Glebe Construction (Midlands) Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07286966 (England and Wales)

Financial Statements

for the Year Ended 31 December 2022

for

Glebe Construction (Midlands) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G J Supple

T S Supple

J T White

REGISTERED OFFICE:

20 Victoria Way

Pride Park

Derby

DE24 8AN

REGISTERED NUMBER:

07286966 (England and Wales)

ACCOUNTANTS:

Bates Weston LLP

Chartered Accountants

The Mills

Canal Street

Derby

DE1 2RJ

FIXED ASSETS

Tangible assets

4

62,787

23,225

Investment property

5

500,000

-

562,787

23,225

CURRENT ASSETS

Work in progress

1,182,388

1,410,333

Debtors

6

9,124

67,534

Cash at bank and in hand

195,216

23,129

1,386,728

1,500,996

CREDITORS

Amounts falling due within one year

7

702,361

896,443

NET CURRENT ASSETS

684,367

604,553

TOTAL ASSETS LESS CURRENT LIABILITIES

1,247,154

627,778

CREDITORS

Amounts falling due after more than one year

8

1,239,548

623,589

NET ASSETS

7,606

4,189

CAPITAL AND RESERVES

Called up share capital

111

111

Share premium

1,438

1,438

Retained earnings

6,057

2,640

SHAREHOLDERS' FUNDS

7,606

4,189

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2023 and were signed on its behalf by:

G J Supple - Director

1.	STATUTORY INFORMATION

Glebe Construction (Midlands) 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 represents the value of completed property sales, excluding value added tax. Turnover is recognised on the completion date of the property sale.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

at varying rates on cost

Motor vehicles

-

25% on reducing balance

Investment property

Investment property is not depreciated but is revalued annually at its fair value. Any aggregate surplus or deficit arising from changes in fair value are taken to the profit and loss account and transferred to a fair value reserve.

Work in progress

Work in progress represent the cost of land and all relevant development costs to date, valued at the lower of cost and net realisable value.

Cost is based on purchase invoice price and net realisable value is based on the estimated selling price less further costs expected to be incurred to completion and disposal.

Pension costs and other post-retirement benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as an expense when they fall due. Amounts not paid are shown in accruals on the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2021 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2022

61,211

10,000

71,211

Additions

-

53,307

53,307

Disposals

-

(10,000

)

(10,000

)

At 31 December 2022

61,211

53,307

114,518

DEPRECIATION

At 1 January 2022

37,986

10,000

47,986

Charge for year

4,014

9,731

13,745

Eliminated on disposal

-

(10,000

)

(10,000

)

At 31 December 2022

42,000

9,731

51,731

NET BOOK VALUE

At 31 December 2022

19,211

43,576

62,787

At 31 December 2021

23,225

-

23,225

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Additions

500,000

At 31 December 2022

500,000

NET BOOK VALUE

At 31 December 2022

500,000

Fair value at 31 December 2022 is represented by:

£

Valuation in 2022

500,000

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

2022

2021

£

£

Cost

500,000

-

Aggregate depreciation

(10,000

)

-

Investment property was valued on a fair value basis on 31 December 2022 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

1,594

153

Other debtors

621

6,911

Prepayments and accrued income

6,909

60,470

9,124

67,534

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

9,909

9,664

Other loans

160,000

70,000

Other loans - secured

-

233,868

Hire purchase contracts

8,954

-

Trade creditors

108,872

24,343

Tax

13,613

46,413

Social security and other taxes

8,570

1,847

Amounts owed to associated undertakings

229,259

359,689

Directors' loan accounts

135,188

138,696

Accrued expenses

27,996

11,923

702,361

896,443

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loan

24,179

34,124

Other loans - secured

1,175,792

589,465

Hire purchase contracts

39,577

-

1,239,548

623,589

9.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Other loans - secured

1,175,792

823,333

Hire purchase contracts

48,531

-

1,224,323

823,333

Loans are secured on property held within work in progress and investment property. Hire purchase contracts are secured on related assets.