Lincam Glasgow Limited 30/06/2020 iXBRL

LINCAM GLASGOW LIMITED - Company Information

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Company registration number: SC427180

Lincam Glasgow Limited

Unaudited filleted financial statements

30 June 2020

Lincam Glasgow Limited

Contents

Directors and other information

Accountants report

Statement of financial position

Notes to the financial statements

Lincam Glasgow Limited

Directors and other information


	Directors	D J Cameron
		B R Linton


	Company number	SC427180


	Registered office	First Floor
		111 Grampian Road
		Aviemore
		PH22 1RH


	Business address	First Floor
		111 Grampian Road
		Aviemore
		PH22 1RH


	Accountants	Frame Kennedy
		Metropolitan House
		31 - 33 High Street
		Inverness
		IV1 1HT

Lincam Glasgow Limited

Report to the board of directors on the preparation of the

unaudited statutory financial statements of Lincam Glasgow Limited

Year ended 30 June 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lincam Glasgow Limited for the year ended 30 June 2020 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the board of directors of Lincam Glasgow Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Lincam Glasgow Limited and state those matters that we have agreed to state to the board of directors of Lincam Glasgow Limited as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lincam Glasgow Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that Lincam Glasgow Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Lincam Glasgow Limited. You consider that Lincam Glasgow Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Lincam Glasgow Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Frame Kennedy

Chartered Accountants

Metropolitan House

31 - 33 High Street

Inverness

IV1 1HT

14 June 2021

Lincam Glasgow Limited

Statement of financial position

30 June 2020

		2020		2019
	Note	£	£	£	£

Current assets
Debtors	5	2,743,842		2,683,905
Cash at bank and in hand		22,237		82,860
		_______		_______
		2,766,079		2,766,765
Creditors: amounts falling due
within one year	6	( 2,840)		( 2,000)
		_______		_______
Net current assets			2,763,239		2,764,765
			_______		_______
Total assets less current liabilities			2,763,239		2,764,765

			_______		_______
Net assets			2,763,239		2,764,765
			_______		_______

Capital and reserves
Called up share capital	7		2		2
Profit and loss account			2,763,237		2,764,763
			_______		_______
Shareholders funds			2,763,239		2,764,765
			_______		_______

For the year ending 30 June 2020 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 year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 14 June 2021 , and are signed on behalf of the board by:

D J Cameron

Director

Company registration number: SC427180

Lincam Glasgow Limited

Notes to the financial statements

Year ended 30 June 2020

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is First Floor, 111 Grampian Road, Aviemore, PH22 1RH.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 0 (2019: 0).

5. Debtors

	2020	2019
	£	£
Other debtors	2,743,842	2,683,905
	_______	_______

6. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	840	-
Other creditors	2,000	2,000
	_______	_______
	2,840	2,000
	_______	_______

7. Called up share capital

Issued, called up and fully paid

	2020		2019
	No	£	No	£
Ordinary shares of £ 1.00 each	2	2	2	2
	_______	_______	_______	_______

8. Controlling party

The ultimate parent company is Camlin (No4) Limited, a company registered at 111 Grampian Road, Aviemore, PH22 1RH.The directors D R Cameron and B R Linton control Camlin (No2) Limited.