Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Janet Beattie 24/05/1998 Clive Thomas Chairman Grummett 17/08/2023 18/02/2008 David James Hutcheson 24/05/1998 Julian Glyn May 01/01/2016 Mr D J Hutcheson 01 August 2024 The principal activity of the Company during the financial year was that of computer services and business continuity. 03569363 2024-03-31 03569363 bus:Director1 2024-03-31 03569363 bus:Director2 2024-03-31 03569363 bus:Director3 2024-03-31 03569363 bus:Director4 2024-03-31 03569363 2023-03-31 03569363 core:CurrentFinancialInstruments 2024-03-31 03569363 core:CurrentFinancialInstruments 2023-03-31 03569363 core:Non-currentFinancialInstruments 2024-03-31 03569363 core:Non-currentFinancialInstruments 2023-03-31 03569363 core:ShareCapital 2024-03-31 03569363 core:ShareCapital 2023-03-31 03569363 core:RetainedEarningsAccumulatedLosses 2024-03-31 03569363 core:RetainedEarningsAccumulatedLosses 2023-03-31 03569363 core:OtherPropertyPlantEquipment 2023-03-31 03569363 core:OtherPropertyPlantEquipment 2024-03-31 03569363 core:CostValuation 2023-03-31 03569363 core:DisposalsRepaymentsInvestments 2024-03-31 03569363 core:CostValuation 2024-03-31 03569363 2022-03-31 03569363 bus:OrdinaryShareClass1 2024-03-31 03569363 core:WithinOneYear 2024-03-31 03569363 core:WithinOneYear 2023-03-31 03569363 core:BetweenOneFiveYears 2024-03-31 03569363 core:BetweenOneFiveYears 2023-03-31 03569363 2023-04-01 2024-03-31 03569363 bus:FilletedAccounts 2023-04-01 2024-03-31 03569363 bus:SmallEntities 2023-04-01 2024-03-31 03569363 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 03569363 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03569363 bus:Director1 2023-04-01 2024-03-31 03569363 bus:Director2 2023-04-01 2024-03-31 03569363 bus:Director3 2023-04-01 2024-03-31 03569363 bus:Director4 2023-04-01 2024-03-31 03569363 bus:Director5 2023-04-01 2024-03-31 03569363 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 03569363 2022-04-01 2023-03-31 03569363 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 03569363 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 03569363 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 03569363 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03569363 (England and Wales)

GLEN ABBOT LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

GLEN ABBOT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

GLEN ABBOT LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
GLEN ABBOT LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 3,686 2,616
Investments 4 43 284
3,729 2,900
Current assets
Debtors 5 34,846 32,580
Cash at bank and in hand 6 57,432 63,532
92,278 96,112
Creditors: amounts falling due within one year 7 ( 83,374) ( 79,704)
Net current assets 8,904 16,408
Total assets less current liabilities 12,633 19,308
Creditors: amounts falling due after more than one year 8 ( 6,116) ( 11,218)
Provision for liabilities 9, 10 ( 922) ( 654)
Net assets 5,595 7,436
Capital and reserves
Called-up share capital 11 10 10
Profit and loss account 5,585 7,426
Total shareholders' funds 5,595 7,436

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Glen Abbot Limited (registered number: 03569363) were approved and authorised for issue by the Board of Directors on 01 August 2024. They were signed on its behalf by:

Mr D J Hutcheson
Director
GLEN ABBOT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
GLEN ABBOT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Glen Abbot Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 167-169 Great Portland Street 167-169 Great Portland Street, London, W1W 5PF, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 - 33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

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 the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities 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 Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2023 6,368 6,368
Additions 2,721 2,721
Disposals ( 4,288) ( 4,288)
At 31 March 2024 4,801 4,801
Accumulated depreciation
At 01 April 2023 3,752 3,752
Charge for the financial year 1,012 1,012
Disposals ( 3,649) ( 3,649)
At 31 March 2024 1,115 1,115
Net book value
At 31 March 2024 3,686 3,686
At 31 March 2023 2,616 2,616

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 284 284
Disposals ( 241) ( 241)
At 31 March 2024 43 43
Carrying value at 31 March 2024 43 43
Carrying value at 31 March 2023 284 284

5. Debtors

2024 2023
£ £
Trade debtors 32,559 29,880
Other debtors 2,287 2,700
34,846 32,580

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 57,432 63,532

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 5,102 4,976
Trade creditors 6,480 0
Taxation and social security 22,180 28,580
Other creditors 49,612 46,148
83,374 79,704

Amounts included within Bank loans are amounts advanced under the Bounce Back Loan Scheme and are fully backed by a government guarantee.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 6,116 11,218

Amounts included within Bank loans are amounts advanced under the Bounce Back Loan Scheme and are fully backed by a government gaurantee.

9. Provision for liabilities

2024 2023
£ £
Deferred tax 922 654

10. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 654) ( 99)
Charged to the Statement of Income and Retained Earnings ( 268) ( 555)
At the end of financial year ( 922) ( 654)

11. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
10 Ordinary shares of £ 1.00 each 10 10

12. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 4,269 3,554
between one and five years 4,980 0
9,249 3,554

13. Related party transactions

Transactions with owners holding a participating interest in the entity

2024 2023
£ £
Amounts owed to directors 31,603 31,075

The balance is unsecured, interest free and has no fixed terms of repayment.