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COMPANY REGISTRATION NUMBER: SC466133
Global Shieldtech Limited
Unaudited Financial Statements
31 December 2022
Global Shieldtech Limited
Financial Statements
Year Ended 31 December 2022
Contents
Page
Director's Report
1
Report to the Director on the Preparation of the Unaudited Statutory Financial Statements
2
Income Statement
3
Statement of Financial Position
4
Notes to the Financial Statements
5
Global Shieldtech Limited
Director's Report
Year Ended 31 December 2022
The director presents his report and the unaudited financial statements of the company for the year ended 31 December 2022 .
Director
The director who served the company during the year was as follows:
Mr B McGarian
Small Company Provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 16 October 2023 and signed on behalf of the board by:
Mr B McGarian
Director
Registered office:
Dundee One
River Court
5 West Victoria Dock Road
Dundee
DD1 3JT
Global Shieldtech Limited
Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Global Shieldtech Limited
Year Ended 31 December 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Global Shieldtech Limited for the year ended 31 December 2022, which comprise the income statement, 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the director of Global Shieldtech Limited in accordance with the terms of our engagement letter dated 11 March 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Global Shieldtech Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Global Shieldtech Limited and its director for our work or for this report.
It is your duty to ensure that Global Shieldtech Limited 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 Global Shieldtech Limited. You consider that Global Shieldtech Limited 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 Global Shieldtech Limited. 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.
DC CONSULTING (WWW.DCCONSULT.CO.UK) Chartered accountants
16 October 2023
Global Shieldtech Limited
Income Statement
Year Ended 31 December 2022
2022
2021
Note
£
£
Administrative expenses
7,636
13,556
-------
--------
Operating Loss
( 7,636)
( 13,556)
-------
--------
Loss Before Taxation
( 7,636)
( 13,556)
Tax on loss
-------
--------
Loss for the Financial Year
( 7,636)
( 13,556)
-------
--------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
Global Shieldtech Limited
Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
£
Current Assets
Debtors
4
260
581
Cash at bank and in hand
2,475
1,429
-------
-------
2,735
2,010
Creditors: amounts falling due within one year
5
371,698
363,337
---------
---------
Net Current Liabilities
368,963
361,327
---------
---------
Total Assets Less Current Liabilities
( 368,963)
( 361,327)
---------
---------
Net Liabilities
( 368,963)
( 361,327)
---------
---------
Capital and Reserves
Called up share capital
1
1
Profit and loss account
( 368,964)
( 361,328)
---------
---------
Shareholders Deficit
( 368,963)
( 361,327)
---------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 16 October 2023 , and are signed on behalf of the board by:
Mr B McGarian
Director
Company registration number: SC466133
Global Shieldtech Limited
Notes to the Financial Statements
Year Ended 31 December 2022
1. General Information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Dundee One, River Court, 5 West Victoria Dock Road, Dundee, DD1 3JT.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going Concern
The company has made a loss of £7,636 (2021 - £13,556) during the year and has net liabilities of £368,963 (2021 - £361,327). The director confirms he will not seek a repayment of his loan account and will continue to support the company for at least 12 months from the date of these financial statements. Based on this, the director considers it appropriate to prepare the financial statements on the going concern basis.
Judgements and Key Sources of Estimation Uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Financial Instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Debtors
2022
2021
£
£
Other debtors
260
581
----
----
5. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
3,089
4,778
Accruals and deferred income
1,000
1,000
Director loan accounts
347,609
337,559
Other creditors
20,000
20,000
---------
---------
371,698
363,337
---------
---------
6. Director's Advances, Credits and Guarantees
During the year the director entered into the following advances and credits with the company:
2022
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mr B McGarian
( 337,559)
( 10,050)
( 347,609)
---------
--------
---------
2021
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mr B McGarian
( 326,559)
( 11,000)
( 337,559)
---------
--------
---------