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REGISTERED NUMBER: 13504138 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 AUGUST 2023 TO 30 APRIL 2024

FOR

GLOVERS MAC LIMITED

GLOVERS MAC LIMITED (REGISTERED NUMBER: 13504138)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Period 1 August 2023 to 30 April 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


GLOVERS MAC LIMITED

COMPANY INFORMATION
for the Period 1 August 2023 to 30 April 2024







DIRECTORS: Mrs C. J. McNamara
M L McNamara
R. P. McNamara
G R McNamara





REGISTERED OFFICE: Langley House
Park Road
London
N2 8EY





REGISTERED NUMBER: 13504138 (England and Wales)





ACCOUNTANTS: Accura Accountants Ltd
Langley House
Park Road
East Finchley
London
N2 8EY

GLOVERS MAC LIMITED (REGISTERED NUMBER: 13504138)

STATEMENT OF FINANCIAL POSITION
30 April 2024

30.4.24 31.7.23
as restated
Notes £    £   
CURRENT ASSETS
Stocks 4,256,426 1,924,142
Debtors 4 88,319 18,463
Cash at bank and in hand 2,216 820
4,346,961 1,943,425
CREDITORS
Amounts falling due within one year 5 1,047,265 783,161
NET CURRENT ASSETS 3,299,696 1,160,264
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,299,696

1,160,264

CREDITORS
Amounts falling due after more than one
year

6

3,317,284

1,172,477
NET LIABILITIES (17,588 ) (12,213 )

CAPITAL AND RESERVES
Called up share capital 440 400
Retained earnings (18,028 ) (12,613 )
(17,588 ) (12,213 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GLOVERS MAC LIMITED (REGISTERED NUMBER: 13504138)

STATEMENT OF FINANCIAL POSITION - continued
30 April 2024


The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2025 and were signed on its behalf by:





M L McNamara - Director


GLOVERS MAC LIMITED (REGISTERED NUMBER: 13504138)

NOTES TO THE FINANCIAL STATEMENTS
for the Period 1 August 2023 to 30 April 2024

1. STATUTORY INFORMATION

Glovers Mac Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on the going concern basis, the applicability of which is dependent upon the continued support of the company's creditors and financiers. The Statement of Financial Position shows net liabilities, the director is of the opinion that the creditors and financiers will continue to support it, and provide adequate funding when necessary to enable it to meet its obligations for the foreseeable future, being for a period of at least twelve months from the date of approval of the financial statements.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A
These financial statements for the period ended 30 April 2024 are the first that are prepared in accordance with FRS 102 Section 1A. The previous financial statements were prepared in accordance with FRS 105, the date of transition to FRS 102 Section 1A is 1 August 2022.

For the company the transition to FRS 102 Section 1A has resulted in the adoption of the accounting policy to include the borrowing costs in stock, and the comparative figures have been adjusted for this change.

Stocks
Development property stock is valued at the lower of cost and net realisable value.

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all costs of purchase, costs of conversion, borrowing costs and other costs incurred in bringing the stock to its present location and condition.

Financial instruments
The company only enters into basic financial instruments transactions 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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

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 Statement of Comprehensive Income.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


GLOVERS MAC LIMITED (REGISTERED NUMBER: 13504138)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 August 2023 to 30 April 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Impairment of assets
A review of 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 reversals at each reporting date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL (2023 - NIL).

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 31.7.23
as restated
£    £   
Other debtors 88,319 18,463

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 31.7.23
as restated
£    £   
Trade creditors 8,734 -
Other creditors 1,038,531 783,161
1,047,265 783,161

Included in other creditors due less than one year are accruals of £6,000 (2023: £6,000).

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.24 31.7.23
as restated
£    £   
Bank loans 3,317,284 1,172,477

GLOVERS MAC LIMITED (REGISTERED NUMBER: 13504138)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 August 2023 to 30 April 2024

7. SECURED DEBTS

The following secured debts are included within creditors:

30.4.24 31.7.23
as restated
£    £   
Bank loans 3,317,284 1,172,477

The bank has a charge on the company relating to the loan. The charge is by way of fixed and floating charges over all undertakings and all property and assets of the company.

8. RELATED PARTY DISCLOSURES

Included in other creditors due within one year are amounts of £104,500 (2023: £104,500), and £108,860 (2023: £108,860) owed to the directors respectively. These amounts has been provided to the company on an interest free basis and are repayable on demand.