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Company No: 12273492 (England and Wales)

GLASS HUE LTD

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

GLASS HUE LTD

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

GLASS HUE LTD

BALANCE SHEET

As at 29 February 2024
GLASS HUE LTD

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 27,495 49,194
Investments 5 2 2
27,497 49,196
Current assets
Debtors 6 36,493 34,784
Cash at bank and in hand 1,374 126,883
37,867 161,667
Creditors: amounts falling due within one year 7 ( 175,831) ( 186,000)
Net current liabilities (137,964) (24,333)
Total assets less current liabilities (110,467) 24,863
Provision for liabilities 206 ( 11,893)
Net (liabilities)/assets ( 110,261) 12,970
Capital and reserves
Called-up share capital 8 2 2
Profit and loss account ( 110,263 ) 12,968
Total shareholders' (deficit)/funds ( 110,261) 12,970

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Glass Hue Ltd (registered number: 12273492) were approved and authorised for issue by the Board of Directors on 17 February 2025. They were signed on its behalf by:

P H Davies
Director
GLASS HUE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
GLASS HUE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Glass Hue Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Exeter Business Park, 1 Emperor Way, Exeter, EX1 3QS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the Company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the Company.

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.

Employee benefits

Defined contribution schemes
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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs 4 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Tools and equipment 4 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Investments
Investments in subsidiaries are measured at the par value of the shares issued.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 8

3. Intangible assets

Development costs Total
£ £
Cost
At 01 March 2023 71,211 71,211
At 29 February 2024 71,211 71,211
Accumulated amortisation
At 01 March 2023 71,211 71,211
At 29 February 2024 71,211 71,211
Net book value
At 29 February 2024 0 0
At 28 February 2023 0 0

4. Tangible assets

Tools and equipment Computer equipment Total
£ £ £
Cost
At 01 March 2023 90,419 134,279 224,698
Additions 0 133 133
At 29 February 2024 90,419 134,412 224,831
Accumulated depreciation
At 01 March 2023 59,708 115,796 175,504
Charge for the financial year 12,312 9,520 21,832
At 29 February 2024 72,020 125,316 197,336
Net book value
At 29 February 2024 18,399 9,096 27,495
At 28 February 2023 30,711 18,483 49,194

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 March 2023 2
At 29 February 2024 2
Carrying value at 29 February 2024 2
Carrying value at 28 February 2023 2

6. Debtors

2024 2023
£ £
Trade debtors 0 15,372
Amounts owed by associates 31,767 0
Prepayments and accrued income 2,096 10,238
VAT recoverable 2,630 4,214
Corporation tax 0 4,960
36,493 34,784

7. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to Group undertakings 2 2
Amounts owed to directors 159,218 171,184
Accruals 4,643 5,650
Taxation and social security 11,309 7,048
Other creditors 659 2,116
175,831 186,000

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2,000 Ordinary shares of £ 0.001 each 2 2

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 0 22,968

10. Related party transactions

At the end of the year the company was owed £31,767 (2023 - £Nil) by a related party.