London Glades Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

London Glades Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10966351 . The registered office is 62, Foxhall Road , Didcot , Oxfordshire , OX11 7AD.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	5 years straight line
Motor Vehicles	3 - 5 years straight line
Fixtures & Fittings	3 years straight line
Computer Equipment	3 years straight line

2.4. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.5. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

...CONTINUED

Page 3

Page 4

London Glades Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.5. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 12 (2024: 12)

4. Tangible Assets

	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 April 2024	13,819	103,543	2,920	3,997	124,279
Additions	-	-	2,945	1,002	3,947

As at 31 March 2025	13,819	103,543	5,865	4,999	128,226

Depreciation
As at 1 April 2024	10,248	66,202	2,052	2,959	81,461
Provided during the period	2,504	16,950	600	862	20,916

As at 31 March 2025	12,752	83,152	2,652	3,821	102,377

Net Book Value
As at 31 March 2025	1,067	20,391	3,213	1,178	25,849

As at 1 April 2024	3,571	37,341	868	1,038	42,818

5. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	68,525	93,239
Other debtors	288	-
Staff loans & advances	1,811	2,086
Corporation tax recoverable assets	90,800	-
Directors' loan accounts	244,450	270,520
Amounts owed by other participating interests	20,481	5,405

	426,355	371,250
Due after more than one year
Corporation tax recoverable assets	153,659	90,800

	580,014	462,050

Page 4

Page 5

London Glades Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	18,265	19,640
Trade creditors	20,732	32,270
Bank loans and overdrafts	13,085	24,452
Corporation tax	275,515	149,302
Other taxes and social security	68,055	76,505
VAT	176,293	135,514
Net wages	-	2,557
Williams' Loan	18,001	23,001
FlexiPay	8,240	6,178

	598,186	469,419

7. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	12,855	31,168
Bank loans	48,356	61,563

	61,211	92,731

8. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	18,265	19,640
Later than one year and not later than five years	12,855	31,168

	31,120	50,808

	31,120	50,808

9. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	200	200

10. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 April 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 March 2025
	£	£	£	£	£
Mr Jonathan Davies	270,520	210,286	236,356	-	244,450

The above loan is unsecured, interest free and repayable on demand.

Page 5

Page 6

London Glades Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

11. Related Party Transactions

Wild City Studio Ltd

Company under common significant influence

During the year, costs totalling £14,274 (2024 - £nil) were paid on behalf of Wild City Studios Ltd. A loan of £15,365 (2024 - £5,405.20) was made to Wild City Studios, with repayments totalling £4,775 having been made in the year. At the balance sheet date, an amount of £20,481 (2024 - £5,405.20) was due from Wild Cuty Studios Ltd.

Page 6

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		25,849		42,818

			25,849		42,818
CURRENT ASSETS
Debtors	5	580,014		462,050
Cash at bank and in hand		54,278		62,267

		634,292		524,317
Creditors: Amounts Falling Due Within One Year	6	(598,186 )		(469,419 )

NET CURRENT ASSETS (LIABILITIES)			36,106		54,898

TOTAL ASSETS LESS CURRENT LIABILITIES			61,955		97,716

Creditors: Amounts Falling Due After More Than One Year	7		(61,211 )		(92,731 )

NET ASSETS			744		4,985

CAPITAL AND RESERVES
Called up share capital	9		200		200
Profit and Loss Account			544		4,785

SHAREHOLDERS' FUNDS			744		4,985