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Registered number: 14964209









GL UK FLAGSHIP LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 JUNE 2024

 
GL UK FLAGSHIP LIMITED
REGISTERED NUMBER: 14964209

BALANCE SHEET
AS AT 30 JUNE 2024

2024
Note
£

Fixed assets
  

Tangible assets
 3 
335,734

  
335,734

Current assets
  

Debtors: amounts falling due within one year
 4 
378,287

Cash at bank and in hand
 5 
4,382

  
382,669

Creditors: amounts falling due within one year
 6 
(941,557)

Net current (liabilities)/assets
  
 
 
(558,888)

Total assets less current liabilities
  
(223,154)

  

Net (liabilities)/assets
  
(223,154)


Capital and reserves
  

Called up share capital 
 7 
100

Profit and loss account
  
(223,254)

  
(223,154)


Page 1

 
GL UK FLAGSHIP LIMITED
REGISTERED NUMBER: 14964209
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

For the Period ended 30 June 2024 the Company was entitled to exemption from audit under section 480 of the Companies Act 2006.

Members have not required the Company to obtain an audit for the Period 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 profit and loss account 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 by: 




I Lahav
Director

Date: 26 June 2025

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
GL UK FLAGSHIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

1.


General information

GL UK Flagship Limited is a private company limited by shares and incorporated in England and Wales (registered number 14964209). The registered office address is 101 New Cavendish Street, 1st Floor South, London, W1W 6XH.
The financial statements are presented in Sterling, which is the functional currency of the company.
The company was incorporated on 27 June 2023 and began trading on the same day.

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.

 
2.2

Going concern

The financial statements have been prepared on the going concern basis. The company is dependent on the directors and shareholder for financial support, which the directors is confident will continue for a period of at least another 12 months following the approval of these financial statements.
AsThe directors and shareholder has indicated their present intention to provide adequate finance to enable the company to continue in operational existence, and on this basis the director considers it appropriate to prepare the financial statements on the going concern basis.
The financial statements do not reflect any adjustments that would result from a withdrawal of financial support by the director and shareholder.

Page 3

 
GL UK FLAGSHIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Short-term leasehold property
-
10%

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.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
GL UK FLAGSHIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Tangible fixed assets





Long-term leasehold property
Short-term leasehold property
Total

£
£
£



Cost or valuation


Additions
-
341,909
341,909



At 30 June 2024

-
341,909
341,909



Depreciation


Charge for the Period on owned assets
6,175
-
6,175



At 30 June 2024

6,175
-
6,175



Net book value



At 30 June 2024
(6,175)
341,909
335,734


4.


Debtors

2024
£


Other debtors
199,257

Prepayments and accrued income
179,030

378,287


Page 5

 
GL UK FLAGSHIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

5.


Cash and cash equivalents

2024
£

Cash at bank and in hand
4,382

4,382



6.


Creditors: Amounts falling due within one year

2024
£

Trade creditors
296,916

Amounts owed to group undertakings
586,081

Other taxation and social security
23

Accruals and deferred income
58,537

941,557



7.


Share capital

2024
£
Allotted, called up and fully paid


100 Ordinary shares shares of £1.00 each
100


On incorporation the company issued 100 Ordinary shares of £1.00 each.

 
Page 6