REGISTERED NUMBER: 02201925 (England and Wales)

Glastonbury Abbey Trading Limited

Audited Financial Statements for the Year Ended 31 December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

R H Carr-Archer

P B Heal

B J Lister

D H F Odgers

S E Peters

M S Sidique

SECRETARY:

S E Peters

REGISTERED OFFICE:

Glastonbury Abbey

The Abbey Gatehouse

Glastonbury

Somerset

BA6 9EL

REGISTERED NUMBER:

02201925 (England and Wales)

AUDITORS:

Webb & Co Ltd

Accountants and Business Advisers

& Statutory Auditor

One New Street

Wells

Somerset

BA5 2LA

FIXED ASSETS

Tangible assets

4

39,488

34,019

CURRENT ASSETS

Stocks

33,914

24,136

Debtors

5

99,167

71,393

Cash at bank and in hand

54,571

166,359

187,652

261,888

CREDITORS

Amounts falling due within one year

6

226,106

240,922

NET CURRENT (LIABILITIES)/ASSETS

(38,454

)

20,966

TOTAL ASSETS LESS CURRENT LIABILITIES

1,034

54,985

PROVISIONS FOR LIABILITIES

-

8,344

NET ASSETS

1,034

46,641

CAPITAL AND RESERVES

Called up share capital

7

3

3

Capital redemption reserve

2

2

Retained earnings

1,029

46,636

SHAREHOLDERS' FUNDS

1,034

46,641

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 May 2025 and were signed on its behalf by:

M S Sidique - Director

1.	STATEMENT OF COMPLIANCE

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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on the historical cost basis.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Revenue from the sale of goods

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue is recognised at the point of sale when the customer purchases the goods and payment is received, and the goods are handed over.

Revenue from charges for productions and commission on concert tickets

Revenue from charges for productions and commission on concert tickets is recognised when the performance obligation has been satisfied which typically coincides with the occurrence of the event. If payment is received in advance, it is recorded as deferred revenue (liability) until the event date.

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

-

33.3% on cost

Fixtures and fittings

-

15% on cost

Motor vehicles

-

20% on cost

The tangible fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.

Stocks

Stocks are measured at the lower of cost and net realisable value. Cost includes all costs of purchase and other costs incurred in bringing the stock to its present location.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probably 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 that are expected to apply to the reversal of the timing difference.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 January 2024

102,857

98,950

4,500

206,307

Additions

-

23,421

-

23,421

Disposals

(39,875

)

(29,077

)

-

(68,952

)

At 31 December 2024

62,982

93,294

4,500

160,776

DEPRECIATION

At 1 January 2024

87,061

80,727

4,500

172,288

Charge for year

8,670

8,604

-

17,274

Eliminated on disposal

(39,353

)

(28,921

)

-

(68,274

)

At 31 December 2024

56,378

60,410

4,500

121,288

NET BOOK VALUE

At 31 December 2024

6,604

32,884

-

39,488

At 31 December 2023

15,796

18,223

-

34,019

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

4,951

1,628

Amounts owed by group undertakings

83,783

51,898

Other debtors

10,433

17,867

99,167

71,393

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

9,513

13,307

Other creditors

216,593

227,615

226,106

240,922

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

3

Ordinary

£1

3

3

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Barry Davidson FCA FCCA (Senior Statutory Auditor)

for and on behalf of Webb & Co Ltd

9.	CONTROLLING PARTY

The ultimate holding charitable company during the year was Glastonbury Abbey, a company registered and incorporated in England and Wales. Copies of the financial statements of Glastonbury Abbey may be obtained from the registered office at Abbey Gatehouse, Magdalene Street, Glastonbury, Somerset, BA6 9EL.