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

REGISTERED NUMBER: SC606756 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2019

for

Glenseal Ltd

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

58,300

64,900

Tangible assets

5

128,739

179,104

187,039

244,004

CURRENT ASSETS

Stocks

206,184

134,462

Debtors

6

460,936

466,095

Cash at bank

1,379

310,380

668,499

910,937

CREDITORS

Amounts falling due within one year

7

(744,983

)

(1,060,172

)

NET CURRENT LIABILITIES

(76,484

)

(149,235

)

TOTAL ASSETS LESS CURRENT LIABILITIES

110,555

94,769

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

110,455

94,669

110,555

94,769

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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 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 Board of Directors and authorised for issue on 10 September 2020 and were signed on its behalf by:

Mr A C Fowler - Director

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.

Land and buildings

-

20% on cost and not provided

Plant and machinery etc

-

25% on reducing balance and 10% 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 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.

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 year was 3 (2018 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2019

and 31 December 2019

66,000

AMORTISATION

At 1 January 2019

1,100

Charge for year

6,600

At 31 December 2019

7,700

NET BOOK VALUE

At 31 December 2019

58,300

At 31 December 2018

64,900

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2019

143,694

43,925

187,619

Disposals

-

(25,817

)

(25,817

)

At 31 December 2019

143,694

18,108

161,802

DEPRECIATION

At 1 January 2019

4,287

4,228

8,515

Charge for year

23,573

4,475

28,048

Eliminated on disposal

-

(3,500

)

(3,500

)

At 31 December 2019

27,860

5,203

33,063

NET BOOK VALUE

At 31 December 2019

115,834

12,905

128,739

At 31 December 2018

139,407

39,697

179,104

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

234,038

304,458

Amounts owed by group undertakings

219,766

147,159

Other debtors

7,132

14,478

460,936

466,095

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Bank loans and overdrafts

39,185

-

Trade creditors

630,574

735,937

Taxation and social security

15,696

41,403

Other creditors

59,528

282,832

744,983

1,060,172

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.19

31.12.18

£

£

Invoice finance facility

39,185

-

Clydesdale Bank holds a fixed charge on the book debts of the company in respect of the invoice finance facility

they provide.

9.	ULTIMATE PARENT ENTITY

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