Registration number:
Prepared for the registrar
for the
Period from 1 August 2022 to 30 June 2023
Glocken Holdings Limited
(Registration number: 13529960)
Balance Sheet as at 30 June 2023
Note |
30 June 2023 |
(As restated) |
|
Fixed assets |
|||
Investments |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
2 |
2 |
|
Profit and loss account |
11,154,341 |
11,000,873 |
|
Shareholders' funds |
11,154,343 |
11,000,875 |
For the financial period ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges her 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 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Director
Glocken Holdings Limited
Notes to the Unaudited Financial Statements for the Period from 1 August 2022 to 30 June 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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 for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Prior period errors
In accordance with the requirements of Financial Reporting Standard 102 Section 1A, the balance sheet has been restated in respect of a prior period error.
The share capital for the prior period has been corrected in line with the share capital originally subscribed for by the company. The incorrectly subscribed share capital of £100 was amended to £2, with the difference of £98 put against the loan account of its parent company.
Investments made in G13Plus, a subsidiary of Glocken Holdings, were omitted from the prior period financial statements although acquired within this period. Consequently, an adjustment has been made to the financial statements to accurately reflect the position of the subsidiary in prior periods.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Judgements
No significant judgements have been made by management in preparing these financial statements. |
Glocken Holdings Limited
Notes to the Unaudited Financial Statements for the Period from 1 August 2022 to 30 June 2023
Key sources of estimation uncertainty
No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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.
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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.
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.
Glocken Holdings Limited
Notes to the Unaudited Financial Statements for the Period from 1 August 2022 to 30 June 2023
Financial instruments
Classification
Recognition and measurement
Impairment
Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
Glocken Holdings Limited
Notes to the Unaudited Financial Statements for the Period from 1 August 2022 to 30 June 2023
Investments |
30 June 2023 |
(As restated) |
|
Investments in subsidiaries |
|
|
Investments in associates |
|
- |
|
|
Subsidiaries |
£ |
Cost |
|
At 1 August 2022 |
|
Carrying amount |
|
At 30 June 2023 |
|
At 31 July 2022 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2023 |
2022 |
|||
Subsidiary undertakings |
||||
|
England & Wales |
|
|
|
|
England & Wales |
|
|
|
Associates |
||||
|
England & Wales |
Ordinary |
|
|
Glocken Holdings Limited
Notes to the Unaudited Financial Statements for the Period from 1 August 2022 to 30 June 2023
Debtors |
Note |
30 June 2023 |
(As restated) |
|
Amounts owed by related parties |
|
|
|
Accrued income |
|
|
|
|
|
Creditors |
Note |
30 June 2023 |
(As restated) |
|
Due within one year |
|||
Amounts due to related parties |
|
|
|
Accrued expenses |
|
|
|
Corporation tax liability |
|
|
|
|
|
Related party transactions |
Summary of transactions with other related parties
At 30 June 2023, the company was owed £8,133,048 (2022 (restated): £6,999,902) by Bels Global Holdings Limited, its parent company. Interest of £152,956 (2022: £120,932) was charged on the balance and there are no fixed repayment terms.
At 30 June 2023, the company was owed £1,129,026 (2022: £1,128,883) by Bels Entwicklungsgesellschaft mbH. No interest was charged on the balance and there are no fixed repayment terms.
At 30 June 2023, the company was owed £16,030 by Amici Eventing Limited. No interest was charged on the balance and there are no fixed repayment terms.
At 30 June 2023, the company owed £100 (2022 (restated): £100) to G13Plus Limited. No interest was charged on the balance and there are no fixed repayment terms.
At 30 June 2023, the company was owed £914,100 (2022: £805,863) by its director. Accrued interest of £16,190 (2022: £5,863) was charged on the balance at the HMRC beneficial loan arrangement official rate and there are no fixed repayment terms.
Parent and ultimate parent undertaking |
The company's immediate parent is Bels Global Holdings Limited, incorporated in the British Virgin Islands.