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Registered number: 03363831









Gloryfair Limited









Financial statements

For the Year Ended 31 December 2023

 
Gloryfair Limited
 

Contents



Page
Balance Sheet
 
1
Notes to the Financial Statements
 
2 - 5


 
Gloryfair Limited
Registered number: 03363831

Balance Sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
592,000
592,000

Current assets
  

Cash at bank and in hand
 5 
2
2

Creditors: amounts falling due within one year
 6 
(592,000)
(592,000)

Net current liabilities
  
 
 
(591,998)
 
 
(591,998)

  

Net assets
  
2
2


Capital and reserves
  

Called up share capital 
  
2
2


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

C Whalley-Livesey
Director

Date: 16 September 2024

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
Gloryfair Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

1.


General information

Gloryfair Limited is a private company limited by shares and incorporated in England.  The address of the registered office and principal place of business is Wirral International Business Park, Riverview Road, Bromborough, Wirral, CH62 3RH. The Company's registered number is 03363831.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

These financial statements have been prepared on a going concern basis. The Company continues to own freehold land, from which rental income is earned, and the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the next 12 months and for the foreseeable future. 

 
2.3

Revenue

Revenue is rental income earned from the Company's parent undertaking and is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably meaasured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Rental income is recognised in the period it falls due, when the amount can be measured reliably and it is probably that the Company will receive the consideration due under the transaction.

  
2.4

Tangible fixed assets

All tangible fixed assets held are land and are therefore not depreciated.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.
Page 2

 
Gloryfair Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)


2.7
Financial instruments (continued)


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 cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

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 the deduction of all its liabilities.

Basic financial liabilities, which include amounts owed to group undertakings, are initially measured at their transaction price after transaction costs.

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



Derecognition of financial instruments

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 -1).

Page 3

 
Gloryfair Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

4.


Tangible fixed assets





Investment property - freehold land

£



Cost or valuation


At 1 January 2023
592,000



At 31 December 2023

592,000






Net book value



At 31 December 2023
592,000



At 31 December 2022
592,000

The carrying amount of investment property, which the Company rents to another group entity when it has chosen to account for such properties using the cost model is £592,000 (2022: £592,000).
A legal mortgage exists over the freehold land, in favour of the parent company's bankers 


5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
2
2



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
592,000
592,000



7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 (2022 -2) Ordinary shares of £1.00 each
2
2


Page 4

 
Gloryfair Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

8.


Financial commitments, guarantees and contingencies

The Company is party to an unlimited multilateral guarantee dated 17 January 2019 alongside fellow group undertakings.  Contingencies at the balance sheet date totalled £9,103,000 (2022: £9,453,000).


9.


Controlling party

Meyer Group Limited (company number 01443669) is the immediate parent undertaking and is the parent of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. Meyer Group Limited is incorporated in England and its registered office is Wirral International Business Park, Riverview Road, Bromborough, Wirral, CH62 3RH. 
The Company's ultimate parent undertaking and controlling party is Meyer International Holdings Limited, a company incorporated in the British Virgin Islands, which heads the largest group into which the results of the Company are consolidated. Meyer International Holdings Limited's registered office is Vistra Corporate Services Centre, Road Town, Tortola, British Virgin Islands, VG1110.


10.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 16 September 2024 by Anthony Woodings (Senior Statutory Auditor) on behalf of Hurst Accountants Limited.

 
Page 5