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Registration number: 13529960

Prepared for the registrar

Glocken Holdings Limited

Annual Report and Unaudited Financial Statements

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)
31 July 2022
£

Fixed assets

 

Investments

4

220

200

Current assets

 

Debtors

5

10,348,145

9,055,580

Cash at bank and in hand

 

847,723

1,968,584

 

11,195,868

11,024,164

Creditors: Amounts falling due within one year

6

(41,745)

(23,489)

Net current assets

 

11,154,123

11,000,675

Net assets

 

11,154,343

11,000,875

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 members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

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 on 17 April 2024
 


Mrs S Atkinson
Director

 

Glocken Holdings Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2022 to 30 June 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:
167-169 Great Portland Street
5th Floor
London
W1W 5PF

 

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 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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

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
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 0 (2022 - 0).

 

Glocken Holdings Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2022 to 30 June 2023

 

4

Investments

30 June 2023
£

(As restated)
31 July 2022
£

Investments in subsidiaries

200

200

Investments in associates

20

-

220

200

Subsidiaries

£

Cost

At 1 August 2022

200

Carrying amount

At 30 June 2023

200

At 31 July 2022

200

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

Agasco Limited

England & Wales

Ordinary

100%

100%

G13plus Limited

England & Wales

Ordinary

100%

100%

Associates

Amici Eventing Limited

England & Wales

Ordinary

20%

0%

 

     

 

Glocken Holdings Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2022 to 30 June 2023

 

5

Debtors

Note

30 June 2023
 £

(As restated)
31 July 2022
 £

Amounts owed by related parties

7

10,192,204

8,934,648

Accrued income

 

155,941

120,932

   

10,348,145

9,055,580

 

6

Creditors

Note

30 June 2023
 £

(As restated)
31 July 2022
 £

Due within one year

 

Amounts due to related parties

7

100

100

Accrued expenses

 

1,800

900

Corporation tax liability

39,845

22,489

 

41,745

23,489

 

7

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.

 

8

Parent and ultimate parent undertaking

The company's immediate parent is Bels Global Holdings Limited, incorporated in the British Virgin Islands.