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Registered number: 09583136
GLB Development Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2023
Beach Accountants Limited
Chartered Certified Accountants
10 Blue Sky Way
Monkton Business Park South
Hebburn
South Tyneside
NE31 2EQ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 09583136
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,856 2,320
1,856 2,320
CURRENT ASSETS
Debtors 5 256,463 147,957
Cash at bank and in hand 49,673 107,765
306,136 255,722
Creditors: Amounts Falling Due Within One Year 6 (278,514 ) (215,660 )
NET CURRENT ASSETS (LIABILITIES) 27,622 40,062
TOTAL ASSETS LESS CURRENT LIABILITIES 29,478 42,382
Creditors: Amounts Falling Due After More Than One Year 7 (35,446 ) (41,841 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (353 ) (441 )
NET (LIABILITIES)/ASSETS (6,321 ) 100
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account (6,421 ) -
SHAREHOLDERS' FUNDS (6,321) 100
Page 1
Page 2
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Miss Abbeyjo Baldwin
Director
05/04/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
GLB Development Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09583136 . The registered office is 10 Defender Court, Sunderland Enterprise Park, Sunderland, Tyne and Wear, SR5 3PE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the entity.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 20% Reducing Balance
2.4. Financial Instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments on non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss isrecognised in profit or loss.
Short term trade creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at transaction price, net of transaction costs, and subsequently measured at amortised cost using the effective interest method.
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2.5. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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
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.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversedat 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.
2.6. Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss isrecognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2022: 8)
8 8
4. Tangible Assets
Motor Vehicles
£
Cost
As at 1 April 2022 3,000
As at 31 March 2023 3,000
Depreciation
As at 1 April 2022 680
Provided during the period 464
As at 31 March 2023 1,144
Net Book Value
As at 31 March 2023 1,856
As at 1 April 2022 2,320
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5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 13,391 20,809
Prepayments and accrued income 10,990 5,000
Other debtors 90,313 47,206
Directors' loan accounts 141,769 74,942
256,463 147,957
Included above is a loan due to GLB Lettings Limited of £12,210 (2022: £12,698), a loan due to Wear Properties Limited of £10,000 (2022: £nil); and, a loan due to Cambuild North East Limited of £11,100 (2022: £nil). The loans are unsecured, interest free and repayable on demand.
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 1,008 460
Bank loans and overdrafts 5,000 5,000
Corporation tax 64,055 43,276
PAYE payable 12,871 18,442
VAT 133,121 104,042
Net wages 1,697 2,974
Other creditors 53,730 37,458
Accruals and deferred income 7,032 4,008
278,514 215,660
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 35,446 41,841
8. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Accelerated capital allowances 353 441
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2022 Amounts advanced Amounts repaid Amounts written off As at 31 March 2023
£ £ £ £ £
Mr Stephen Kirtlan 8,332 45,000 (5,415 ) - 48,307
Miss Abbeyjo Baldwin 66,610 76,852 (50,000 ) - 93,462
The above loan is unsecured, interest free and repayable on demand.
Dividends paid to directors
2023 2022
£ £
Mr Stephen Kirtlan - 33,323
Miss Abbeyjo Baldwin - 33,323
Page 6