Glenbourne Limited - Accounts to registrar - small 16.3d

REGISTERED NUMBER: 02328018 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

GLENBOURNE LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J B Siddall

Mrs R Siddall

M Siddall

SECRETARY:

J B Siddall

REGISTERED OFFICE:

18 Mulberry Avenue

Turnstone Park

Widnes

WA8 0WN

REGISTERED NUMBER:

02328018 (England and Wales)

ACCOUNTANTS:

Mattocks Grindley

18 Mulberry Avenue

Turnstone Park

Widnes

WA8 0WN

FIXED ASSETS

Investment property

3

136,385

191,923

CURRENT ASSETS

Cash at bank

8,372

4,006

CREDITORS

Amounts falling due within one year

14,197

34,816

NET CURRENT LIABILITIES

(5,825

)

(30,810

)

TOTAL ASSETS LESS CURRENT LIABILITIES

130,560

161,113

CREDITORS

Amounts falling due after more than one year

4

-

95,273

NET ASSETS

130,560

65,840

CAPITAL AND RESERVES

Called up share capital

300

300

Retained earnings

130,260

65,540

SHAREHOLDERS' FUNDS

130,560

65,840

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 on 16 October 2017 and were signed on its behalf by:

J B Siddall - Director

1.	STATUTORY INFORMATION

Glenbourne 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 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. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover shown in the profit and loss account represents gross rental income receivable during the year.

Investment property

Investment properties are included in the Balance Sheet at their open market value in accordance with

Statement of Standard Accounting Practice No 19 and are not depreciated. This treatment is contrary to the

Companies House Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the

directors, necessary to give a true and fair view of the financial position of the company.

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 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.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2016

191,923

Disposals

(55,538

)

At 31 March 2017

136,385

NET BOOK VALUE

At 31 March 2017

136,385

At 31 March 2016

191,923

4.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.17

31.3.16

£

£

Bank loans

-

95,273

5.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.17

31.3.16

£

£

Bank loans

-

99,054

The company's bank borrowings are secured by way of debenture and legal charges over the investment

properties detailed in note 5 to the financial statements.

6.	FIRST YEAR ADOPTION

This is the first year that the company has presented its financial statements under Financial Reporting

Standard 102 (FRS102) issued by the Financial Reporting Council. The last financial statements, for the year

ended 31 March 2016, were prepared under previous UK GAAP. The transition date to FRS102 is therefore 1

April 2015.

Adopting FRS102 has required no changes to the accounting policies, had no affect on its financial position or

its financial performance.