GLENTHORPE LIMITED Filleted accounts for Companies House (small and micro)

GLENTHORPE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00716404

GLENTHORPE LIMITED

Filleted Unaudited Financial Statements

31 March 2022

GLENTHORPE LIMITED

Statement of Financial Position

31 March 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	5		850,000	850,000

Current assets

Cash at bank and in hand	88,695		33,958

Creditors: amounts falling due within one year	6	259,669		239,129
		---------		---------
Net current liabilities			170,974	205,171
			---------	---------
Total assets less current liabilities			679,026	644,829

Provisions

Taxation including deferred tax	75,000	75,000
	---------	---------
Net assets	604,026	569,829
	---------	---------

Capital and reserves

Called up share capital		400	400
Fair value reserve	8	401,924	401,924
Profit and loss account	8	201,702	167,505
		---------	---------
Shareholders funds		604,026	569,829
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2022 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

GLENTHORPE LIMITED

Statement of Financial Position (continued)

31 March 2022

These financial statements were approved by the board of directors and authorised for issue on 19 December 2022 , and are signed on behalf of the board by:

Ms N Fluss

Director

Company registration number: 00716404

GLENTHORPE LIMITED

Notes to the Financial Statements

Year ended 31 March 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House, 1 Hallswelle Road, London, NW11 0DH.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rents.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Investment property

Investment property is carried at fair value determined by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).

5. Tangible assets

	Land and buildings
	£
Valuation
At 1 April 2021 and 31 March 2022	850,000
	---------
Depreciation
At 1 April 2021 and 31 March 2022	–
	---------
Carrying amount
At 31 March 2022	850,000
	---------
At 31 March 2021	850,000
	---------

The revaluation of the investment properties was made by the directors on an open market value for existing use basis at the end of 31 March 2017.

6. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	28,653	30,000
Corporation tax	8,022	2,468
Social security and other taxes	3,512	3,512
Other creditors	219,482	203,149
	---------	---------
	259,669	239,129
	---------	---------

Other creditors include amounts due to related undertakings of £170,000 (2020: £270,000)

7. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2022	2021
	£	£
Included in provisions	75,000	75,000
	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2022	2021
	£	£
Fair value adjustment of financial assets	75,000	75,000
	--------	--------

8. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses. Other reserves This non-distributable reserve is used to record increases in the fair value of freehold investment properties and decreases to the extent that such decreases relate to the increase on the same asset. The figure is stated net of the associated deferred tax liability. Profit and loss account This is the distributable reserve represented by the retained profit and loss.