Glebe Point (London) Limited
Unaudited Financial Statements
For the year ended 30 April 2023
For Filing with Registrar
Company Registration No. 07604906 (England and Wales)
Glebe Point (London) Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Glebe Point (London) Limited
Balance Sheet
As at 30 April 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
1
1
Current assets
Debtors
6
180,602
228,927
Cash at bank and in hand
637,951
4,612
818,553
233,539
Creditors: amounts falling due within one year
7
(1,432,852)
(1,518,749)
Net current liabilities
(614,299)
(1,285,210)
Net liabilities
(614,298)
(1,285,209)
Capital and reserves
Called up share capital
8
101
101
Profit and loss reserves
(614,399)
(1,285,310)
Total equity
(614,298)
(1,285,209)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 10 October 2023 and are signed on its behalf by:
A L Jacobsen
Director
Company Registration No. 07604906
Glebe Point (London) Limited
Notes to the Financial Statements
For the year ended 30 April 2023
Page 2
1
Accounting policies
Company information
Glebe Point (London) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 Savoy Court, London, WC2R 0EX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
During the year, the company sold its trade. As such these accounts are prepared on a basis other than going concern.true
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has only basic financial instruments measured at amortised cost, with no financial instruments classified as other, or basic instruments measured at fair value.
Glebe Point (London) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2023
1
Accounting policies
(Continued)
Page 3
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Exceptional item
2023
2022
£
£
Income
Sale of theatrical production rights
1,154,610
-
Glebe Point (London) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2023
Page 4
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 0 (2022: 0). Directors are remunerated through other group companies.
2023
2022
Number
Number
Total
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
1
5
Subsidiaries
Details of the company's subsidiaries at 30 April 2023 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
DD Rights Limited
7 Savoy Court, London, WC2R 0EX
Theatrical production
Ordinary
100
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
179,020
Amounts owed by group undertakings
226,573
Other debtors
1,582
2,354
180,602
228,927
Glebe Point (London) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2023
Page 5
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
7,764
15,666
Amounts owed to group undertakings
128,901
159,398
Corporation tax
96,874
Other creditors
1,199,313
1,343,685
1,432,852
1,518,749
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
Deferred share of £1 each
1
1
1
1
101
101
101
101
9
Related party transactions
At the year end the company owed director A L Jacobsen £1,106,177 (2022: £1,250,550).
At the year end the company owed $116,864 (2022: $116,864) to Clementine LLC, a company incorporated in the United States of America under the control of director A L Jacobsen.
At the year end the company owed £128,901 (2022: £159,398) to Time of My Life Pty Limited, the parent company.
10
Parent company
The immediate parent company is Time of My Life Pty Limited, a company incorporated in Australia, by virtue of its majority shareholding in the company.
The ultimate parent company is Zoulos Pty Limited, a company incorporated in Australia, by virtue of its 100% shareholding in Time of My Life Pty Limited.
The ultimate control of the company was shared equally between C F Jacobsen, D L Jacobsen, A L Jacobsen and C Jacobsen by virtue of their shareholdings in Zoulos Pty Limited.