2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 28,589 2,369 30,958 21,264 1,939 23,203 7,755 7,325 xbrli:pure xbrli:shares iso4217:GBP 02913592 2023-04-01 2024-03-31 02913592 2024-03-31 02913592 2023-03-31 02913592 2022-04-01 2023-03-31 02913592 2023-03-31 02913592 2022-03-31 02913592 core:FurnitureFittings 2023-04-01 2024-03-31 02913592 bus:Director1 2023-04-01 2024-03-31 02913592 core:FurnitureFittings 2023-03-31 02913592 core:FurnitureFittings 2024-03-31 02913592 core:WithinOneYear 2024-03-31 02913592 core:WithinOneYear 2023-03-31 02913592 core:ShareCapital 2024-03-31 02913592 core:ShareCapital 2023-03-31 02913592 core:RetainedEarningsAccumulatedLosses 2024-03-31 02913592 core:RetainedEarningsAccumulatedLosses 2023-03-31 02913592 core:FurnitureFittings 2023-03-31 02913592 bus:SmallEntities 2023-04-01 2024-03-31 02913592 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 02913592 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 02913592 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02913592 bus:FullAccounts 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 02913592
Glasshead Limited
Filleted Unaudited Accounts
31 March 2024
Glasshead Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
7,755
7,325
Current assets
Debtors
6
1,978
8,699
Cash at bank and in hand
4,115
2,590
-------
--------
6,093
11,289
Creditors: amounts falling due within one year
7
( 12,855)
( 17,104)
--------
--------
Net current liabilities
( 6,762)
( 5,815)
-------
-------
Total assets less current liabilities
993
1,510
Provisions
Taxation including deferred tax
( 820)
( 593)
----
-------
Net assets
173
917
----
-------
Capital and reserves
Called up share capital
2
2
Profit and loss account
171
915
----
----
Shareholders funds
173
917
----
----
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts .
Glasshead Limited
Statement of Financial Position (continued)
31 March 2024
These accounts were approved by the board of directors and authorised for issue on 2 December 2024 , and are signed on behalf of the board by:
Mr L Atteshlis
Director
Company registration number: 02913592
Glasshead Limited
Notes to the Accounts
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Orange Street, Haymarket, London, WC2H 7DQ.
2. Statement of compliance
These accounts have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The accounts have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The accounts are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment, Fixtures & Fittings
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Fixtures and fittings
Total
£
£
Cost
At 1 April 2023
28,589
28,589
Additions
2,369
2,369
--------
--------
At 31 March 2024
30,958
30,958
--------
--------
Depreciation
At 1 April 2023
21,264
21,264
Charge for the year
1,939
1,939
--------
--------
At 31 March 2024
23,203
23,203
--------
--------
Carrying amount
At 31 March 2024
7,755
7,755
--------
--------
At 31 March 2023
7,325
7,325
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
1,157
7,549
Other debtors
821
1,150
-------
-------
1,978
8,699
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,485
531
Corporation tax
1,217
726
Social security and other taxes
2,255
3,381
Other creditors
7,898
12,466
--------
--------
12,855
17,104
--------
--------