Glenn Management Limited - Accounts to registrar - small 16.1.1

REGISTERED NUMBER: 03379400 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 May 2016

for

Glenn Management Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J Glennon

C A France

P Clogher

SECRETARY:

J Glennon

REGISTERED OFFICE:

Regency House

33 Wood Street

Barnet

Hertfordshire

EN5 4BE

REGISTERED NUMBER:

03379400 (England and Wales)

ACCOUNTANTS:

Cartwrights

Chartered Accountants and Business Advisors

Regency House

33 Wood Street

Barnet

Hertfordshire

EN5 4BE

FIXED ASSETS

Tangible assets

5

96,357

99,318

Investments

6

53,410

52,647

149,767

151,965

CURRENT ASSETS

Debtors: amounts falling due within one year

7

322,808

254,674

Prepayments and accrued income

11,893

12,584

Cash at bank and in hand

363,587

362,479

698,288

629,737

CREDITORS

Amounts falling due within one year

8

353,367

315,920

NET CURRENT ASSETS

344,921

313,817

TOTAL ASSETS LESS CURRENT LIABILITIES

494,688

465,782

PROVISIONS FOR LIABILITIES

5,581

4,793

NET ASSETS

489,107

460,989

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

489,007

460,889

SHAREHOLDERS' FUNDS

489,107

460,989

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 19 October 2016 and were signed on its behalf by:

J Glennon - Director

1.	STATUTORY INFORMATION

Glenn Management 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.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Changes in accounting policies

These financial statements for the year ended 31 May 2016 are the first financial statements that comply with

FRS 102 Section 1A Small Entities. The date of transition is 1 May 2014.

The transition to FRS 102 Section 1A Small Entities has not resulted in any changes in accounting policies to

those used previously.

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.

Freehold land - not depreciated

Plant and machinery - 33-99% straight line

Fixture, fittings and equipment - 33-99% straight line

Motor vehicles - 25% straight line

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 213 .

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 June 2015

69,640

155,470

225,110

Additions

-

16,057

16,057

Disposals

-

(108,114

)

(108,114

)

At 31 May 2016

69,640

63,413

133,053

DEPRECIATION

At 1 June 2015

-

125,792

125,792

Charge for year

-

11,008

11,008

Eliminated on disposal

-

(100,104

)

(100,104

)

At 31 May 2016

-

36,696

36,696

NET BOOK VALUE

At 31 May 2016

69,640

26,717

96,357

At 31 May 2015

69,640

29,678

99,318

Included in cost of land and buildings is freehold land of £ 69,640 (2015 - £ 69,640 ) which is not depreciated.

6.	FIXED ASSET INVESTMENTS

Listed

investments

£

COST OR VALUATION

At 1 June 2015

52,647

Revaluations

763

At 31 May 2016

53,410

NET BOOK VALUE

At 31 May 2016

53,410

At 31 May 2015

52,647

Cost or valuation at 31 May 2016 is represented by:

Listed

investments

£

Valuation in 2016

763

Valuation in 2015

1,130

Valuation in 2014

1,517

Cost

50,000

53,410

If fixed asset investments had not been revalued they would have been included at the following historical cost:

2016

2015

£

£

Cost

50,000

50,000

Fixed asset investments were valued on an open market basis on 31 May 2016 by the investment fund managers

.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

264,244

252,799

Other debtors

58,564

1,875

322,808

254,674

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

50,588

48,646

Taxation and social security

175,155

146,584

Other creditors

127,624

120,690

353,367

315,920

9.	RELATED PARTY DISCLOSURES

During the year the company paid dividends totalling £59,003 to J Glennon, the director and majority

shareholder of the company.

Included in debtors falling due within one year is an amount of £56,689 (2015: £629 creditor) due by J

Glennon. £55,000 of this balance related to a short term loan which was repaid in full on 24 August 2016.The

balance owed will be repaid in full within 9 months of the balance sheet date.

10.	ULTIMATE CONTROLLING PARTY

The company is under the control of J Glennon and L Mencia Martinez who own 100% of the issued share

capital of the company.

11.	FIRST YEAR ADOPTION

The company has adopted FRS 102 Section 1A small entities for the year ended 31 March 2016. An

explanation of the the nature of the key changes and their financial impact on the transition to the new FRS for

both the current financial year and the prior financial year (which have required a restatement of the prior year

accounts) are shown below.

Investments

Prior to the adoption of FRS 102, the company recorded fixed asset investments at cost less any provision for

diminution in value, in accordance with existent United Kingdom Generally Accepted Accounting Practice.

Under FRS 102, fixed asset investments are now measured at fair value rather than at cost.

On the adoption of the requirements of FRS 102, the increase in fair value has been recognised on the balance

sheet at the date of transition and as at this financial year end. In accordance with the accounting policy, the

difference between the fair values has been recognised in the profit and loss for the year and is shown within

income from fixed asset investments.

As a result of the change in accounting policy, investment management charges which are deducted directly

from the investment fund are now also recognised in the profit and loss and have been recorded at the date of

transition and in the financial year under review.