G.L.S. Limited - Period Ending 2021-02-28

G.L.S. Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Notes to the Unaudited Financial Statements	4 to 8

G.L.S. Limited

Company Information

Directors

J N A Lubbock G J Deans A G M Stevenson

Company secretary

H C Marshall

Registered office

Crown Business Centre 20/22 High Street Hawick Roxburghshire TD9 9EH

Solicitors

Burness Paull 50 Lothian Road Festival Square Edinburgh EH3 9WJ

Accountants

Deans Accountants And Business Advisors Ltd Chartered Accountants and Business Advisors 27 North Bridge Street Hawick Borders TD9 9BD

DEANS

Chartered Accountants

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
G.L.S. Limited for the Year Ended 28 February 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of G.L.S. Limited for the year ended 28 February 2021 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland (ICAS), we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/ethics/icas-code-of-ethics.

This report is made solely to the Board of Directors of G.L.S. Limited, as a body, in accordance with the terms of our engagement letter dated 18 July 2001. Our work has been undertaken solely to prepare for your approval the accounts of G.L.S. Limited and state those matters that we have agreed to state to the Board of Directors of G.L.S. Limited, as a body, in this report in accordance with ICAS guidance (www.icas.com/accountsprep/guidance). To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than G.L.S. Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that G.L.S. Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of G.L.S. Limited. You consider that G.L.S. 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 accounts of G.L.S. 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 accounts.

......................................

Deans Accountants And Business Advisors Ltd
Chartered Accountants and Business Advisors
27 North Bridge Street
Hawick
Borders
TD9 9BD

25 November 2021

G.L.S. Limited

(Registration number: SC118672)
Balance Sheet as at 28 February 2021

	Note	2021 £	2020 £
Current assets
Debtors	4	726,104	686,840
Cash at bank and in hand		3,465	2,965
		729,569	689,805
Creditors: Amounts falling due within one year	5	(799,682)	(742,596)
Total assets less current liabilities		(70,113)	(52,791)
Creditors: Amounts falling due after more than one year	5	(25,500)	-
Provisions for liabilities		14,395	9,735
Net liabilities		(81,218)	(43,056)
Capital and reserves
Called up share capital	6	1,000	1,000
Profit and loss account		(82,218)	(44,056)
Shareholders' deficit		(81,218)	(43,056)

For the financial year ending 28 February 2021 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 25 November 2021 and signed on its behalf by:
 

......................................... A G M Stevenson Director

G.L.S. Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2021

1	General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Crown Business Centre
20/22 High Street
Hawick
Roxburghshire
TD9 9EH
Scotland

These financial statements were authorised for issue by the Board on 25 November 2021.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company is not directly impacted by Brexit.

The company has suffered financially from the pandemic. Where appropriate, government support in the forms of grants and loans were used to mitigate the impact of lockdowns etc. The directors will continue to assess the impact of the pandemic and make decisions accordingly.

The financial statements are presented in Sterling (£) and rounded to the nearest £0.

Going concern

The company has net liabilities of £81,218 as at 28 February 2021. The company relies on the continued support of the directors to finance the day to day working requirements.

The directors consider it appropriate to prepare the Financial Statements on a going concern basis after consideration of all the information available about the foreseeable future (limited to one year from the date of approval of these financial statements) there is reasonable expectation that the company has adequate resources to remain in operational existence for the foreseeable future.

If adoption of the going concern basis was inappropriate, adjustments could be required to write down assets to the assessment of their recoverable value, to reclassify fixed assets as current assets and to provide for any further liabilities that may arise.

G.L.S. Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2021

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales value added tax, returns, rebates and discounts.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

G.L.S. Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2021

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of it’s liabilities.
 Recognition and measurement
Where shares are issued, any component that creates, a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as an interest expenses in the profit and loss account.
 Impairment
At the end of each reporting period financial instruments measured at fair value are assessed for objective evidence of impairment. The impairment loss is recognised in the profit and loss account.
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2020 - 3).

4

Debtors

	2021 £	2020 £
Trade debtors	4,312	4,312
Other debtors	721,792	682,528
	726,104	686,840

G.L.S. Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2021

5

Creditors

Creditors: amounts falling due within one year

	Note	2021 £	2020 £
Due within one year
Loans and borrowings	7	477,833	419,649
Trade creditors		36,836	36,660
Taxation and social security		220,759	215,400
Accruals and deferred income		45,500	44,500
Other creditors		18,754	26,387
		799,682	742,596

Creditors: amounts falling due after more than one year

	Note	2021 £	2020 £
Due after one year
Loans and borrowings	7	25,500	-

6	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary Shares of £1 each	1,000	1,000	1,000	1,000

7	Loans and borrowings

	2021 £	2020 £
Non-current loans and borrowings
Bank borrowings	25,500	-

	2021 £	2020 £
Current loans and borrowings
Bank borrowings	4,500	-
Bank overdrafts	155	724
Other borrowings	473,178	418,925
	477,833	419,649

G.L.S. Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2021

8	Related party transactions

Transactions with directors

2021	At 1 March 2020 £	Advances to directors £	At 28 February 2021 £
A G M Stevenson
Loans are undated and unsecured. Outstanding amounts are charged at 2.25% per annum	459,604	21,685	481,289

2020	At 1 March 2019 £	Repayments by director £	At 29 February 2020 £
A G M Stevenson
Loans are undated and unsecured. Outstanding amounts are charged at 2.25% per annum	467,206	(7,602)	459,604