Glendale Court Company Ltd - Accounts to registrar - small 17.2

REGISTERED NUMBER: 06056001 (England and Wales)

GLENDALE COURT COMPANY LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2017

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

to

4

Notes to the Financial Statements

5

to

9

DIRECTORS:

Mrs R Andraous

Dr N F Lewis

V Lewis

SECRETARY:

Mrs R Andraous

REGISTERED OFFICE:

8 Devonshire Terrace

Paddington

London

London

W2 3DN

REGISTERED NUMBER:

06056001 (England and Wales)

ACCOUNTANTS:

Haines Watts (SEM) Limited

42 High Street

Flitwick

Bedfordshire

MK45 1DU

The following reproduces the text of the report prepared for the directors and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company

is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income

and certain other primary statements and the Report of the Directors are not required to be filed with the

Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Glendale Court Company Ltd for the year ended 31 January 2017 which comprise the

Statement of Comprehensive Income, Balance Sheet, and the related notes from the company's accounting records

and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Glendale Court Company Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Glendale Court Company Ltd and state those matters that we have agreed to state to the Board of Directors of Glendale Court Company Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Glendale Court Company Ltd Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Glendale Court Company Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Glendale Court Company Ltd. You consider that Glendale Court Company Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Glendale Court Company Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Haines Watts (SEM) Limited

42 High Street

Flitwick

Bedfordshire

MK45 1DU

Date: .............................................

FIXED ASSETS

Tangible assets

4

2,428,718

2,432,421

Investments

5

-

-

2,428,718

2,432,421

CURRENT ASSETS

Stocks

650

650

Debtors

6

4,060

18,003

Cash at bank and in hand

51,476

38,688

56,186

57,341

CREDITORS

Amounts falling due within one year

7

2,182,139

2,211,799

NET CURRENT LIABILITIES

(2,125,953

)

(2,154,458

)

TOTAL ASSETS LESS CURRENT LIABILITIES

302,765

277,963

CREDITORS

Amounts falling due after more than one year

8

321,764

366,319

NET LIABILITIES

(18,999

)

(88,356

)

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

12

(19,099

)

(88,456

)

SHAREHOLDERS' FUNDS

(18,999

)

(88,356

)

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

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

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 20 October 2017 and were signed on its behalf by:

V Lewis - Director

1.	STATUTORY INFORMATION

Glendale Court Company 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.

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.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and

have remained unchanged from the previous year, and have also been consistently applied within the same

accounts.

Transition to FRS 102

These financial statements for the year ended 31 January 2017 are the first financial statements that comply

with FRS 102 Section 1A small entities. The date of transition is 1 February 2015.

The transition to FRS 102 Section 1A small entities has resulted in a small number of changes in accounting

policies to those used previously, however there has been no material impact on the financial statements.

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 property

-

Nil

Fixtures and fittings

-

15% on reducing balance

The directors believe that due to the continued maintenance, the residual value of the freehold land and

buildings will not fall below cost, for this reason no depreciation is provided.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

property

fittings

Totals

£

£

£

COST

At 1 February 2016

2,396,554

86,983

2,483,537

Additions

-

1,974

1,974

At 31 January 2017

2,396,554

88,957

2,485,511

DEPRECIATION

At 1 February 2016

-

51,116

51,116

Charge for year

-

5,677

5,677

At 31 January 2017

-

56,793

56,793

NET BOOK VALUE

At 31 January 2017

2,396,554

32,164

2,428,718

At 31 January 2016

2,396,554

35,867

2,432,421

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 February 2016

25,510

Disposals

(25,510

)

At 31 January 2017

-

PROVISIONS

At 1 February 2016

25,510

Eliminated on disposal

(25,510

)

At 31 January 2017

-

NET BOOK VALUE

At 31 January 2017

-

At 31 January 2016

-

The company investment was struck off during the year.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

1,622

2,328

Other debtors

-

13,000

Prepayments

2,438

2,675

4,060

18,003

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts (see note 9)

42,835

42,835

Trade creditors

3,599

3,587

Social security and other taxes

1,442

827

Net wages control account

11,922

9,060

VAT

19,412

15,479

Other creditors

76

-

Directors' current accounts

2,094,700

2,131,094

Accrued expenses

8,153

8,917

2,182,139

2,211,799

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans (see note 9)

321,764

366,319

9.

LOANS

An analysis of the maturity of loans is given below:

2017

2016

£

£

Amounts falling due within one year or on demand:

Bank loans

42,835

42,835

Amounts falling due between one and two years:

Bank loans - 1-2 years

321,764

366,319

10.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

364,599

409,154

Bank loans are secured on company's fixed and current assets.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary shares

£1

100

100

12.

RESERVES

Retained

earnings

£

At 1 February 2016

(88,456

)

Profit for the year

69,357

At 31 January 2017

(19,099

)

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors of the company operate a directors current account. At the year end the directors current account

showed a balance owed to Dr N Lewis of £2,094,700 (2016: £2,131,094).

14.	ULTIMATE CONTROLLING PARTY

The company is controlled by its directors, who are members of the same close family .

15.	FIRST YEAR ADOPTION

The company has adopted FRS 102 for the first time in the year ended 31 January 2017.

The effect of the transition from the previous financial reporting framework to FRS 102 has been considered.

There has been no material impact in relation to the following:

- changes in accounting policies

- changes in shareholders funds

- comparative year profit or loss

On that basis, no restatement has been undertaken.