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Unaudited Financial Statements for the Year Ended 31 July 2024

for

Glass Sculptures Limited

Glass Sculptures Limited (Registered number: SC637106)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Glass Sculptures Limited

Company Information
for the Year Ended 31 July 2024







DIRECTOR: T Macfarlane





REGISTERED OFFICE: 2 Melville Street
Falkirk
FK1 1HZ





REGISTERED NUMBER: SC637106 (Scotland)





ACCOUNTANTS: Ian Macfarlane Limited
Chartered Accountants
2 Melville Street
Falkirk
FK1 1HZ

Glass Sculptures Limited (Registered number: SC637106)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 19,805 6,070
Investments 5 7,541 206,661
27,346 212,731

CURRENT ASSETS
Stocks 215,714 38,784
Debtors 6 25,733 1,699
Cash at bank and in hand 4,809 66,306
246,256 106,789
CREDITORS
Amounts falling due within one year 7 157,676 29,326
NET CURRENT ASSETS 88,580 77,463
TOTAL ASSETS LESS CURRENT
LIABILITIES

115,926

290,194

CAPITAL AND RESERVES
Called up share capital 8 104 104
Retained earnings 115,822 290,090
SHAREHOLDERS' FUNDS 115,926 290,194

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

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.

Glass Sculptures Limited (Registered number: SC637106)

Balance Sheet - continued
31 July 2024


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 January 2025 and were signed by:





T Macfarlane - Director


Glass Sculptures Limited (Registered number: SC637106)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Glass Sculptures Limited 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 as modified by the revaluation of certain assets.

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.
Plant and machinery etc - 15% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
Investments comprise of market traded equity securities and are represented at fair value.

Taxation
Taxation for the year 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 year 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.

Glass Sculptures Limited (Registered number: SC637106)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

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 year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2023 7,141
Additions 17,230
At 31 July 2024 24,371
DEPRECIATION
At 1 August 2023 1,071
Charge for year 3,495
At 31 July 2024 4,566
NET BOOK VALUE
At 31 July 2024 19,805
At 31 July 2023 6,070

Glass Sculptures Limited (Registered number: SC637106)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 August 2023 206,661
Disposals (199,699 )
Revaluations 579
At 31 July 2024 7,541
NET BOOK VALUE
At 31 July 2024 7,541
At 31 July 2023 206,661

Cost or valuation at 31 July 2024 is represented by:

Other
investments
£   
Valuation in 2021 66,168
Valuation in 2022 (46,489 )
Valuation in 2023 (2,675 )
Valuation in 2024 (15,852 )
Cost 6,389
7,541

Fixed asset investments were valued on an open market basis on 31 July 2024 by market data .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 23,698 -
Other debtors 2,035 1,699
25,733 1,699

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade creditors 138,315 16,919
Taxation and social security 1,602 1,602
Other creditors 17,759 10,805
157,676 29,326

Glass Sculptures Limited (Registered number: SC637106)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.24 31.7.23
value: £    £   
100 Class A £1 100 100
2 Class B £1 2 2
2 Class C £1 2 2
104 104

9. RELATED PARTY DISCLOSURES

During the year the company was under the control of its sole director Mr. Timothy Macfarlane. Mr Macfarlane also holds a controlling interest in Glass Light and Special Structures Ltd.

The company purchased goods and services from Glass Light and Special Structures Ltd totalling £60,278 during the year.