Company registration number 03522782 (England and Wales)
77 GLB LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
77 GLB LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
77 GLB LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
7,287
Investments
6
36,000
36,000
36,000
43,287
Current assets
Debtors
7
116,987
99,678
Investments
8
18,206,033
18,769,964
Cash at bank and in hand
3,305,624
2,293,100
21,628,644
21,162,742
Creditors: amounts falling due within one year
9
(2,240,770)
(1,248,617)
Net current assets
19,387,874
19,914,125
Total assets less current liabilities
19,423,874
19,957,412
Provisions for liabilities
10
(1,030,000)
(920,000)
Net assets
18,393,874
19,037,412
Capital and reserves
Called up share capital
12
11
11
Share premium account
10,734,489
10,734,489
Profit and loss reserves
7,659,374
8,302,912
Total equity
18,393,874
19,037,412
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
These financial statements are signed in order to comply with the requirements of the Companies Act, without personal verification.
The financial statements were approved by the board of directors and authorised for issue on 15 December 2023 and are signed on its behalf by:
Mr J G Murray
Director
Company Registration No. 03522782
77 GLB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
77 GLB Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 19 Empire Close, Empire Industrial Park, Aldridge, Walsall, West Midlands, WS9 8UQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts derived from holding investments, and includes dividends received from listed companies and gains (realised and unrealised) made from holding listed investments.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investments
Current asset investments are stated at market value at the balance sheet date and the difference between cost and market value is taken to the profit and loss account.
Fixed asset investments are included at cost less impairment.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of twelve months or less.
77 GLB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Short term trade debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost, less any impairment.
Basic financial liabilities
Short term trade creditors are measured at transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
77 GLB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.10
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
6
6
4
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
110,000
(5,000)
77 GLB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 and 31 March 2023
38,863
Depreciation and impairment
At 1 April 2022
31,576
Depreciation charged in the year
7,287
At 31 March 2023
38,863
Carrying amount
At 31 March 2023
At 31 March 2022
7,287
6
Fixed asset investments
2023
2022
£
£
Investments
36,000
36,000
Movements in fixed asset investments
Other investments
£
Cost or valuation
At 1 April 2022 & 31 March 2023
36,000
Carrying amount
At 31 March 2023
36,000
At 31 March 2022
36,000
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts due from related parties
709
709
Other debtors
116,278
98,969
116,987
99,678
77 GLB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
8
Current asset investments
2023
2022
£
£
Other investments
18,206,033
18,769,964
9
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
9,678
Other taxation and social security
1,264
1,024
Other creditors
2,239,506
1,237,915
2,240,770
1,248,617
10
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
11
1,030,000
920,000
11
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Unrealised gains
1,030,000
920,000
2023
Movements in the year:
£
Liability at 1 April 2022
920,000
Charge to profit or loss
110,000
Liability at 31 March 2023
1,030,000
77 GLB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
12
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.01p each
112,004
112,004
11
11
13
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was David Webb FCA.
The auditor was Edwards.
14
Related party transactions
The company has several related parties by virtue of common control. During the year, the company was charged with management charges of £24,000 (2022 - £24,000) by these companies and charged interest of £68,123 (2022 - £70,000) to these companies. During the year, the company received a loan of £1,000,000 (2022 - £Nil) from a related party. The loan is interest free and has no set repayment terms.
At 31 March 2023, included within debtors is an amount of £709 (2022 - £709) and included within current asset investments is an amount of £3,136,048 (2022 - £3,236,048) due to the company by related parties. At 31 March 2023, included within creditors is an amount of £1,500,000 (2022 - £500,000) due by the company to related parties.