Company No:
Contents
Note | 2024 | 2023 | ||
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Fixed assets | ||||
Tangible assets | 4 |
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Investments | 5 |
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27,497 | 49,196 | |||
Current assets | ||||
Debtors | 6 |
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Cash at bank and in hand |
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37,867 | 161,667 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current liabilities | (137,964) | (24,333) | ||
Total assets less current liabilities | (110,467) | 24,863 | ||
Provision for liabilities |
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Net (liabilities)/assets | (
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Capital and reserves | ||||
Called-up share capital | 8 |
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Profit and loss account | (
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Total shareholders' (deficit)/funds | (
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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:
P H Davies
Director |
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.
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 £.
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.
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.
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.
Development costs |
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Tools and equipment |
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Computer equipment |
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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.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Development costs | Total | ||
£ | £ | ||
Cost | |||
At 01 March 2023 |
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At 29 February 2024 |
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Accumulated amortisation | |||
At 01 March 2023 |
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At 29 February 2024 |
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Net book value | |||
At 29 February 2024 |
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At 28 February 2023 |
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Tools and equipment | Computer equipment | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 March 2023 |
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Additions |
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At 29 February 2024 |
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Accumulated depreciation | |||||
At 01 March 2023 |
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Charge for the financial year |
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At 29 February 2024 |
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Net book value | |||||
At 29 February 2024 |
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At 28 February 2023 |
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Investments in subsidiaries
2024 | |
£ | |
Cost | |
At 01 March 2023 |
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At 29 February 2024 |
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Carrying value at 29 February 2024 |
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Carrying value at 28 February 2023 |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by associates |
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Prepayments and accrued income |
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VAT recoverable |
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Corporation tax |
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2024 | 2023 | ||
£ | £ | ||
Amounts owed to Group undertakings |
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Amounts owed to directors |
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Accruals |
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Taxation and social security |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
2024 | 2023 | ||
£ | £ | ||
within one year |
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At the end of the year the company was owed £31,767 (2023 - £Nil) by a related party.