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Registration number: 14473392

Glesum Limited

Unaudited Filleted Financial Statements

for the Period from 9 November 2022 to 31 March 2024

 

Glesum Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 7

 

Glesum Limited

(Registration number: 14473392)
Statement of Financial Position as at 31 March 2024

Note

2024
£

Fixed assets

 

Tangible assets

4

268

Investments

5

1,168,576

 

1,168,844

Current assets

 

Debtors

6

277

Cash at bank and in hand

 

13,641

 

13,918

Creditors: Amounts falling due within one year

7

(1,185,966)

Net current liabilities

 

(1,172,048)

Net liabilities

 

(3,204)

Capital and reserves

 

Called up share capital

100

Profit and loss account

(3,304)

Shareholders' deficit

 

(3,204)

For the financial period ending 31 March 2024 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 his 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 director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 8 August 2024
 


Mr Jeremy Bartlett
Director

 

Glesum Limited

Notes to the Unaudited Financial Statements for the Period from 9 November 2022 to 31 March 2024

1

General information

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

The address of its registered office is:
Hogscombe
Basingstoke Road
Greenham Common
West Berks
RG19 8HW

Principal activity

The principal activity of the company is that of a holding company.

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 entity.

Going concern

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

 

Glesum Limited

Notes to the Unaudited Financial Statements for the Period from 9 November 2022 to 31 March 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Fixtures, fittings and equipment

15% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

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.

 

Glesum Limited

Notes to the Unaudited Financial Statements for the Period from 9 November 2022 to 31 March 2024 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1.

 

Glesum Limited

Notes to the Unaudited Financial Statements for the Period from 9 November 2022 to 31 March 2024 (continued)

4

Tangible assets

Fixtures, fittings and equipment
£

Total
£

Cost or valuation

Additions

315

315

At 31 March 2024

315

315

Depreciation

Charge for the period

47

47

At 31 March 2024

47

47

Carrying amount

At 31 March 2024

268

268

5

Investments

2024
£

Investments in subsidiaries

1,168,576

Subsidiaries

£

Cost or valuation

Additions

1,168,576

Provision

Carrying amount

At 31 March 2024

1,168,576

 

Glesum Limited

Notes to the Unaudited Financial Statements for the Period from 9 November 2022 to 31 March 2024 (continued)

5

Investments (continued)

Details of undertakings

Details of the investments 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

2024

Subsidiary undertakings

Topline Glass & Glazing Limited

Timberly
South Street
Axminster
Devon
EX13 5AD

Ordinary shares

100%

The principal activity of Topline Glass & Glazing Limited is manufacturing of sealed glass units.

6

Debtors

2024
£

Other debtors

277

277

7

Creditors

Creditors: amounts falling due within one year

2024
£

Due within one year

Trade creditors

36

Accruals and deferred income

1,800

Other creditors

1,184,130

1,185,966

 

Glesum Limited

Notes to the Unaudited Financial Statements for the Period from 9 November 2022 to 31 March 2024 (continued)

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

9

Related party transactions

Transactions with the director

2024

At 9 November 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

-

(1,005,001)

25,871

(979,130)

         
       

 

Summary of transactions with subsidiaries

The company has taken advantage of the exemption available in FRS102 whereby it has not disclosed transactions or balances with any wholly owned subsidiary undertaking.