Glaredawn Properties Ltd - Period Ending 2019-03-31

Registration number: 04556239

Glaredawn Properties Ltd

trading as Glaredawn Properties Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2019

Glaredawn Properties Ltd

trading as Glaredawn Properties Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Statement of Changes in Equity	4
Notes to the Unaudited Financial Statements	5 to 9

Glaredawn Properties Ltd

trading as Glaredawn Properties Limited

Company Information

Directors

J D Taylor GM Taylor

Registered office

Lindens House 16 Copse Wood Way Northwood Middlesex HA6 2UE

Page 1

Glaredawn Properties Ltd

trading as Glaredawn Properties Limited

(Registration number: 04556239)
Balance Sheet as at 31 March 2019

	Note	2019 £	2018 £
Fixed assets
Investment property	4	3,619,611	3,832,000
Current assets
Debtors	5	6,322	1,798
Cash at bank and in hand		435,447	126,500
		441,769	128,298
Creditors: Amounts falling due within one year	6	(301,043)	(102,806)
Net current assets		140,726	25,492
Total assets less current liabilities		3,760,337	3,857,492
Creditors: Amounts falling due after more than one year	6	(2,932,975)	(3,073,168)
Net assets		827,362	784,324
Capital and reserves
Called up share capital	7	100	100
Revaluation reserve		1,079,189	1,142,513
Profit and loss account		(251,927)	(358,289)
Total equity		827,362	784,324

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 2

Glaredawn Properties Ltd

trading as Glaredawn Properties Limited

(Registration number: 04556239)
Balance Sheet as at 31 March 2019 (continued)

For the financial year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 10 December 2019 and signed on its behalf by:
 

.........................................

GM Taylor
Director

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 3

Glaredawn Properties Ltd

trading as Glaredawn Properties Limited

Statement of Changes in Equity for the Year Ended 31 March 2019

	Share capital £	Revaluation reserve £	Profit and loss account £	Total £
At 1 April 2018	100	1,142,513	(358,289)	784,324
Profit for the year	-	-	106,362	106,362
Other comprehensive income	-	(63,324)	-	(63,324)
Total comprehensive income	-	(63,324)	106,362	43,038
At 31 March 2019	100	1,079,189	(251,927)	827,362

	Share capital £	Revaluation reserve £	Profit and loss account £	Total £
At 1 April 2017	100	1,142,513	(364,794)	777,819
Profit for the year	-	-	6,505	6,505
Total comprehensive income	-	-	6,505	6,505
At 31 March 2018	100	1,142,513	(358,289)	784,324

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 4

Glaredawn Properties Ltd

trading as Glaredawn Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019

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:
Lindens House
16 Copse Wood Way
Northwood
Middlesex
HA6 2UE
United Kingdom

The principal place of business is:
23 Hill House Close
Turners Hill
West Sussex
RH10 4YY

These financial statements were authorised for issue by the Board on 10 December 2019.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Page 5

Glaredawn Properties Ltd

trading as Glaredawn Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019 (continued)

2	Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Page 6

Glaredawn Properties Ltd

trading as Glaredawn Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019 (continued)

2	Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2018 - 2).

4	Investment properties

	2019 £
At 1 April	3,832,000
Disposals	(212,389)
At 31 March	3,619,611

The fair value includes a revaluation amount of £1,079,089.

5

Debtors

	2019 £	2018 £
Trade debtors	4,024	-
Other debtors	2,298	1,798
	6,322	1,798

Page 7

Glaredawn Properties Ltd

trading as Glaredawn Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019 (continued)

6

Creditors

Creditors: amounts falling due within one year

	Note	2019 £	2018 £
Due within one year
Loans and borrowings	9	-	976
Trade creditors		1,637	3,164
Other creditors		299,406	98,666
		301,043	102,806

Creditors: amounts falling due after more than one year

	Note	2019 £	2018 £
Due after one year
Loans and borrowings	9	2,932,975	3,073,168

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £2,932,975 (2018 - £3,073,168).

7	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary Shares of £1 each	100	100	100	100

Page 8

Glaredawn Properties Ltd

trading as Glaredawn Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019 (continued)

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

	Revaluation reserve £	Total £
Surplus/(deficit) on revaluation of other assets	(63,324)	(63,324)

	Investments 2019 £
Amount of revaluation brought forward	1,142,513
Release of revaulation on disposal of property	(63,324)
Total carrying amount of assets had they not been revalued	1,079,189

9	Loans and borrowings

	2019 £	2018 £
Non-current loans and borrowings
Bank borrowings	2,932,975	3,073,168

	2019 £	2018 £
Current loans and borrowings
Bank overdrafts	-	976

10	Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

	2019 £	2018 £
Remuneration	8,400	8,160

Page 9