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Registration number: 03843320

Glademex Ltd

Unaudited Financial Statements

for the Year Ended 30 September 2024

 

Glademex Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Glademex Ltd

(Registration number: 03843320)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

115,903

111,667

Current assets

 

Stocks

5

5,850

6,000

Debtors

6

44,987

48,038

Cash at bank and in hand

 

1,913

1,876

 

52,750

55,914

Creditors: Amounts falling due within one year

7

(101,802)

(90,989)

Net current liabilities

 

(49,052)

(35,075)

Total assets less current liabilities

 

66,851

76,592

Creditors: Amounts falling due after more than one year

7

(19,015)

(25,051)

Provisions for liabilities

(12,338)

(12,338)

Net assets

 

35,498

39,203

Capital and reserves

 

Called up share capital

2

2

Revaluation reserve

39,947

39,947

Retained earnings

(4,451)

(746)

Shareholders' funds

 

35,498

39,203

 

Glademex Ltd

(Registration number: 03843320)
Balance Sheet as at 30 September 2024

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 June 2025 and signed on its behalf by:
 

.........................................
Mr David Jay Tanner
Director

 

Glademex Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Hollybank
Cheddleton
Stoke On Trent
Staffordshire
ST13 7DX

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Glademex Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% reducing balance

Motor vehicles

25% reducing balance

Tools and plant

15% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Glademex Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Glademex Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2023

116,622

50,720

13,601

180,943

Additions

-

-

10,119

10,119

Disposals

-

(17,000)

-

(17,000)

At 30 September 2024

116,622

33,720

23,720

174,062

Depreciation

At 1 October 2023

20,576

39,568

9,132

69,276

Charge for the year

1,919

2,788

1,176

5,883

Eliminated on disposal

-

(17,000)

-

(17,000)

At 30 September 2024

22,495

25,356

10,308

58,159

Carrying amount

At 30 September 2024

94,127

8,364

13,412

115,903

At 30 September 2023

96,046

11,152

4,469

111,667

Included within the net book value of land and buildings above is £94,127 (2023 - £96,046) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

5,850

6,000

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

7,505

8,190

Amounts owed by related parties

33,171

30,998

Other debtors

 

4,311

8,850

   

44,987

48,038

 

Glademex Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

34,060

37,934

Trade creditors

 

2,009

8,917

Other creditors

 

65,733

44,138

 

101,802

90,989

Included in loans and borrowings are amounts owed under hire purchase. These hire purchases are secured by the assets themselves.

Current loans and borrowings

2024
£

2023
£

Bank borrowings

3,177

3,099

Bank overdrafts

27,681

30,049

HP and finance lease liabilities

2,166

4,016

Other borrowings

1,036

770

34,060

37,934

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

19,015

25,051