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01/03/2023
28/02/2024
2024-02-28
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No description of principal activities is disclosed
2023-03-01
Sage Accounts Production 23.0 - FRS102_2023
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xbrli:shares
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SC556728
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SC556728
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2024-02-28
Company registration number:
SC556728
Gloam Creative Limited
Unaudited filleted financial statements
28 February 2024
Gloam Creative Limited
Contents
Directors and other information
Directors report
Statement of financial position
Notes to the financial statements
Gloam Creative Limited
Directors and other information
|
|
|
|
Directors |
Mrs Kate Symington |
|
|
Ms Jean Mara |
|
|
|
|
|
|
|
Company number |
SC556728 |
|
|
|
|
|
|
|
Registered office |
Unit 49 |
|
|
Alloa Business Centre |
|
|
Alloa |
|
|
FK10 3SA |
|
|
|
|
|
|
|
Accountant |
Arm in Arm Accounting Limited |
|
|
Herkimer House |
|
|
Mill Road Enterprise Park |
|
|
Linlithgow |
|
|
EH49 7SF |
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|
Gloam Creative Limited
Directors report
Year ended 28 February 2024
The directors present their report and the unaudited financial statements of the company for the year ended 28 February 2024.
Directors
The directors who served the company during the year were as follows:
|
Mrs Kate Symington |
Ms Jean Mara |
|
Other matters
The directors note the balance sheet as at 28th February 2024 indicates negative assets of £56,386. However, the directors confirm that after reviewing their expected projections for the upcoming financial year that they believe that the company has adequate resources to continue to operate and meet its liabilities and therefore the directors continue to adopt the going concern basis of accounting.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
29 November 2024
and signed on behalf of the board by:
Ms Jean Mara
Director
Gloam Creative Limited
Statement of financial position
28 February 2024
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Intangible assets |
|
5 |
805 |
|
|
|
947 |
|
|
Tangible assets |
|
6 |
25,954 |
|
|
|
16,165 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
26,759 |
|
|
|
17,112 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
4,000 |
|
|
|
4,000 |
|
|
Debtors |
|
7 |
41,349 |
|
|
|
30,992 |
|
|
Cash at bank and in hand |
|
|
16,192 |
|
|
|
109 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
61,541 |
|
|
|
35,101 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
8 |
(
122,441) |
|
|
|
(
81,114) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current liabilities |
|
|
|
|
(
60,900) |
|
|
|
(
46,013) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
(
34,141) |
|
|
|
(
28,901) |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
9 |
|
|
(
22,245) |
|
|
|
(
29,599) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Net liabilities |
|
|
|
|
(
56,386) |
|
|
|
(
58,500) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
2 |
|
|
|
2 |
Profit and loss account |
|
|
|
|
(
56,388) |
|
|
|
(
58,502) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders deficit |
|
|
|
|
(
56,386) |
|
|
|
(
58,500) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
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|
For the year ending 28 February 2024 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors
and authorised for issue on
29 November 2024
, and are signed on behalf of the board by:
Ms Jean Mara
Director
Company registration number:
SC556728
Gloam Creative Limited
Notes to the financial statements
Year ended 28 February 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Unit 49, Alloa Business Centre, Alloa, FK10 3SA.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
|
|
|
Website |
- |
15 % |
straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Plant and machinery |
- |
15 % |
straight line |
|
Motor vehicles |
- |
25 % |
straight line |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Staff costs
The average number of persons employed by the company during the year amounted to Nil (2023:
10
).
The aggregate payroll costs incurred during the year were:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Wages and salaries |
|
194,194 |
142,648 |
|
Social security costs |
|
30,497 |
40,272 |
|
Other pension costs |
|
10,666 |
7,961 |
|
|
|
_______ |
_______ |
|
|
|
235,357 |
190,881 |
|
|
|
_______ |
_______ |
|
|
|
|
|
5.
Intangible assets
|
|
Goodwill |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 March 2023 and 28 February 2024 |
1,541 |
1,541 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Amortisation |
|
|
|
|
|
|
|
At 1 March 2023 |
594 |
594 |
|
|
|
|
|
Charge for the year |
142 |
142 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 28 February 2024 |
736 |
736 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 28 February 2024 |
805 |
805 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 28 February 2023 |
947 |
947 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
6.
Tangible assets
|
|
Plant and machinery |
Motor vehicles |
Total |
|
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 March 2023 |
26,024 |
5,489 |
31,513 |
|
|
|
|
|
Additions |
14,319 |
- |
14,319 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 28 February 2024 |
40,343 |
5,489 |
45,832 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 March 2023 |
11,424 |
3,925 |
15,349 |
|
|
|
|
|
Charge for the year |
4,138 |
391 |
4,529 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 28 February 2024 |
15,562 |
4,316 |
19,878 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 28 February 2024 |
24,781 |
1,173 |
25,954 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 28 February 2023 |
14,600 |
1,564 |
16,164
|
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
7.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade debtors |
|
6,559 |
7,631 |
|
Other debtors |
|
34,790 |
23,361 |
|
|
|
_______ |
_______ |
|
|
|
41,349 |
30,992 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
6,912 |
11,618 |
|
Trade creditors |
|
- |
924 |
|
Social security and other taxes |
|
35,564 |
37,920 |
|
Other creditors |
|
79,965 |
30,652 |
|
|
|
_______ |
_______ |
|
|
|
122,441 |
81,114 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Creditors: amounts falling due after more than one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
22,245 |
29,599 |
|
|
|
_______ |
_______ |
|
|
|
|
|
10.
Related party transactions
During the year the company entered into the following transactions with related parties:
|
|
Transaction value |
|
Balance owed by/(owed to) |
|
|
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
El Rey Limited |
40,000 |
- |
40,000 |
- |
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
During the year El Rey Limited whose director is connected to
Gloam Creative Limited
provided working capital funding of £40,000. This loan is on market terms and repayable on demand.