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Registration number: 07435391

Gloop Enterprises Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Gloop Enterprises Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Gloop Enterprises Limited

(Registration number: 07435391)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

58,956

60,710

Current assets

 

Stocks

6

7,690

6,570

Debtors

7

55,472

4,994

Cash at bank and in hand

 

99,077

131,141

 

162,239

142,705

Creditors: Amounts falling due within one year

8

(101,356)

(133,177)

Net current assets

 

60,883

9,528

Total assets less current liabilities

 

119,839

70,238

Creditors: Amounts falling due after more than one year

8

(15,833)

(26,666)

Provisions for liabilities

(14,687)

-

Net assets

 

89,319

43,572

Capital and reserves

 

Called up share capital

100

100

Retained earnings

89,219

43,472

Shareholders' funds

 

89,319

43,572

 

Gloop Enterprises Limited

(Registration number: 07435391)
Balance Sheet as at 31 October 2023

For the financial year ending 31 October 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 3 April 2024 and signed on its behalf by:
 

Mr R Guest
Director

Mr C Chirossel
Director

 
     
 

Gloop Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
3 The Courtyard
St. James Street
Taunton
Somerset
TA1 1JR

These financial statements were authorised for issue by the Board on 3 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Gloop Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improviements

8% straight line

Fixtures, fittings and equipmemt

15% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 5 years

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.

 

Gloop Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Debtors

Trade debtors are amounts due from customers for merchandise sold or 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Gloop Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 21 (2022 - 17).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

23,871

23,871

At 31 October 2023

23,871

23,871

Amortisation

At 1 November 2022

23,871

23,871

At 31 October 2023

23,871

23,871

Carrying amount

At 31 October 2023

-

-

 

Gloop Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

5

Tangible assets

Leasehold improvements
£

Fixtures, fittings and equipment
£

Motor vehicles
 £

Office equipment
 £

Total
£

Cost or valuation

At 1 November 2022

42,734

45,034

26,184

1,299

115,251

Additions

-

11,571

-

1,582

13,153

Disposals

-

(1,800)

-

(541)

(2,341)

At 31 October 2023

42,734

54,805

26,184

2,340

126,063

Depreciation

At 1 November 2022

29,545

17,837

6,546

613

54,541

Charge for the year

2,589

5,674

4,910

490

13,663

Eliminated on disposal

-

(860)

-

(237)

(1,097)

At 31 October 2023

32,134

22,651

11,456

866

67,107

Carrying amount

At 31 October 2023

10,600

32,154

14,728

1,474

58,956

At 31 October 2022

13,189

27,197

19,638

686

60,710

Included within the net book value of land and buildings above is £10,600 (2022 - £13,189) in respect of short leasehold land and buildings.
 

6

Stocks

2023
£

2022
£

Other inventories

7,690

6,570

7

Debtors

2023
£

2022
£

Other debtors

52,102

1,677

Prepayments

3,370

3,317

55,472

4,994

 

Gloop Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

8

Creditors

Due within one year

Note

2023
£

2022
£

 

Loans and borrowings

9

10,833

39,627

Trade creditors

 

22,627

23,849

Amounts due to related parties

11

-

3,437

Social security and other taxes

 

30,385

28,341

Other creditors

 

16,431

12,069

Accruals

 

3,288

3,414

Corporation tax liability

17,792

22,440

 

101,356

133,177

Due after one year

 

Loans and borrowings

9

15,833

26,666

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

15,833

25,833

Other borrowings

-

833

15,833

26,666

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

34,627

Other borrowings

833

5,000

10,833

39,627

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £92,312 (2022 - £111,062).

 

Gloop Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

11

Related party transactions

The company has made loans available to the directors. The company has charged interest on the loans at 2.25% and the loans are repayable on demand.

Transactions with directors

2023

At 1 November 2022
£

Advances to director
£

At 31 October 2023
£

Mr R Guest

Loans provided, repayable on demand, with interest accrued at market rate

-

24,262

24,262

-

-

-

 

-

24,262

24,262

     

Mr C Chirossel

Loans provided, repayable on demand, with interest accrued at market rate

-

26,234

26,234

-

-

-

 

-

26,234

26,234

     

 

2022

At 1 November 2021
£

Advances to director
£

Repayments by director
£

At 31 October 2022
£

Mr R Guest

Loans provided, repayable on demand, with interest accrued at market rate

15,039

-

(15,039)

-

 

15,039

-

(15,039)

-

       

Mr C Chirossel

Loans provided, repayable on demand, with interest accrued at market rate

13,633

26,192

(39,825)

-

 

13,633

26,192

(39,825)

-

       

 

 

Gloop Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

12

Transition to FRS 102

The accounts were previously prepared in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime' and are now prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The effective date of transition is 1st November 2021 and there were no transitional adjustments.