Company No: SC678631 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

		31.12.2022		31.12.2021
		£		£
Current assets
Debtors	3	5,136		10,721
Cash at bank and in hand		11,959		14,040
		17,095		24,761
Creditors: amounts falling due within one year	4	( 11,716)		( 15,115)
Net current assets		5,379		9,646
Total assets less current liabilities		5,379		9,646
Net assets		5,379		9,646
Capital and reserves
Called-up share capital	5	100		100
Profit and loss account		5,279		9,546
Total shareholders' funds		5,379		9,646

For the financial year ending 31 December 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Glengairn Ltd (registered number: SC678631) were approved and authorised for issue by the Director on 27 September 2023. They were signed on its behalf by:

Paul Craib Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Glengairn Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 60 Knock Street, Whitehills, Banff, AB45 2NW, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The reporting period is from 1 January 2022 to 31 December 2022. This is shorter than the previous year's reporting period of 14 months which was the first period of trading.

Turnover

Turnover represents amounts receivable for the provision of labour services and is recognised when the service is provided.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	Year ended 31.12.2022		Period from 23.10.2020 to 31.12.2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Debtors

	31.12.2022		31.12.2021
	£		£
Other debtors	5,136		10,721

4. Creditors: amounts falling due within one year

	31.12.2022		31.12.2021
	£		£
Taxation and social security	9,352		13,247
Other creditors	2,364		1,868
	11,716		15,115

There are no amounts included above in respect of which any security has been given by the small entity.

5. Called-up share capital

	31.12.2022		31.12.2021
	£		£
Allotted, called-up and fully-paid
50 A Ordinary shares of £ 1.00 each	50		50
50 B Ordinary shares of £ 1.00 each	50		50
	100		100

6. Related party transactions

Transactions with the entity's directors

	31.12.2022		31.12.2021
	£		£
Director's Loan Account	5,136		10,721

The loan from the company to a director is repayable on demand and interest is charged on this loan.