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REGISTERED NUMBER: SC395574















GIGLETS LIMITED

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024






GIGLETS LIMITED (REGISTERED NUMBER: SC395574)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Balance Sheet 1

Notes to the Financial Statements 2


GIGLETS LIMITED (REGISTERED NUMBER: SC395574)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 662,139 727,133
Tangible assets 5 5,392 5,091
667,531 732,224

CURRENT ASSETS
Debtors 6 687,302 358,802
Cash at bank 32,510 160,113
719,812 518,915
CREDITORS
Amounts falling due within one year 7 713,869 675,525
NET CURRENT ASSETS/(LIABILITIES) 5,943 (156,610 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

673,474

575,614

CREDITORS
Amounts falling due after more than one
year

8

1,604,988

936,453
NET LIABILITIES (931,514 ) (360,839 )

CAPITAL AND RESERVES
Called up share capital 133 133
Capital redemption reserve 67 67
Retained earnings (931,714 ) (361,039 )
SHAREHOLDERS' FUNDS (931,514 ) (360,839 )

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 April 2025 and were signed on its behalf by:





C G S Johnstone - Director


GIGLETS LIMITED (REGISTERED NUMBER: SC395574)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

Giglets Limited is a private company, limited by shares, registered in Scotland. The company's registered office address is 44 Bank Street, Kilmarnock, East Ayrshire, United Kingdom, KA1 1HA.

The presentation currency of the financial statements is Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard. The financial statements have been prepared under the historical cost convention.

Going concern
At the year end the company had net current liabilities. The directors have reviewed the company's financial position and forecasts and have a reasonable expectation that the company has adequate; resources, expected future trading and support from its parent company to continue in operational existence for the foreseeable future.

Actual turnover and sales after the year end remain strong, whilst at the same time, support in the forms of; resources, marketing reach and funding assistance are all being provided by the parent company and the wider group. These reasons all factor in the directors' consideration of going concern.

However, the directors accept that, whilst unlikely due to the overall ownership structure and forward strategic and operational plans, a material uncertainty exists, in the case that the support from the parent company were to be withdrawn, that may cast significant doubt on the ability of the company to continue as a going concern.

Judgements
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The directors consider there are no such significant judgements.

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Turnover
Turnover comprises the invoiced value of services rendered during the year, excluding value added tax. The company's policy is to recognise a sale when substantively all the risks and rewards in connection with the services have been passed to the buyer.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Intangible assets are being written off in equal instalments over the following periods:

Patents and licences - 20 years
Computer software - 10 years

GIGLETS LIMITED (REGISTERED NUMBER: SC395574)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 33.3% on cost and 15% on reducing balance

Tangible fixed assets are included at cost less accumulated depreciation and accumulated impairment losses.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like intangibles and plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from third parties, and loans to and from related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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

Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

GIGLETS LIMITED (REGISTERED NUMBER: SC395574)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 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.

Operating 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.

Deferred income
Deferred income consists of income invoiced in advance where the provision of the service is delivered over a specific contract period. The income is released to the profit and loss in line with the terms of the relevant contract.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - 14 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2024 1,112,173
Additions 31,511
At 31 December 2024 1,143,684
AMORTISATION
At 1 January 2024 385,040
Charge for year 96,505
At 31 December 2024 481,545
NET BOOK VALUE
At 31 December 2024 662,139
At 31 December 2023 727,133

GIGLETS LIMITED (REGISTERED NUMBER: SC395574)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2024 9,588
Additions 3,681
Disposals (1,399 )
At 31 December 2024 11,870
DEPRECIATION
At 1 January 2024 4,497
Charge for year 3,380
Eliminated on disposal (1,399 )
At 31 December 2024 6,478
NET BOOK VALUE
At 31 December 2024 5,392
At 31 December 2023 5,091

6. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 373,816 92,546
Other debtors 312,812 264,115
686,628 356,661

Amounts falling due after more than one year:
Other debtors 674 2,141

Aggregate amounts 687,302 358,802

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 97,064 63,329
Taxation and social security 65,771 29,420
Other creditors 551,034 582,776
713,869 675,525

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other creditors 1,604,988 936,453

GIGLETS LIMITED (REGISTERED NUMBER: SC395574)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 690 -

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Duncan MacCaig, CA (Senior Statutory Auditor)
for and on behalf of Martin Aitken & Co Ltd

Material uncertainty relating to going concern
We draw your attention to note two of the financial statements which indicates that the company is reliant on group support and funding to continue trading. Whilst considered unlikely by the directors, the material uncertainty of this support being removed may cast significant doubt on the ability of the company to continue as a going concern. Our opinion is not modified in respect of this matter.

11. RELATED PARTY DISCLOSURES

At the year end, the company owed its parent company, ILT Inläsningstjänst AB, £1,371,839 (2023: £792,073). Of this balance, £1,302,931 (2023: £746,594) is included within other creditors, payable with interest being charged at a commercial rate and repayment terms being over one year. The balance of £68,908 (2023: £45,479) is included within trade creditors and repayable under normal commercial terms.

12. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party of Giglets Limited is a private equity fund.

The company is a wholly owned subsidiary of ILT Inläsningstjänst AB. The registered office of ILT Inläsningstjänst AB is in Heliosgatan 26, SE-120 78, Stockholm, Sweden.

Consolidated accounts, including the company, are drawn up by Poly IntermediateCo AB a parent company of ILT Inläsningstjänst AB. The registered office of Poly IntermediateCo AB is Heliosgatan 26, 120 78 Stockholm, Sweden. Consolidated accounts are available to the public from the Swedish Companies Registration office.