Glen Investments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01001211 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 25 NOVEMBER 2020

FOR

GLEN INVESTMENTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

E M B Curtis

G J Curtis

SECRETARY:

G J Curtis

REGISTERED OFFICE:

Turnpike House

1208/1210 London Road

Leigh on Sea

Essex

SS9 2UA

REGISTERED NUMBER:

01001211 (England and Wales)

ACCOUNTANTS:

Segrave & Partners LLP

Chartered Accountants

Turnpike House

1208/1210 London Road

Leigh on Sea

Essex

SS9 2UA

FIXED ASSETS

Tangible assets

4

10,069

12,361

Investment property

5

1,000,000

900,000

1,010,069

912,361

CURRENT ASSETS

Debtors

6

109,635

97,395

Cash at bank

359,589

305,517

469,224

402,912

CREDITORS

Amounts falling due within one year

7

313,867

262,690

NET CURRENT ASSETS

155,357

140,222

TOTAL ASSETS LESS CURRENT LIABILITIES

1,165,426

1,052,583

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,165,326

1,052,483

SHAREHOLDERS' FUNDS

1,165,426

1,052,583

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 25 November 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 25 November 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 22 November 2021 and were signed on its behalf by:

E M B Curtis - Director

G J Curtis - Director

1.	STATUTORY INFORMATION

Glen Investments 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.

Long leasehold

-

15% on reducing balance

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% 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.

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 NIL (2019 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 26 November 2019

226

35,710

9,910

Additions

-

-

-

At 25 November 2020

226

35,710

9,910

DEPRECIATION

At 26 November 2019

225

33,475

5,321

Charge for year

-

335

688

At 25 November 2020

225

33,810

6,009

NET BOOK VALUE

At 25 November 2020

1

1,900

3,901

At 25 November 2019

1

2,235

4,589

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 26 November 2019

23,361

4,905

74,112

Additions

-

371

371

At 25 November 2020

23,361

5,276

74,483

DEPRECIATION

At 26 November 2019

19,406

3,324

61,751

Charge for year

989

651

2,663

At 25 November 2020

20,395

3,975

64,414

NET BOOK VALUE

At 25 November 2020

2,966

1,301

10,069

At 25 November 2019

3,955

1,581

12,361

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 26 November 2019

900,000

Revaluations

100,000

At 25 November 2020

1,000,000

NET BOOK VALUE

At 25 November 2020

1,000,000

At 25 November 2019

900,000

Fair value at 25 November 2020 is represented by:

£

Valuation in 2015

388,228

Valuation in 2016

42,000

Valuation in 2017

43,000

Valuation in 2020

100,000

Cost

426,772

1,000,000

The properties were valued at fair value by the directors on 25th November 2020.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

27,066

22,145

Other debtors and prepayments

5,300

5,242

Glen Construction Company Limited

70,237

69,237

Glen Tyre Services Limited

6,771

771

Tax

261

-

109,635

97,395

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

6,977

1,836

Tax

15,520

13,540

VAT

10,760

6,185

Other creditors and accruals

15,824

16,059

Other loans

167,972

146,522

Directors' current accounts

96,814

78,548

313,867

262,690

8.	GUARANTEES

The Company's borrowing from Stroud & Swinton Mortgage Company Ltd is secured by the Freehold Deeds to Charfleets Farm, Canvey Island, Essex.

9.	OTHER LOANS

These Loans are interest free and repayable at the discretion of the Directors.

2020

2019

£

£

P E Curtis

67,445

59,795

A J Curtis

22,382

16,232

E K Curtis

78,145

70,495

167,972

146,522

10.	RETAINED EARNINGS

Profit and loss

Revaluation

reserves

reserve

Total

Balance brought forward

578,384

474,099

1,052,483

Movement in year

12,843

100,000

112,843

Balance carried forward

£591,227

£574,099

£1,165,326