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REGISTERED NUMBER: SC409983 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 December 2021

for

Glulam Solutions Ltd.

Glulam Solutions Ltd. (Registered number: SC409983)






Contents of the Financial Statements
for the Year Ended 31 December 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Glulam Solutions Ltd.

Company Information
for the Year Ended 31 December 2021







DIRECTORS: Mr S J Birnie
Mr H F Morrison





REGISTERED OFFICE: Souterford Drive
Inverurie Business Park
Inverurie
Aberdeenshire
AB51 0ZH





REGISTERED NUMBER: SC409983 (Scotland)





ACCOUNTANTS: SBP
Accountants
42 Queens Road
Aberdeen
AB15 4YE

Glulam Solutions Ltd. (Registered number: SC409983)

Balance Sheet
31 December 2021

31.12.21 31.12.20
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 43,855 32,575
43,855 32,575

CURRENT ASSETS
Stocks 15,000 15,000
Debtors 6 331,411 322,615
346,411 337,615
CREDITORS
Amounts falling due within one year 7 263,502 259,695
NET CURRENT ASSETS 82,909 77,920
TOTAL ASSETS LESS CURRENT
LIABILITIES

126,764

110,495

CREDITORS
Amounts falling due after more than one
year

8

503,440

215,095
NET LIABILITIES (376,676 ) (104,600 )

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (376,678 ) (104,602 )
(376,676 ) (104,600 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Glulam Solutions Ltd. (Registered number: SC409983)

Balance Sheet - continued
31 December 2021


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 September 2022 and were signed on its behalf by:





Mr S J Birnie - Director


Glulam Solutions Ltd. (Registered number: SC409983)

Notes to the Financial Statements
for the Year Ended 31 December 2021

1. STATUTORY INFORMATION

Glulam Solutions Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Glulam Solutions Ltd. (Registered number: SC409983)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2020 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2021
and 31 December 2021 3,500
AMORTISATION
At 1 January 2021
and 31 December 2021 3,500
NET BOOK VALUE
At 31 December 2021 -
At 31 December 2020 -

Glulam Solutions Ltd. (Registered number: SC409983)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2021 5,522 13,528 47,500 13,981 80,531
Additions - - 46,249 - 46,249
Disposals - - (47,500 ) - (47,500 )
At 31 December 2021 5,522 13,528 46,249 13,981 79,280
DEPRECIATION
At 1 January 2021 4,100 6,485 27,461 9,910 47,956
Charge for year 810 1,314 11,562 1,244 14,930
Eliminated on disposal - - (27,461 ) - (27,461 )
At 31 December 2021 4,910 7,799 11,562 11,154 35,425
NET BOOK VALUE
At 31 December 2021 612 5,729 34,687 2,827 43,855
At 31 December 2020 1,422 7,043 20,039 4,071 32,575

The net book value of tangible fixed assets includes £ 34,687 (2020 - £ 20,039 ) in respect of assets held under hire purchase contracts.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Trade debtors 80,868 27,358
Amounts recoverable on contract 242,641 222,252
Other debtors 7,902 73,005
331,411 322,615

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Bank loans and overdrafts 109,067 10,727
Hire purchase contracts (see note 9) 8,928 7,474
Trade creditors 97,786 125,152
Taxation and social security 41,449 114,069
Other creditors 6,272 2,273
263,502 259,695

Glulam Solutions Ltd. (Registered number: SC409983)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.21 31.12.20
£    £   
Hire purchase contracts (see note 9) 30,107 15,095
Other creditors 473,333 200,000
503,440 215,095

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.21 31.12.20
£    £   
Net obligations repayable:
Within one year 8,928 7,474
Between one and five years 30,107 15,095
39,035 22,569

Non-cancellable operating leases
31.12.21 31.12.20
£    £   
Within one year 6,000 24,000
Between one and five years - 6,000
6,000 30,000

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2021 and 31 December 2020:

31.12.21 31.12.20
£    £   
Mr S J Birnie
Balance outstanding at start of year 31,500 -
Amounts advanced - 31,500
Amounts repaid (31,500 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 31,500

Mr H F Morrison
Balance outstanding at start of year 31,500 -
Amounts advanced - 31,500
Amounts repaid (31,500 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 31,500

Glulam Solutions Ltd. (Registered number: SC409983)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are Mr S J Birnie & Mr H F Morrison by virtue of their equal shareholding.