Registration number:
Glasshill Street Ltd
for the Year Ended 31 March 2020
Glasshill Street Ltd
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Glasshill Street Ltd
(Registration number: 9199510)
Balance Sheet as at 31 March 2020
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31 March |
31 March |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets/(liabilities) |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Non - distributable reserve |
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Profit and loss account |
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Total equity |
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Glasshill Street Ltd
(Registration number: 9199510)
Balance Sheet as at 31 March 2020
For the financial year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Glasshill Street Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The accounts are prepared in the company's functional currency of British Pounds (£) and rounded to the nearest £1.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Glasshill Street Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Trade creditors
Creditors with no stated interest rate and payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Glasshill Street Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
Taxation |
2020 |
2019 |
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Corporation tax charge |
16,992 |
16,938 |
Deferred tax |
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19,290 |
16,992 |
36,228 |
Investment properties |
31 March |
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At 1 April |
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The investment property was valued on 31 March 2020 by the directors on an open market basis and had a cost of £1,408,143 (2019 - £1,408,143 ).
Debtors |
31 March |
31 March |
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Other debtors |
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Glasshill Street Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
Creditors |
Creditors: amounts falling due within one year
31 March |
31 March |
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Due within one year |
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Taxation and social security |
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Accruals and deferred income |
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Creditors: amounts falling due after more than one year
Note |
31 March |
31 March |
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Due after one year |
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Loans and borrowings |
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Glasshill Street Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
Share capital |
Allotted, called up and fully paid shares
31 March |
31 March |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Loans and borrowings |
31 March |
31 March |
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Non-current loans and borrowings |
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Other borrowings |
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An amount of £988,749 (2019 : £1,034,238) included in the above loan is secured by way of a fixed charge on the company's property.
Related party transactions |
Transactions with Directors
The balance due to the director Jan Kroes as at 31 March 2020 was £100,000 (2019 - £100,000). No interest was charged by the director to the company.