| GLM Ventures Limited |
| Notes to the Accounts |
| for the year ended 31 March 2026 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and adjusted to adhere with the rules of the flat rate scheme. Turnover includes revenue earned from the rendering of services and 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. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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|
Plant and machinery |
20% straight line |
|
Office equipment |
33% straight line |
|
Motor vehicles |
25% straight line |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Current and deferred tax assets and liabilities are not discounted. |
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|
| 2 |
Employees |
2026 |
|
2025 |
| Number |
Number |
|
|
Average number of persons employed by the company |
1 |
|
1 |
|
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| 3 |
Tangible fixed assets |
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|
|
Plant and machinery etc |
|
Motor vehicles |
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Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 April 2025 |
2,070 |
|
10,000 |
|
12,070 |
|
Additions |
499 |
|
- |
|
499 |
|
At 31 March 2026 |
2,569 |
|
10,000 |
|
12,569 |
|
|
|
|
|
|
|
|
|
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Depreciation |
|
At 1 April 2025 |
2,070 |
|
10,000 |
|
12,070 |
|
Charge for the year |
55 |
|
- |
|
55 |
|
At 31 March 2026 |
2,125 |
|
10,000 |
|
12,125 |
|
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|
|
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|
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Net book value |
|
At 31 March 2026 |
444 |
|
- |
|
444 |
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| 4 |
Debtors |
2026 |
|
2025 |
| £ |
£ |
|
|
Trade debtors |
11,540 |
|
10,900 |
|
Other debtors |
1,082 |
|
988 |
|
|
|
|
|
|
12,622 |
|
11,888 |
|
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| 5 |
Creditors: amounts falling due within one year |
2026 |
|
2025 |
| £ |
£ |
|
|
Bank loans and overdrafts |
81 |
|
1,105 |
|
Trade creditors |
57 |
|
57 |
|
Corporation tax |
5,461 |
|
5,069 |
|
Other taxes and social security costs |
158 |
|
145 |
|
Other creditors |
2,575 |
|
2,576 |
|
|
|
|
|
|
8,332 |
|
8,952 |
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| 6 |
Controlling party |
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The company is under the control of the director by virtue of his shareholding. |
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| 7 |
Other information |
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GLM Ventures Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
21 Fairwater Close |
|
Gosport |
|
Hampshire |
|
PO13 0HF |