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Registered number: 03596020









GLASSEX HOLDINGS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
GLASSEX HOLDINGS LIMITED
REGISTERED NUMBER: 03596020

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
472,785
509,555

Investments
 5 
1,557,000
2,734,212

  
2,029,785
3,243,767

Current assets
  

Debtors: amounts falling due within one year
 6 
1,535,199
1,555,298

Cash at bank and in hand
  
21,752
24,782

  
1,556,951
1,580,080

Creditors: amounts falling due within one year
 7 
(401,462)
(425,888)

Net current assets
  
 
 
1,155,489
 
 
1,154,192

Total assets less current liabilities
  
3,185,274
4,397,959

Provisions for liabilities
  

Deferred tax
 8 
(9,832)
(9,832)

Net assets
  
3,175,442
4,388,127


Capital and reserves
  

Called up share capital 
  
62
62

Share premium account
  
936,293
936,293

Revaluation reserve
  
164,799
164,799

Profit and loss account
  
2,074,288
3,286,973

  
3,175,442
4,388,127


Page 1

 
GLASSEX HOLDINGS LIMITED
REGISTERED NUMBER: 03596020
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 March 2025.




A M Gibbons
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
GLASSEX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Glassex Holdings Limited (the "Company") is a private company limited by shares, incorporated in England and Wales. The registered office is Unit 1 Io Centre, Lea Road, Walhtam Abbey, EN9 1AS. 

The principal activity of the company during the year under review was that of a holding company and property rental.  

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
GLASSEX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Other fixed assets
-
Not depreciated

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.5

Debtors

Short-term debtors are measured at transaction price.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. 

 
2.7

Investment property

Investment property is carried at fair value determined annually,derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.9

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Page 4

 
GLASSEX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.



3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 5

 
GLASSEX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Tangible fixed assets





Bloodstock

£



Cost


At 1 October 2023
509,555


Additions
59,400


Disposals
(96,170)



At 30 September 2024

472,785






Net book value



At 30 September 2024
472,785



At 30 September 2023
509,555


5.


Fixed asset investments





Investments in subsidiary companies
Investment properties
Total

£
£
£



Cost or valuation


At 1 October 2023
1,177,212
1,557,000
2,734,212


Disposals
(1,177,212)
-
(1,177,212)



At 30 September 2024
-
1,557,000
1,557,000





6.


Debtors

2024
2023
£
£


Other debtors
1,535,199
1,555,298


Page 6

 
GLASSEX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
-
299,100

Other taxation and social security
-
25,188

Other creditors
400,062
100,000

Accruals
1,400
1,400

Share capital treated as debt
-
200

401,462
425,888



8.


Deferred taxation




2024
2023


£

£






At beginning of year
(9,832)
(14,386)


(Charged)/Credited to profit or loss
-
4,554



At end of year
(9,832)
(9,832)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
5,095
5,095

Deferred tax on revalued property
(14,927)
(14,927)

(9,832)
(9,832)


9.


Related party transactions

At the year end, included within other debtors, are amounts owed of £1,528,582 (2023 - £1,555,903) by companies under common control of the director.
At the year end, included within other creditors, are amounts of £Nil 
(2023 - £299,100) owed to its subsidiary.
At the year end, included within other creditors, are amounts of £340,062 
(2023 - £Nil) owed to companies under common control of the director.

 
Page 7