IRIS Accounts Production v24.1.4.33 SC048409 director 1.12.22 30.11.23 30.11.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC0484092022-11-30SC0484092023-11-30SC0484092022-12-012023-11-30SC0484092021-11-30SC0484092021-12-012022-11-30SC0484092022-11-30SC048409ns15:Scotland2022-12-012023-11-30SC048409ns14:PoundSterling2022-12-012023-11-30SC048409ns10:Director12022-12-012023-11-30SC048409ns10:PrivateLimitedCompanyLtd2022-12-012023-11-30SC048409ns10:SmallEntities2022-12-012023-11-30SC048409ns10:AuditExempt-NoAccountantsReport2022-12-012023-11-30SC048409ns10:SmallCompaniesRegimeForDirectorsReport2022-12-012023-11-30SC048409ns10:SmallCompaniesRegimeForAccounts2022-12-012023-11-30SC048409ns10:FullAccounts2022-12-012023-11-30SC048409ns10:RegisteredOffice2022-12-012023-11-30SC048409ns5:CurrentFinancialInstruments2023-11-30SC048409ns5:CurrentFinancialInstruments2022-11-30SC048409ns5:ShareCapital2023-11-30SC048409ns5:ShareCapital2022-11-30SC048409ns5:CapitalRedemptionReserve2023-11-30SC048409ns5:CapitalRedemptionReserve2022-11-30SC048409ns5:FurtherSpecificReserve3ComponentTotalEquity2023-11-30SC048409ns5:FurtherSpecificReserve3ComponentTotalEquity2022-11-30SC048409ns5:RetainedEarningsAccumulatedLosses2023-11-30SC048409ns5:RetainedEarningsAccumulatedLosses2022-11-30SC048409ns5:LandBuildings2022-12-012023-11-30SC048409ns5:PlantMachinery2022-12-012023-11-30SC048409ns5:LandBuildings2022-11-30SC048409ns5:PlantMachinery2022-11-30SC048409ns5:LandBuildings2023-11-30SC048409ns5:PlantMachinery2023-11-30SC048409ns5:LandBuildings2022-11-30SC048409ns5:PlantMachinery2022-11-30SC048409ns5:CostValuation2022-11-30SC048409ns5:RevaluationsIncreaseDecreaseInInvestments2023-11-30SC048409ns5:CostValuation2023-11-30SC048409ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-11-30SC048409ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-11-30SC048409ns5:FurtherSpecificReserve3ComponentTotalEquity2022-11-30
REGISTERED NUMBER: SC048409 (Scotland)
















Financial Statements for the Year Ended 30 November 2023

for

The Glascord Company Limited

The Glascord Company Limited (Registered number: SC048409)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


The Glascord Company Limited

Company Information
for the Year Ended 30 November 2023







DIRECTOR: I W Kerr





REGISTERED OFFICE: 14 Knapdale Street
Lambhill
Glasgow
G22 6PN





REGISTERED NUMBER: SC048409 (Scotland)





ACCOUNTANTS: McLay McAlister & McGibbon LLP
Chartered Accountants
145 St Vincent Street
Glasgow
G2 5JF

The Glascord Company Limited (Registered number: SC048409)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 209,102 221,826
Investments 5 644,744 612,681
853,846 834,507

CURRENT ASSETS
Stocks 65,653 157,925
Debtors 6 146,011 159,637
Cash at bank and in hand 464,536 469,067
676,200 786,629
CREDITORS
Amounts falling due within one year 7 (50,845 ) (102,499 )
NET CURRENT ASSETS 625,355 684,130
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,479,201

1,518,637

PROVISIONS FOR LIABILITIES (86,946 ) (82,580 )
NET ASSETS 1,392,255 1,436,057

CAPITAL AND RESERVES
Called up share capital 102 102
Capital redemption reserve 25 25
Fair value reserve 9 311,643 285,672
Retained earnings 1,080,485 1,150,258
SHAREHOLDERS' FUNDS 1,392,255 1,436,057

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The Glascord Company Limited (Registered number: SC048409)

Balance Sheet - continued
30 November 2023


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 June 2024 and were signed by:





I W Kerr - Director


The Glascord Company Limited (Registered number: SC048409)

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

1. STATUTORY INFORMATION

The Glascord Company Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - at variable rates on reducing balance and over the term of the lease
Plant and machinery etc - 25% on reducing balance and 10% on reducing balance

The company's policy is to review the remaining useful lives and residual value of all tangible fixed assets on an on-going basis and to adjust the depreciation charge to reflect the remaining useful economic life and residual value.

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

Financial instruments
Debtors
Trade debtors and other debtors are recognised at the settlement amount due with appropriate allowances for any irrecoverable amounts when there is objective evidence the asset is impaired.

Cash and cash equivalents
Cash and cash equivalent in the balance sheet comprise cash at bank and in hand.

Creditors
Trade creditors and other creditors are recognised where the company has a present obligation resulting from a past event and are recognised at the settlement amount due after allowing for any trade discounts due.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


The Glascord Company Limited (Registered number: SC048409)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Investments
Fixed asset investments are stated at fair value with any movements being recognised in the profit and loss account.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 December 2022
and 30 November 2023 211,578 1,176,475 1,388,053
DEPRECIATION
At 1 December 2022 75,414 1,090,813 1,166,227
Charge for year 2,972 9,752 12,724
At 30 November 2023 78,386 1,100,565 1,178,951
NET BOOK VALUE
At 30 November 2023 133,192 75,910 209,102
At 30 November 2022 136,164 85,662 221,826

The Glascord Company Limited (Registered number: SC048409)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 December 2022 612,681
Revaluations 32,063
At 30 November 2023 644,744
NET BOOK VALUE
At 30 November 2023 644,744
At 30 November 2022 612,681

The fixed asset investments have a historic cost of £260,000 (2022: £260,000).

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 119,228 136,798
Other debtors 26,783 22,839
146,011 159,637

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade creditors 12,905 44,787
Taxation and social security 27,906 45,309
Other creditors 10,034 12,403
50,845 102,499

8. LEASING AGREEMENTS

At the year end the company had £6,358 (2022: £14,506.36) in non cancellable operating leases.

9. RESERVES
Fair
value
reserve
£   
At 1 December 2022 285,672
Fair value 32,063
Deferred tax (6,092 )

At 30 November 2023 311,643