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REGISTERED NUMBER: 03516455 (England and Wales)





GLASSORACLE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024






GLASSORACLE LIMITED (REGISTERED NUMBER: 03516455)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GLASSORACLE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: Mr P M Walker
Mrs L C Walker



SECRETARY: Mrs L C Walker



REGISTERED OFFICE: 7 St John Street
Mansfield
Nottinghamshire
NG18 1QH



REGISTERED NUMBER: 03516455 (England and Wales)



ACCOUNTANTS: ApC
Chartered Accountants
7 St John Street
Mansfield
Nottinghamshire
NG18 1QH



BANKERS: Santander UK plc
2 Triton Square
Regent's Place
London
NW1 3AN

GLASSORACLE LIMITED (REGISTERED NUMBER: 03516455)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 1,975,555 2,024,333
Investment property 6 759,627 759,627
2,735,182 2,783,960

CURRENT ASSETS
Stocks 1,074,993 1,226,591
Debtors 7 46,509 38,636
Cash at bank and in hand 1,275,367 1,388,861
2,396,869 2,654,088
CREDITORS
Amounts falling due within one year 8 1,301,580 1,488,243
NET CURRENT ASSETS 1,095,289 1,165,845
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,830,471

3,949,805

PROVISIONS FOR LIABILITIES 19,834 19,390
NET ASSETS 3,810,637 3,930,415

CAPITAL AND RESERVES
Called up share capital 9 2 2
Retained earnings 3,810,635 3,930,413
SHAREHOLDERS' FUNDS 3,810,637 3,930,415

GLASSORACLE LIMITED (REGISTERED NUMBER: 03516455)

BALANCE SHEET - continued
31 JANUARY 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2024 and were signed on its behalf by:




Mr P M Walker - Director



Mrs L C Walker - Director


GLASSORACLE LIMITED (REGISTERED NUMBER: 03516455)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024


1. STATUTORY INFORMATION

Glassoracle Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The significant judgement and estimates are as follows:

The fixed asset depreciation rates are detailed in the accounting policy of the fixed assets depreciation rates. The rates are reviewed annually in line to what the directors believe the assets are worth.

The company has no other significant judgement and estimates other than those detailed in the accounting policies.

Turnover
Turnover represents the value excluding Value Added Tax of designer clothing, footwear and accessories provided to customers during the year. In respect of goods provided, all income is taken to profit and loss at the same point as the right to receive consideration has been acquired.

GLASSORACLE LIMITED (REGISTERED NUMBER: 03516455)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% straight line
Plant and machinery - 33.33% on reducing balance and 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Website design - 20% straight line

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

GLASSORACLE LIMITED (REGISTERED NUMBER: 03516455)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


3. ACCOUNTING POLICIES - continued

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.

Financial instruments
Financial instruments and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2023 - 37 ) .

GLASSORACLE LIMITED (REGISTERED NUMBER: 03516455)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 February 2023 2,183,023 246,566 310,861
Additions - 3,730 -
At 31 January 2024 2,183,023 250,296 310,861
DEPRECIATION
At 1 February 2023 267,448 173,141 276,008
Charge for year 24,854 22,301 5,233
At 31 January 2024 292,302 195,442 281,241
NET BOOK VALUE
At 31 January 2024 1,890,721 54,854 29,620
At 31 January 2023 1,915,575 73,425 34,853

GLASSORACLE LIMITED (REGISTERED NUMBER: 03516455)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


5. TANGIBLE FIXED ASSETS - continued

Motor Website
vehicles design Totals
£    £    £   
COST
At 1 February 2023 26,935 110,722 2,878,107
Additions - - 3,730
At 31 January 2024 26,935 110,722 2,881,837
DEPRECIATION
At 1 February 2023 26,455 110,722 853,774
Charge for year 120 - 52,508
At 31 January 2024 26,575 110,722 906,282
NET BOOK VALUE
At 31 January 2024 360 - 1,975,555
At 31 January 2023 480 - 2,024,333

During April 2015 the company purchased the freehold of Hamilton House, which they previously leased and therefore they have reclassified the leashold property improvements relating to that freehold.

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023
and 31 January 2024 759,627
NET BOOK VALUE
At 31 January 2024 759,627
At 31 January 2023 759,627

GLASSORACLE LIMITED (REGISTERED NUMBER: 03516455)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 7,451 -
Prepayments and accrued income 39,058 38,636
46,509 38,636

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 616,435 876,900
Corporation tax - 16,756
Social security and other taxes 18,906 17,088
VAT 195,156 169,182
Other creditors 725 730
Directors' current accounts 290,710 396,584
Accruals and deferred income 179,648 11,003
1,301,580 1,488,243

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2

10. CAPITAL COMMITMENTS

The company had capital commitments, or contingent liabilities at the balance sheet date.

11. RELATED PARTY DISCLOSURES

During the year, total dividends of £40,000 (2023- £40,000) were paid to the directors.

During the year the company paid £45,240 (2023-£37,960) for rent, on which the property is owned by the directors.