Glug Global Limited - Period Ending 2021-12-31

Glug Global Limited

Contents

Company Information	1
Statement of Financial Position	2
Notes to the Financial Statements	3 to 5

Glug Global Limited

Company Information

Directors

N R Mullett D M Jones

Registered office

Burleigh House 357 Strand London WC2R 0HS

Auditor

Brebners Chartered Accountants & Statutory Auditor 130 Shaftesbury Avenue London W1D 5AR

Glug Global Limited

Statement of Financial Position as at 31 December 2021

	Note	31 December 2021 £	30 June 2021 £
Fixed assets
Tangible assets	5	315	440
Current assets
Debtors	6	603	1,963
Cash at bank and in hand		23,003	23,512
		23,606	25,475
Creditors: Amounts falling due within one year	7	(205,923)	(205,227)
Net current liabilities		(182,317)	(179,752)
Net liabilities		(182,002)	(179,312)
Capital and reserves
Called up share capital		1	1
Profit and loss account		(182,003)	(179,313)
Shareholders' deficit		(182,002)	(179,312)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the Board on 1 April 2022 and signed on its behalf by:

.........................................

D M Jones

Director

Company registration number: 12369874

Glug Global Limited

Notes to the Financial Statements for the Period from 1 July 2021 to 31 December 2021

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Burleigh House
357 Strand
London
WC2R 0HS

The principal activity of the company is that of events management.

2	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Disclosure of long or short period

These financial statements relate to the six month period from 1 July to 31 December 2021. The comparative figures relate to the period from 1 July 2020 to 30 June 2021.

Going concern

The company made a profit for the period and had net liabilities at that date of £182,002.

During the prior year, the company stopped trading activities due to COVID restrictions but continues to seek opportunities. The directors are continuing to monitor the events sector and will recommence activities when the restrictions placed by COVID have eased significantly. The directors have valued all assets at their recoverable amounts and included all known liabilities within these accounts to reflect its dormant status. The company is reliant upon the continuing support of its parent undertaking shown in note 9 and hence the directors have in all other respects adopted the going concern basis of preparation for these financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of Value Added Tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Glug Global Limited

Notes to the Financial Statements for the Period from 1 July 2021 to 31 December 2021

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture, fittings and equipment	Straight line over 3 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 1 April 2022 was Darren Bond, who signed for and on behalf of Brebners.

4	Staff numbers

The average number of persons employed by the company during the period, was 0 (30 June 2021 - 4).

Glug Global Limited

Notes to the Financial Statements for the Period from 1 July 2021 to 31 December 2021

5	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 July 2021	750	750
At 31 December 2021	750	750
Depreciation
At 1 July 2021	310	310
Charge for the period	125	125
At 31 December 2021	435	435
Carrying amount
At 31 December 2021	315	315
At 30 June 2021	440	440

6

Debtors

	31 December 2021 £	30 June 2021 £
Other debtors	603	1,963
	603	1,963

7

Creditors

Creditors: amounts falling due within one year

	31 December 2021 £	30 June 2021 £
Trade creditors	1,173	1,227
Amounts owed to group undertakings	200,000	200,000
Other creditors	4,750	4,000
	205,923	205,227

8	Parent and ultimate parent undertaking

The company's immediate parent is Glug Global Holdings Limited, incorporated in England and Wales.

 The ultimate parent is Debuyck Participations SARL, incorporated in France.

Adwanted Group SAS, whose registered office is situated at 40 place du Théâtre - 59800 Lille, France, is the parent of the largest and smallest group preparing consolidated financial statements incorporating the results of the company.