GLG Telecom Limited - Accounts to registrar (filleted) - small 18.2

GLG Telecom Limited - Accounts to registrar (filleted) - small 18.2

GLG TELECOM LIMITED - Company Information

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REGISTERED NUMBER: SC466621 (Scotland)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

GLG TELECOM LIMITED
GLG TELECOM LIMITED (REGISTERED NUMBER: SC466621)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 DECEMBER 2019




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


GLG TELECOM LIMITED

COMPANY INFORMATION
for the year ended 31 DECEMBER 2019







DIRECTORS: G G Edgar
Mrs L A M Brodie
G L Murphy





REGISTERED OFFICE: Thomas Barrie & Co LLP
Atlantic House
1a Cadogan Street
Glasgow
G2 6QE





REGISTERED NUMBER: SC466621 (Scotland)





ACCOUNTANTS: Thomas Barrie & Co LLP
Atlantic House
1a Cadogan Street
Glasgow
G2 6QE
Page 1
GLG TELECOM LIMITED (REGISTERED NUMBER: SC466621)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2019

2018 2019
£    £    Notes £    £   
FIXED ASSETS
1,333,872 Investments 4 1,403,141

CURRENT ASSETS
7,606 Debtors 5 3,885
6,030 Cash at bank 2,594
13,636 6,479
CREDITORS
604,473 Amounts falling due within one year 6 629,464
(590,837 ) NET CURRENT LIABILITIES (622,985 )
743,035 TOTAL ASSETS LESS CURRENT
LIABILITIES
780,156

1,531 PROVISIONS FOR LIABILITIES 1,531
741,504 NET ASSETS 778,625

CAPITAL AND RESERVES
20,000 Called up share capital 20,000
703,128 Share premium 703,128
18,376 Retained earnings 55,497
741,504 SHAREHOLDERS' FUNDS 778,625

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 notes form part of these financial statements

Page 2
GLG TELECOM LIMITED (REGISTERED NUMBER: SC466621)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2019


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 2 July 2020 and were
signed on its behalf by:





G L Murphy - Director


The notes form part of these financial statements

Page 3
GLG TELECOM LIMITED (REGISTERED NUMBER: SC466621)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 DECEMBER 2019

1. STATUTORY INFORMATION

GLG Telecom Limited is a private company, limited by shares, registered in Scotland, registered company
SC466621. The registered office is c/o Thomas Barrie, Atlantic House, 1a Cadogan Street, Glasgow, G2 6QE.

The principal activity of the company is that of a holding company.

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 as modified by the revaluation of certain assets.

The presentation currency of the financial statements is Pounds Sterling (£).

Significant judgements and estimates
In preparing these financial statements, the directors are required to make judgements, estimates and assumptions
that affect the application of the Company’s accounting policies and the reported amounts of assets, liabilities,
income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

There were no significant judgements or estimates made in period.

Investments in subsidiaries and associates
Investments in subsidiary and associate undertakings are recognised at cost.

Financial instruments
The company has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially
at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest
method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents comprise cash balances, including bank overdrafts that are payable on demand and
form an integral part of the company's cash management.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans,
are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost
using the effective interest method.

Provisions
Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current
market assessments of the time value of money and the risks specific to the liability. The unwinding of the
discount is recognised as finance 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 statement of financial position date.

Page 4
GLG TELECOM LIMITED (REGISTERED NUMBER: SC466621)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 DECEMBER 2019

2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the
statement of financial position 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.

Short-term employee benefits
Short term employee benefits, including holiday pay, are recognised as an expense in profit and loss in the period
in which they are incurred. A liability is recognised for the amount expected to be paid if the company has a
present legal or constructive obligation to pay this amount as a result of past service provided by the employee,
and the obligation can be estimated reliably.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2018 - 4 ) .

4. FIXED ASSET INVESTMENTS
Shares in Interest
group in Other
Totals undertakings associate investments
£    £    £    £   
COST OR VALUATION
At 1 January 2019 1,333,872 1,253,617 1 80,254
Additions 65,216 - - 65,216
Disposals (14,510 ) - - (14,510 )
Revaluations 18,563 - - 18,563
At 31 December 2019 1,403,141 1,253,617 1 149,523
NET BOOK VALUE
At 31 December 2019 1,403,141 1,253,617 1 149,523
At 31 December 2018 1,333,872 1,253,617 1 80,254

Page 5
GLG TELECOM LIMITED (REGISTERED NUMBER: SC466621)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 DECEMBER 2019

4. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 31 December 2019 is represented by:

Shares in Interest
group in Other
Totals undertakings associate investments
£    £    £    £   
Valuation in 2016 783 - - 783
Valuation in 2017 7,276 - - 7,276
Valuation in 2018 (5,868 ) - - (5,868 )
Valuation in 2019 17,078 - - 17,078
Cost 1,383,872 1,253,617 1 130,254
1,403,141 1,253,617 1 149,523

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Other debtors 3,885 7,606

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Amounts owed to group undertakings 555,772 591,612
Amounts owed to associates 1 1
Taxation and social security 69,783 9,474
Other creditors 3,908 3,386
629,464 604,473

7. RELATED PARTY DISCLOSURES

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 wholly owned subsidiaries within the group.

Page 6