REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 October 2022 to 31 December 2023 |
for |
Glocast Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 October 2022 to 31 December 2023 |
for |
Glocast Ltd |
Glocast Ltd (Registered number: SC408395) |
Contents of the Financial Statements |
for the Period 1 October 2022 to 31 December 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Glocast Ltd |
Company Information |
for the Period 1 October 2022 to 31 December 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Management Accountants |
Drumsheugh Toll |
2 Belford Road |
Edinburgh |
Midlothian |
EH4 3BL |
Glocast Ltd (Registered number: SC408395) |
Statement of Financial Position |
31 December 2023 |
31.12.23 | 30.9.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
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 |
Glocast Ltd (Registered number: SC408395) |
Notes to the Financial Statements |
for the Period 1 October 2022 to 31 December 2023 |
1. | STATUTORY INFORMATION |
Glocast Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the 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 |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipments | - |
Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of financial |
assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties. |
Debt instruments, including loans and other accounts receivable and payable are initially measured at transaction price adjusted for transaction costs. They are subsequently recognised at amortised costs using the effective interest method. |
Creditors payable within one year, typically trade payables, are measured initially and subsequently at the undiscounted amount of the cash or other consideration expected to be paid. |
Debtors payable within one year, typically trade receivables, are measured initially and subsequently at the undiscounted amount of the cash or other consideration expected to be received. |
Taxation |
Taxation for the period 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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 statement of financial position 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. |
Glocast Ltd (Registered number: SC408395) |
Notes to the Financial Statements - continued |
for the Period 1 October 2022 to 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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 period was |
4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and | Computer |
property | machinery | fittings | equipments | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 October 2022 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for period |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 30 September 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 30.9.22 |
£ | £ |
Trade debtors |
Other debtors |
Directors' loan accounts | 108,101 | 84,558 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 30.9.22 |
£ | £ |
Bank loans and overdrafts (see note 8) |
Other loans (see note 8) |
Trade creditors |
Social security and other taxes |
VAT | 36,529 | 21,110 |
Other creditors |
Accrued expenses |
Glocast Ltd (Registered number: SC408395) |
Notes to the Financial Statements - continued |
for the Period 1 October 2022 to 31 December 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 30.9.22 |
£ | £ |
Bank loans (see note 8) |
Other loans (see note 8) |
8. | LOANS |
An analysis of the maturity of loans is given below: |
31.12.23 | 30.9.22 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Other loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Other loans - 1-2 years | 36,512 |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Other loans - 2-5 years |
This loan is secured by the assets of the Company. |
9. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the period ended 31 December 2023 and the year ended 30 September 2022: |
31.12.23 | 30.9.22 |
£ | £ |
Balance outstanding at start of period | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |
The Director's loan is repayable on demand. Interest is charged throughout the year at a rate of 2% on balances exceeding £10,000. |
10. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £38,000 (2022 - £89,000) were paid to the director. |