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REGISTERED NUMBER: SC217626 (Scotland)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

GLENISLA KILTS LIMITED

GLENISLA KILTS LIMITED (REGISTERED NUMBER: SC217626)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GLENISLA KILTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: J Culbert
T Feeney
R S Gilmour
M Richmond





SECRETARY: J Culbert





REGISTERED OFFICE: Braidhurst Industrial Estate
Motherwell
ML1 3ST





REGISTERED NUMBER: SC217626 (Scotland)





ACCOUNTANTS: McDaid & Partners
Stanley House
69/71 Hamilton Road
Motherwell
Lanarkshire
ML1 3DG

GLENISLA KILTS LIMITED (REGISTERED NUMBER: SC217626)

BALANCE SHEET
30 JUNE 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 40,182 104,964

CURRENT ASSETS
Stocks 170,985 45,478
Debtors 5 235,667 221,176
Cash at bank 181,233 341,660
587,885 608,314
CREDITORS
Amounts falling due within one year 6 461,138 388,431
NET CURRENT ASSETS 126,747 219,883
TOTAL ASSETS LESS CURRENT
LIABILITIES

166,929

324,847

CREDITORS
Amounts falling due after more than one
year

7

(111,526

)

(187,459

)

PROVISIONS FOR LIABILITIES - (1,604 )
NET ASSETS 55,403 135,784

CAPITAL AND RESERVES
Called up share capital 41 41
Capital redemption reserve 59 59
Retained earnings 55,303 135,684
SHAREHOLDERS' FUNDS 55,403 135,784

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 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.

GLENISLA KILTS LIMITED (REGISTERED NUMBER: SC217626)

BALANCE SHEET - continued
30 JUNE 2023


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 4 September 2023 and were signed on its behalf by:




J Culbert - Director



R S Gilmour - Director


GLENISLA KILTS LIMITED (REGISTERED NUMBER: SC217626)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1. STATUTORY INFORMATION

Glenisla Kilts Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover is stated net of VAT. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant & machinery - 15% on reducing balance
Fixtures & fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

GLENISLA KILTS LIMITED (REGISTERED NUMBER: SC217626)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

2. ACCOUNTING POLICIES - continued

Government grants
Scottish Enterprise grant was received in 2016. This have been credited to a reserve account to match expenditure on fixed assets. The grants are being released to the Profit and Loss Account at the same rate as Plant & machinery is depreciated.

Additional Government grants are eligible for recognition within the financial statements once they become receivable.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 54 (2022 - 54 ) .

4. TANGIBLE FIXED ASSETS
Plant & Fixtures Motor
machinery & fittings vehicles Totals
£    £    £    £   
COST
At 1 July 2022 161,759 6,912 80,765 249,436
Disposals - - (80,765 ) (80,765 )
At 30 June 2023 161,759 6,912 - 168,671
DEPRECIATION
At 1 July 2022 115,013 6,385 23,074 144,472
Charge for year 7,012 79 7,677 14,768
Eliminated on disposal - - (30,751 ) (30,751 )
At 30 June 2023 122,025 6,464 - 128,489
NET BOOK VALUE
At 30 June 2023 39,734 448 - 40,182
At 30 June 2022 46,746 527 57,691 104,964

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade debtors 196,157 216,473
Other debtors 39,510 4,703
235,667 221,176

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Bank loans and overdrafts 40,000 40,000
Hire purchase contracts (see note 8) - 4,385
Trade creditors 132,857 79,743
Taxation and social security 130,598 151,520
Other creditors 157,683 112,783
461,138 388,431

GLENISLA KILTS LIMITED (REGISTERED NUMBER: SC217626)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.23 30.6.22
£    £   
Bank loans 93,333 133,333
Hire purchase contracts (see note 8) - 44,523
Other creditors 18,193 9,603
111,526 187,459

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

30.6.23 30.6.22
£    £   
Net obligations repayable:
Within one year - 4,385
Between one and five years - 44,523
- 48,908

At the year end the company had operating lease commitments of £73,881 (2022 £6,244).

9. SECURED DEBTS

The Governor and Company of the Bank of Scotland hold a bond & floating charge over the assets of the company.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2023 and 30 June 2022:

30.6.23 30.6.22
£    £   
J Culbert
Balance outstanding at start of year 42,898 42,988
Amounts advanced 13,000 42,000
Amounts repaid (42,095 ) (42,090 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 13,803 42,898

R S Gilmour
Balance outstanding at start of year 19,263 19,353
Amounts advanced - 20,000
Amounts repaid (20,095 ) (20,090 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (832 ) 19,263

GLENISLA KILTS LIMITED (REGISTERED NUMBER: SC217626)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

T Feeney
Balance outstanding at start of year 19,263 19,353
Amounts advanced - 20,000
Amounts repaid (20,095 ) (20,090 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (832 ) 19,263

Loans to and from the directors are interest free and repayable on demand.