Company registration number SC551266 (Scotland)
Glic Ltd.
Unaudited financial statements
for the year ended 30 November 2021
Pages for filing with registrar
Glic Ltd.
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of Glic Ltd.
1
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Glic Ltd. for the year ended 30 November 2021 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-j
une
-20
20
.
This report is made solely to the Board of Directors of Glic Ltd., as a body, in accordance with the terms of our engagement letter dated 9 March 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Glic Ltd. and state those matters that we have agreed to state to the Board of Directors of Glic Ltd., as a body, in this report in accordance with the requirements of the ICAS as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-j
une
-20
20
.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Glic Ltd. and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Glic Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and loss
of Glic Ltd.. You consider that Glic Ltd. is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Glic Ltd.. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
James Milne
Chartered Accountants
5 High Street
Inverurie
AB51 3QA
3 August 2022
Glic Ltd.
Statement of financial position
as at 30 November 2021
30 November 2021
2
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,950
11,992
Current assets
Debtors
53
12,656
Cash at bank and in hand
23,344
23,397
12,656
Creditors: amounts falling due within one year
(26,964)
(12,022)
Net current (liabilities)/assets
(3,567)
634
Total assets less current liabilities
6,383
12,626
Provisions for liabilities
(2,278)
Net assets
6,383
10,348
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
6,283
10,248
Total equity
6,383
10,348
In accordance with section 444 of the Companies Act 2006, all
of
the members of the company have consented to the
preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Glic Ltd.
Statement of financial position (continued)
as at 30 November 2021
30 November 2021
3
The financial statements were approved by the board of directors and authorised for issue on 2 August 2022 and are signed on its behalf by:
Gary R. Webster
Neil A. Keron
Director
Director
Jocelyn P. Keron
Director
Company registration number SC551266
Glic Ltd.
Notes to the financial statements
for the year ended 30 November 2021
4
1
Accounting policies
Company information
Glic Ltd. is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
3 Bograxie Croft, Burnhervie, Inverurie, Aberdeenshire, AB51 5LD.
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.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
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:
Fixtures and fittings
33.3% straight line
Motor vehicles
20% reducing balance
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
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Glic Ltd.
Notes to the financial statements (continued)
for the year ended 30 November 2021
1
Accounting policies (continued)
5
1.5
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
income statement
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
income statement
, 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.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
4
3
Glic Ltd.
Notes to the financial statements (continued)
for the year ended 30 November 2021
6
3
Tangible fixed assets
Total
£
Cost
At 1 December 2020
14,990
Additions
533
At 30 November 2021
15,523
Depreciation and impairment
At 1 December 2020
2,998
Depreciation charged in the year
2,575
At 30 November 2021
5,573
Carrying amount
At 30 November 2021
9,950
At 30 November 2020
11,992