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Company No: 11999594 (England and Wales)

GUILLAM LTD

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

GUILLAM LTD

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

GUILLAM LTD

COMPANY INFORMATION

For the financial year ended 31 May 2024
GUILLAM LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 May 2024
DIRECTORS Sohyb Alblushi
Abdelrahman Khaled Fathalla
REGISTERED OFFICE 35 Benson House Radnor Terrace
London
W14 8FE
United Kingdom
COMPANY NUMBER 11999594 (England and Wales)
CHARTERED ACCOUNTANTS Mercer & Hole LLP
The Pinnacle
170 Midsummer Boulevard
Central Milton Keynes
Buckinghamshire
MK9 1BP
GUILLAM LTD

BALANCE SHEET

As at 31 May 2024
GUILLAM LTD

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 168 188
Tangible assets 4 830,629 875,423
830,797 875,611
Current assets
Stocks 12,300 28,900
Debtors 5 145,130 122,671
Cash at bank and in hand 393,005 362,487
550,435 514,058
Creditors: amounts falling due within one year 6 ( 1,907,472) ( 1,879,406)
Net current liabilities (1,357,037) (1,365,348)
Total assets less current liabilities (526,240) (489,737)
Creditors: amounts falling due after more than one year 7 ( 12,498) ( 22,500)
Net liabilities ( 538,738) ( 512,237)
Capital and reserves
Called-up share capital 8 30 30
Profit and loss account ( 538,768 ) ( 512,267 )
Total shareholder's deficit ( 538,738) ( 512,237)

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Guillam Ltd (registered number: 11999594) were approved and authorised for issue by the Board of Directors on 16 May 2025. They were signed on its behalf by:

Abdelrahman Khaled Fathalla
Director
GUILLAM LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
GUILLAM LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

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.

General information and basis of accounting

Guillam 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 35 Benson House Radnor Terrace, London, W14 8FE, United Kingdom.

The financial statements have been prepared under the historical cost convention, 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £528,177. The Company is supported through loans from the Parent Company, which is in turn supported by a company director who is the ultimate controlling party. The loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and both the Parent Company and the ultimate controlling party will continue to support the Company. After making enquiries, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Where there are significant uncertainties over future taxable profits, deferred tax assets are not recognised.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 10 years straight line
Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings depreciated over the life of the lease
Plant and machinery etc. 3 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

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.

Basic financial assets
Basic financial assets, which include debtors 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, and loans from fellow group companies, 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 35 23

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 June 2023 200 200
At 31 May 2024 200 200
Accumulated amortisation
At 01 June 2023 12 12
Charge for the financial year 20 20
At 31 May 2024 32 32
Net book value
At 31 May 2024 168 168
At 31 May 2023 188 188

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 June 2023 723,653 390,905 1,114,558
Additions 73,607 40,195 113,802
At 31 May 2024 797,260 431,100 1,228,360
Accumulated depreciation
At 01 June 2023 93,343 145,792 239,135
Charge for the financial year 76,164 82,432 158,596
At 31 May 2024 169,507 228,224 397,731
Net book value
At 31 May 2024 627,753 202,876 830,629
At 31 May 2023 630,310 245,113 875,423

5. Debtors

2024 2023
£ £
Trade debtors 17,468 1,311
Amounts owed by Group undertakings 50,750 50,750
Other debtors 76,912 70,610
145,130 122,671

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,000 10,000
Trade creditors 119,277 101,938
Amounts owed to Parent undertakings 984,890 984,890
Other taxation and social security 49,319 30,493
Other creditors 743,986 752,085
1,907,472 1,879,406

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 12,498 22,500

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
30 Ordinary shares of £ 1.00 each 30 30

9. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 268,801 326,301

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to directors 600,439 617,020

Amounts owed to directors consist of funds provided to the Company to support its growth and working capital requirements. There are no formal terms regarding the funds, including no interest charged. The funds are deemed repayable on demand, albeit the director does not intend to withdraw this support within at least 12 months from the date of signing of these financial statements.

The Company has taken advantage of the exemption granted under paragraph 33.1A of FRS 102 to not disclose transactions between wholly owned group members of the Company's group.