Glendyne Investments Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 08684157 (England and Wales)

GLENDYNE INVESTMENTS LTD

Unaudited Financial Statements for the Year Ended 31 March 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

T S Badial

R L Gangotra

REGISTERED OFFICE:

64 Great Hampton Street

Hockley

Birmingham

West Midlands

B18 6EL

REGISTERED NUMBER:

08684157 (England and Wales)

ACCOUNTANTS:

Michael Dufty Partnership Limited

59-61 Charlotte Street

St Pauls Square

Birmingham

West Midlands

B3 1PX

FIXED ASSETS

Tangible assets

4

13,732

19,226

Investment property

5

1,250,000

1,250,000

1,263,732

1,269,226

CURRENT ASSETS

Debtors

6

235,628

256,272

Cash at bank

15,219

14,081

250,847

270,353

CREDITORS

Amounts falling due within one year

7

166,479

122,522

NET CURRENT ASSETS

84,368

147,831

TOTAL ASSETS LESS CURRENT LIABILITIES

1,348,100

1,417,057

CREDITORS

Amounts falling due after more than one year

8

(431,250

)

(506,250

)

PROVISIONS FOR LIABILITIES

(142,704

)

(142,923

)

NET ASSETS

774,146

767,884

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

773,946

767,684

774,146

767,884

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 11 December 2023 and were signed on its behalf by:

T S Badial - Director

R L Gangotra - Director

1.	STATUTORY INFORMATION

Glendyne Investments Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Plant and machinery

-

10% 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 2 (2022 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 April 2022

and 31 March 2023

54,935

DEPRECIATION

At 1 April 2022

35,709

Charge for year

5,494

At 31 March 2023

41,203

NET BOOK VALUE

At 31 March 2023

13,732

At 31 March 2022

19,226

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2022

and 31 March 2023

1,250,000

NET BOOK VALUE

At 31 March 2023

1,250,000

At 31 March 2022

1,250,000

Fair value at 31 March 2023 is represented by:

£

Valuation in 2015

488,298

Valuation in 2016

250,000

Valuation in 2017

511,702

1,250,000

Investment property comprises freehold land and buildings. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors on 30th September 2019. The valuation was made on an open market value basis by reference to market evidence of transactions for similar properties. In the opinion of the directors there has been no significant change in the market value to 31st March 2023.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

37,818

53,462

Other debtors

195,574

200,574

Directors' current accounts

2,236

2,236

235,628

256,272

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

75,000

37,500

Trade creditors

1,375

-

Social security and other taxes

27,760

23,821

Other creditors

21,743

21,743

Directors' current accounts

4,549

4,549

Accrued expenses

36,052

34,909

166,479

122,522

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans - 1-2 years

37,500

37,500

Bank loans - 2-5 years

112,500

112,500

Bank loans more 5 yr by instal

281,250

356,250

431,250

506,250

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

281,250

356,250

9.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

506,250

543,750

The bank loan is secured by a fixed and floating charge over the assets of the company.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023

2022

£

£

T S Badial

Balance outstanding at start of year

2,236

-

Amounts advanced

-

2,236

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

2,236

11.	RELATED PARTY DISCLOSURES

At the year end date the company was owed £95,000 (2022 - £100,000) by DRD Capital Ltd.

At the year end date the company was owed £100,000 (2022 - £100,000) by Badial Retail Ltd.

At the year end date the company owed £1,004 (2021 - £1,004) to Detail DMC Ltd.

These companies are under the common control of the directors.