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 2021

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

REGISTERED OFFICE:

First Floor Offices

The Old Bakery

Lewes Road

Forest Row

East Sussex

RH18 5HD

REGISTERED NUMBER:

00800115 (England and Wales)

ACCOUNTANTS:

Sigma Partners

Gloucester House

Church Walk

Burgess Hill

West Sussex

RH15 9AS

FIXED ASSETS

Tangible assets

4

49,837

274,705

Investments

5

743,411

1,112,567

Investment property

6

3,831,777

1,529,190

4,625,025

2,916,462

CURRENT ASSETS

Stocks

2,712,369

2,821,595

Debtors

7

848,490

420,405

Cash at bank and in hand

646,147

540,425

4,207,006

3,782,425

CREDITORS

Amounts falling due within one year

8

1,937,880

1,274,360

NET CURRENT ASSETS

2,269,126

2,508,065

TOTAL ASSETS LESS CURRENT LIABILITIES

6,894,151

5,424,527

PROVISIONS FOR LIABILITIES

114,010

12,255

NET ASSETS

6,780,141

5,412,272

CAPITAL AND RESERVES

Called up share capital

100

100

Capital redemption reserve

361,535

361,535

Non distributable reserves

540,187

25,382

Retained earnings

5,878,319

5,025,255

SHAREHOLDERS' FUNDS

6,780,141

5,412,272

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 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 21st December 2021 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.

Fixtures and fittings

-

10% on cost

Motor vehicles

-

25% on reducing balance

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 (2020 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Motor

Computer

property

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1st April 2020

306,341

67,780

88,540

39,083

501,744

Reclassification/transfer

(306,341

)

-

-

-

(306,341

)

At 31st March 2021

-

67,780

88,540

39,083

195,403

DEPRECIATION

At 1st April 2020

98,041

67,780

22,135

39,083

227,039

Charge for year

-

-

16,568

-

16,568

Reclassification/transfer

(98,041

)

-

-

-

(98,041

)

At 31st March 2021

-

67,780

38,703

39,083

145,566

NET BOOK VALUE

At 31st March 2021

-

-

49,837

-

49,837

At 31st March 2020

208,300

-

66,405

-

274,705

5.	FIXED ASSET INVESTMENTS

2021

2020

£

£

Other investments not loans

743,411

1,112,567

Additional information is as follows:

Other

investments

£

COST

Additions

710

At 31st March 2021

710

NET BOOK VALUE

At 31st March 2021

710

Investments (neither listed nor unlisted) were as follows:

2021

2020

£

£

Investment Freehold Ground Rents Cost/Valuation B/Fwd

1,112,567

-

Investment Freehold Ground Rent additions

-

1,112,567

Investment Freehold Ground Rent disposals

(42,038

)

-

Investment Freehold Ground Rent revaluation

(327,828

)

-

742,701

1,112,567

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st April 2020

1,529,190

Additions

1,237,094

Revaluations

857,193

Reclassification/transfer

208,300

At 31st March 2021

3,831,777

NET BOOK VALUE

At 31st March 2021

3,831,777

At 31st March 2020

1,529,190

Fair value at 31st March 2021 is represented by:

£

Valuation in 2017

3,596

Valuation in 2018

(46,854

)

Valuation in 2019

(40,320

)

Valuation in 2020

94,400

Valuation in 2021

857,193

Cost

2,963,762

3,831,777

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

2021

2020

£

£

Cost

2,963,762

1,518,368

Investment property was valued on an open market basis on 31st March 2021 by the directors .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

55,152

-

Amounts owed by group undertakings

129,798

377,558

Other debtors

663,540

42,847

848,490

420,405

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

2,845

273

Amounts owed to group undertakings

1,484,316

971,198

Taxation and social security

384,389

253,757

Other creditors

66,330

49,132

1,937,880

1,274,360

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st March 2021 and 31st March 2020:

2021

2020

£

£

Mr R M Pothecary

Balance outstanding at start of year

(11,817

)

(23,578

)

Amounts advanced

466,096

11,761

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

454,279

(11,817

)

10.	POST BALANCE SHEET EVENTS

One of the properties has been sold following the balance sheet date. This property was previously split between freehold property and investment property as the company used part of the property for its own premises. The company vacated the premises before the year-end and therefore the portion held as Freehold Property was transferred to Investment Property. The sales proceeds were £715,000 and the fair value of the property has been shown in the accounts at this level.

In addition, several of the Other Investments have been sold since the year-end. Their value has been adjusted to reflect the final sales proceeds, resulting in a loss in Fair Value of £327,828.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is London & Thames Counties Securities Ltd.

The ultimate controlling party is Mr R M Pothecary.