ACCOUNTS - Final Accounts preparation

GLENCOE SOFTWARE LIMITED - Company Information

Registered number: SC291013

GLENCOE SOFTWARE LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

GLENCOE SOFTWARE LIMITED

COMPANY INFORMATION

DIRECTORS	Dr J Swedlow
	Mr C B Allan
	Dr M Platani


REGISTERED NUMBER	SC291013


REGISTERED OFFICE	14 City Quay
	Dundee
	DD1 3JA


ACCOUNTANTS	EQ Accountants LLP
	Chartered Accountants
	14 City Quay
	Dundee
	DD1 3JA

GLENCOE SOFTWARE LIMITED

REGISTERED NUMBER: SC291013

STATEMENT OF FINANCIAL POSITION

AS AT 31 MAY 2020

		2020		2019
Note		£		£

Fixed assets
Tangible assets	4		4,967		2,192
			4,967		2,192
Current assets
Debtors: amounts falling due within one year	5	96,551		34,282
Bank and cash balances		28,339		14,496
		124,890		48,778
Creditors: amounts falling due within one year	6	(131,649)		(42,936)
Net current (liabilities)/assets			(6,759)		5,842
Total assets less current liabilities			(1,792)		8,034

Net (liabilities)/assets			(1,792)		8,034

Capital and reserves
Called up share capital	7	100	100
Profit and loss account		(1,892)	7,934
		(1,792)	8,034

The directors consider 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 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.

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 on 10 May 2021.

Dr J Swedlow

Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1

GLENCOE SOFTWARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

1.	GENERAL INFORMATION

Glencoe Software Limited is a private company, limited by shares, domiciled in Scotland with registration number SC291013. The registered office is 14 City Quay, Dundee, DD1 3JA. The trading address is University of Dundee, College of Life Sciences, Dundee, DD1 5EH.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements 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 following principal accounting policies have been applied:

2.2

GOING CONCERN

These accounts have been prepared on the going concern basis, on the understanding that the parent comapny, Glencoe Software Inc., will continue to financially support the company.

2.3

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

Page 2

GLENCOE SOFTWARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

2.ACCOUNTING POLICIES (CONTINUED)

2.5

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. 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 by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment

33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.6

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument 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, loans to related parties and investments in ordinary shares.

2.7

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

EMPLOYEES

The average monthly number of employees, including directors, during the year was 5 (2019 - 4).

Page 3

GLENCOE SOFTWARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

4.	TANGIBLE FIXED ASSETS

		Office equipment
		£
	COST OR VALUATION
	At 1 June 2019	10,798
	Additions	6,528
	At 31 May 2020	17,326
	DEPRECIATION
	At 1 June 2019	8,606
	Charge for the year on owned assets	3,753
	At 31 May 2020	12,359
	NET BOOK VALUE
	At 31 May 2020	4,967
	At 31 May 2019	2,192

DEBTORS

					2020	2019
					£	£


Trade debtors	26,264	-
Amounts owed by group undertakings	-	9,747
Other debtors	179	21,552
Prepayments and accrued income	2,330	2,983
Grants receivable	67,778	-
	96,551	34,282

Page 4

GLENCOE SOFTWARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

6.	CREDITORS: Amounts falling due within one year
		2020	2019
		£	£

Other loans	24,430	23,100
Trade creditors	3,060	3,019
Amounts owed to group undertakings	65,053	-
Other taxation and social security	3,550	-
Other creditors	15,351	3,261
Accruals and deferred income	20,205	13,556
	131,649	42,936

7.	SHARE CAPITAL
		2020	2019
		£	£

Allotted, called up and fully paid

100 Ordinary Shares shares of £1.00 each	100	100

8.	CONTROLLING PARTY

The company is a 100% owned subsidiary of Glencoe Software Inc., a private company registered in Washington, US, with Unified Business Identifier number 602 558 717. The registered office is 800 5th Avenue #101-259, Seattle, Washington, 98104, United States.

Page 5