Caseware UK (AP4) 2024.0.164 2024.0.164 2024-03-312024-03-31The principal activity of the company is that of artistic creation.falsetrue2023-04-01false79trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12550687 2023-04-01 2024-03-31 12550687 2022-04-01 2023-03-31 12550687 2024-03-31 12550687 2023-03-31 12550687 2022-04-01 12550687 c:Director1 2023-04-01 2024-03-31 12550687 c:RegisteredOffice 2023-04-01 2024-03-31 12550687 d:Buildings 2023-04-01 2024-03-31 12550687 d:Buildings 2024-03-31 12550687 d:Buildings 2023-03-31 12550687 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 12550687 d:FurnitureFittings 2023-04-01 2024-03-31 12550687 d:FurnitureFittings 2024-03-31 12550687 d:FurnitureFittings 2023-03-31 12550687 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 12550687 d:OfficeEquipment 2023-04-01 2024-03-31 12550687 d:OfficeEquipment 2024-03-31 12550687 d:OfficeEquipment 2023-03-31 12550687 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 12550687 d:ComputerEquipment 2023-04-01 2024-03-31 12550687 d:ComputerEquipment 2024-03-31 12550687 d:ComputerEquipment 2023-03-31 12550687 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 12550687 d:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 12550687 d:OtherPropertyPlantEquipment 2024-03-31 12550687 d:OtherPropertyPlantEquipment 2023-03-31 12550687 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 12550687 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 12550687 d:CurrentFinancialInstruments 2024-03-31 12550687 d:CurrentFinancialInstruments 2023-03-31 12550687 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 12550687 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 12550687 d:ShareCapital 2024-03-31 12550687 d:ShareCapital 2023-03-31 12550687 d:ShareCapital 2022-04-01 12550687 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 12550687 d:RetainedEarningsAccumulatedLosses 2024-03-31 12550687 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 12550687 d:RetainedEarningsAccumulatedLosses 2023-03-31 12550687 d:RetainedEarningsAccumulatedLosses 2022-04-01 12550687 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-03-31 12550687 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 12550687 c:OrdinaryShareClass1 2023-04-01 2024-03-31 12550687 c:OrdinaryShareClass1 2024-03-31 12550687 c:OrdinaryShareClass1 2023-03-31 12550687 c:FRS102 2023-04-01 2024-03-31 12550687 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 12550687 c:FullAccounts 2023-04-01 2024-03-31 12550687 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 12550687 d:WithinOneYear 2024-03-31 12550687 d:WithinOneYear 2023-03-31 12550687 d:BetweenOneFiveYears 2024-03-31 12550687 d:BetweenOneFiveYears 2023-03-31 12550687 2 2023-04-01 2024-03-31 12550687 6 2023-04-01 2024-03-31 12550687 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 12550687









GLUM TORTOISE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
GLUM TORTOISE LIMITED
 
 
COMPANY INFORMATION


Director
J Fadojutimi 




Registered number
12550687



Registered office
Eighth Floor
6 New Street Square

New Fetter Lane

London

EC4A 3AQ




Accountants
Rawlinson & Hunter LLP
Chartered Accountants

Eighth Floor

6 New Street Square

New Fetter Lane

London

EC4A 3AQ





 
GLUM TORTOISE LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Statement of Changes in Equity
 
3
Notes to the Financial Statements
 
4 - 11


 
GLUM TORTOISE LIMITED
REGISTERED NUMBER: 12550687

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
303,402
288,184

Investments
 5 
15,586
15,586

  
318,988
303,770

Current assets
  

Stocks
 6 
155,994
97,586

Debtors: amounts falling due within one year
 7 
370,689
869,997

Cash at bank and in hand
 8 
5,860,301
5,431,715

  
6,386,984
6,399,298

Creditors: amounts falling due within one year
 9 
(625,769)
(1,599,122)

Net current assets
  
 
 
5,761,215
 
 
4,800,176

Total assets less current liabilities
  
6,080,203
5,103,946

  

Net assets
  
6,080,203
5,103,946


Capital and reserves
  

Called up share capital 
 11 
1
1

Profit and loss account
  
6,080,202
5,103,945

  
6,080,203
5,103,946


Page 1

 
GLUM TORTOISE LIMITED
REGISTERED NUMBER: 12550687
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 profit and loss account 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: 




J Fadojutimi
Director

Date: 7 January 2025

The notes on pages 4 to 11 form part of these financial statements.

Page 2

 
GLUM TORTOISE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
1
741,713
741,714



Profit for the year
-
5,614,577
5,614,577

Dividends: Equity capital
-
(1,252,345)
(1,252,345)



At 1 April 2023
1
5,103,945
5,103,946



Profit for the year
-
3,147,434
3,147,434

Dividends: Equity capital
-
(2,171,177)
(2,171,177)


At 31 March 2024
1
6,080,202
6,080,203


The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
GLUM TORTOISE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Glum Tortoise Limited is a private company, limited by shares, incorporated in England and Wales with registration number 12550687. The registered office is Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ.

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.

The following principal accounting policies have been applied:

 
2.2

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 Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
GLUM TORTOISE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases: the company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 5

 
GLUM TORTOISE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
Over term of the lease
Studio equipment
-
3 years straight line
Office equipment
-
3 years straight line
Computer equipment
-
3 years straight line
Other fixed assets
-
3 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Valuation of investments

Investments are measured at cost less accumulated impairment.

 
2.12

Stocks

Stocks and work in progress are stated at the lower of cost and net realisable value. Costs include all direct costs and an apportionment of costs which relate to projects spanning the balance sheet date which have not yet been completed.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 6

 
GLUM TORTOISE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

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.

 
2.16

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 7

 
GLUM TORTOISE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2023 - 9).

Page 8

 
GLUM TORTOISE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Leasehold improvements
Studio equipment
Office equipment
Computer equipment
Other fixed assets
Total

£
£
£
£
£
£



Cost or valuation


At 1 April 2023
341,867
8,745
12,256
28,210
5,363
396,441


Additions
46,903
6,237
-
13,847
-
66,987



At 31 March 2024

388,770
14,982
12,256
42,057
5,363
463,428



Depreciation


At 1 April 2023
69,248
7,128
9,477
20,667
1,737
108,257


Charge for the year on owned assets
36,397
2,644
2,465
8,670
1,593
51,769



At 31 March 2024

105,645
9,772
11,942
29,337
3,330
160,026



Net book value



At 31 March 2024
283,125
5,210
314
12,720
2,033
303,402



At 31 March 2023
272,619
1,617
2,779
7,543
3,626
288,184


5.


Fixed asset investments





Other fixed asset investments

£



Cost or valuation


At 1 April 2023
15,586



At 31 March 2024
15,586




Page 9

 
GLUM TORTOISE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Stocks

2024
2023
£
£

Finished goods and works in progress
155,994
97,586



7.


Debtors

2024
2023
£
£


Trade debtors
3,600
633,595

Other debtors
175,588
144,395

Prepayments and accrued income
191,501
92,007

370,689
869,997



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
5,860,301
5,431,715

Less: bank overdrafts
(361)
-



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
361
-

Trade creditors
268,121
40,270

Corporation tax
184,614
1,337,634

Other taxation and social security
19,471
79,317

Other creditors
2,870
3,252

Accruals and deferred income
150,332
138,649

625,769
1,599,122


Page 10

 
GLUM TORTOISE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
5,860,301
5,431,715




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1
1
1



12.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents the contributions payable by the company to the fund and amounted to £12,078 (2023 - £12,286). At the balance sheet date there were unpaid contributions of £2,870 (2023 - £3,252).


13.


Commitments under operating leases

At 31 March 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
301,352
301,352

Later than 1 year and not later than 5 years
1,220,797
1,516,949

1,522,149
1,818,301

 
Page 11