Glasshouse Property Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02915247 (England and Wales)

Financial Statements for the Year Ended 31st December 2021

for

Glasshouse Property Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

D R H Bixer

D J Nicholson

L E H Bixer

SECRETARIES:

D R H Bixer

D J Nicholson

Ms R E Hawkins

REGISTERED OFFICE:

362 Lauderdale Tower

Barbican

London

EC2Y 8NA

REGISTERED NUMBER:

02915247 (England and Wales)

ACCOUNTANTS:

Beak Kemmenoe

Chartered Accountants

1-3 Manor Road

Chatham

Kent

ME4 6AE

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Glasshouse Property Limited for the year ended 31st December 2021 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Glasshouse Property Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Glasshouse Property Limited and state those matters that we have agreed to state to the Board of Directors of Glasshouse Property Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Glasshouse Property Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Glasshouse Property Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Glasshouse Property Limited. You consider that Glasshouse Property Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Glasshouse Property Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Beak Kemmenoe

Chartered Accountants

1-3 Manor Road

Chatham

Kent

ME4 6AE

30th September 2022

FIXED ASSETS

Investments

4

17,166,609

17,150,430

Investment property

5

41,209,692

41,209,692

58,376,301

58,360,122

CREDITORS

Amounts falling due within one year

6

33,579

34,925

NET CURRENT LIABILITIES

(33,579

)

(34,925

)

TOTAL ASSETS LESS CURRENT LIABILITIES

58,342,722

58,325,197

CREDITORS

Amounts falling due after more than one year

7

(20,105

)

(362,997

)

PROVISIONS FOR LIABILITIES

(6,233,504

)

(6,231,399

)

NET ASSETS

52,089,113

51,730,801

CAPITAL AND RESERVES

Called up share capital

100

100

Non-distributable reserve

3,479,336

3,479,336

Fair value reserve

41,455,214

41,439,035

Retained earnings

7,154,463

6,812,330

SHAREHOLDERS' FUNDS

52,089,113

51,730,801

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2021 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 30th September 2022 and were signed on its behalf by:

L E H Bixer - Director

1.	STATUTORY INFORMATION

Glasshouse Property 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.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

In preparing the financial statements the directors have made the following judgements:

The directors have concluded that the fair value of the company's investment properties have not changed significantly from the previous reporting date.

Turnover

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

Investments in subsidiaries

Investment in subsidiary undertakings are shown at fair value based on the net assets of the companies. Fair value gains and losses are recognised in the Income Statement.

Investment property

The company's investment properties are included at fair value. Fair value gains and losses are recognised in the Income Statement. Deferred taxation is provided on these gains.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Debt instruments that comply with all of the conditions of paragraph 11.9 of FRS 102 are classified as 'basic'. For debt instruments that do not meet the conditions of FRS 102.11.9, the company considers whether the debt instrument is consistent with the principle in paragraph 11.9A of FRS 102 in order to determine whether it can be classified as basic. Instruments classified as 'basic' financial instruments are measured subsequently at amortised cost using the effective interest method. Debt instruments that have no stated interest rate (and do not constitute financing transaction) and are classified as payable or receivable within one year are initially measured at an undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

With the exception of some hedging instruments, other debt instruments not meeting conditions of being 'basic' financial instruments are measured at fair value through profit or loss.

Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

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 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 (2020 - 2 ) .

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST OR VALUATION

At 1st January 2021

17,150,430

Revaluations

16,179

At 31st December 2021

17,166,609

NET BOOK VALUE

At 31st December 2021

17,166,609

At 31st December 2020

17,150,430

Cost or valuation at 31st December 2021 is represented by:

Shares in

group

undertakings

£

Valuation in 2014

(204,451

)

Valuation in 2015

4,905,989

Valuation in 2016

3,230,076

Valuation in 2017

3,474,899

Valuation in 2018

(10,056

)

Valuation in 2019

246,999

Valuation in 2020

6,973

Valuation in 2021

16,179

Cost

5,500,001

17,166,609

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st January 2021

and 31st December 2021

41,209,692

NET BOOK VALUE

At 31st December 2021

41,209,692

At 31st December 2020

41,209,692

Fair value at 31st December 2021 is represented by:

£

Valuation in 2005

13,463,758

Valuation in 2006

18,642

Valuation in 2007

(1,753,017

)

Valuation in 2009

1,995,868

Valuation in 2010

(1,045,306

)

Valuation in 2011

(1,255,000

)

Valuation in 2014

4,138,092

Valuation in 2017

20,447,450

Cost

5,199,205

41,209,692

The company's properties were valued at £41,203,250 by Savills (UK) Limited on 15 September 2017. The directors have the opinion that this value had not changed significantly by 31 December 2021. In addition to this figure, some recent improvement costs totalling £6,442 have been incurred which are deemed to have a value equal to the cost.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Corporation tax

33,579

34,925

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Amounts owed to group undertakings

20,105

362,997

8.	CONTINGENT LIABILITIES

A legal charge secured on the company's property has been created to secure all monies due or becoming due from Glasshouse Group Limited to Barclays Bank plc. Given the good financial position of the parent company and the group, the chance of any sums being payable under this charge is remote.

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Glasshouse Group Limited.