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REGISTERED NUMBER: 06344510 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

GLO-NETWORKS LIMITED

GLO-NETWORKS LIMITED (REGISTERED NUMBER: 06344510)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GLO-NETWORKS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: C Connor
K Southern
D J Smith
B J Guzman





REGISTERED OFFICE: Unit 10 Bridgend Business Park
Bennett Street
Bridgend Industrial Estate
Bridgend
Mid Glamorgan
CF31 3SH





REGISTERED NUMBER: 06344510 (England and Wales)





ACCOUNTANTS: DAVID WRIGHT ACCOUNTANTS LIMITED
Unit 10
Bridgend Business Park
Bennett Street
Bridgend
Glamorgan
CF31 3SH

GLO-NETWORKS LIMITED (REGISTERED NUMBER: 06344510)

BALANCE SHEET
30 SEPTEMBER 2024

30/9/24 30/9/23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 52,820 71,581

CURRENT ASSETS
Debtors 5 505,372 468,621
Cash at bank 68,375 133,908
573,747 602,529
CREDITORS
Amounts falling due within one year 6 295,873 287,071
NET CURRENT ASSETS 277,874 315,458
TOTAL ASSETS LESS CURRENT
LIABILITIES

330,694

387,039

CREDITORS
Amounts falling due after more than one year 7 (85,356 ) (160,047 )

PROVISIONS FOR LIABILITIES (10,036 ) (13,600 )
NET ASSETS 235,302 213,392

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 235,202 213,292
SHAREHOLDERS' FUNDS 235,302 213,392

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

GLO-NETWORKS LIMITED (REGISTERED NUMBER: 06344510)

BALANCE SHEET - continued
30 SEPTEMBER 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 May 2025 and were signed on its behalf by:





C Connor - Director


GLO-NETWORKS LIMITED (REGISTERED NUMBER: 06344510)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


1. STATUTORY INFORMATION

Glo-networks 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.
Fixtures and fittings - 33% on cost
Motor vehicles - 15% on reducing balance

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 17 ) .

GLO-NETWORKS LIMITED (REGISTERED NUMBER: 06344510)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 October 2023 1,345 133,132 51,834 186,311
Additions - 5,499 - 5,499
Disposals - (2,698 ) - (2,698 )
At 30 September 2024 1,345 135,933 51,834 189,112
DEPRECIATION
At 1 October 2023 84 99,095 15,551 114,730
Charge for year 202 15,776 7,775 23,753
Eliminated on disposal - (2,191 ) - (2,191 )
At 30 September 2024 286 112,680 23,326 136,292
NET BOOK VALUE
At 30 September 2024 1,059 23,253 28,508 52,820
At 30 September 2023 1,261 34,037 36,283 71,581

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/9/24 30/9/23
£    £   
Trade debtors 248,357 207,437
Other debtors 257,015 261,184
505,372 468,621

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/9/24 30/9/23
£    £   
Bank loans and overdrafts 32,770 46,128
Hire purchase contracts 5,642 4,964
Trade creditors 39,687 49,543
Taxation and social security 88,521 72,820
Other creditors 129,253 113,616
295,873 287,071

GLO-NETWORKS LIMITED (REGISTERED NUMBER: 06344510)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30/9/24 30/9/23
£    £   
Bank loans 5,465 35,764
Hire purchase contracts 25,199 30,841
Other creditors 54,692 93,442
85,356 160,047

8. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Glo-Networks Employee Ownership Trustee Limited, a company incorporated in England and Wales, acting as a corporate trustee of the Glo-Networks Employee Ownership Trust by virtue of holding 51% shareholding in Glo-Networks Limited, the parent company.

9. EMPLOYEE OWNERSHIP TRUST

On 2 August 2022, 51% of the issued share capital of the company was acquired by the Glo-Networks Employee Ownership Trust ("the Trust"). The consideration consisted of an initial payment and a deferred consideration.

The Trust holds the shares for the future benefit of the company's employees for the time being to have an interest in the company's business, a voice in its operations and a share in its profits.