Company registration number 06700631 (England and Wales)
GLINSMAN WELLER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
GLINSMAN WELLER LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
GLINSMAN WELLER LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
1,843
1,590
Current assets
Trade and other receivables
4
25,374
35,790
Cash and cash equivalents
87,517
79,512
112,891
115,302
Current liabilities
5
(57,958)
(58,375)
Net current assets
54,933
56,927
Total assets less current liabilities
56,776
58,517
Non-current liabilities
6
(10,908)
(21,407)
Net assets
45,868
37,110
Equity
Called up share capital
7
100
100
Retained earnings
45,768
37,010
Total equity
45,868
37,110
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 5 March 2025 and are signed on its behalf by:
Mr R H Weller
Director
Company registration number 06700631 (England and Wales)
GLINSMAN WELLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information
Glinsman Weller Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor, 3 Dorset Rise, London, EC4Y 8EN.
The business address is 11 Golden Square, London, W1F 9JB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
However, the director accepts that the current, exceptional and ever changing, economic climate will present challenges to the company and there remains uncertainty as to how this will affect the results of the company for the forthcoming financial year. Notwithstanding this, the company has sufficient financial and cash resources to help withstand the challenging period ahead.
1.3
Revenue
Turnover represents amounts receivable for services provided net of VAT. Turnover is recognised in the period when the company becomes contractually entitled to payment.
1.4
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% reducing balance
Computer equipment
25% reducing balance
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
GLINSMAN WELLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including trade and other payables are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.7
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2023 - 2).
GLINSMAN WELLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
3
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 October 2023
5,699
Additions
818
At 30 September 2024
6,517
Depreciation and impairment
At 1 October 2023
4,109
Depreciation charged in the year
565
At 30 September 2024
4,674
Carrying amount
At 30 September 2024
1,843
At 30 September 2023
1,590
4
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
24,750
34,478
Other receivables
624
1,312
25,374
35,790
5
Current liabilities
2024
2023
£
£
Bank loans
9,845
9,339
Corporation tax
35,329
39,092
Other taxation and social security
9,684
6,140
Other payables
3,100
3,804
57,958
58,375
GLINSMAN WELLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
6
Non-current liabilities
2024
2023
£
£
Bank loans and overdrafts
10,908
21,407
7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary Shares of £1 each
100
100
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments on two electric vehicles under operating leases, one of which which has a fixed 40% penalty on cancellation before the term ends. The total commitment is as follows:
2024
2023
£
£
6,172
16,753