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Registered number: 06862144
Glass Ventures Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Paul Ng & Associates
15 Halifax Way
Welwyn Garden City
Hertfordshire
AL72QH
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06862144
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 3,748 6,264
3,748 6,264
CURRENT ASSETS
Stocks 9,528 9,088
Debtors 5 80,253 86,520
Cash at bank and in hand 129,313 35,625
219,094 131,233
Creditors: Amounts Falling Due Within One Year 6 (90,032 ) (57,719 )
NET CURRENT ASSETS (LIABILITIES) 129,062 73,514
TOTAL ASSETS LESS CURRENT LIABILITIES 132,810 79,778
Creditors: Amounts Falling Due After More Than One Year 7 (565,903 ) (481,382 )
NET LIABILITIES (433,093 ) (401,604 )
CAPITAL AND RESERVES
Called up share capital 8 7,250 7,250
Share premium account 24,700 24,700
Profit and Loss Account (465,043 ) (433,554 )
SHAREHOLDERS' FUNDS (433,093) (401,604)
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For the year ending 31 March 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 his 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.
The financial statements were approved and authorised for issue by the board of directors on 18 November 2024 and were signed on its behalf by:
Mr T L Yap
Director
18/11/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Glass Ventures Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06862144 . The registered office is 20-22 Wenlock Road, London, N1 7GU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
At the balance sheet date assets exceeded liabilities. The support from the main shareholders is expected to continue for the foreseeable future and accordingly the financial statements are prepared on a going concern basis.
2.2. Significant judgements and estimations
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion, there are no significant judgements or key sources of estimation uncertainty.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances. Turnover is recognised to the extent that the company obtains the right to consideration in exchange for its performance.

2.4. 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:
Plant & Machinery 25% on cost
Computer Equipment 33% on cost
2.5. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
2.6. Financial Instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.8. Taxation
Income 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 years 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 assets reflect 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
4. Tangible Assets
Plant & Machinery etc.
£
Cost
As at 1 April 2023 10,733
As at 31 March 2024 10,733
Depreciation
As at 1 April 2023 4,469
Provided during the period 2,516
As at 31 March 2024 6,985
Net Book Value
As at 31 March 2024 3,748
As at 1 April 2023 6,264
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 72,968 75,072
Other debtors 4,163 4,163
77,131 79,235
Due after more than one year
Other debtors 3,122 7,285
80,253 86,520
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6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 5,372 14,690
Other creditors 68,669 32,621
Taxation and social security 15,991 10,408
90,032 57,719
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other creditors 565,903 481,382
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 7,250 7,250
9. Related Party Transactions
Director of the company.
During the year the related party advanced to and/or paid expenses on behalf of the company totalling £76,176 (2023: £76,753). The amount due to him at the balance sheet date is £514,445 (2023: £438,022), which is regarded as not repayable within twelve months of the balance sheet date. No interest is charged.
10. Controlling Party
The company's controlling party is T L Yap .
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