2 false false false false false false false false false true false false false false false false No description of principal activity 2022-09-01 Sage Accounts Production Advanced 2021 - FRS102_2021 10,000 10,000 xbrli:pure xbrli:shares iso4217:GBP SC406978 2022-09-01 2023-08-31 SC406978 2023-08-31 SC406978 2022-08-31 SC406978 2021-09-01 2022-08-31 SC406978 2022-08-31 SC406978 core:NetGoodwill 2022-09-01 2023-08-31 SC406978 core:PlantMachinery 2022-09-01 2023-08-31 SC406978 bus:Director1 2022-09-01 2023-08-31 SC406978 core:NetGoodwill 2023-08-31 SC406978 core:PlantMachinery 2022-08-31 SC406978 core:PlantMachinery 2023-08-31 SC406978 core:WithinOneYear 2023-08-31 SC406978 core:WithinOneYear 2022-08-31 SC406978 core:AfterOneYear 2022-08-31 SC406978 core:ShareCapital 2023-08-31 SC406978 core:ShareCapital 2022-08-31 SC406978 core:RetainedEarningsAccumulatedLosses 2023-08-31 SC406978 core:RetainedEarningsAccumulatedLosses 2022-08-31 SC406978 core:PlantMachinery 2022-08-31 SC406978 bus:SmallEntities 2022-09-01 2023-08-31 SC406978 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 SC406978 bus:FullAccounts 2022-09-01 2023-08-31 SC406978 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 SC406978 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 SC406978 core:OfficeEquipment 2022-09-01 2023-08-31 SC406978 core:OfficeEquipment 2022-08-31 SC406978 core:OfficeEquipment 2023-08-31
COMPANY REGISTRATION NUMBER: SC406978
Glasgow Chromers Limited
Filleted Unaudited Financial Statements
For the year ended
31 August 2023
Glasgow Chromers Limited
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
3,860
4,006
Current assets
Stocks
2,483
2,520
Debtors
6
6,189
8,057
Cash at bank and in hand
12,350
21,870
--------
--------
21,022
32,447
Creditors: amounts falling due within one year
7
20,324
30,444
--------
--------
Net current assets
698
2,003
-------
-------
Total assets less current liabilities
4,558
6,009
Creditors: amounts falling due after more than one year
8
972
-------
-------
Net assets
4,558
5,037
-------
-------
Capital and reserves
Called up share capital
2
2
Profit and loss account
4,556
5,035
-------
-------
Shareholders funds
4,558
5,037
-------
-------
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Glasgow Chromers Limited
Statement of Financial Position (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 18 March 2024 , and are signed on behalf of the board by:
T Laidlaw
Director
Company registration number: SC406978
Glasgow Chromers Limited
Notes to the Financial Statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Mercantile Chambers, 53 Bothwell Street, Glasgow, G2 6TB.
2. 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
15% reducing balance
Office Equipment
-
25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
4. Intangible assets
Goodwill
£
Cost
At 1 September 2022 and 31 August 2023
10,000
--------
Amortisation
At 1 September 2022 and 31 August 2023
10,000
--------
Carrying amount
At 31 August 2023
--------
At 31 August 2022
--------
5. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 September 2022
18,022
333
18,355
Additions
535
535
--------
----
--------
At 31 August 2023
18,557
333
18,890
--------
----
--------
Depreciation
At 1 September 2022
14,016
333
14,349
Charge for the year
681
681
--------
----
--------
At 31 August 2023
14,697
333
15,030
--------
----
--------
Carrying amount
At 31 August 2023
3,860
3,860
--------
----
--------
At 31 August 2022
4,006
4,006
--------
----
--------
6. Debtors
2023
2022
£
£
Trade debtors
6,189
8,057
-------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
998
4,957
Trade creditors
1,491
2,879
Corporation tax
5,564
5,041
Social security and other taxes
5,217
6,506
Other creditors
7,054
11,061
--------
--------
20,324
30,444
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
972
----
----
9. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.