REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 |
FOR |
GROWTH LED INNOVATION DRIVEN |
EMPLOYEE COMPANY LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 |
FOR |
GROWTH LED INNOVATION DRIVEN |
EMPLOYEE COMPANY LIMITED |
GROWTH LED INNOVATION DRIVEN |
EMPLOYEE COMPANY LIMITED (REGISTERED NUMBER: 07570232) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
GROWTH LED INNOVATION DRIVEN |
EMPLOYEE COMPANY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
35 Wilkinson Street |
Sheffield |
South Yorkshire |
S10 2GB |
GROWTH LED INNOVATION DRIVEN |
EMPLOYEE COMPANY LIMITED (REGISTERED NUMBER: 07570232) |
BALANCE SHEET |
31 DECEMBER 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
Investments | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
RESERVES |
Revaluation reserve | 8 |
Donation reserve | 8 |
Retained earnings | 8 |
The financial statements were approved by the Board of Directors and authorised for issue on |
GROWTH LED INNOVATION DRIVEN |
EMPLOYEE COMPANY LIMITED (REGISTERED NUMBER: 07570232) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
1. | STATUTORY INFORMATION |
Growth Led Innovation Driven Employee Company is a private company, limited by guarantee, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Investments |
Investments held as fixed assets and current assets are stated at fair value. |
The gain or loss on revaluation of fixed asset investments have not been recorded in the Profit and Loss account as required by FRS102 Section A as a 'true and fair' override has been applied. |
The investments are held for the long term benefit of the company and are not available for sale. Any revaluation of the investments is therefore purely notional and cannot be realised, and so it would be misleading to recognise any gain or loss on revaluation in the Profit and Loss account. |
The gain or loss on revaluation of current asset investments has been recorded in the Profit and Loss account as required by FRS102 Section A. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST OR VALUATION |
At 1 January 2024 |
Revaluations | ( |
) |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
GROWTH LED INNOVATION DRIVEN |
EMPLOYEE COMPANY LIMITED (REGISTERED NUMBER: 07570232) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
4. | FIXED ASSET INVESTMENTS - continued |
Cost or valuation at 31 December 2024 is represented by: |
Unlisted |
investments |
£ |
Valuation in 2023 | 24,980,456 |
If the fixed asset investments had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 11,737,151 | 11,737,151 |
Fixed asset investments were valued on a fair value basis on 31 December 2024 by the directors . |
The fair value of the investment's is considered to be the Q4 share price. Although the shares are not tradeable (either by Articles or by intention), the shares maintain a right to future dividends, and the share price is determined by a formula which is based upon the past dividends. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors | 729 | 2,007 |
Intercompany loan account | - | 292,951 |
Prepayments |
6. | CURRENT ASSET INVESTMENTS |
2024 | 2023 |
£ | £ |
Unlisted investments | 3,778,499 | 3,016,757 |
Current asset investments were valued on a fair value basis on 31 December 2024 by the directors. |
The fair value of the investment's is considered to be the Q4 share price. |
If the current asset investments had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 4,223,896 | ,3,521,508 |
GROWTH LED INNOVATION DRIVEN |
EMPLOYEE COMPANY LIMITED (REGISTERED NUMBER: 07570232) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Other creditors |
Intercompany loan | 396,230 | - |
Accruals and deferred income |
8. | RESERVES |
Retained | Revaluation | Donation |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
At 1 January 2024 | 29,164,796 |
Deficit for the year | ( |
) | ( |
) |
Donated shares | - | (1,326,439 | ) | - | (1,326,439 | ) |
Revaluation transfer | 19,513 | (19,513 | ) | - | - |
At 31 December 2024 | 27,718,324 |
The Donations Reserve represents the cost price of shares donated to the company. |
The Revaluation Reserve represents the revaluation of the fixed and current asset investments. |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | CONTINGENT LIABILITIES |
GLIDE Limited is party to a cross guarantee with Gripple Limited and Loadhog Limited, whereby each has provided an unlimited guarantee to secure bank liabilities of each entity. |
The directors are not aware of any circumstances which would necessitate an amount becoming payable under this guarantee. |
11. | ULTIMATE CONTROLLING PARTY |
There is no controlling party. |