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Registered number: 05591601









GLASSWALL (IP) LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
GLASSWALL (IP) LIMITED
REGISTERED NUMBER: 05591601

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 3 
-
3,560

  
-
3,560

Current assets
  

Debtors: amounts falling due within one year
 4 
26,684
21,346

  
26,684
21,346

Creditors: amounts falling due within one year
 5 
(8,416)
(14,864)

Net current assets
  
 
 
18,268
 
 
6,482

Total assets less current liabilities
  
18,268
10,042

  

Net assets
  
18,268
10,042


Capital and reserves
  

Called up share capital 
 6 
4
3

Share premium account
  
2,569,300
2,436,557

Profit and loss account
  
(2,551,036)
(2,426,518)

  
18,268
10,042


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: 




S M Roberts
Director

Date: 26 July 2024

The notes on pages 2 to 4 form part of these financial statements.

Page 1

 
GLASSWALL (IP) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Glasswall (IP) Limited is a limited company incorporated in England and Wales. The registered office of the company is 85 Great Portland Street, London, W1W 7LT.
The company did not trade during the year under review but incurred costs in respect of the protection and further enhancement of its intellectual property. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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.

 
2.2

Going concern

The financial statements have been prepared on the going concern basis, which is dependent on the continuing provision of financial support by the parent company and fellow subsidiaries.  During the   year the parent company obtained a £5m loan from HSBC to finance the next stage of the groups business plan, which is to continue to market and deliver the product for sale. The directors are confident the loan will be sufficient to finance the group for the next few years.  The directors expect this financial support to continue for the foreseeable future.
On the basis of the above the accounts have been prepared on the going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 2

 
GLASSWALL (IP) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.5

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.


3.


Intangible assets




Patents

£



Cost


At 1 April 2023
512,628



At 31 March 2024

512,628



Amortisation


At 1 April 2023
509,068


Charge for the year on owned assets
3,560



At 31 March 2024

512,628



Net book value



At 31 March 2024
-



At 31 March 2023
3,560



Page 3

 
GLASSWALL (IP) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Debtors

2024
2023
£
£


Other debtors
913
1,613

Prepayments
25,771
19,733

26,684
21,346



5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
5,962
3,988

Amounts owed to group undertakings
829
4,792

Accruals
1,625
6,084

8,416
14,864



6.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



4 (2023 - 3) Ordinary shares of £1.00 each
4
3


On 19 March 2024, "1" Ordinary share was issued for £132,744.


7.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 26 July 2024 by Duncan Stannett (Senior statutory auditor) on behalf of Barnes Roffe LLP.

 
Page 4