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Registered number: 02858604
GLACIER IMPORTS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2021
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GLACIER IMPORTS LIMITED
REGISTERED NUMBER: 02858604
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021
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Creditors: amounts falling due within one year
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GLACIER IMPORTS LIMITED
REGISTERED NUMBER: 02858604
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2021
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 8 form part of these financial statements.
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GLACIER IMPORTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Glacier Imports Limited (the "Company") is a private company limited by shares and registered in England and Wales. The address of its registered office and principal place of business are Regina House, 124 Finchley Road, London, NW3 5JS and 9 Fircroft Business Centre, Fircroft Way, Edenbridge, Kent, TN8 6EN respectively.
2.Accounting policies
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Summary of significant accounting policies
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The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all reporting periods presented, unless otherwise stated.
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Basis of preparation of financial statements
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The financial statements of the Company have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in conformity with Financial Reporting Standard 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies.
In the opinion of the sole director, there were no such estimates and/or judgments made in applying the Company's accounting policies towards the preparation of these financial statements that may be considered as yielding a significant risk of a material adjustment being made to the carrying amounts of assets and/or liabilities reported in the statement of financial position during the next financial reporting period.
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Functional and presentational currency
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Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (the "functional currency").
The functional currency of the Company and the currency in which the financial statements are presented (the "presentational currency") is 'Pounds Sterling' (£) rounded to the nearest single unit of currency.
In assessing whether the going concern basis remains appropriate for the preparation of the financial statements, the director has reviewed the Company’s principal and emerging risks, recent sales activity, existing debt facilities, access to funding and liquidity position and the Company's performance up to the date these financial statements were approved and expected performance
over the 12 months following the reporting date.
The director at the time of approving the financial statements has a reasonable expectation that the Company shall have, available at its disposal, adequate financial resources to continue in operational existence for the foreseeable future based on its financial performance to date and cash reserves held.
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GLACIER IMPORTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.Accounting policies (continued)
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Going concern (continued)
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While there will always remain an inherent uncertainty, the director has no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the Company to continue as a going concern and therefore considers it both appropriate to continue to adopt the going concern basis in preparing the Company's financial statements and to not recognise any adjustments in the financial statements that would arise if the going concern basis were to become no longer appropriate.
Turnover comprises of revenue recognised by the Company in respect of the distribution and provision of action sports goods and services supplied during the year; with amounts recognised in full upon issue of an invoice at the time of sale and measured at the fair value of consideration receivable, excluding discounts and value added tax.
Grants of a revenue nature are recognised in the statement of income and retained earnings in the same period as the related expenditure.
The Company operates a defined contribution pension plan for its employees. A defined contribution pension plan is one under which the Company pays fixed contributions to a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts falling due but not paid as of the reporting date are carried forward as part of other creditors in the statement of financial position.
The assets of the pension plan are held separately from the Company in independently administered funds.
Taxation comprises of income and/or corporate taxation ("current taxation") recognised solely in profit or loss.
Current taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the reporting date in the UK where taxable income is generated by the Company through its business operations.
Tangible fixed assets are recognised under the cost model and stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended upon acquisition.
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GLACIER IMPORTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
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15.00% on reducing balance
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Depreciation of a tangible fixed asset commences once the asset is available for use.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks are valued at the lower of cost and net realisable value. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its net realisable value (i.e. selling price less any additional costs expected to be incurred in order to complete the sale) with the overall difference (i.e. the impairment loss) recognised immediately in profit or loss.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Debtors are initially measured at transaction price (i.e. fair value) and subsequently held, at transaction price less provision for impairment.
Cash balances are reported by the Company as being financial instruments classified as short term receivables and are represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours and subject to an insignificant risk of changes in value. Cash balances are held at floating interest rates linked to UK bank rates.
Creditors are initially measured and subsequently held at transaction price.
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GLACIER IMPORTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.Accounting policies (continued)
Ordinary share capital, shown in equity, is initially measured and subsequently held at its nominal value. Where the transaction price for issued shares exceeds their nominal value, the difference is shown under equity in a share premium account with any directly attributable transaction costs associated with the issuing of said shares deducted from a share premium account.
Equity dividends are recognised in the reporting period upon approval by the Company's director.
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The average monthly number of employees, including directors, during the year was 1 (2020 - 2).
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Charge for the year on owned assets
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GLACIER IMPORTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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The carrying value of stocks are stated net of impairment losses totalling £nil (2020 - £nil). Impairment losses totalling £nil (2020 - £nil) were recognised in profit and loss.
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Falling due within one year
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Employee and employer contributions totalling £nil (2020: £6) were outstanding at the reporting date and included in creditors falling due within one year.
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Related party transactions
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At the reporting date, the Company owed the director £135,768 (2020: £134,018) in respect of an unsecured and non-interest bearing loan account. Amounts owed towards the loan account are repayable on demand with no fixed date of repayment.
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GLACIER IMPORTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
The Company was under the control of its sole director.
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