0 false false false false false false false false false false true false false false false false false No description of principal activity 2022-08-01 Sage Accounts Production Advanced 2023 - FRS102_2023 11,940 298 1,194 1,492 10,448 11,642 xbrli:pure xbrli:shares iso4217:GBP 12089686 2022-08-01 2023-07-31 12089686 2023-07-31 12089686 2022-07-31 12089686 2021-08-01 2022-07-31 12089686 2022-07-31 12089686 2021-07-31 12089686 core:PatentsTrademarksLicencesConcessionsSimilar 2022-08-01 2023-07-31 12089686 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 12089686 bus:Director1 2022-08-01 2023-07-31 12089686 core:WithinOneYear 2023-07-31 12089686 core:WithinOneYear 2022-07-31 12089686 core:PatentsTrademarksLicencesConcessionsSimilar 2022-07-31 12089686 core:PatentsTrademarksLicencesConcessionsSimilar 2023-07-31 12089686 core:ShareCapital 2023-07-31 12089686 core:ShareCapital 2022-07-31 12089686 core:RetainedEarningsAccumulatedLosses 2023-07-31 12089686 core:PatentsTrademarksLicencesConcessionsSimilar 2022-07-31 12089686 bus:SmallEntities 2022-08-01 2023-07-31 12089686 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 12089686 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 12089686 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 12089686 bus:FullAccounts 2022-08-01 2023-07-31 12089686 bus:OrdinaryShareClass1 2023-07-31 12089686 bus:OrdinaryShareClass1 2022-07-31
COMPANY REGISTRATION NUMBER: 12089686
GLU LTD
Filleted Unaudited Financial Statements
31 July 2023
GLU LTD
Financial Statements
Year ended 31 July 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
GLU LTD
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
£
£
Fixed assets
Intangible assets
4
10,448
11,642
Current assets
Stocks
298
Debtors
5
53,462
1,700
--------
-------
53,462
1,998
Creditors: amounts falling due within one year
6
49,785
13,540
--------
--------
Net current assets/(liabilities)
3,677
( 11,542)
--------
--------
Total assets less current liabilities
14,125
100
--------
----
Net assets
14,125
100
--------
----
Capital and reserves
Called up share capital
7
100
100
Profit and loss account
14,025
--------
----
Shareholders funds
14,125
100
--------
----
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 Section 1A of 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 income and retained earnings has not been delivered.
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
GLU LTD
Statement of Financial Position (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 7 March 2024 , and are signed on behalf of the board by:
Mr M J Fitzpatrick
Director
Company registration number: 12089686
GLU LTD
Notes to the Financial Statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Cardinal House, Bury Street, Ruislip, HA4 7GD.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Patents, trademarks and licences
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Intangible assets
Patents, trademarks and licences
£
Cost
At 1 August 2022 and 31 July 2023
11,940
--------
Amortisation
At 1 August 2022
298
Charge for the year
1,194
--------
At 31 July 2023
1,492
--------
Carrying amount
At 31 July 2023
10,448
--------
At 31 July 2022
11,642
--------
5. Debtors
2023
2022
£
£
Trade debtors
53,362
Amounts owed by undertakings in which the company has a participating interest
100
100
Other debtors
1,600
--------
-------
53,462
1,700
--------
-------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
1,000
Corporation tax
6,106
Social security and other taxes
5,825
Other creditors
36,854
13,540
--------
--------
49,785
13,540
--------
--------
7. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
8. Related party transactions
The amounts owed by/(owed to) related parties are in respect of short term interest free loans.
2023 2022
£ £
Balances owed by/(owed to):
Other related parties (36,754) (13,440)
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