Glansevern Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00800115 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31st March 2020

for

Glansevern Properties Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr D P Goodwin

Mr R M Pothecary

Mrs D Sumberova

SECRETARY:

Mrs D Sumberova

REGISTERED OFFICE:

London & Thames House

70-72 Croydon Road

Caterham

Surrey

CR3 6QD

REGISTERED NUMBER:

00800115 (England and Wales)

ACCOUNTANTS:

Sigma Partners

Gloucester House

Church Walk

Burgess Hill

West Sussex

RH15 9AS

FIXED ASSETS

Tangible assets

4

274,705

214,427

Investments

5

1,112,567

-

Investment property

6

1,529,190

830,240

2,916,462

1,044,667

CURRENT ASSETS

Stocks

2,821,595

3,012,922

Debtors

7

420,405

480,771

Cash at bank and in hand

540,425

813,139

3,782,425

4,306,832

CREDITORS

Amounts falling due within one year

8

1,274,360

1,166,359

NET CURRENT ASSETS

2,508,065

3,140,473

TOTAL ASSETS LESS CURRENT LIABILITIES

5,424,527

4,185,140

PROVISIONS FOR LIABILITIES

12,255

-

NET ASSETS

5,412,272

4,185,140

CAPITAL AND RESERVES

Called up share capital

100

100

Capital redemption reserve

361,535

361,535

Non distributable reserves

25,382

(69,018

)

Retained earnings

5,025,255

3,892,523

SHAREHOLDERS' FUNDS

5,412,272

4,185,140

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2020 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6th November 2020 and were signed on its behalf by:

Mr R M Pothecary - Director

1.	STATUTORY INFORMATION

Glansevern Properties Limited 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

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Freehold property

-

2% on cost

Fixtures and fittings

-

10% on cost

Computer equipment

-

20% on cost

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.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2019 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Motor

Computer

property

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1st April 2019

306,341

67,780

-

39,083

413,204

Additions

-

-

88,540

-

88,540

At 31st March 2020

306,341

67,780

88,540

39,083

501,744

DEPRECIATION

At 1st April 2019

91,914

67,780

-

39,083

198,777

Charge for year

6,127

-

22,135

-

28,262

At 31st March 2020

98,041

67,780

22,135

39,083

227,039

NET BOOK VALUE

At 31st March 2020

208,300

-

66,405

-

274,705

At 31st March 2019

214,427

-

-

-

214,427

5.	FIXED ASSET INVESTMENTS

2020

2019

£

£

Other investments not loans

1,112,567

-

Additional information is as follows:

Interest

in other

participating

interests

£

COST

At 1st April 2019

42,500

Disposals

(42,500

)

At 31st March 2020

-

PROVISIONS

At 1st April 2019

42,500

Eliminated on disposal

(42,500

)

At 31st March 2020

-

NET BOOK VALUE

At 31st March 2020

-

At 31st March 2019

-

Investments (neither listed nor unlisted) were as follows:

2020

2019

£

£

Investment rent charges

1,112,567

-

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st April 2019

830,240

Additions

749,110

Disposals

(144,560

)

Revaluations

94,400

At 31st March 2020

1,529,190

NET BOOK VALUE

At 31st March 2020

1,529,190

At 31st March 2019

830,240

Fair value at 31st March 2020 is represented by:

£

Valuation in 2017

3,596

Valuation in 2018

(46,854

)

Valuation in 2019

(40,320

)

Valuation in 2020

94,400

Cost

1,518,368

1,529,190

If investment property had not been revalued it would have been included at the following historical cost:

2020

2019

£

£

Cost

1,518,368

899,258

Investment property was valued on an open market basis on 31st March 2020 by the directors .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

-

135,428

Amounts owed by group undertakings

377,558

342,425

Other debtors

42,847

2,918

420,405

480,771

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

273

27,938

Amounts owed to group undertakings

971,198

971,291

Taxation and social security

253,757

70,719

Other creditors

49,132

96,411

1,274,360

1,166,359

9.	ULTIMATE CONTROLLING PARTY

The controlling party is London & Thames Counties Securities Ltd.

The ultimate controlling party is Mr R M Pothecary.