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REGISTERED NUMBER: 04927271 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

GLAMLEE LIMITED

GLAMLEE LIMITED (REGISTERED NUMBER: 04927271)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


GLAMLEE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: Mrs M A Y Soroya
Nabeel Y Soroya



SECRETARY: Nabeel Y Soroya



REGISTERED OFFICE: 12 Moss Hall Crescent
North Finchley
London
N12 8NY



REGISTERED NUMBER: 04927271 (England and Wales)



ACCOUNTANTS: STGCA LLP t/a Sterling
Chartered Accountants
505 Pinner Road
Harrow
Middlesex
HA2 6EH



BANKERS: Habib Allied International Bank Plc
63 Mark Lane
London
EC3 R 7QS

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
GLAMLEE LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Glamlee Limited for the year ended 30 June 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Glamlee Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Glamlee Limited and state those matters that we have agreed to state to the Board of Directors of Glamlee Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Glamlee Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Glamlee Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Glamlee Limited. You consider that Glamlee Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Glamlee Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






STGCA LLP t/a Sterling
Chartered Accountants
505 Pinner Road
Harrow
Middlesex
HA2 6EH


Date: .............................................

GLAMLEE LIMITED (REGISTERED NUMBER: 04927271)

BALANCE SHEET
30 JUNE 2024

30/6/24 30/6/23
Notes £ £ £ £
FIXED ASSETS
Investment property 4 3,400,000 3,400,000

CURRENT ASSETS
Debtors 5 4,952,441 807,921
Cash at bank and in hand 11,846 19,578
4,964,287 827,499
CREDITORS
Amounts falling due within one year 6 2,036,047 920,972
NET CURRENT ASSETS/(LIABILITIES) 2,928,240 (93,473 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,328,240

3,306,527

CREDITORS
Amounts falling due after more than one
year

7

3,389,337

3,432,984
NET ASSETS/(LIABILITIES) 2,938,903 (126,457 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 2,938,902 (126,458 )
SHAREHOLDERS' FUNDS 2,938,903 (126,457 )

GLAMLEE LIMITED (REGISTERED NUMBER: 04927271)

BALANCE SHEET - continued
30 JUNE 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2024 and were signed on its behalf by:





Nabeel Y Soroya - Director


GLAMLEE LIMITED (REGISTERED NUMBER: 04927271)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


1. STATUTORY INFORMATION

Glamlee Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents rental income receivable. Turnover is recognised on a rent receivable basis to the balance sheet date.

Investment property
Investment property whose fair value can be measured reliably without undue cost or effort shall be measured at fair value at each reporting date with changes in fair value recognised in profit or loss. .

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

GLAMLEE LIMITED (REGISTERED NUMBER: 04927271)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


4. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 July 2023
and 30 June 2024 3,400,000
NET BOOK VALUE
At 30 June 2024 3,400,000
At 30 June 2023 3,400,000

Directors confirm that there has been no significant changes to the values of the properties since then as the market prevailing in the respective locations remain the same and stable during this period.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/24 30/6/23
£ £
Trade debtors 39,935 65,912
Amounts owed by associates 4,570,293 740,488
Other debtors 342,213 -
Prepayments - 1,521
4,952,441 807,921

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/24 30/6/23
£ £
Bank loans and overdrafts 66,210 66,210
Trade creditors 139,459 123,716
Tax 60,495 60,495
Other creditors 35,986 41,817
Directors' current accounts 1,729,397 625,434
Accrued expenses 4,500 3,300
2,036,047 920,972

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30/6/24 30/6/23
£ £
Bank loans - 1-2 years 72,421 72,421
Bank loans - 2-5 years 3,316,916 3,360,563
3,389,337 3,432,984

GLAMLEE LIMITED (REGISTERED NUMBER: 04927271)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


8. SECURED DEBTS

The following secured debts are included within creditors:

30/6/24 30/6/23
£ £
Bank loans 3,455,547 3,499,194

As at 30 June 2023, the bank loan was secured by a first legal charge over the investment properties of the company and Elsinore Hotel, a hotel owned by the directors. The loan was also secured by a second legal charge over the directors private residential property and on personal guarantees given by Mrs M A Soroya and Mr N Y Soroya amounting to £3,420,018 (2023 £3,458,406).

9. OTHER FINANCIAL COMMITMENTS

Included in Creditors Due more than one year is Coronavirus Bounce back Loan (2021 £50,000) . The loan is repayable in 6 years with the rate of interest fixed at 2.50% per annum starting 13 months after the first drawdown. Interest due for the first 12 months is paid by the UK government as grant also known as business interruption payment.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

As at 30 June 2024, the company owed £1,729,397 (2023: £625,434) to the Directors.

11. RELATED PARTY DISCLOSURES

Included within debtors is £4,570,293 (2023: £740,488) receivable from Soroya Investments Limited, a company controlled by Mr and Mrs M Y Soroya.

12. ULTIMATE CONTROLLING PARTY

Mrs M A Y Soroya is the ultimate controlling party.