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Registered number: 03324654
GLYMPTON ESTATES LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2021
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GLYMPTON ESTATES LIMITED
REGISTERED NUMBER: 03324654
BALANCE SHEET
AS AT 31 MARCH 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
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 income and retained earnings 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 2 to 6 form part of these financial statements.
Page 1
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GLYMPTON ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Glympton Estates Limited is a private company, limited by shares, domiciled and incorporated in England and Wales (registered number: 03324654). The registered office address is The Estate Office, Glympton, Woodstock, Oxfordshire, OX20 1AH.
The Company's functional and presentational currency is GBP.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and it can be reliably measured. Revenue is measured as the fair value of consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. It represents the value of management charges and rental income receivable relating to the period. Revenue is recognised as it arises and when the Company has entitlement and it is measurable and recoverability is probable.
Interest income is recognised in profit or loss using the effective interest method.
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.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
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.
Page 2
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GLYMPTON ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.Accounting policies (continued)
Financial assets and financial liabilities are recognised in the Balance Sheet when the Company becomes a party to the contractual provisions of the instrument.
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Company will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank
overdrafts which are an integral part of the Company’s cash management.
Tax is recognised in profit or loss except that a charge attributable to an item of income and 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 enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
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The average monthly number of employees, including directors, during the year was 64 (2020 - 64).
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Page 3
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GLYMPTON ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Fixtures, fittings & computer equipment
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Charge for the year on owned assets
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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Amounts owed by group undertakings
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Prepayments and accrued income
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Page 4
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GLYMPTON ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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Hire purchase and finance leases of £13,330 (2020: £23,391) are secured against the assets financed.
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Page 5
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GLYMPTON ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Related party transactions
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In the performance of its principal activity, the company accounted for administrative, management, maintenance, payroll and other costs on behalf of related parties as follows:
2021 2020
£ £
Principal owners 3,511,852 3,383,106
Entities under common control 148,543 900,854
All such costs have been recharged to the relevant entity.
In the performance of the above activities the company makes a management charge based on time spent on the company's affairs. Management charges included above relating to each company are as follows:
2021 2020
£ £
Principal owners 139,534 115,533
Entities under common control 118,354 45,440
Rental income has been collected or accrued on behalf of related parties as follows:
2021 2020
£ £
Principal owners 357,356 303,586
Entities under common control 1,042 -
Costs were incurred by and reimbursed to related parties in performance of the principal activity of these entities as follows:
2021 2020
£ £
Entities under common control 42,326 13,145
Amounts due from related parties outstanding at the year end are as follows:
2021 2020
£ £
Principal owners 373,258 1,644,301
Entities under common control 330,342 -
The company has taken advantage of the exemption in FRS 102 Section 33.1A to not disclose transactions with wholly owned group entities.
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The immediate parent undertaking is Glympton (Jersey) 2 Limited, a company registered in Jersey.
The auditor's report on the financial statements for the year ended 31 March 2021 was unqualified.
The audit report was signed on 31 March 2022 by Fiona Hawkins BSc (Hons) MSc FCA (Senior statutory auditor) on behalf of James Cowper Kreston.
Page 6
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