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REGISTERED NUMBER: SC409983 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Glulam Solutions Ltd.

Glulam Solutions Ltd. (Registered number: SC409983)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Glulam Solutions Ltd.

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr S J Birnie
Mr H F Morrison





REGISTERED OFFICE: Office Pavilion 2
Westhill Business Centre
Endeavour Drive, Arnhall Business Park
Westhill
Aberdeenshire
AB32 6UF





REGISTERED NUMBER: SC409983 (Scotland)





ACCOUNTANTS: SBP
Accountants
42 Queens Road
Aberdeen
AB15 4YE

Glulam Solutions Ltd. (Registered number: SC409983)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 70,446 94,438

CURRENT ASSETS
Stocks 60,000 25,000
Debtors 5 217,479 626,202
Cash at bank 67,657 -
345,136 651,202
CREDITORS
Amounts falling due within one year 6 761,108 603,263
NET CURRENT (LIABILITIES)/ASSETS (415,972 ) 47,939
TOTAL ASSETS LESS CURRENT
LIABILITIES

(345,526

)

142,377

CREDITORS
Amounts falling due after more than one
year

7

312,837

436,141
NET LIABILITIES (658,363 ) (293,764 )

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (658,365 ) (293,766 )
(658,363 ) (293,764 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Glulam Solutions Ltd. (Registered number: SC409983)

Balance Sheet - continued
31 December 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 August 2024 and were signed on its behalf by:





Mr S J Birnie - Director


Glulam Solutions Ltd. (Registered number: SC409983)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Glulam Solutions Ltd. 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.

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.

The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on cost

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

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Glulam Solutions Ltd. (Registered number: SC409983)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 9 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 5,522 13,528 111,694 17,941 148,685
Additions - 553 - 2,261 2,814
Disposals (4,101 ) (6,609 ) - (10,335 ) (21,045 )
At 31 December 2023 1,421 7,472 111,694 9,867 130,454
DEPRECIATION
At 1 January 2023 5,457 9,112 27,057 12,621 54,247
Charge for year 65 780 21,159 1,330 23,334
Eliminated on disposal (4,101 ) (4,865 ) - (8,607 ) (17,573 )
At 31 December 2023 1,421 5,027 48,216 5,344 60,008
NET BOOK VALUE
At 31 December 2023 - 2,445 63,478 4,523 70,446
At 31 December 2022 65 4,416 84,637 5,320 94,438

The net book value of tangible fixed assets includes £ 63,478 (2022 - £ 84,637 ) in respect of assets held under hire purchase contracts.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 66,021 2,533
Amounts recoverable on contract 59,675 602,718
Other debtors 91,783 20,951
217,479 626,202

Glulam Solutions Ltd. (Registered number: SC409983)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 106,667 128,147
Hire purchase contracts (see note 8) 16,817 16,997
Trade creditors 234,277 330,270
Taxation and social security 193,530 69,775
Other creditors 209,817 58,074
761,108 603,263

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts (see note 8) 52,837 69,474
Other creditors 260,000 366,667
312,837 436,141

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 16,817 16,997
Between one and five years 52,837 69,474
69,654 86,471

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 29,500 22,125
Between one and five years 118,000 118,000
In more than five years 7,375 36,875
154,875 177,000

Glulam Solutions Ltd. (Registered number: SC409983)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
Mr S J Birnie
Balance outstanding at start of year - -
Amounts repaid (100,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (100,000 ) -

Mr H F Morrison
Balance outstanding at start of year - -
Amounts repaid (100,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (100,000 ) -

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are Mr S J Birnie & Mr H F Morrison by virtue of their equal shareholding.