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REGISTERED NUMBER: 05654472 (England and Wales)




















Report of the Director and

Unaudited Financial Statements

for the Year Ended 31 May 2024

for

GLORIOUS WORLD LIMITED

GLORIOUS WORLD LIMITED (REGISTERED NUMBER: 05654472)

Contents of the Financial Statements
for the Year Ended 31 May 2024










Page

Company Information 1

Report of the Director 2

Income Statement 3

Balance Sheet 4

Notes to the Financial Statements 5


GLORIOUS WORLD LIMITED

Company Information
for the Year Ended 31 May 2024







DIRECTOR: Ms M G M Wynne





SECRETARY: Aynesley Walters Cohen Limited





REGISTERED OFFICE: 19 North Street
Ashford
Kent
TN24 8LF





REGISTERED NUMBER: 05654472 (England and Wales)





ACCOUNTANTS: Calcutt Matthews WBZ Ltd
19 North Street
Ashford
Kent
TN24 8LF

GLORIOUS WORLD LIMITED (REGISTERED NUMBER: 05654472)

Report of the Director
for the Year Ended 31 May 2024


The director presents her report with the financial statements of the company for the year ended 31 May 2024.

DIRECTOR
Ms M G M Wynne held office during the whole of the period from 1 June 2023 to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Ms M G M Wynne - Director


22 May 2025

GLORIOUS WORLD LIMITED (REGISTERED NUMBER: 05654472)

Income Statement
for the Year Ended 31 May 2024

31.5.24 31.5.23
Notes £    £   

TURNOVER 252,783 227,114

Cost of sales 171,354 165,341
GROSS PROFIT 81,429 61,773

Administrative expenses 96,238 79,705
(14,809 ) (17,932 )

Interest receivable and similar income 17 -
(14,792 ) (17,932 )

Interest payable and similar expenses 902 1,698
LOSS BEFORE TAXATION 4 (15,694 ) (19,630 )

Tax on loss - -
LOSS FOR THE FINANCIAL YEAR (15,694 ) (19,630 )

GLORIOUS WORLD LIMITED (REGISTERED NUMBER: 05654472)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 5 10,043 9,654

CURRENT ASSETS
Stocks 346,697 346,697
Debtors 6 17,697 17,577
Cash at bank 12 12
364,406 364,286
CREDITORS
Amounts falling due within one year 7 400,753 384,550
NET CURRENT LIABILITIES (36,347 ) (20,264 )
TOTAL ASSETS LESS CURRENT LIABILITIES (26,304 ) (10,610 )

CAPITAL AND RESERVES
Called up share capital 100 100
Capital redemption reserve 100,000 100,000
Retained earnings (126,404 ) (110,710 )
(26,304 ) (10,610 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

The financial statements were approved by the director and authorised for issue on 22 May 2025 and were signed by:





Ms M G M Wynne - Director


GLORIOUS WORLD LIMITED (REGISTERED NUMBER: 05654472)

Notes to the Financial Statements
for the Year Ended 31 May 2024


1. STATUTORY INFORMATION

Glorious World Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

GLORIOUS WORLD LIMITED (REGISTERED NUMBER: 05654472)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


4. LOSS BEFORE TAXATION

The loss is stated after charging:

31.5.24 31.5.23
£    £   
Depreciation - owned assets 4,712 4,318

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 June 2023 1,959 40,636 42,595
Additions - 5,101 5,101
At 31 May 2024 1,959 45,737 47,696
DEPRECIATION
At 1 June 2023 1,771 31,170 32,941
Charge for year 63 4,649 4,712
At 31 May 2024 1,834 35,819 37,653
NET BOOK VALUE
At 31 May 2024 125 9,918 10,043
At 31 May 2023 188 9,466 9,654

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Amounts owed by group undertakings 16,197 16,077
Other debtors 1,500 1,500
17,697 17,577

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts 7,006 5,218
Trade creditors 38,053 29,330
Taxation and social security 5,769 8,410
Other creditors 349,925 341,592
400,753 384,550

GLORIOUS WORLD LIMITED (REGISTERED NUMBER: 05654472)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


8. GOING CONCERN

The company has had a difficult trading year due to Covid-19 and has had to reduce margins as a result. However the company is solvent subject to monies owed by the director who will continue to support the company to trade. It is therefore felt appropriate to prepare the accounts in a going concern basis.