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Registration number: 04583233

GLC Alloys Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

GLC Alloys Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

GLC Alloys Limited

Company Information

Directors

Mr R P Carter

Mrs L A Carter

Company secretary

Mrs L A Carter

Registered office

119 Drake Road
Harrow
Middlesex
HA2 9DZ

Accountants

Mr MG Group (Professional Services) Ltd
Chartered Accountants
166 College Road
Harrow
Middlesex
HA1 1BH

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
GLC Alloys Limited
for the Year Ended 30 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of GLC Alloys Limited for the year ended 30 November 2023 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of GLC Alloys Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of GLC Alloys Limited and state those matters that we have agreed to state to the Board of Directors of GLC Alloys Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GLC Alloys Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that GLC Alloys Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of GLC Alloys Limited. You consider that GLC Alloys 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 accounts of GLC Alloys 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 accounts.

......................................

Mr MG Group (Professional Services) Ltd
Chartered Accountants
166 College Road
Harrow
Middlesex
HA1 1BH

17 April 2024

 

GLC Alloys Limited

(Registration number: 04583233)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,467

3,687

Current assets

 

Stocks

5

223,276

473,223

Debtors

6

448,010

683,735

Cash at bank and in hand

 

2,243,614

1,633,930

 

2,914,900

2,790,888

Creditors: Amounts falling due within one year

7

(355,253)

(550,820)

Net current assets

 

2,559,647

2,240,068

Net assets

 

2,562,114

2,243,755

Capital and reserves

 

Called up share capital

8

1,020

1,020

Retained earnings

2,561,094

2,242,735

Shareholders' funds

 

2,562,114

2,243,755

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 April 2024 and signed on its behalf by:
 

.........................................
Mr R P Carter
Director

 

GLC Alloys Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
119 Drake Road
Harrow
Middlesex
HA2 9DZ
England

These financial statements were authorised for issue by the Board on 17 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency for the financial statements is Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

GLC Alloys Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33.33% straight line basis

Fixtures and fittings

25% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

GLC Alloys Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

 

GLC Alloys Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 December 2022

6,115

17,798

23,913

Additions

458

1,989

2,447

At 30 November 2023

6,573

19,787

26,360

Depreciation

At 1 December 2022

5,826

14,400

20,226

Charge for the year

187

3,480

3,667

At 30 November 2023

6,013

17,880

23,893

Carrying amount

At 30 November 2023

560

1,907

2,467

At 30 November 2022

289

3,398

3,687

5

stocks

2023
£

2022
£

Other inventories

223,276

473,223

6

debtors

Current

2023
£

2022
£

Trade debtors

434,950

666,060

Prepayments

6,725

16,946

Other debtors

6,335

729

 

448,010

683,735

 

GLC Alloys Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

102,504

229,897

Taxation and social security

211,235

274,035

Accruals and deferred income

16,752

16,328

Other creditors

24,762

30,560

355,253

550,820

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

Ordinary B of £1 each

20

20

20

20

 

1,020

1,020

1,020

1,020