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Registered Number: 11987499
England and Wales

 

 

 

GLE SC GMS LTD


Abridged Accounts
 


Period of accounts

Start date: 01 April 2023

End date: 31 March 2024
 
 
Notes
 
2024
£
  2023
£
Current assets      
Debtors 238    2,927 
Cash at bank and in hand 1,043    1,083 
1,281    4,010 
Creditors: amount falling due within one year   (52,978)
Net current assets 1,281    (48,968)
 
Total assets less current liabilities 1,281    (48,968)
Net assets 1,281    (48,968)
 

Capital and reserves
     
Called up share capital 1    1 
Profit and loss account 1,280    (48,969)
Shareholders' funds 1,281    (48,968)
 


For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 23 December 2024 and were signed by:


-------------------------------
Ms Y Larizadeh
Director
1
General Information
GLE SC GMS LTD is a private company, limited by shares, registered in England and Wales, registration number 11987499, registration address Flat 1, Old Ferry House, 5 Chelsea Embankment, London, SW3 4LF.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
Following the first lockdown, the site has closed operations in March 2020 and therefore the accounts are prepared not on a going concern basis. At the time of approving the financial statements, the company made a profit of £50,249 (2023: Loss £8,421). At the year-end, the company has net liabilities of Nil (2023: Net liabilities £48,968).


The site remained closed since the first lockdown that came into force on 23 March 2020 and effective 1 January 2022 the company has ceased trading. The director therefore does not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date. Additionally, the shareholders will continue to support the company to meet its liabilities as they fall due.


Accordingly, the financial statements have been prepared on a basis other than going concern and as a result assets and liabilities have been stated at the recoverable value.



Financial instruments
The company has elected to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments Issues 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.

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 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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.


Classification of 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 deducting all of its liabilities.



Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and
preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.


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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2.

Average number of employees


Average number of employees during the year was 0 (2023 : 0).
2