Company Registration No. 11063578 (England and Wales)
GMCD HOLDINGS LIMITED
FORMERLY GLAM GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
30 MAY 2023
PAGES FOR FILING WITH REGISTRAR
6 Queen Street
Leeds
West Yorkshire
LS1 2TW
GMCD HOLDINGS LIMITED
FORMERLY GLAM GROUP LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 9
GMCD HOLDINGS LIMITED
FORMERLY GLAM GROUP LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr G Morgan
Mr C Carmichael
Mr D Jackson
Mr M Morgan
Company number
11063578
Registered office
Ground Floor
6 Queen Street
Leeds
West Yorkshire
United Kingdom
LS1 2TW
Accountants
TC Group
6 Queen Street
Leeds
West Yorkshire
LS1 2TW
GMCD HOLDINGS LIMITED
FORMERLY GLAM GROUP LIMITED
BALANCE SHEET
AS AT 30 MAY 2023
30 May 2023
- 2 -
30 May 2023
31 May 2022
Notes
£
£
£
£
Fixed assets
Investments
3
200
200
Current assets
Debtors
4
5,213
5,213
Cash at bank and in hand
100
100
5,313
5,313
Creditors: amounts falling due within one year
5
(1,400)
(5,218)
Net current assets
3,913
95
Net assets
4,113
295
Capital and reserves
Called up share capital
6
200
200
Profit and loss reserves
3,913
95
Total equity
4,113
295

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial Period ended 30 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

GMCD HOLDINGS LIMITED
FORMERLY GLAM GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 MAY 2023
30 May 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 30 August 2024 and are signed on its behalf by:
Mr C Carmichael
Director
Company registration number 11063578 (England and Wales)
GMCD HOLDINGS LIMITED
FORMERLY GLAM GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 MAY 2023
- 4 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 June 2021
100
(11,325)
(11,225)
Period ended 31 May 2022:
Profit and total comprehensive income
-
11,420
11,420
Issue of share capital
6
110
-
110
Reduction of shares
6
(10)
-
0
(10)
Balance at 31 May 2022
200
95
295
Period ended 30 May 2023:
Profit and total comprehensive income
-
3,818
3,818
Balance at 30 May 2023
200
3,913
4,113
GMCD HOLDINGS LIMITED
FORMERLY GLAM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MAY 2023
- 5 -
1
Accounting policies
Company information

GMCD Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor, 6 Queen Street, Leeds, West Yorkshire, United Kingdom, LS1 2TW.

 

The Company changed its name on the 8 June 2022 from GLAM Group Limited to GMCD Holdings Limited.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

GMCD HOLDINGS LIMITED
FORMERLY GLAM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MAY 2023
1
Accounting policies
(Continued)
- 6 -
1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

GMCD HOLDINGS LIMITED
FORMERLY GLAM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MAY 2023
1
Accounting policies
(Continued)
- 7 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

2
Employees

The average monthly number of persons (including directors) employed by the company during the Period was:

2023
2022
Number
Number
Total
4
4
GMCD HOLDINGS LIMITED
FORMERLY GLAM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MAY 2023
- 8 -
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
200
200
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
5,023
5,213
Other debtors
190
-
0
5,213
5,213
5
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
-
0
3,868
Other creditors
1,400
1,350
1,400
5,218

Amounts owed to group undertakings are repayable on demand and do not bear interest.

6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary of £1 each
120
120
120
120
B Ordinary of £1 each
50
50
50
50
C Ordinary of £1 each
10
10
10
10
D Ordinary of £1 each
20
20
20
20
200
200
200
200
GMCD HOLDINGS LIMITED
FORMERLY GLAM GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MAY 2023
- 9 -
7
Related party transactions

The Company has availed of the exemption provided in FRS 102 Section 33 Related Party Disclosures not to disclose transactions entered into with fellow group companies that are wholly owned within the group of companies of which the Company is a wholly owned members.

Balances with related parties
Amounts owed by
Amounts owed to
related parties
related parties
2023
2022
2023
2022
£
£
£
£
Carmicheal Property Group LTD
50
50
-
0
-
0
FD Project Management LTD
20
20
-
0
-
0
M Invesco LTD
120
120
-
0
-
0
8
Parent company

The ultimate parent is M Invesco Limited, incorporated in the United Kingdom.

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