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Registered number: 10574417
Glass Half Full Projects Limited
Financial Statements
For The Year Ended 31 January 2024
MSE Business Management LLP
Association of Chartered Certified Accountants
1st Floor
104 Oxford Street
London
Greater London
W1D 1LP
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—6
Page 1
Balance Sheet
Registered number: 10574417
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,507 17,523
Investments 5 2,500 2,500
4,007 20,023
CURRENT ASSETS
Debtors 6 859 8,113
Cash at bank and in hand 19,430 41,616
20,289 49,729
Creditors: Amounts Falling Due Within One Year 7 (6,718 ) (27,498 )
NET CURRENT ASSETS (LIABILITIES) 13,571 22,231
TOTAL ASSETS LESS CURRENT LIABILITIES 17,578 42,254
Creditors: Amounts Falling Due After More Than One Year 8 (7,419 ) (12,419 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (286 ) (3,329 )
NET ASSETS 9,873 26,506
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account 9,871 26,504
SHAREHOLDERS' FUNDS 9,873 26,506
Page 1
Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Ms Suzannah Gurner
Director
25/09/2024
The notes on pages 4 to 6 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 February 2022 2 31,155 31,157
Loss for the year and total comprehensive income - (4,651 ) (4,651)
As at 31 January 2023 and 1 February 2023 2 26,504 26,506
Loss for the year and total comprehensive income - (16,633 ) (16,633)
As at 31 January 2024 2 9,871 9,873
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Glass Half Full Projects Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10574417 . The registered office is 1st Floor, 104 Oxford Street, London, London, W1D 1LP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of Value Added Tax. Turnover represents revenue earned from fees receivable in respect of provision of consultancy services.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% straight line
Fixtures & Fittings 25% straight line
Computer Equipment 25% straight line
2.4. Financial Instruments
The company has only basic financial instruments.
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.
Basic financial liabilities
Basic financial liabilities, which include creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transactions.
2.5. Taxation
Corporation tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Page 4
Page 5
2.6. Fixed asset investments
All investments 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 the profit & loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 1 1
1 1
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 February 2023 55,790 1,017 11,480 68,287
As at 31 January 2024 55,790 1,017 11,480 68,287
Depreciation
As at 1 February 2023 41,843 732 8,189 50,764
Provided during the period 13,947 210 1,859 16,016
As at 31 January 2024 55,790 942 10,048 66,780
Net Book Value
As at 31 January 2024 - 75 1,432 1,507
As at 1 February 2023 13,947 285 3,291 17,523
5. Investments
Unlisted
£
Cost
As at 1 February 2023 2,500
As at 31 January 2024 2,500
Provision
As at 1 February 2023 -
As at 31 January 2024 -
Net Book Value
As at 31 January 2024 2,500
As at 1 February 2023 2,500
Page 5
Page 6
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income - 8,000
Corporation tax recoverable assets 859 -
VAT - 113
859 8,113
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 44 14,552
Bank loans and overdrafts 4,828 4,828
Corporation tax - 2,230
Other taxes and social security - 192
Accruals and deferred income 944 920
Director's loan account 902 4,776
6,718 27,498
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 7,419 12,419
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
Page 6