Company registration number SC115078 (Scotland)
GLASGOW PACKAGING AND PRINT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
GLASGOW PACKAGING AND PRINT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
GLASGOW PACKAGING AND PRINT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
270,683
270,813
Investments
5
3,533
2,898
274,216
273,711
Current assets
Debtors
6
19,319
23,184
Cash at bank and in hand
89,218
128,461
108,537
151,645
Creditors: amounts falling due within one year
7
(52,107)
(81,336)
Net current assets
56,430
70,309
Total assets less current liabilities
330,646
344,020
Creditors: amounts falling due after more than one year
8
(948)
-
0
Net assets
329,698
344,020
Capital and reserves
Called up share capital
1,000
1,000
Revaluation reserve
9
1,497
862
Profit and loss reserves
327,201
342,158
Total equity
329,698
344,020

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

GLASGOW PACKAGING AND PRINT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 August 2024 and are signed on its behalf by:
Mr G J Mair
Director
Company registration number SC115078 (Scotland)
GLASGOW PACKAGING AND PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Glasgow Packaging and Print Limited is a private company limited by shares incorporated in Scotland. The registered office is 21 Hunter Street, East Kilbride, Lanarkshire, G74 4LZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Not depreciated
Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance

Freehold land and assets in the course of construction are not depreciated.

GLASGOW PACKAGING AND PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
3
GLASGOW PACKAGING AND PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
269,958
4,614
11,115
285,687
Depreciation and impairment
At 1 January 2023
-
0
4,520
10,354
14,874
Depreciation charged in the year
-
0
14
116
130
At 31 December 2023
-
0
4,534
10,470
15,004
Carrying amount
At 31 December 2023
269,958
80
645
270,683
At 31 December 2022
269,958
94
761
270,813
5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
3,533
2,898
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2023
2,898
Valuation changes
635
At 31 December 2023
3,533
Carrying amount
At 31 December 2023
3,533
At 31 December 2022
2,898
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
19,319
18,027
Other debtors
-
0
5,157
19,319
23,184
GLASGOW PACKAGING AND PRINT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
17,290
33,668
Taxation and social security
4,746
3,513
Other creditors
30,071
44,155
52,107
81,336
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
948
-
0
9
Revaluation reserve
2023
2022
£
£
At the beginning of the year
862
65,799
Other movements
635
(64,937)
At the end of the year
1,497
862
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