Company Registration No. 01217192 (England and Wales)
GLAZIERS HALL LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
GLAZIERS HALL LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 14
GLAZIERS HALL LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr A J R Bunnis
Mr K Etherington
Mr C J Sawyer
R Keys
Mr A G Doyle
(Appointed 26 June 2020)
Mr A C Marsden
(Appointed 1 September 2021)
Mr H F McArthur
(Appointed 25 November 2021)
Mr MJ Stevenson
(Resigned 22 July 2021)
Mr NA Bills
(Resigned 21 September 2021)
Ms FL Smith
(Resigned 15 June 2021)
Mr MP Woolfenden
(Resigned 26 June 2020)
Secretary
Mr P J Woolhouse
Company number
01217192
Registered office
Glaziers Hall
9 Montague Close
London Bridge
London
SE1 9DD
Auditor
Moore Kingston Smith LLP
Devonshire House
60 Goswell Road
Barbican
London
EC1M 7AD
Bankers
HSBC Bank Plc
28 Borough High Street
Southwark
London
SE1 1YB
Solicitors
Mills & Reeve LLP
1 St James Court
Whitefriars
Norwich
Suffolk
NR3 1RU
GLAZIERS HALL LIMITED
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
- 2 -
2021
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,547,660
9,769,432
Investments
4
543,788
9,547,660
10,313,220
Current assets
Stocks
5
6,531
4,421
Debtors
6
45,883
134,629
Cash at bank and in hand
753,814
348,455
806,228
487,505
Creditors: amounts falling due within one year
7
(725,142)
(784,557)
Net current assets/(liabilities)
81,086
(297,052)
Total assets less current liabilities
9,628,746
10,016,168
Creditors: amounts falling due after more than one year
8
(2,066,654)
(1,858,201)
Provisions for liabilities
Deferred tax liability
10
1,195,549
1,308,765
(1,195,549)
(1,308,765)
Net assets
6,366,543
6,849,202
Capital and reserves
Called up share capital
11
1,241,550
1,241,550
Revaluation reserve
4,921,051
4,921,051
Capital redemption reserve
46,000
46,000
Profit and loss reserves
157,942
640,601
Total equity
6,366,543
6,849,202
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.
GLAZIERS HALL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2021
31 March 2021
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 27 May 2022 and are signed on its behalf by:
Mr C J Sawyer
R Keys
Director
Director
Company Registration No. 01217192
The notes on pages 4 to 14 form part of these financial statements
GLAZIERS HALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
- 4 -
1
Accounting policies
Company information
Glaziers Hall Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Glaziers Hall, 9 Montague Close, London Bridge, London, SE1 9DD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102
Section 1A
“The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of long leasehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
GLAZIERS HALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 5 -
1.2
Going concern
The company’s business activities, together with the factors affecting and likely to affect its performance and financial position, its cash flows, liquidity and borrowings are set out in the Directors’ Report and Chairman’s Statement. At 31 March 2021 the company had cash of £753,814 together with bank debt of £2,259,828 and an undrawn overdraft facility of £100,000.
true
|
During this financial reporting period, the company negotiated repayment holidays on its principal bank debt from April 2020, with repayments recommencing in May 2021. Repayments were resumed fully on the due dates. The company also raised additional borrowings from the bank taking advantage of the Coronavirus Business Interruption Loan Scheme (‘CBILS’) in October 2020 of £350,000. As disclosed in note 16, these arrangements were interest and repayment free for the period to September 2021; payments of interest and capital have since commenced on the due date.
|
At 31 March 2022, the company held cash balances of £425,000 and had gross debt outstanding of £2,102,250, together with an unutilised overdraft facility of £100,000.
|
The Directors have prepared a detailed business plan including financial projections with associated cash flows for the financial years ending on 31 March 2023 and 31 March 2024. The Directors have had regard to reasonably possible trends in trading performance including over the short and medium-term during the current financial year 2022/23, in particular, the recovery in market demand following emergence from the pandemic restrictions earlier in the year. In order to also reflect the degree of estimation uncertainty as to timing and rate of market recovery and the impact of other factors on demand and trading, the company has considered a severe but plausible downside scenario comprising a resurgence of the Coronavirus pandemic over the winter of 22/23 causing a three month closure of the Hall
.
This results in a projected loss of revenue of some £215,000 and a material deterioration in cash due to this and an ongoing operational and financial expense. Mitigating actions would be available to the company should such an eventuality arise to moderate cash outflows. In addition, the business plan has been shared with and reviewed by the bank including the effects of the potential downside scenario and the associated working capital and headroom that may be needed should circumstances require this. The directors are satisfied based on the business plan and the discussions with the bank following its review, including having regard to the quantum and quality of the bank's security, that it is reasonable to assume that the provision of further financial resources in the form of additional borrowing would be available to the company should this be required
.
|
Accordingly, the Directors have formed the judgement, taking into account the financial resources available, the range of reasonably possible future trading scenarios and potential mitigating actions, including the likely ability of the company to raise and sustain the servicing of an additional bank loan should that be required, that the company has adequate resources to continue to operate for a period of at least 12 months from the date of approval of the financial statements and have therefore adopted the going concern basis in the preparation of the financial statements
.
|
1.3
Reporting period
The financial statements have been prepared for the
eighteen
months
ended
3
1 March 2021. The period has been extended as the company's operations had to be halted due to restrictions during
the
C
oronavirus
P
andemic
and as such
the comparative amounts presented in the financial
statements, including the related notes, are not entirely comparable.
GLAZIERS HALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 6 -
1.4
Turnover
Turnover represents amounts receivable for good and services net of VAT and trade discounts.
1.5
Tangible fixed assets
Items of expenditure which provide enduring benefit to the company are capitalised as assets if the cost is greater than £500. Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Leasehold
land and buildings
is included in the balance sheet at open market value as permitted by regulations made under the Companies Act 2006 and in accordance with FRS102. No depreciation is provided on the revalued amount as valuations are carried out on a three yearly cycle and the residual value is considered to be at least equal to the carrying value. Therefore any depreciation in the periods between valuations would not be material to the financial statements given the company’s policy to maintain the building in good condition throughout the period of the lease (200 years from August 2005).
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:
Leasehold land and buildings
Not depreciated
Lifts and heavy plant
10% straight line
Fixtures and fittings, computers and electrical equipment
5% - 33.33% 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
.
1.6
Stocks
Stocks of goods for resale are stated at the lower of cost and estimated selling price.
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|
|
|
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1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
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 statement of financial position 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.
GLAZIERS HALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 7 -
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables are initially recognised at transaction price and subsequently carried at amortised cost.
Debt instruments are recognised and accounted for at amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
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.
GLAZIERS HALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 8 -
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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.14
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.
GLAZIERS HALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
- 9 -
2
Employees
The average monthly number of employees and part time staff (excluding non-remunerated directors) employed by the company during the period was:
2021
2019
Number
Number
Sales and administration
11
15
3
Tangible fixed assets
Leasehold land and buildings
Lifts and heavy plant
Fixtures and fittings, computers and electrical equipment
Total
£
£
£
£
Cost
At 1 October 2019
8,900,000
208,135
2,105,878
11,214,013
Additions
3,427
3,427
At 31 March 2021
8,900,000
208,135
2,109,305
11,217,440
Depreciation and impairment
At 1 October 2019
172,969
1,271,612
1,444,581
Depreciation charged in the period
11,059
214,140
225,199
At 31 March 2021
184,028
1,485,752
1,669,780
Carrying amount
At 31 March 2021
8,900,000
24,107
623,553
9,547,660
At 30 September 2019
8,900,000
35,166
834,266
9,769,432
The leasehold property held by Glaziers Hall was revalued on 23 March 2018 by Neil Adams MRICS of CBRE who viewed the market value to be £8.9
0
m as at that date. A further valuation was undertaken as at 12 January 2022 at £9
,
050
,000
. The directors will incorporate this revaluation in the financial statements for the 12 months ended 31 March 2022. The directors are of the opinion that as at 31 March 2021 there had been no material change to the valuation previously recorded.
GLAZIERS HALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
- 10 -
4
Fixed asset investments
2021
2019
£
£
Listed investments
543,788
Listed
investments
included above:
Listed investments carrying amount
543,788
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 October 2019
543,788
Disposals
(543,788)
At 31 March 2021
-
Carrying amount
At 31 March 2021
-
At 30 September 2019
543,788
5
Stocks
2021
2019
£
£
Bar stock
6,531
4,421
6
Debtors
2021
2019
Amounts falling due within one year:
£
£
Trade debtors
54,312
Other debtors
29,413
Prepayments and accrued income
45,883
50,904
45,883
134,629
GLAZIERS HALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
- 11 -
7
Creditors: amounts falling due within one year
2021
2019
Notes
£
£
Bank loans
9
193,174
133,000
Trade creditors
62,045
110,915
Taxation and social security
63,583
44,391
Other creditors - customer deposits
272,854
290,579
Accruals and deferred income
133,486
205,672
725,142
784,557
8
Creditors: amounts falling due after more than one year
2021
2019
Notes
£
£
Bank loans and overdrafts
9
2,066,654
1,858,201
In March 2018 the company converted its drawdown facility with the Bank into a loan of £2.150m repayable over 15 years to 2033 at 1.9% over HSBC base rate. During the period to 31 March 2021, the company negotiated two capital repayment holidays with the Bank recognising the very negative impact on its cash flows of the Coronavirus pandemic covering the period April 2020 to May 2021. Capital repayments were recommenced on the relevant due date.
In October 2020, the company was successful in securing a further loan under the Coronavirus Business Interruption Loan Scheme (CBILS) of £350,000. This loan was free of interest charges and capital repayment during its first year to October 2021 when repayments commenced over a six year term at 3.99% over Bank of England base rate.
The company also has an undrawn overdraft facility of £100,000 which carries interest at 4.7% over Bank of England base rate
.
Amounts included above which fall due after five years are as follows:
Payable other than by instalments
1,070,983
1,394,201
GLAZIERS HALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
- 12 -
9
Loans and overdrafts
2021
2019
£
£
Bank loans
2,259,828
1,991,201
Payable within one year
193,174
133,000
Payable after one year
2,066,654
1,858,201
10
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2021
2019
Balances:
£
£
Accelerated capital allowances
153,931
182,017
Tax losses available for offset
(112,702)
(36,899)
Property revaluation
1,154,320
1,154,320
Investment revaluation
-
9,327
1,195,549
1,308,765
2021
Movements in the period:
£
Liability at 1 October 2019
1,308,765
Credit to profit or loss
(113,216)
Liability at 31 March 2021
1,195,549
GLAZIERS HALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
- 13 -
11
Share capital
2021
2019
2021
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £25,000 each
14
14
350,000
350,000
"A" Non-voting ordinary shares of £7,500 each
23
23
172,500
172,500
"B" Non-voting ordinary shares of £250 each
9
9
2,250
2,250
46
46
524,750
524,750
2021
2019
2021
2019
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
716,800
716,800
716,800
716,800
Preference shares classified as equity
716,800
716,800
Total equity share capital
1,241,550
1,241,550
The holders of Ordinary and "A" Non-voting shares have rights to use the hall rent-free in accordance with Articles 23(B) (a) and (b).
12
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 James Cross.
The auditor was Moore Kingston Smith LLP.
13
Related party transactions
Transactions with related parties
The following livery companies are considered to be related parties by virtue of their shareholdings in the company. During the period, the company made sales
and purchases
of goods and services to these livery companies as shown below:
GLAZIERS HALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
13
Related party transactions
(Continued)
- 14 -
Sales
Purchases
2021
2019
2021
2019
£
£
£
£
Worshipful Company of Glaziers & Painters of Glass
26,263
9,339
-
-
Worshipful Company of Scientific Instrument Makers
7,471
6,371
427
-
Worshipful Company of Launderers
6,544
3,359
-
-
2021
2019
Amounts due to related parties
£
£
Worshipful Company of Glaziers & Painters of Glass
-
1,716
Worshipful Company of Scientific Instrument Makers
-
333
Worshipful Company of Launderers
-
347
In addition to the above transactions, the livery company shareholders have free use of the Livery Hall on certain days as prescribed under Articles 23(B)(a) and (b) of the companys Articles of Association. The company provides security and cloakroom services on these occasions, however it is not practicable to determine the cost to the company of providing these services.
14
Ultimate controlling party
The ultimate controlling party is the Worshipful Company of Glaziers and Painters of Glass by virtue of the voting rights carried over their ordinary share holding in the company.
2021-03-31
2019-10-01
false
27 May 2022
CCH Software
CCH Accounts Production 2022.100
No description of principal activity
This audit opinion is unqualified
Mr N A Bills
Mr A J R Bunnis
Mr K Etherington
Mr C J Sawyer
R Keys
Ms F L Smith
Mr M J Stevenson
Mr MP Woolfenden
Mr A G Doyle
Mr A C Marsden
Mr H F McArthur
Mr P J Woolhouse
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