REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022 |
FOR |
GLUE HOME LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022 |
FOR |
GLUE HOME LIMITED |
GLUE HOME LIMITED (REGISTERED NUMBER: 10428547) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
GLUE HOME LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
Director: |
Registered office: |
Registered number: |
Auditors: |
Statutory Auditor |
1-2 Craven Road |
Ealing |
London |
W5 2UA |
GLUE HOME LIMITED (REGISTERED NUMBER: 10428547) |
BALANCE SHEET |
31ST DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital |
Other reserves | 7 |
Retained earnings | 7 | ( |
) | ( |
) |
( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
GLUE HOME LIMITED (REGISTERED NUMBER: 10428547) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
1. | STATUTORY INFORMATION |
Glue Home Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The |
Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Going Concern |
The directors have adopted a going concern basis in preparing these financial statements after assessing the company's principal risks including an assessment of the current high inflationary environment and cashflow challenges. |
As at 31 December 2022, the company has a cash balance of £ 33,970 (2021:£44,942) and net current liabilities amounted to £769,854 (2021:£865,782). The net current liability reduced due to reduction in amount owed to group undertakings and reduction in other creditors.The company has made a profit of £80,840 (2021:£414,557). |
The company is dependant on financial support from its parent company "Smartfrog&Canary Holdings Inc" based in United states in order to meet its obligation.At 31 December 2022 Glue Home Limited owed £739,911 to its parent company. The management of Glue Home Limited has received the support letter from its parent company that it will continue to extend financial support and will not demand immediate repayment of debt.Consequently, the director consider it is appropriate to present the financial statement of this company on a going concern basis. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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 |
Tangible assets are initially recognised at cost. After recognition, under the cost model, tangible assets are |
measured at cost less any accumulated depreciation and any accumulated impairment losses. |
Depreciation |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life. |
Plant and machinery Straight line @ 33% |
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. |
GLUE HOME LIMITED (REGISTERED NUMBER: 10428547) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
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. |
Foreign currencies |
Transactions in currencies other than the functional and presentational currency of the Company, pound sterling, are recorded at the rates of exchange prevailing on the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting date. Non-monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. |
Gains and losses arising on retranslation of monetary assets and liabilities are included in net profit or loss for the period. Gains and losses on the retranslation of non-monetary assets and liabilities are recognised directly in other comprehensive income |
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. |
GLUE HOME LIMITED (REGISTERED NUMBER: 10428547) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
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 |
Trade debtors are amounts due from customers for services performed in the ordinary |
course of business. |
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised |
cost using the effective interest method, less provision for impairment. A provision for the impairment of trade |
debtors is established when there is objective evidence that the company will not be able to collect all |
amounts due according to the original terms of the receivables. |
Trade creditors |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of |
business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve |
months after the reporting date. If there is an unconditional right to defer settlement for at least twelve |
months after the reporting date, they are presented as non-current liabilities. |
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost |
using the effective interest method. |
Research and development |
All research and development expenditure is written off in the Income Statement in the period in which it is incurred except development expenditure incurred. There was no research and development expense incurred for the year end 31 December 2022. |
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. |
Share based payments |
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition. |
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. |
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
GLUE HOME LIMITED (REGISTERED NUMBER: 10428547) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
Cost |
At 1st January 2022 |
Additions |
Disposals | ( |
) |
At 31st December 2022 |
Depreciation |
At 1st January 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31st December 2022 |
Net book value |
At 31st December 2022 |
At 31st December 2021 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Other debtors |
No debts were written off during the year (2021:nil) |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Amounts payable to group undertakings are interest free and payable on demand. |
7. | CAPITAL CONTRIBUTION |
Other reserves |
Other reserves represent contributions made by the Group company in respect of share based compensation. |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | POST BALANCE SHEET EVENTS |
There are no material subsequent events. |
10. | ULTIMATE CONTROLLING PARTY |
As at 31 December 2021, the ultimate parent company is "Smartfrog & Canary Holding Inc" Incorporated in USA. The registered office of Smartfrog & Canary Holding Inc is 103 Foulk Road, Suite 202, Wilmington, Delaware, 19803 United States. |
GLUE HOME LIMITED (REGISTERED NUMBER: 10428547) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
11. | SHARE-BASED PAYMENT TRANSACTIONS |
As of 23 August 2021, Glue AB, the parent entity of Glue Home UK, underwent a group acquisition by "Smartfrog & Canary Holdings Inc." Glue AB had previously implemented a share warrants program for its employees prior to this acquisition. Subsequent to the acquisition, share warrants issued by Glue AB were replaced by share options within the newly formed group. |
Options are exercisable at a price equal to the market price of Group's share on the date of the grant. The option will vest within 4 years upon certain condition, at the discretion of the board, and should the options remain unexercised they lapse after 10 years from the date of the grant. |
Options are valued using the Blackscholes option pricing model. No market performance conditions were included in the fair value calculations.The model inputs for the current period option grants were as follows: |
Weighted average exercise price 2022 | Number2022 | Number 2021 |
$ |
Outstanding at the beginning of the year | 3.04 | 62,500 | 65,000 |
Issued during the period | 34,000 | - |
Vested during the period | 60,000 | 2,500 |
Outstanding at the end of period (unvested) | 36,500 | 62,500 |
No options were exercised during the year. |
Exercise price ($) | 3.04 |
Stock price ($) | 2.40 |
Time to maturity (years) | 6.33 |
Annual risk-free interest rate | 3.463% |
Annualized volatility | 60% |
Dividend yield | 0% |
Contractual life of option (years) | 10 |