Glass Leaf Power Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 09913399

Glass Leaf Power Limited

Filleted Unaudited Financial Statements

31 October 2024

Glass Leaf Power Limited

Statement of Financial Position

31 October 2024

	2024	2023
		(restated)
Note	£	£

Fixed assets

Intangible assets	6	439,151	472,717
Tangible assets	7	4,195,223	4,510,976
		------------	------------
		4,634,374	4,983,693

Current assets

Debtors	8	692,896	1,826,828
Cash at bank and in hand		631,850	1,042,578
		------------	------------
		1,324,746	2,869,406

Creditors: amounts falling due within one year	9	354,475	481,957
		------------	------------
Net current assets		970,271	2,387,449
		------------	------------
Total assets less current liabilities		5,604,645	7,371,142
		------------	------------
Net assets		5,604,645	7,371,142
		------------	------------

Capital and reserves

Called up share capital	4,976	4,976
Share premium account	4,845,147	4,845,147
Profit and loss account	754,522	2,521,019
	------------	------------
Shareholders funds	5,604,645	7,371,142
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 October 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 financial statements for the year in question in accordance with section 476 ;

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

Glass Leaf Power Limited

Statement of Financial Position (continued)

31 October 2024

These financial statements were approved by the board of directors and authorised for issue on 29 October 2025 , and are signed on behalf of the board by:

Mr M I M Shenkman

Director

Company registration number: 09913399

Glass Leaf Power Limited

Notes to the Financial Statements

Year ended 31 October 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 King William Street, London, EC4N 7AF, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); 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.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Grid connection	-	20 years straight line
Development fee	-	20 years straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold land and buildings	-	over the lease term of 23 years
Plant and machinery	-	20 years straight line
Fixtures, fittings, tools and equipment	-	5 years straight line

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).

5. Tax on loss

The tax credit for the year of £8,473 relates to the release of a prior year corporation tax over-provision.

6. Intangible assets

	Grid connection	Development fee	Total
	£	£	£
Cost
At 1 November 2023 (as restated) and 31 October 2024	120,634	352,083	472,717
	---------	---------	---------
Amortisation
Charge for the year	8,566	25,000	33,566
	---------	---------	---------
At 31 October 2024	8,566	25,000	33,566
	---------	---------	---------
Carrying amount
At 31 October 2024	112,068	327,083	439,151
	---------	---------	---------
At 31 October 2023	120,634	352,083	472,717
	---------	---------	---------

7. Tangible assets

	Land and buildings	Plant and machinery	Total
	£	£	£
Cost
At 1 November 2023 (as restated) and 31 October 2024	414,581	4,096,395	4,510,976
	---------	------------	------------
Depreciation
At 1 November 2023	–	–	–
Charge for the year	25,677	290,076	315,753
	---------	------------	------------
At 31 October 2024	25,677	290,076	315,753
	---------	------------	------------
Carrying amount
At 31 October 2024	388,904	3,806,319	4,195,223
	---------	------------	------------
At 31 October 2023	414,581	4,096,395	4,510,976
	---------	------------	------------

8. Debtors

	2024	2023
		(restated)
	£	£
Trade debtors	479,683	1,069,402
Other debtors	213,213	757,426
	---------	------------
	692,896	1,826,828
	---------	------------

9. Creditors: amounts falling due within one year

	2024	2023
		(restated)
	£	£
Trade creditors	493,543	383,410
Corporation tax	–	8,473
Other taxes and social security costs	( 251,278)	( 10,278)
Other creditors	112,210	100,352
	---------	---------
	354,475	481,957
	---------	---------

10. Prior period errors

During the preparation of the financial statements for the year ended 31 October 2024, the Company identified errors relating to prior periods. The errors have been corrected by restating the comparative figures for the year ended 31 October 2023. The corrections resulted in: - Trade creditors decreased by £51,826, with a corresponding decrease in opening retained earnings at 1 November 2022; - Cost of sales increased by £30,133, with a corresponding increase in accruals; - Trade debtors decreased by £234, with a corresponding increase in administrative expenses.

11. Controlling party

The directors do not consider there to be a controlling party of the company.