GLC PROJECTS LTD

Company Registration Number:
11965408 (England and Wales)

Unaudited abridged accounts for the year ended 28 April 2024

Period of accounts

Start date: 29 April 2023

End date: 28 April 2024

GLC PROJECTS LTD

Contents of the Financial Statements

for the Period Ended 28 April 2024

Balance sheet
Notes

GLC PROJECTS LTD

Balance sheet

As at 28 April 2024


Notes

2024

2023


£

£
Fixed assets
Tangible assets: 3 207,978 51,316
Total fixed assets: 207,978 51,316
Current assets
Debtors:   180,426 157,784
Cash at bank and in hand: 349,857 47,601
Total current assets: 530,283 205,385
Creditors: amounts falling due within one year:   (321,743) (169,310)
Net current assets (liabilities): 208,540 36,075
Total assets less current liabilities: 416,518 87,391
Creditors: amounts falling due after more than one year:   (132,541) (27,083)
Total net assets (liabilities): 283,977 60,308
Capital and reserves
Called up share capital: 1 1
Profit and loss account: 283,976 60,307
Shareholders funds: 283,977 60,308

The notes form part of these financial statements

GLC PROJECTS LTD

Balance sheet statements

For the year ending 28 April 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 27 January 2025
and signed on behalf of the board by:

Name: G Cochrane
Status: Director

The notes form part of these financial statements

GLC PROJECTS LTD

Notes to the Financial Statements

for the Period Ended 28 April 2024

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

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

Tangible fixed assets and depreciation policy

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: Fixtures & Fittings at a rate of 20% straight line & Motor Vehicles at a rate of 25% straight line

Other accounting policies

Finance leases and hire purchase contracts Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability. 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 as a finance cost in profit or loss in the period in which it arises.

GLC PROJECTS LTD

Notes to the Financial Statements

for the Period Ended 28 April 2024

2. Employees

2024 2023
Average number of employees during the period 9 9

GLC PROJECTS LTD

Notes to the Financial Statements

for the Period Ended 28 April 2024

3. Tangible Assets

Total
Cost £
At 29 April 2023 63,324
Additions 199,240
At 28 April 2024 262,564
Depreciation
At 29 April 2023 12,008
Charge for year 42,578
At 28 April 2024 54,586
Net book value
At 28 April 2024 207,978
At 28 April 2023 51,316