GWG LTD - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC631780 (Scotland)

Unaudited Financial Statements for the Year Ended 31 March 2021

for

GWG LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs P E Giannelli

E Miller

REGISTERED OFFICE:

81 St Vincent Street

Glasgow

G2 5TF

REGISTERED NUMBER:

SC631780 (Scotland)

ACCOUNTANTS:

McEwen & Company CA

2 Broadcroft

Kirkintilloch

Glasgow

G66 1HP

FIXED ASSETS

Tangible assets

4

15,000

22,500

CURRENT ASSETS

Debtors

5

15,333

23,942

Prepayments and accrued income

15,769

9,381

Cash at bank

636,052

331,183

667,154

364,506

CREDITORS

Amounts falling due within one year

6

704,341

392,579

NET CURRENT LIABILITIES

(37,187

)

(28,073

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(22,187

)

(5,573

)

CAPITAL AND RESERVES

Called up share capital

303

303

Retained earnings

(22,490

)

(5,876

)

(22,187

)

(5,573

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 30 March 2022 and were signed on its behalf by:

E Miller - Director

1.	STATUTORY INFORMATION

GWG LTD 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.

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

-

25% on cost

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.

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 15 (2020 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2020

and 31 March 2021

30,000

DEPRECIATION

At 1 April 2020

7,500

Charge for year

7,500

At 31 March 2021

15,000

NET BOOK VALUE

At 31 March 2021

15,000

At 31 March 2020

22,500

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Other debtors

15,333

23,942

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade creditors

633,287

318,526

Taxation and social security

38,654

26,846

Other creditors

32,400

47,207

704,341

392,579

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 March 2021 and the period ended 31 March 2020:

31.3.21

31.3.20

£

£

E Miller

Balance outstanding at start of year

41,858

-

Amounts advanced

17,800

50,000

Amounts repaid

(41,000

)

(8,142

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

18,658

41,858

8.	FLOATING CHARGE

The Company's bankers hold a floating charge over the assets of the Company.