false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
false
No description of principal activity
2017-04-01
Sage Accounts Production Advanced 2018 - FRS
12,524,999
445,769
430,000
510,769
12,029,999
12,029,999
12,524,999
60
14
46
46
60
xbrli:pure
xbrli:shares
iso4217:GBP
05630650
2017-04-01
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05630650
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2018-03-31
05630650
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2017-04-01
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05630650
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2018-03-31
05630650
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2017-03-31
05630650
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2018-03-31
05630650
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2017-03-31
05630650
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2018-03-31
05630650
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2017-03-31
05630650
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05630650
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05630650
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2018-03-31
05630650
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2017-03-31
05630650
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2018-03-31
05630650
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2017-03-31
05630650
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2017-03-31
05630650
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2017-04-01
2018-03-31
COMPANY REGISTRATION NUMBER:
05630650
GLADMAN COMMERCIAL PROPERTIES
|
|
Filleted Financial Statements
|
|
GLADMAN COMMERCIAL PROPERTIES
|
|
Year Ended 31 March 2018
Officers and professional advisers
|
1
|
|
|
Statement of financial position
|
2
|
|
|
Notes to the financial statements
|
3 to 9
|
|
|
GLADMAN COMMERCIAL PROPERTIES
|
|
Officers and Professional Advisers
|
|
The board of directors
|
Mr DJ Gladman
|
|
Mrs KJ Gladman
|
|
Mr J M S Shepherd
|
|
|
Company secretary
|
Mr DJ Gladman
|
|
|
Registered office
|
Gladman House
|
|
Alexandria Way
|
|
Congleton Business Park
|
|
Congleton
|
|
Cheshire
|
|
CW12 1LB
|
|
|
Auditor
|
MBL (Business and Tax Advisers) Ltd
|
|
Chartered accountants & statutory auditor
|
|
MBL House
|
|
16 Edward Court
|
|
Altrincham Bus. Park
|
|
Altrincham
|
|
Cheshire
|
|
WA14 5GL
|
|
|
GLADMAN COMMERCIAL PROPERTIES
|
|
Statement of Financial Position
|
|
31 March 2018
Fixed assets
Tangible assets
|
4
|
|
12,029,999
|
12,524,999
|
Investments
|
5
|
|
46
|
60
|
|
|
-------------
|
-------------
|
|
|
12,030,045
|
12,525,059
|
|
|
|
|
|
Current assets
Debtors
|
6
|
56,647,272
|
|
56,181,798
|
Cash at bank and in hand
|
134,022
|
|
38,477
|
|
-------------
|
|
-------------
|
|
56,781,294
|
|
56,220,275
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
53,870,387
|
|
54,431,017
|
|
-------------
|
|
-------------
|
Net current assets
|
|
2,910,907
|
1,789,258
|
|
|
-------------
|
-------------
|
Total assets less current liabilities
|
|
14,940,952
|
14,314,317
|
|
|
-------------
|
-------------
|
Net assets
|
|
14,940,952
|
14,314,317
|
|
|
-------------
|
-------------
|
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
1,000
|
1,000
|
Fair value reserve
|
|
270,921
|
383,014
|
Profit and loss account
|
|
14,669,031
|
13,930,303
|
|
|
-------------
|
-------------
|
Shareholders funds
|
|
14,940,952
|
14,314,317
|
|
|
-------------
|
-------------
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
28 September 2018
, and are signed on behalf of the board by:
Company registration number:
05630650
GLADMAN COMMERCIAL PROPERTIES
|
|
Notes to the Financial Statements
|
|
Year Ended 31 March 2018
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Gladman House, Alexandria Way, Congleton Business Park, Congleton, Cheshire, CW12 1LB.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
The turnover shown in the profit and loss account is measured at the fair value of the consideration received in respect of rents receivable in the period exclusive of Value Added Tax. Rents receivable are recognised on an accruals basis. Incentives given to tenants, such as rent free periods, are spread on a straight line basis up to the end of the non-cancellable lease period.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units
.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Tangible assets
|
Investment properties
|
|
£
|
Cost or valuation
|
|
At 1 April 2017
|
12,524,999
|
Additions
|
445,769
|
Disposals
|
(
430,000)
|
Revaluations
|
(
510,769)
|
|
-------------
|
At 31 March 2018
|
12,029,999
|
|
-------------
|
Depreciation
|
|
At 1 April 2017 and 31 March 2018
|
–
|
|
-------------
|
Carrying amount
|
|
At 31 March 2018
|
12,029,999
|
|
-------------
|
At 31 March 2017
|
12,524,999
|
|
-------------
|
|
|
Investment properties are included in the financial statements at valuation in accordance with the company's accounting policies. In February 2017 a professional valuation was undertaken on all investment properties. Land and commercial properties were valued in accordance with the RICS Valuation Standards published by the Royal Institution of Chartered Surveyors on the basis of market value. The residential property was valued by a RICS qualified estate agent. The directors have carried out a valuation in the year based on market value. The historical cost of investment properties is £11,759,069 (2017 - £12,141,977).
5.
Investments
|
Shares in group undertakings
|
|
£
|
Cost
|
|
At 1 April 2017
|
60
|
Disposals
|
(
14)
|
|
----
|
At 31 March 2018
|
46
|
|
----
|
Impairment
|
|
At 1 April 2017 and 31 March 2018
|
–
|
|
----
|
|
|
Carrying amount
|
|
At 31 March 2018
|
46
|
|
----
|
At 31 March 2017
|
60
|
|
----
|
|
|
Investments held at valuation
The investments were revalued in the year by the directors on the basis of market value.
In respect of investments held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
|
Shares in group undertakings
|
|
£
|
At 31 March 2018
|
|
Aggregate cost
|
346
|
Aggregate depreciation
|
–
|
|
----
|
Carrying value
|
346
|
|
----
|
|
|
At 31 March 2017
|
|
Aggregate cost
|
360
|
Aggregate depreciation
|
–
|
|
----
|
Carrying value
|
360
|
|
----
|
|
|
6.
Debtors
|
2018
|
2017
|
|
£
|
£
|
Trade debtors
|
10,551
|
6,523
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest
|
3,861
|
4,966
|
Other debtors
|
56,632,860
|
56,170,309
|
|
-------------
|
-------------
|
|
56,647,272
|
56,181,798
|
|
-------------
|
-------------
|
|
|
|
7.
Creditors:
amounts falling due within one year
|
2018
|
2017
|
|
£
|
£
|
Bank loans and overdrafts
|
96,647
|
773,000
|
Trade creditors
|
348,190
|
275,883
|
Corporation tax
|
215,649
|
228,841
|
Social security and other taxes
|
38,898
|
–
|
Other creditors
|
53,171,003
|
53,153,293
|
|
-------------
|
-------------
|
|
53,870,387
|
54,431,017
|
|
-------------
|
-------------
|
|
|
|
The company had secured bank loans and overdrafts amounting to £96,647 (2017 - £773,000) which are are secured by fixed and floating charges over the assets of the company, Gladman Care Homes Limited, Gladman Developments Limited, Fox Strategic Land And Property Limited and the subsidiaries of the company.
8.
Contingencies
The company has a cross guarantee in respect of its bank loans and overdrafts with Gladman Developments Limited, Gladman Retirement Living (formerly Gladman Care Homes Limited) and the subsidiaries of Gladman Commercial Properties. At the year end the bank loans and overdrafts of these companies totalled £23,322,706 (2017 - £16,564,000). The company has a further cross guarantee in respect of an invoice discounting facility utilised by Gladman Developments Limited, which includes Gladman Retirement Living Limited, Fox Strategic Land And Property Limited and the subsidiaries of Gladman Commercial Properties. At the year end the facility utilised by Gladman Developments Limited totalled £3,009,489 (2017 - £6,565,247).
9.
Summary audit opinion
The auditor's report for the year dated 28 September 2018 was unqualified.
The senior statutory auditor was
Elaine Jess MA FCA
, for and on behalf of
MBL (Business and Tax Advisers) Ltd
.
10.
Related party transactions
During the year the company entered into the following transactions with related parties:
|
Transaction value
|
Balance owed by/(owed to)
|
|
2018
|
2017
|
2018
|
2017
|
|
£
|
£
|
£
|
£
|
Gladman Developments Limited
|
–
|
–
|
|
|
|
–
|
–
|
|
|
Gladman Estate Management Services Limited
|
–
|
–
|
|
|
Wilkinson Business Park Management Company Limited
|
–
|
–
|
|
|
Gladman Developments FURBS
|
–
|
–
|
|
|
Gladman Commercial Properties (St Asaph) Limited
|
–
|
–
|
|
|
Gladman Commercial Properties (Burntwood) Limited
|
–
|
–
|
|
|
Gladman Commercial Properties (Rugby) Limited
|
–
|
–
|
|
|
|
----
|
----
|
-------------
|
-------------
|
|
|
|
|
|
In accordance with FRS 102, disclosure is only required of transactions that are not concluded under normal market conditions. Gladman Homes LLP is a Limited Liability Partnership in which
Mr DJ Gladman
, Mrs KJ Gladman
and Mr JMS Shepherd have an interest and are designated members. Mr GK Edwards had an interest and was a designated member but resigned during the previous year. Gladman Estate Management Limited is a company in which Mr DJ Gladman
, Mrs KJ Gladman and Mr JMS Shepherd have an interest. Mr GK Edwards had an interest but resigned during the previous year. Gladman Developments Limited is a company in which Mr DJ Gladman
, Mrs KJ Gladman and Mr JMS Shepherd have an interest. Mr GK Edwards had an interest but resigned during the previous year. Gladman Developments FURBS is a pension scheme which owns 100% of the issued share capital of the company. Fox Strategic Land And Property Limited is a company in which Mr DJ Gladman
and Mr JMS Shepherd have an interest. Mr GK Edwards had an interest but resigned during the previous year. Gladman Commercial Properties (Burntwood) Limited, Gladman Commercial Properties (Rugby) Limited and Gladman Commercial Properties (St Asaph) Limited are all 100% subsidiary companies of Gladman Commercial Properties. Wilkinson Business Park Management Company Limited is a 60% owned subsidiary company of Gladman Commercial Properties. There is a syndicated bank facility between the company, Gladman Developments Limited and Gladman Retirement Living Limited totalling £23,419,353. At the balance sheet date the company utilised £96,647 of this facility and at the balance sheet date Gladman Developments Limited, together with Gladman Retirement Living Limited, utilised £23,322,706. of this facility. There is a further invoice discounting facility utilised by Gladman Developments Limited. The company, Gladman Developments Limited, Fox Strategic Land and Property Limited and Gladman Retirement Living Limited are cross guarantors. At the balance sheet date Gladman Developments Limited utilised £3,009,489 of the facility.