Glendyne Investments Ltd - Accounts to registrar (filleted) - small 18.2

GLENDYNE INVESTMENTS LTD - Company Information

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REGISTERED NUMBER: 08684157 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2019

for

GLENDYNE INVESTMENTS LTD

Page

Company Information

Balance Sheet

Notes to the Financial Statements

Directors:

R Gangotra

T S Badial

Secretary:

R Gangotra

Registered office:

64 Great Hampton Street

Hockley

Birmingham

B18 6EL

Registered number:

08684157 (England and Wales)

Accountants:

Haines Watts Birmingham LLP

5-6 Greenfield Crescent

Edgbaston

Birmingham

B15 3BE

Fixed assets

Tangible assets

32,960

38,454

Investment property

1,250,000

1,282,960

1,288,454

Current assets

Debtors

217,548

232,557

Cash at bank

27,822

18,602

245,370

251,159

Creditors

Amounts falling due within one year

160,665

172,666

Net current assets

84,705

78,493

Total assets less current liabilities

1,367,665

1,366,947

Creditors

Amounts falling due after more than one year

(600,000

)

(637,500

)

Provisions for liabilities

(145,533

)

(146,577

)

Net assets

622,132

582,870

Capital and reserves

Called up share capital

200

100

Retained earnings

621,932

582,770

Shareholders' funds

622,132

582,870

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each
financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395
and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as
applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 June 2020 and were signed on
its behalf by:

R Gangotra - Director

T S Badial - Director

1.	Statutory information

Glendyne Investments Ltd is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefit will flow to the company and the revenue

can be reliably measured. Revenue is measured at the fair value of the consideration received, excluding discounts,

rebates, VAT and other sales taxes or duties. The following criteria must be met before income is recognised:

Rental income arising from operating leases on properties owned by the Company is accounted for on a straight line basis

over the period commencing on the later of the start of the lease or acquisition of the property by the Company, and

ending on the end of the lease, unless it is reasonably certain that the break option will be exercised. Rental income

revenue excludes service charges and other costs directly recoverable from tenants.

Revenue from the sale of properties is recognised when the significant risks and rewards of ownership of the properties

have passed to the buyer, usually when legally binding contracts which are irrevocable and unconditional are exchanged.

Revenue is, therefore, recognised when legal title passes to the purchaser, on completion.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

10% on cost

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value

is recognised in profit or loss.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost,

which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the

reporting date. The surplus or deficit on revaluation is recognised in profit or loss.

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed

assets.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the

extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet

date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in

which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been

enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be

recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	Employees and directors

The average number of employees during the year was 2 (2018 - 2 ) .

4.	Tangible fixed assets

Plant and

machinery

Cost

At 1 October 2018

and 30 September 2019

54,935

Depreciation

At 1 October 2018

16,481

Charge for year

5,494

At 30 September 2019

21,975

Net book value

At 30 September 2019

32,960

At 30 September 2018

38,454

5.	Investment property

Total

Fair value

At 1 October 2018

and 30 September 2019

1,250,000

Net book value

At 30 September 2019

1,250,000

At 30 September 2018

1,250,000

Investment property comprises freehold land and buildings. The fair value of the investment property has been arrived at

on the basis of a valuation carried out at 30 September 2019 by the directors. The valuation was made on an open market

value basis by reference to market evidence of transaction prices for similar properties. In the opinion of the directors

there has been no significant change in market value since 30 September 2019.

Fair value at 30 September 2019 is represented by:

Valuation in 2015

488,298

Valuation in 2016

250,000

Cost

511,702

1,250,000

Debtors: amounts falling due within one year

2019

2018

Trade debtors

17,164

32,173

Other debtors

200,384

217,548

232,557

Creditors: amounts falling due within one year

2019

2018

Bank loans and overdrafts (see note 9)

37,500

Trade creditors

1,736

672

Tax

10,230

9,744

VAT

4,435

7,886

Other creditors

20,739

Directors' current accounts

54,314

64,414

Accrued expenses

31,711

160,665

172,666

Creditors: amounts falling due after more than one year

2019

2018

Bank loans (see note 9)

600,000

637,500

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

450,000

487,500

Loans

An analysis of the maturity of loans is given below:

2019

2018

Amounts falling due within one year or on demand:

Bank loans

37,500

2019

2018

Amounts falling due between one and two years:

Bank loans - 1-2 years

37,500

Amounts falling due between two and five years:

Bank loans - 2-5 years

112,500

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

450,000

487,500

10.	Secured debts

The following secured debts are included within creditors:

2019

2018

Bank loans

637,500

675,000

The bank loan is secured by a fixed and floating charge over the assets of the company.

11.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

100

Ordinary share capital

Issued and fully paid

200

100

12.	Related party transactions

The following amounts were outstanding at the reporting end date:

2019

2018

Amounts owed to related parties

Key management personnel

54,314

64,414

Amounts owed by related parties

2019

2018

Other related parties

200,000