GLADEHURST PROPERTIES LIMITED
|
Notes to the financial statements
For the Year Ended 30 June 2025
2.Accounting policies (continued)
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.
The company's reserves are as follows:
∙Called up share capital represents the nominal value of the shares issued
∙Profit and Loss Account represents cummulative profits or losses, net of dividends and other adjustments.
|
|
The average monthly number of employees during the year was as follows:
|
Page 5
|
|
|
|
|
|
GLADEHURST PROPERTIES LIMITED
|
Notes to the financial statements
For the Year Ended 30 June 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge for the year on owned assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in subsidiary companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 6
|
|
|
|
|
|
GLADEHURST PROPERTIES LIMITED
|
Notes to the financial statements
For the Year Ended 30 June 2025
|
|
Freehold investment property
|
|
|
|
|
|
|
|
|
|
|
|
|
The 2025 valuations were made by the board of directors, based where applicable on discussions with valuation professionals and on valuation reports on certain of the company's properties prepared for lending purposes, on an open market value basis.
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
|
|
|
|
|
Taxation and social security
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings are interest free and repayable on demand.
|
Page 7
|
|
|
|
|
|
GLADEHURST PROPERTIES LIMITED
|
Notes to the financial statements
For the Year Ended 30 June 2025
|
|
|
|
|
Analysis of the maturity of loans is given below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts falling due 1-2 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts falling due 2-5 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 8
|
|
|
|
|
|
GLADEHURST PROPERTIES LIMITED
|
Notes to the financial statements
For the Year Ended 30 June 2025
|
|
The provision for deferred taxation is made up as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred tax on valuation gains on investment property
|
|
|
|
|
|
|
|
|
|
Commitments under operating leases
|
|
|
The majority of the company's investment properties are residential and are leased under short term rolling contracts. Hence, there are no future minimum lease receivables to disclose.
|
|
|
The company leases out commercial investment property under non-cancellable operating leases for the following future minimum lease receivables. There are no contingent rents.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Later than 1 year and not later than 5 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
|
|
1,000 (2024 - 1,000) Ordinary shares of £1.00 each
|
|
|
Page 9
|
|
|
|
|
|
GLADEHURST PROPERTIES LIMITED
|
Notes to the financial statements
For the Year Ended 30 June 2025
|
|
Related party transactions
|
|
|
The company has taken advantage of paragraph 33.1A of FRS102 and has not disclosed transactions that have taken place with other group entities.
At the end year the following balance were due (to)/ from companies controlled by the directors. The movements in the year arise from inter-company transfers.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
David Tannen Services Limited
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 10
|