Glebe Road Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 03384675 (England and Wales)

Abbreviated Accounts for the Year Ended 30 June 2016

for

Glebe Road Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

M Collins

I A Heptonstall

E Elias

SECRETARY:

M Collins

REGISTERED OFFICE:

10-14 Accommodation Road

Golders Green

London

NW11 8ED

REGISTERED NUMBER:

03384675 (England and Wales)

ACCOUNTANTS:

Grunberg & Co Limited

Chartered Accountants

10-14 Accommodation Road

Golders Green

London

NW11 8ED

FIXED ASSETS

Investment property

2

4,635,000

3,572,389

CURRENT ASSETS

Debtors

1,381,391

1,379,480

Cash at bank

198,258

61,920

1,579,649

1,441,400

CREDITORS

Amounts falling due within one year

3

264,165

1,249,784

NET CURRENT ASSETS

1,315,484

191,616

TOTAL ASSETS LESS CURRENT
LIABILITIES

5,950,484

3,764,005

CREDITORS

Amounts falling due after more than one year

3

1,410,799

-

NET ASSETS

4,539,685

3,764,005

CAPITAL AND RESERVES

Called up share capital

4

96

Revaluation reserve

3,818,823

2,977,553

Profit and loss account

720,766

786,356

SHAREHOLDERS' FUNDS

4,539,685

3,764,005

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 24 January 2017 and were signed on its behalf by:

M Collins - Director

I A Heptonstall - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective January

2015).

Turnover

Turnover represents rents receivable, excluding value added tax. Rental income is recognised on a calendar basis.

Deferred tax

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by

the balance sheet date except that:

- the recognition of deferred tax assets is limited to the extent that the company anticipates to make sufficient

taxable profits in the future to absorb the reversal of the underlying timing differences.

Deferred tax balances are not discounted.

Fixed asset investments

In accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), no

depreciation is provided in respect of freehold properties held as investments. This is a departure from the

requirements of the Companies Act 2006 which requires all properties to be depreciated. Such properties are held

for investment and not for consumption and the directors consider that to depreciate them would not give a true

and fair view. Depreciation is only one of the many elements reflected in the annual valuation of properties and

accordingly the amount of depreciation which might otherwise have been charged cannot be separately identified

or quantified. The directors consider that this policy results in the financial statements giving a true and fair view.

2.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 July 2015

3,572,389

Additions

221,341

Revaluations

841,270

At 30 June 2016

4,635,000

NET BOOK VALUE

At 30 June 2016

4,635,000

At 30 June 2015

3,572,389

3.

CREDITORS

Creditors include an amount of £ 1,459,882 (2015 - £ 798,322 ) for which security has been given.

They also include the following debts falling due in more than five years:

2016

2015

£

Repayable by instalments

1,214,467

-

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

96

Ordinary

£1

96