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GLASGOW COMMERCIALS LTD




Company Registration Number:
SC329010 (Scotland)



Abbreviated (Unaudited) Accounts



Period of accounts


Start date: 01st September 2009

End date: 31st August 2010

SUBMITTED

GLASGOW COMMERCIALS LTD

Company Information
for the Period Ended
31st August 2010




Director: Andrew Strain
Eric Reid Snr
Eric Peter Reid
Registered office: 33 Main Street
Stewarton
Kilmarnock
Ayrshire
KA3 5BS
GBR
Company Registration Number: SC329010 (Scotland)

GLASGOW COMMERCIALS LTD

Abbreviated Balance sheet
As at 31st August 2010

Notes 2010
£
2009
£
Fixed assets
Intangible assets: 0 0
Tangible assets: 2 17,149 0
Total fixed assets: 17,149 0
Current assets
Stocks: 0 48,515
Debtors: 3 54,833 9,256
Cash at bank and in hand: 7,766 1,978
Total current assets: 62,599 59,749
Creditors
Creditors: amounts falling due within one year 4 79,746 65,189
Net current assets (liabilities): ( 17,147 ) ( 5,440 )
Total assets less current liabilities: 2 ( 5,440 )
Total net assets (liabilities): 2 ( 5,440 )

The notes form part of these financial statements

GLASGOW COMMERCIALS LTD

Abbreviated Balance sheet
As at 31st August 2010
continued

Notes 2010
£
2009
£
Capital and reserves
Called up share capital: 5 2 2
Profit and Loss account: 0 ( 5,442 )
Total shareholders funds: 2 ( 5,440 )

For the year ending 31 August 2010 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors on 29 October 2010

SIGNED ON BEHALF OF THE BOARD BY:

Name: Andrew Strain
Status: Director

The notes form part of these financial statements

GLASGOW COMMERCIALS LTD

Notes to the Abbreviated Accounts
for the Period Ended
31st August 2010

  • 1. Accounting policies

    Basis of measurement and preparation of accounts

    The financial statements have been prepared under the historical cost convention

    Turnover policy

    Turnover represents sales net of value added tax

    Tangible fixed assets depreciation policy

    Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives - 25 percent straight line

    Intangible fixed assets amortisation policy

    Not applicable

    Valuation information and policy

    Not applicable

    Other accounting policies

    Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date except that the recognition of deferred tax assets is limited to the extent that the company anticipates to make sufficient taxable profits in the future to absorb the reversal of the underlying timing differences. Deferred tax balances are not discounted

  • 2. Tangible assets

    Total
    Cost £
    At 01st September 2009: 0
    Additions: 21,124
    Disposals: 0
    Revaluations: 0
    Transfers: 0
    At 31st August 2010: 21,124
    Depreciation
    At 01st September 2009: 0
    Charge for year: 3,975
    On disposals: 0
    Other adjustments 0
    At 31st August 2010: 3,975
    Net book value
    At 31st August 2010: 17,149
    At 31st August 2009: 0

  • 3. Debtors

    2010
    £
    2009
    £
    Trade debtors: 53,336 1,729
    Other debtors: 1,497 7,527
    Total: 54,833 9,256

  • 4. Creditors: amounts falling due within one year

    2010
    £
    2009
    £
    Bank loans and overdrafts: 39,257 55,217
    Taxation and social security: 28,000 -
    Accruals and deferred income: 7,322 935
    Other creditors: 5,167 9,037
    Total: 79,746 65,189

  • 5. Called up share capital

    Allotted, called up and paid

    Previous period 2009
    Class Number of shares Nominal value per share Total
    Ordinary shares: 2 1 2
    Total share capital: 2
    Current period 2010
    Class Number of shares Nominal value per share Total
    Ordinary shares: 2 1 2
    Total share capital: 2
  • 6. Related party disclosures

    Name of the ultimate controlling party during the period: No overall control
    Name of related party: E Reid & Son Ltd
    Relationship: Common Directors
    Description of the transaction: Purchase of Equipment
    Balance at 01st September 2009 0
    Balance at 31st August 2010 1,497

  • 7 . Transactions with directors

    Name of director receiving advance or credit: Eric Reid Snr
    Description of the transaction: Purchase of equipment
    Balance at 01st September 2009: 0
    Advances or credits made: 9,037
    Advances or credits repaid: 8,620
    Balance at 31st August 2010: 417