Glory Days Limited Accounts

GLORY DAYS LIMITED - Company Information






Glory Days Limited

	Company No. SC221388
		Information for Filing with The Registrar
		31 March 2023

The Director presents his report and the accounts for the year ended 31 March 2023.

Principal activities
The principal activity of the company during the year under review was travel agency services.




Director

The Director who served at any time during the year was as follows:

D.A. Hardy







































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

D.A. Hardy
Director
21 November 2023

at	31 March 2023
Company No.		SC221388	Notes	2023	2022
				£	£
Fixed assets

	Tangible assets		4	1,332	399


				1,332	399
Current assets

	Debtors		5	118,904	172,629
	Investments		6	10,655	10,655
	Cash at bank and in hand			534,813	301,167
				664,372	484,451
Creditors: Amount falling due within one year			7	(53,420)	(22,838)
Net current assets				610,952	461,613
Total assets less current liabilities				612,284	462,012
Creditors: Amounts falling due after more than one year			8	(235,159)	(228,574)
Provisions for liabilities
	Deferred taxation			(885)	(885)

Net assets				376,240	232,553

Capital and reserves
	Called up share capital			10,000	10,000


	Capital redemption reserve		10	300	300
	Profit and loss account		10	365,940	222,253

Total equity				376,240	232,553



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 21 November 2023
And signed on its behalf by:
D.A. Hardy
Director
21 November 2023

for the year ended 31 March 2023

General information

Its registered number is: SC221388

Its registered office is:

18 Queen Street

Edinburgh

EH2 1JX

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006.

Accounting policies

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Leasehold land and buildings

33.3% Straight Line

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 profit and loss account 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 temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary 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.

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.

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

Investments

Unlisted investments (except those held as subsidiaries, associates or joint ventures) are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, any changes in fair value are recognised in profit and loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Defined contribution pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

3	Employees
			2023	2022
			Number	Number
		The average monthly number of employees (including directors) during the year was:	3	3

4	Tangible fixed assets
			Fixtures, fittings and equipment	Total
			£	£
		Cost or revaluation
		At 1 April 2022	123,181	123,181
		Additions	1,916	1,916



		At 31 March 2023	125,097	125,097
		Depreciation
		At 1 April 2022	122,782	122,782
		Charge for the year	983	983



		At 31 March 2023	123,765	123,765
		Net book values
		At 31 March 2023	1,332	1,332
		At 31 March 2022	399	399

5	Debtors
			2023	2022
			£	£
		Trade debtors	16,414	34,263



		VAT recoverable	-	571
		Loans to directors	49,008	32,669
		Other debtors	52,200	52,425
		Prepayments and accrued income	1,282	52,701
			118,904	172,629

6	Current asset investments
			2023	2022
			£	£

		Unlisted investments	10,655	10,655
			10,655	10,655

7	Creditors:
		amounts falling due within one year
			2023	2022
			£	£

		Bank loans and overdrafts	-	10,000


		Trade creditors	6,303	1,980

		Taxes and social security	43,062	7,917

		Other creditors	2,654	1,543
		Accruals and deferred income	1,401	1,398
			53,420	22,838

8	Creditors:
		amounts falling due after more than one year
			2023	2022
			£	£

		Bank loans and overdrafts	-	31,667





		Accruals and deferred income	235,159	196,907
			235,159	228,574

Share Capital

10,000 £1 Ordinary shares allocated, called up and fully paid.

10	Reserves
			Capital redemption reserve	Total other reserves
			£	£
		At 1 April 2021	300	300



		At 31 March 2022 and 1 April 2022	300	300



		At 31 March 2023	300	300


		Capital redemption reserve - records the nominal value of shares repurchased by the company.

		Profit and loss account - includes all current and prior period retained profits and losses.

11	Dividends
			2023	2022
			£	£
		Dividends for the period:
		Dividends paid in the period	30,000	30,000

			30,000	30,000

		Dividends by type:

		Equity dividends	30,000	30,000
			30,000	30,000