Glansevern Properties Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 00800115 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31st March 2017

for

Glansevern Properties Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr D P Goodwin

Mr R M Pothecary

Ms D Sumberova

SECRETARY:

Ms D Sumberova

REGISTERED OFFICE:

London & Thames House

70-72 Croydon Road

Caterham

Surrey

CR3 6QD

REGISTERED NUMBER:

00800115 (England and Wales)

ACCOUNTANTS:

Sigma Partners

Gloucester House

Church Walk

Burgess Hill

West Sussex

RH15 9AS

FIXED ASSETS

Tangible assets

4

229,637

358,946

Investments

5

-

-

Investment property

6

632,854

-

862,491

358,946

CURRENT ASSETS

Stocks

3,075,879

3,075,879

Debtors

7

405,646

559,820

Cash at bank and in hand

591,267

1,080,777

4,072,792

4,716,476

CREDITORS

Amounts falling due within one year

8

1,242,641

1,187,843

NET CURRENT ASSETS

2,830,151

3,528,633

TOTAL ASSETS LESS CURRENT LIABILITIES

3,692,642

3,887,579

PROVISIONS FOR LIABILITIES

-

1,947

NET ASSETS

3,692,642

3,885,632

CAPITAL AND RESERVES

Called up share capital

100

100

Capital redemption reserve

361,535

361,535

Non distributable reserves

3,596

-

Retained earnings

3,327,411

3,523,997

SHAREHOLDERS' FUNDS

3,692,642

3,885,632

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

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

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

The financial statements were approved by the Board of Directors on 7th December 2017 and were signed on its behalf by:

Mr R M Pothecary - Director

1.	STATUTORY INFORMATION

Glansevern Properties 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 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.

Freehold property

-

2% on cost

Fixtures and fittings

-

10% on cost

Computer equipment

-

20% 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.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

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 statement of financial position date.

Deferred tax

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

statement of financial position 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 6 (2016 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1st April 2016

459,511

67,780

39,083

566,374

Reclassification/transfer

(153,170

)

-

-

(153,170

)

At 31st March 2017

306,341

67,780

39,083

413,204

DEPRECIATION

At 1st April 2016

110,299

58,046

39,083

207,428

Charge for year

6,127

6,778

-

12,905

Reclassification/transfer

(36,766

)

-

-

(36,766

)

At 31st March 2017

79,660

64,824

39,083

183,567

NET BOOK VALUE

At 31st March 2017

226,681

2,956

-

229,637

At 31st March 2016

349,212

9,734

-

358,946

5.	FIXED ASSET INVESTMENTS

Interest

in other

participating

interests

£

COST

At 1st April 2016

and 31st March 2017

42,500

PROVISIONS

At 1st April 2016

and 31st March 2017

42,500

NET BOOK VALUE

At 31st March 2017

-

At 31st March 2016

-

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Additions

512,854

Revaluations

3,596

Reclassification/transfer

116,404

At 31st March 2017

632,854

NET BOOK VALUE

At 31st March 2017

632,854

Fair value at 31st March 2017 is represented by:

£

Valuation in 2017

3,596

Cost

629,258

632,854

If investment property had not been revalued it would have been included at the following historical cost:

2017

2016

£

£

Cost

629,258

-

Investment property was valued on an open market basis on 31st March 2017 by the directors .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

84,847

36,735

Amounts owed by group undertakings

311,341

232,372

Amounts owed by participating interests

8,780

277,908

Other debtors

678

12,805

405,646

559,820

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

7,305

17,425

Amounts owed to group undertakings

992,639

852,104

Taxation and social security

77,464

120,757

Other creditors

165,233

197,557

1,242,641

1,187,843

9.	CONTINGENT LIABILITIES

There has been a legal claim made by an employee. At the date of this report it is not possible to predict the

outcome of this claim not to reliably measure or estimate any possible liability.

10.	RELATED PARTY DISCLOSURES

The company is owed £8,780 by TJW Electrical Ltd a company that is under common control.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is London & Thames Counties Securities Ltd.

The ultimate controlling party is Mr R M Pothecary.