1 false false false false false false false false false false true false false false false false false No description of principal activity 2023-08-01 Sage Accounts Production Advanced 2024 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP 07275623 2023-08-01 2024-07-31 07275623 2024-07-31 07275623 2023-07-31 07275623 2022-08-01 2023-07-31 07275623 2023-07-31 07275623 2022-07-31 07275623 core:FurnitureFittings 2023-08-01 2024-07-31 07275623 core:MotorVehicles 2023-08-01 2024-07-31 07275623 bus:OrdinaryShareClass1 2023-08-01 2024-07-31 07275623 bus:Director1 2023-08-01 2024-07-31 07275623 core:FurnitureFittings 2023-07-31 07275623 core:FurnitureFittings 2024-07-31 07275623 core:WithinOneYear 2024-07-31 07275623 core:WithinOneYear 2023-07-31 07275623 core:UKTax 2023-08-01 2024-07-31 07275623 core:UKTax 2022-08-01 2023-07-31 07275623 core:ShareCapital 2024-07-31 07275623 core:ShareCapital 2023-07-31 07275623 core:RetainedEarningsAccumulatedLosses 2024-07-31 07275623 core:RetainedEarningsAccumulatedLosses 2023-07-31 07275623 bus:Director1 2023-07-31 07275623 bus:Director1 2024-07-31 07275623 bus:Director1 2023-07-31 07275623 bus:Director1 2022-08-01 2023-07-31 07275623 bus:SmallEntities 2023-08-01 2024-07-31 07275623 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 07275623 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 07275623 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 07275623 bus:FullAccounts 2023-08-01 2024-07-31 07275623 bus:OrdinaryShareClass1 2024-07-31 07275623 bus:OrdinaryShareClass1 2023-07-31 07275623 core:OfficeEquipment 2023-08-01 2024-07-31 07275623 core:OfficeEquipment 2023-07-31 07275623 core:OfficeEquipment 2024-07-31
COMPANY REGISTRATION NUMBER: 07275623
Glyn Peter Machin Limited
Filleted Unaudited Financial Statements
31 July 2024
Glyn Peter Machin Limited
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
13,187
9,712
Current assets
Stocks
420,921
801,331
Debtors
7
424,442
534,167
Cash at bank and in hand
1,489,229
3,184,515
------------
------------
2,334,592
4,520,013
Creditors: amounts falling due within one year
8
2,305,702
3,942,206
------------
------------
Net current assets
28,890
577,807
--------
---------
Total assets less current liabilities
42,077
587,519
Provisions
Taxation including deferred tax
2,701
1,293
--------
---------
Net assets
39,376
586,226
--------
---------
Capital and reserves
Called up share capital
9
1
1
Profit and loss account
39,375
586,225
--------
---------
Shareholder funds
39,376
586,226
--------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Glyn Peter Machin Limited
Statement of Financial Position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 25 April 2025 , and are signed on behalf of the board by:
G P Machin
Director
Company registration number: 07275623
Glyn Peter Machin Limited
Notes to the Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4th Floor, 58-59 Great Marborough St, Sutherland House, London, W1F 7JY, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Borrowing costs
All borrowing costs are recognised in profit and loss in the period in which they are incurred.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax, in respect of design and provision of bespoke luxury furniture for yachts.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% straight line
Motor Vehicles
-
20% reducing balance
Equipment
-
20% straight line
Impairment of fixed assets
A review for 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 reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks and work in progress
Stocks and Work in Progress are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
183,401
150,050
Adjustments in respect of prior periods
( 50)
( 165)
---------
---------
Total current tax
183,351
149,885
---------
---------
Deferred tax:
Origination and reversal of timing differences
1,408
9,538
---------
---------
Tax on profit
184,759
159,423
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 21.04 %).
2024
2023
£
£
Profit on ordinary activities before taxation
737,909
708,550
---------
---------
Profit on ordinary activities by rate of tax
184,477
148,834
Adjustment to tax charge in respect of prior periods
( 50)
( 165)
Effect of capital allowances and depreciation
( 1,076)
1,216
Deferred tax
1,408
9,538
---------
---------
Tax on profit
184,759
159,423
---------
---------
6. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 August 2023
33,127
71,170
104,297
Additions
6,947
6,947
--------
--------
---------
At 31 July 2024
33,127
78,117
111,244
--------
--------
---------
Depreciation
At 1 August 2023
33,127
61,458
94,585
Charge for the year
3,472
3,472
--------
--------
---------
At 31 July 2024
33,127
64,930
98,057
--------
--------
---------
Carrying amount
At 31 July 2024
13,187
13,187
--------
--------
---------
At 31 July 2023
9,712
9,712
--------
--------
---------
7. Debtors
2024
2023
£
£
Trade debtors
2,573
503,389
Amounts owed by group undertakings
383,648
Prepayments and accrued income
9,391
5,393
Director's loan account
3,150
2,008
Other debtors
25,680
23,377
---------
---------
424,442
534,167
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
123,723
63,832
Amounts owed to Glyn Peter Machin AS
314,294
505,327
Corporation tax
183,401
150,050
Social security and other taxes
297,985
15,822
Other creditors
1,386,299
3,207,175
------------
------------
2,305,702
3,942,206
------------
------------
Other creditors include deferred income of £721,877 (2023: £2,613,230)
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
G P Machin
2,008
13,388
( 12,246)
3,150
-------
--------
--------
-------
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
G P Machin
2,008
2,008
----
-------
----
-------
Note: These are advances for business expenses
11. Related party transactions
The Company is a wholly owned subsidiary of Ennairam Holding ApS, registered in Denmark. Management fees of £808,115 (2023: £625,244) were charged by Glyn Peter Machin ApS, a group company registered in Denmark. As of the financial year-end, the Company owed £314,294 (2023: £505,327) to Glyn Peter Machin ApS. At the end of the financial year, an intercompany balance of £383,648 (2023: Nil) is owed by Ennariam Holding ApS.