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REGISTERED NUMBER: SC195939 (Scotland)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 April 2023

for

Glencairn Crystal Studio Limited

Glencairn Crystal Studio Limited (Registered number: SC195939)






Contents of the Consolidated Financial Statements
for the Year Ended 30 April 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 19


Glencairn Crystal Studio Limited

Company Information
for the Year Ended 30 April 2023







DIRECTORS: R Davidson
S A Davidson
P J Davidson





SECRETARY: S A Davidson





REGISTERED OFFICE: 29 Brandon Street
Hamilton
South Lanarkshire
ML3 6DA





REGISTERED NUMBER: SC195939 (Scotland)





AUDITORS: Sharles Audit Limited
Statutory Auditor
29 Brandon Street
Hamilton
ML3 6DA

Glencairn Crystal Studio Limited (Registered number: SC195939)

Group Strategic Report
for the Year Ended 30 April 2023

The directors present their strategic report of the company and the group for the year ended 30 April 2023.

REVIEW OF BUSINESS
The directors are satisfied with the results achieved by the group during the year.

The group's key performance indicators are turnover, gross profit and net profit.

Based on a year to year comparison of the results of the group:
- Turnover increased to £17,841,358 from £14,513,167 last year,
- Gross profit increased to £8,462,283 (47%) from £7,371,589 (51%), and
- Net profit increased to £4,794,035 (27%) from £4,487,162 (31%).

Overall, the group has experienced an increase in turnover and profitability which the directors attribute to sustained performance throughout 2022/23.

The directors consider the group to be in a healthy financial position at the year end.

PRINCIPAL RISKS AND UNCERTAINTIES
The group's operations expose it to a variety of financial risks that include performance risk, operational risk, credit risk and liquidity risk. The directors recognise their overall responsibility for the group's systems and internal control. The controls are designed to manage as opposed to completely eliminate risk.

The group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group by regularly reviewing and monitoring individual contract balances and ensuring adequate funding is in place for any given contract.

Performance risk is minimised through accurately budgeting and costing individual projects at the outset and then monitoring the performance on these projects through to completion. The performance of the group and the individual companies within the group is monitored through quarterly management accounts which are reviewed at regular board meetings.

Operational risk is minimised through having robust health and safety and quality assurance policies and procedures in place as well as the development of a positive health and safety culture throughout the group.

Credit risk is minimised by requiring the appropriate credit checks on potential customers, working with reputable customers, agreeing regular payment terms on larger contracts and having strict credit controls. The amount of exposure to any individual customer is also assessed and controlled.

Liquidity risk is minimised through managing the cash generated by operations and the retention of a healthy level of group reserves and funds in the bank.

FINANCIAL INSTRUMENTS
The group has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are all conducted in multiple currencies.


Glencairn Crystal Studio Limited (Registered number: SC195939)

Group Strategic Report
for the Year Ended 30 April 2023

GOING CONCERN
The directors have assessed the group as having sufficient resources to meet the expected ongoing costs of the business for a period of at least 12 months from the date of signing the financial statements. As a result they have continued to adopt the going concern basis when preparing the financial statements.

ON BEHALF OF THE BOARD:





S A Davidson - Director


12 October 2023

Glencairn Crystal Studio Limited (Registered number: SC195939)

Report of the Directors
for the Year Ended 30 April 2023

The directors present their report with the financial statements of the company and the group for the year ended 30 April 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the manufacture and distribution of crystal and glassware.

DIVIDENDS
An interim dividend of £5,154 per share was paid on 30 April 2023. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30 April 2023 will be £ 2,350,000 .

RESEARCH AND DEVELOPMENT
The group is constantly increasing its knowledge and capability for the design, development and manufacture of complex crystal decanters.

FUTURE DEVELOPMENTS
The directors are confident that the group will continue to grow and trade profitably.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2022 to the date of this report.

R Davidson
S A Davidson
P J Davidson

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Glencairn Crystal Studio Limited (Registered number: SC195939)

Report of the Directors
for the Year Ended 30 April 2023


AUDITORS
The auditors, Sharles Audit Limited, have indicated their willingness to be reappointed for another term and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.

ON BEHALF OF THE BOARD:





S A Davidson - Director


12 October 2023

Report of the Independent Auditors to the Members of
Glencairn Crystal Studio Limited

Opinion
We have audited the financial statements of Glencairn Crystal Studio Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 April 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Glencairn Crystal Studio Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Glencairn Crystal Studio Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
- obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the group operates in and how the group is complying with the legal and regulatory framework;
- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, the Companies Act 2006 and tax compliance regulations. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures, inspecting correspondence with local tax authorities and evaluating advice received from internal/external tax advisors.

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to health and safety. We performed audit procedures to inquire of management and those charged with governance whether the group is in compliance with these law and regulations and inspected correspondence with regulatory authorities.

The audit engagement team identified the risk of management override of controls and revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business, challenging judgments and estimates applied in the year end accounts.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Glencairn Crystal Studio Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Keith Edwards (Senior Statutory Auditor)
for and on behalf of Sharles Audit Limited
Statutory Auditor
29 Brandon Street
Hamilton
ML3 6DA

13 October 2023

Glencairn Crystal Studio Limited (Registered number: SC195939)

Consolidated
Income Statement
for the Year Ended 30 April 2023

2023 2022
Notes £    £   

TURNOVER 4 17,841,358 14,513,167

Cost of sales 9,379,075 7,141,578
GROSS PROFIT 8,462,283 7,371,589

Administrative expenses 3,953,459 3,268,426
4,508,824 4,103,163

Other operating income 237,537 371,545
OPERATING PROFIT 6 4,746,361 4,474,708

Interest receivable and similar income 14,188 15,152
4,760,549 4,489,860
Gain/loss on revaluation of investments 34,792 -
4,795,341 4,489,860

Interest payable and similar expenses 7 1,306 2,698
PROFIT BEFORE TAXATION 4,794,035 4,487,162

Tax on profit 8 866,619 766,101
PROFIT FOR THE FINANCIAL YEAR 3,927,416 3,721,061
Profit attributable to:
Owners of the parent 3,927,416 3,721,061

Glencairn Crystal Studio Limited (Registered number: SC195939)

Consolidated
Other Comprehensive Income
for the Year Ended 30 April 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 3,927,416 3,721,061


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

3,927,416

3,721,061

Total comprehensive income attributable to:
Owners of the parent 3,927,416 3,721,061

Glencairn Crystal Studio Limited (Registered number: SC195939)

Consolidated Balance Sheet
30 April 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 108,611 118,485
Tangible assets 12 2,004,889 2,031,500
Investments 13 76,911 16
2,190,411 2,150,001

CURRENT ASSETS
Stocks 14 3,373,813 2,265,288
Debtors 15 2,375,835 2,045,476
Investments 16 988,553 -
Cash at bank and in hand 3,186,036 4,843,609
9,924,237 9,154,373
CREDITORS
Amounts falling due within one year 17 4,322,596 5,110,233
NET CURRENT ASSETS 5,601,641 4,044,140
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,792,052

6,194,141

CREDITORS
Amounts falling due after more than one
year

18

-

(21,690

)

PROVISIONS FOR LIABILITIES 22 (192,453 ) (150,268 )
NET ASSETS 7,599,599 6,022,183

CAPITAL AND RESERVES
Called up share capital 23 456 456
Capital redemption reserve 24 144 144
Retained earnings 24 7,598,999 6,021,583
SHAREHOLDERS' FUNDS 7,599,599 6,022,183

The financial statements were approved by the Board of Directors and authorised for issue on 12 October 2023 and were signed on its behalf by:





S A Davidson - Director


Glencairn Crystal Studio Limited (Registered number: SC195939)

Company Balance Sheet
30 April 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 1,999,257 2,025,867
Investments 13 274,588 197,693
2,273,845 2,223,560

CURRENT ASSETS
Stocks 14 3,318,550 2,205,247
Debtors 15 2,348,081 2,028,089
Investments 16 988,553 -
Cash at bank and in hand 3,159,931 4,810,391
9,815,115 9,043,727
CREDITORS
Amounts falling due within one year 17 4,365,924 5,151,273
NET CURRENT ASSETS 5,449,191 3,892,454
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,723,036

6,116,014

CREDITORS
Amounts falling due after more than one
year

18

-

(21,690

)

PROVISIONS FOR LIABILITIES 22 (197,327 ) (155,142 )
NET ASSETS 7,525,709 5,939,182

CAPITAL AND RESERVES
Called up share capital 23 456 456
Capital redemption reserve 24 144 144
Retained earnings 24 7,525,109 5,938,582
SHAREHOLDERS' FUNDS 7,525,709 5,939,182

Company's profit for the financial year 3,936,527 3,729,789

The financial statements were approved by the Board of Directors and authorised for issue on 12 October 2023 and were signed on its behalf by:





S A Davidson - Director


Glencairn Crystal Studio Limited (Registered number: SC195939)

Consolidated Statement of Changes in Equity
for the Year Ended 30 April 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   

Balance at 1 May 2021 456 4,650,522 144 4,651,122

Changes in equity
Dividends - (2,350,000 ) - (2,350,000 )
Total comprehensive income - 3,721,061 - 3,721,061
Balance at 30 April 2022 456 6,021,583 144 6,022,183

Changes in equity
Dividends - (2,350,000 ) - (2,350,000 )
Total comprehensive income - 3,927,416 - 3,927,416
Balance at 30 April 2023 456 7,598,999 144 7,599,599

Glencairn Crystal Studio Limited (Registered number: SC195939)

Company Statement of Changes in Equity
for the Year Ended 30 April 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   

Balance at 1 May 2021 456 4,558,793 144 4,559,393

Changes in equity
Dividends - (2,350,000 ) - (2,350,000 )
Total comprehensive income - 3,729,789 - 3,729,789
Balance at 30 April 2022 456 5,938,582 144 5,939,182

Changes in equity
Dividends - (2,350,000 ) - (2,350,000 )
Total comprehensive income - 3,936,527 - 3,936,527
Balance at 30 April 2023 456 7,525,109 144 7,525,709

Glencairn Crystal Studio Limited (Registered number: SC195939)

Consolidated Cash Flow Statement
for the Year Ended 30 April 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,409,623 4,444,770
Interest paid (1,306 ) (2,698 )
Tax paid (772,887 ) (699,360 )
Net cash from operating activities 2,635,430 3,742,712

Cash flows from investing activities
Purchase of tangible fixed assets (236,861 ) (562,755 )
Purchase of fixed asset investments (76,895 ) -
Purchase of current asset investments (953,760 ) -
Interest received 14,188 15,152
Net cash from investing activities (1,253,328 ) (547,603 )

Cash flows from financing activities
Loan repayments in year (85,566 ) (64,033 )
Amount introduced by directors - 616,680
Amount withdrawn by directors (604,109 ) -
Equity dividends paid (2,350,000 ) (2,350,000 )
Net cash from financing activities (3,039,675 ) (1,797,353 )

(Decrease)/increase in cash and cash equivalents (1,657,573 ) 1,397,756
Cash and cash equivalents at beginning of
year

2

4,843,609

3,445,853

Cash and cash equivalents at end of year 2 3,186,036 4,843,609

Glencairn Crystal Studio Limited (Registered number: SC195939)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 April 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 4,794,035 4,487,162
Depreciation charges 273,345 242,571
Unrealised gain on investments (34,792 ) -
Finance costs 1,306 2,698
Finance income (14,188 ) (15,152 )
5,019,706 4,717,279
Increase in stocks (1,108,525 ) (449,040 )
(Increase)/decrease in trade and other debtors (330,359 ) 104,450
(Decrease)/increase in trade and other creditors (171,199 ) 72,081
Cash generated from operations 3,409,623 4,444,770

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 3,186,036 4,843,609
Year ended 30 April 2022
30.4.22 1.5.21
£    £   
Cash and cash equivalents 4,843,609 3,445,853


Glencairn Crystal Studio Limited (Registered number: SC195939)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 April 2023

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.5.22 Cash flow At 30.4.23
£    £    £   
Net cash
Cash at bank and in hand 4,843,609 (1,657,573 ) 3,186,036
4,843,609 (1,657,573 ) 3,186,036

Liquid resources
Current asset investments - 988,553 988,553
- 988,553 988,553
Debt
Debts falling due within 1 year (63,876 ) 63,876 -
Debts falling due after 1 year (21,690 ) 21,690 -
(85,566 ) 85,566 -
Total 4,758,043 (583,454 ) 4,174,589

Glencairn Crystal Studio Limited (Registered number: SC195939)

Notes to the Consolidated Financial Statements
for the Year Ended 30 April 2023

1. STATUTORY INFORMATION

Glencairn Crystal Studio 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 General Information page.

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


2. STATEMENT OF COMPLIANCE

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" and the Companies Act 2006. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis.

Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company and all the subsidiary companies which it controls either directly or indirectly.

Intercompany transactions and balances between group companies are eliminated on consolidation.

The financial statements of all subsidiary companies are prepared to the same reporting date as the parent company. All subsidiary companies have been consolidated.

The cost of a business combination is the fair value at the acquisition date, of the assets given, equity instruments issued and liabilities incurred or assumed, plus directly attributable costs.

The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

Significant judgements and estimates
In the application of the group's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Changes in accounting policies
There were no changes in accounting policies arising during the current year.

Turnover and revenue recognition
Turnover is derived from the manufacture and distribution of crystal and glassware by the group.

Turnover is measured at the fair value of the manufacture and distribution of crystal and glassware, net of discounts and excluding value added tax, and is recognised at the point that the group obtains the right to consideration.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of twenty years.

Glencairn Crystal Studio Limited (Registered number: SC195939)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2023

3. ACCOUNTING POLICIES - continued

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 20% on cost and 15% on reducing balance
Fixtures and fittings - 20% on cost, 20% on reducing balance and 15% on reducing balance
Motor vehicles - 25% on cost
Computer equipment - 20% on cost and 15% on reducing balance

Tangible fixed assets held for the group's own use are stated at cost less accumulated depreciation and accumulated impairment loss.

At each balance sheet date, the group reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the income statement in the period it is incurred.

Government grants
Grants considered to be revenue in nature are credited to the profit and loss account in the period to which they relate. Grants of a capital nature are reflected as deferred income in the balance sheet and released to the profit and loss account over the estimated useful life of the assets to which they relate.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to the income statement as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amounts of stocks recognised as an expense in the period in which the reversal occurs.

Work in progress
Work in progress is stated at the lower of cost and net realisable value. Costs comprise direct material and labour costs, plus attributable overheads based on a normal level of activity. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

Glencairn Crystal Studio Limited (Registered number: SC195939)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2023

3. ACCOUNTING POLICIES - continued

Basic financial instruments
The group has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102, in full, to all of its financial instruments.

Recognition and measurement of financial instruments:
Financial assets and financial liabilities are recognised when the group becomes a party to the contractual provisions of the instrument.

Classification of financial instruments:
Financial instruments are classified as liabilities and equity instruments according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Trade, group and other debtors:
Trade, group and other debtors (including accrued income) which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

Where the arrangement with a debtor constitutes a financing transaction, the debtor is initially measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument and subsequently measured at amortised cost, using the effective interest method. The effective interest rate is the market rate used to determine initial measurement adjusted to amortise directly attributable transaction costs.

A provision for impairment of trade debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss.

Cash and cash equivalents:
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.

Trade creditors, group and other creditors:
Trade, group and other creditors (including accruals) payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being transaction price less any amounts settled.

Where the arrangement with a creditor constitutes a financing transaction, the creditor is initially measured at the present value of future payments discounted at a market rate of interest for a similar instrument and subsequently measured at amortised cost, being transaction price less any amounts settled and the cumulative amortisation (using the effective interest method) of any difference between the amount at initial recognition and the maturity amount. The effective interest rate is the rate that discounts estimated future cash payments to the carrying amount of the financial liability.

Derecognition of financial assets and liabilities:
A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some (but not substantially all) risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires.


Glencairn Crystal Studio Limited (Registered number: SC195939)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2023

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

Research and development
Expenditure on research activities is recognised in profit or loss as incurred.

Development expenditure is capitalised only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the company intends to and has sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognised in profit or loss as incurred. Subsequent to initial recognition, development expenditure is measured at cost less accumulated amortisation and any accumulated impairment losses.

Foreign currencies
Transactions in currencies, other than the functional currency of the group, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss account. Non-monetary items are measured at historic cost in a foreign currency are not retranslated.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the group to the fund in respect of the year.

Investments
Fixed asset investments are stated at cost less any provision required to reflect a permanent diminution in value.

Current asset investments in listed investments are stated at their fair value. Any changes in fair value are recognised in the income statement.

Provisions
Provisions are recognised when the group has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefit swill be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

Glencairn Crystal Studio Limited (Registered number: SC195939)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2023

4. TURNOVER

A geographical split of turnover has not been provided as in the opinion of the directors the disclosure of this information would be seriously prejudicial to the interests of the group.

5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,847,282 1,590,596
Social security costs 171,451 141,388
Other pension costs 53,437 41,956
2,072,170 1,773,940

The average number of employees during the year was as follows:
2023 2022

Management 7 7
Staff 58 54
65 61

2023 2022
£    £   
Directors' remuneration 33,000 35,539

6. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Depreciation - owned assets 263,472 232,698
Goodwill amortisation 9,874 9,874
Auditors' remuneration 6,000 6,000

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 1,306 2,698

Glencairn Crystal Studio Limited (Registered number: SC195939)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2023

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 824,434 719,828

Deferred tax 42,185 46,273
Tax on profit 866,619 766,101

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


10. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 2,350,000 2,350,000

11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 May 2022
and 30 April 2023 197,477
AMORTISATION
At 1 May 2022 78,992
Amortisation for year 9,874
At 30 April 2023 88,866
NET BOOK VALUE
At 30 April 2023 108,611
At 30 April 2022 118,485

Glencairn Crystal Studio Limited (Registered number: SC195939)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2023

12. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 May 2022 1,568,038 428,829 938,465
Additions 4,122 70,725 125,351
At 30 April 2023 1,572,160 499,554 1,063,816
DEPRECIATION
At 1 May 2022 141,529 325,306 457,349
Charge for year 31,443 49,977 164,359
At 30 April 2023 172,972 375,283 621,708
NET BOOK VALUE
At 30 April 2023 1,399,188 124,271 442,108
At 30 April 2022 1,426,509 103,523 481,116

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 May 2022 10,750 126,448 3,072,530
Additions - 36,663 236,861
At 30 April 2023 10,750 163,111 3,309,391
DEPRECIATION
At 1 May 2022 10,750 106,096 1,041,030
Charge for year - 17,693 263,472
At 30 April 2023 10,750 123,789 1,304,502
NET BOOK VALUE
At 30 April 2023 - 39,322 2,004,889
At 30 April 2022 - 20,352 2,031,500

Glencairn Crystal Studio Limited (Registered number: SC195939)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2023

12. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 May 2022 1,568,038 417,680 901,842
Additions 4,122 70,726 125,352
At 30 April 2023 1,572,160 488,406 1,027,194
DEPRECIATION
At 1 May 2022 141,529 314,157 426,359
Charge for year 31,443 49,978 164,359
At 30 April 2023 172,972 364,135 590,718
NET BOOK VALUE
At 30 April 2023 1,399,188 124,271 436,476
At 30 April 2022 1,426,509 103,523 475,483

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 May 2022 10,750 110,997 3,009,307
Additions - 36,663 236,863
At 30 April 2023 10,750 147,660 3,246,170
DEPRECIATION
At 1 May 2022 10,750 90,645 983,440
Charge for year - 17,693 263,473
At 30 April 2023 10,750 108,338 1,246,913
NET BOOK VALUE
At 30 April 2023 - 39,322 1,999,257
At 30 April 2022 - 20,352 2,025,867

Glencairn Crystal Studio Limited (Registered number: SC195939)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2023

13. FIXED ASSET INVESTMENTS

Group
Unlisted
investments
£   
COST
At 1 May 2022 16
Additions 76,895
At 30 April 2023 76,911
NET BOOK VALUE
At 30 April 2023 76,911
At 30 April 2022 16
Company
Shares in
group Unlisted
undertakings investments Totals
£    £    £   
COST
At 1 May 2022 197,677 16 197,693
Additions - 76,895 76,895
At 30 April 2023 197,677 76,911 274,588
NET BOOK VALUE
At 30 April 2023 197,677 76,911 274,588
At 30 April 2022 197,677 16 197,693

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Glencairn Crystal Studio Retail Limited
Registered office:
Nature of business: Crystal manufacturing and sales - dormant
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 11,322 11,322

Glencairn Crystal Studio Limited (Registered number: SC195939)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2023

13. FIXED ASSET INVESTMENTS - continued

Burns Crystal Glass Limited
Registered office:
Nature of business: Crystal manufacturing and sales
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 151,533 150,770
Profit for the year 763 1,144


14. STOCKS

Group Company
2023 2022 2023 2022
£    £    £    £   
Stocks 3,245,330 2,036,699 3,190,067 1,976,658
Work-in-progress 128,483 228,589 128,483 228,589
3,373,813 2,265,288 3,318,550 2,205,247

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 1,941,843 1,623,822 1,914,089 1,606,435
Other debtors 349,984 349,984 349,984 349,984
Prepayments and accrued income 84,008 71,670 84,008 71,670
2,375,835 2,045,476 2,348,081 2,028,089

16. CURRENT ASSET INVESTMENTS

Group Company
2023 2022 2023 2022
£    £    £    £   
Listed investments 988,553 - 988,553 -

Market value of listed investments at 30 April 2023 held by the group and the company - £ (988,553) .

Glencairn Crystal Studio Limited (Registered number: SC195939)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2023

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 19) - 63,876 - 63,876
Trade creditors 868,680 1,018,328 867,618 1,018,067
Amounts owed to group undertakings - - 58,429 48,942
Tax 463,037 411,490 462,858 411,222
Social security and other taxes 37,556 42,981 37,278 42,703
VAT 292,148 229,726 282,616 226,382
Other creditors 260,913 342,250 260,913 342,250
Directors' loan accounts 2,264,774 2,868,883 2,264,774 2,868,883
Accrued expenses 135,488 132,699 131,438 128,948
4,322,596 5,110,233 4,365,924 5,151,273

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 19) - 21,690 - 21,690

19. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans - 63,876 - 63,876
Amounts falling due between one and two years:
Bank loans - 1-2 years - 21,690 - 21,690

20. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 57,989 64,840
Between one and five years 140,433 198,422
198,422 263,262

Glencairn Crystal Studio Limited (Registered number: SC195939)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2023

20. LEASING AGREEMENTS - continued

Company
Non-cancellable operating leases
2023 2022
£    £   
Within one year 62,789 64,840
Between one and five years 96,444 198,422
159,233 263,262

21. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans - 85,566 - 85,566

The bank overdraft is secured by a bond and floating charge over the whole of the company's assets.

The bank loan is secured over industrial units at Langlands Avenue, Kelvin South Business Park, East Kilbride.

22. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax
Deferred tax 197,327 155,142 197,327 155,142
Unutilised tax losses (4,874 ) (4,874 ) - -
192,453 150,268 197,327 155,142

Group
Deferred
tax
£   
Balance at 1 May 2022 150,268
Provided during year 42,185
Balance at 30 April 2023 192,453

Company
Deferred
tax
£   
Balance at 1 May 2022 155,142
Provided during year 42,185
Balance at 30 April 2023 197,327

Glencairn Crystal Studio Limited (Registered number: SC195939)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2023

23. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
456 Ordinary £1 456 456

24. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 May 2022 6,021,583 144 6,021,727
Profit for the year 3,927,416 3,927,416
Dividends (2,350,000 ) (2,350,000 )
At 30 April 2023 7,598,999 144 7,599,143

Company
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 May 2022 5,938,582 144 5,938,726
Profit for the year 3,936,527 3,936,527
Dividends (2,350,000 ) (2,350,000 )
At 30 April 2023 7,525,109 144 7,525,253


Glencairn Crystal Studio Limited (Registered number: SC195939)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2023

25. RELATED PARTY DISCLOSURES

R Davidson, S A Davidson and P J Davidson
Directors

During the year, the group repaid £604,109 to the directors (2022 - the directors advanced £616,680 to the group). At the year end, the balance due to the directors was £2,264,774 (2022 - £2,868,883).

No interest was charged on this loan during this year or the previous year.

Dividends of £2,350,000 (2022 - £2,350,000) were paid to the directors during the year.

The Glencairn Glass Company Limited
A company in which R Davidson is a shareholder

During the year, the group charged The Glencairn Glass Company Ltd a management fee of £221,500 (2022 - £300,000). The group repaid £80,737 to The Glencairn Glass Company Ltd (2022 the group advanced £4,952 to The Glencairn Glass Company Ltd). At the year end, the balance due to The Glencairn Glass Company Limited was £242,958 (2022 - £323,696)

No interest was charged on this loan during this year or the previous year.

Glencairn Scotch Whisky Company Limited
A company in which R Davidson is a shareholder

During the year, the group repaid £600 (2022 - £600) to Glencairn Scotch Whisky Company Limited. At the year end, the balance due to Glencairn Scotch Whisky Company Limited was £17,954 (2022 - £18,554)

No interest was charged on this loan during this year or the previous year.

26. ULTIMATE CONTROLLING PARTY

The group is controlled by the group directors and shareholders. There is no individual with overall control of the group.