Glenseal Ltd - Accounts to registrar (filleted) - small 18.2

Glenseal Ltd - Accounts to registrar (filleted) - small 18.2

GLENSEAL LTD - Company Information

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REGISTERED NUMBER: SC606756 (Scotland)















Unaudited Financial Statements

for the Period 30 August 2018 to 31 December 2018

for

Glenseal Ltd

Previously known as
Glenseal Adhesives Ltd
Glenseal Ltd (Registered number: SC606756)






Contents of the Financial Statements
for the Period 30 August 2018 to 31 December 2018




Page

Balance Sheet 1

Notes to the Financial Statements 3


Glenseal Ltd (Registered number: SC606756)

Balance Sheet
31 December 2018

Notes £   
FIXED ASSETS
Intangible assets 4 64,900
Tangible assets 5 179,104
244,004

CURRENT ASSETS
Stocks 134,462
Debtors 6 466,095
Cash at bank 310,380
910,937
CREDITORS
Amounts falling due within one year 7 (1,060,172 )
NET CURRENT LIABILITIES (149,235 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
94,769

CAPITAL AND RESERVES
Called up share capital 100
Retained earnings 94,669
94,769

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The notes form part of these financial statements

Page 1 continued...
Glenseal Ltd (Registered number: SC606756)

Balance Sheet - continued
31 December 2018


The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 22 August 2019 and were signed on its behalf by:





Mr A C Fowler - Director


The notes form part of these financial statements

Page 2
Glenseal Ltd (Registered number: SC606756)

Notes to the Financial Statements
for the Period 30 August 2018 to 31 December 2018

1. STATUTORY INFORMATION

Glenseal Ltd is a limited company domiciled in Scotland, registration number SC606756. The registered office is Unit 1
Ruthvenfield Avenue, Inveralmond Industrial Estate, Perth PH1 3WB.

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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial
Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with group
members.

Turnover
Turnover represents net invoiced sales of goods and services in respect of adhesives and other products, excluding value
added tax. Sales are recognised at the point at which the goods are delivered or the service is complete.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 20% on cost and not provided
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of
acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed
assets are depreciated to nil value.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving
items. Cost is represented by purchase price.

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 balance sheet date.


Page 3 continued...
Glenseal Ltd (Registered number: SC606756)

Notes to the Financial Statements - continued
for the Period 30 August 2018 to 31 December 2018

2. ACCOUNTING POLICIES - continued
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 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.

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable
that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions
are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined
by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with
respect to any one item included in the same class of obligations may be small.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 3 .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 30 August 2018
and 31 December 2018 66,000
AMORTISATION
Amortisation for period 1,100
At 31 December 2018 1,100
NET BOOK VALUE
At 31 December 2018 64,900
At 29 August 2018 66,000

Page 4 continued...
Glenseal Ltd (Registered number: SC606756)

Notes to the Financial Statements - continued
for the Period 30 August 2018 to 31 December 2018

5. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
Additions 143,694 18,590 3,085 22,250 187,619
At 31 December 2018 143,694 18,590 3,085 22,250 187,619
DEPRECIATION
Charge for period 4,287 2,089 1,059 1,080 8,515
At 31 December 2018 4,287 2,089 1,059 1,080 8,515
NET BOOK VALUE
At 31 December 2018 139,407 16,501 2,026 21,170 179,104

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade debtors 304,458
Amounts owed by group undertakings 147,159
Other debtors 14,478
466,095

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade creditors 735,937
Taxation and social security 41,403
Other creditors 282,832
1,060,172

8. ULTIMATE PARENT ENTITY

The ultimate parent entity is Quin Global Holdings Ltd which shares the same registered office.

Page 5