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Registration number: 07435391

Gloop Enterprises Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2024

 

Gloop Enterprises Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Balance Sheet

5 to 6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 14

Detailed Profit and Loss Account

15 to 17

 

Gloop Enterprises Limited

Company Information

Directors

Mr R Guest

Mr C Chirossel

Registered office

3 The Courtyard
St. James Street
Taunton
Somerset
TA1 1JR

Accountants

Milsted Langdon LLP
Chartered Accountants
Winchester House
Deane Gate Avenue
Taunton
Somerset
TA1 2UH

 

Gloop Enterprises Limited

Directors' Report for the Year Ended 31 October 2024

The directors present their report and the financial statements for the year ended 31 October 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr R Guest

Mr C Chirossel

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 5 February 2025 and signed on its behalf by:

Mr R Guest
Director

Mr C Chirossel
Director

 
     
 

Chartered Accountants' Report to the Board of Directors on the preparation of the Unaudited Statutory Accounts of
Gloop Enterprises Limited
for the Year Ended 31 October 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Gloop Enterprises Limited for the year ended 31 October 2024 as set out on pages 4 to 14 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements.

This report is made solely to the Board of Directors of Gloop Enterprises Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Gloop Enterprises Limited and state those matters that we have agreed to state to the Board of Directors of Gloop Enterprises Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gloop Enterprises Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Gloop Enterprises Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Gloop Enterprises Limited. You consider that Gloop Enterprises Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Gloop Enterprises Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.






Milsted Langdon LLP
Chartered Accountants
Winchester House
Deane Gate Avenue
Taunton
Somerset
TA1 2UH

5 February 2025

 

Gloop Enterprises Limited

Profit and Loss Account for the Year Ended 31 October 2024

Note

2024
£

2023
£

Turnover

 

730,623

717,882

Cost of sales

 

(505,659)

(490,272)

Gross profit

 

224,964

227,610

Administrative expenses

 

(170,648)

(151,004)

Operating profit

 

54,316

76,606

Other interest receivable and similar income

 

1,354

935

Interest payable and similar expenses

 

(774)

(1,379)

   

580

(444)

Profit before tax

54,896

76,162

Tax on profit

 

(8,447)

(30,415)

Profit for the financial year

 

46,449

45,747

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Gloop Enterprises Limited

(Registration number: 07435391)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

49,307

58,956

Current assets

 

Stocks

6

7,950

7,690

Debtors

7

9,783

55,472

Cash at bank and in hand

 

85,770

99,077

 

103,503

162,239

Creditors: Amounts falling due within one year

8

(109,517)

(101,356)

Net current (liabilities)/assets

 

(6,014)

60,883

Total assets less current liabilities

 

43,293

119,839

Creditors: Amounts falling due after more than one year

8

(5,833)

(15,833)

Provisions for liabilities

(9,692)

(14,687)

Net assets

 

27,768

89,319

Capital and reserves

 

Called up share capital

100

100

Retained earnings

27,668

89,219

Shareholders' funds

 

27,768

89,319

 

Gloop Enterprises Limited

(Registration number: 07435391)
Balance Sheet as at 31 October 2024

For the financial year ending 31 October 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; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 5 February 2025 and signed on its behalf by:
 

Mr R Guest
Director

Mr C Chirossel
Director

 
     
 

Gloop Enterprises Limited

Statement of Changes in Equity for the Year Ended 31 October 2024

Share capital
£

Retained earnings
£

Total
£

At 1 November 2023

100

89,219

89,319

Profit for the year

-

46,449

46,449

Dividends

-

(108,000)

(108,000)

At 31 October 2024

100

27,668

27,768

Share capital
£

Retained earnings
£

Total
£

At 1 November 2022

100

43,472

43,572

Profit for the year

-

45,747

45,747

At 31 October 2023

100

89,219

89,319

 

Gloop Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
3 The Courtyard
St. James Street
Taunton
Somerset
TA1 1JR

These financial statements were authorised for issue by the Board on 5 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Gloop Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improviements

8% straight line

Fixtures, fittings and equipmemt

15% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Gloop Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Gloop Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 21 (2023 - 21).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2023

23,871

23,871

At 31 October 2024

23,871

23,871

Amortisation

At 1 November 2023

23,871

23,871

At 31 October 2024

23,871

23,871

Carrying amount

At 31 October 2024

-

-

 

Gloop Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

5

Tangible assets

Leasehold improvements
£

Fixtures, fittings and equipment
£

Motor vehicles
 £

Office equipment
 £

Total
£

Cost or valuation

At 1 November 2023

42,734

54,805

26,184

2,340

126,063

Additions

-

7,001

-

832

7,833

Disposals

-

(9,441)

-

(1,149)

(10,590)

At 31 October 2024

42,734

52,365

26,184

2,023

123,306

Depreciation

At 1 November 2023

32,134

22,651

11,456

866

67,107

Charge for the year

2,588

6,932

3,682

398

13,600

Eliminated on disposal

-

(6,273)

-

(435)

(6,708)

At 31 October 2024

34,722

23,310

15,138

829

73,999

Carrying amount

At 31 October 2024

8,012

29,055

11,046

1,194

49,307

At 31 October 2023

10,600

32,154

14,728

1,474

58,956

Included within the net book value of land and buildings above is £8,012 (2023 - £10,600) in respect of short leasehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

7,950

7,690

7

Debtors

2024
£

2023
£

Other debtors

6,458

52,102

Prepayments

3,325

3,370

9,783

55,472

 

Gloop Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

8

Creditors

Due within one year

Note

2024
£

2023
£

 

Loans and borrowings

9

10,000

10,833

Trade creditors

 

21,183

22,627

Amounts due to related parties

11

463

-

Social security and other taxes

 

30,943

30,385

Other creditors

 

19,798

16,431

Accruals

 

3,188

3,288

Corporation tax liability

23,942

17,792

 

109,517

101,356

Due after one year

 

Loans and borrowings

9

5,833

15,833

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

5,833

15,833

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Other borrowings

-

833

10,000

10,833

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £73,500 (2023 - £92,312).

11

Related party transactions

The company has made loans available to the directors. The company has charged interest on the loans at 2.25% and the loans are repayable on demand.

 

Gloop Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Transactions with directors

2024

At 1 November 2023
£

Repayments by director
£

At 31 October 2024
£

Mr R Guest

Loans provided, repayable on demand, with interest accrued at market rate

24,262

(24,262)

-

-

-

-

24,262

(24,262)

-

Mr C Chirossel

Loans provided, repayable on demand, with interest accrued at market rate

26,234

(20,801)

5,433

-

-

-

26,234

(20,801)

5,433

2023

At 1 November 2022
£

Advances to director
£

At 31 October 2023
£

Mr R Guest

Loans provided, repayable on demand, with interest accrued at market rate

-

24,262

24,262

-

-

-

-

24,262

24,262

Mr C Chirossel

Loans provided, repayable on demand, with interest accrued at market rate

-

26,234

26,234

-

-

-

-

26,234

26,234

 

Gloop Enterprises Limited

Detailed Profit and Loss Account for the Year Ended 31 October 2024

2024
£

2023
£

Turnover (analysed below)

730,623

717,882

Cost of sales (analysed below)

(505,659)

(490,272)

Gross profit

224,964

227,610

Gross profit (%)

30.79%

31.71%

Administrative expenses

Employment costs (analysed below)

(55,640)

(49,940)

Establishment costs (analysed below)

(59,914)

(55,346)

General administrative expenses (analysed below)

(28,309)

(21,314)

Finance charges (analysed below)

(9,332)

(9,497)

Depreciation costs (analysed below)

(13,600)

(13,663)

Other expenses (analysed below)

(3,853)

(1,244)

(170,648)

(151,004)

Operating profit

54,316

76,606

Other interest receivable and similar income (analysed below)

1,354

935

Interest payable and similar expenses (analysed below)

(774)

(1,379)

580

(444)

Profit before tax

54,896

76,162

 

Gloop Enterprises Limited

Detailed Profit and Loss Account for the Year Ended 31 October 2024

2024
£

2023
£

   

Turnover

Sales

730,623

717,882

   

Cost of sales

Opening stock

7,690

6,570

Purchases

278,650

278,416

Closing stock

(7,950)

(7,690)

Wages and salaries (excluding directors)

219,889

204,902

Staff NIC (employer's)

4,921

5,432

Staff pensions (defined contribution)

2,459

2,642

505,659

490,272

   

Employment costs

Directors' remuneration

25,140

25,140

Directors' pensions (other)

30,500

24,800

55,640

49,940

   

Establishment costs

Rent

19,963

19,915

Rates

971

324

Water rates

2,539

2,475

Light, heat and power

24,413

23,775

Insurance

3,803

3,397

Use of home as office

624

624

Repairs and maintenance

7,601

4,836

59,914

55,346

   

General administrative expenses

Telephone and internet costs

2,420

3,357

Computer software and maintenance costs

1,995

1,442

Printing, postage and stationery

1,238

1,171

Charitable donations

302

58

Sundry expenses

852

95

Cleaning

6,069

6,630

Motor expenses

11,802

5,193

Advertising

455

424

Accountancy fees

2,216

1,637

Legal and professional fees

960

1,307

28,309

21,314

 

Gloop Enterprises Limited

Detailed Profit and Loss Account for the Year Ended 31 October 2024

2024
£

2023
£

   

Finance charges

Bank charges

421

262

Credit card charges

8,911

9,235

9,332

9,497

   

Depreciation costs

Depreciation of leasehold improvements

2,588

2,589

Depreciation of fixtures, fittings and equipment

6,932

5,674

Depreciation of motor vehicles

3,682

4,910

Depreciation of office equipment

398

490

13,600

13,663

   

Other expenses

Loss on disposal of tangible fixed assets

3,853

1,244

   

Other interest receivable and similar income

Other interest receivable

1,354

935

   

Interest payable and similar expenses

Bank loan interest payable

534

1,139

Other interest payable

240

240

774

1,379