Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-3182022-04-01falseNo description of principal activity5truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. SC076590 2022-04-01 2023-03-31 SC076590 2021-04-01 2022-03-31 SC076590 2023-03-31 SC076590 2022-03-31 SC076590 c:Director1 2022-04-01 2023-03-31 SC076590 c:RegisteredOffice 2022-04-01 2023-03-31 SC076590 d:Buildings 2023-03-31 SC076590 d:Buildings 2022-03-31 SC076590 d:Buildings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 SC076590 d:PlantMachinery 2022-04-01 2023-03-31 SC076590 d:PlantMachinery 2023-03-31 SC076590 d:PlantMachinery 2022-03-31 SC076590 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 SC076590 d:MotorVehicles 2022-04-01 2023-03-31 SC076590 d:MotorVehicles 2023-03-31 SC076590 d:MotorVehicles 2022-03-31 SC076590 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 SC076590 d:ComputerEquipment 2022-04-01 2023-03-31 SC076590 d:OtherPropertyPlantEquipment 2023-03-31 SC076590 d:OtherPropertyPlantEquipment 2022-03-31 SC076590 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 SC076590 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 SC076590 d:CurrentFinancialInstruments 2023-03-31 SC076590 d:CurrentFinancialInstruments 2022-03-31 SC076590 d:Non-currentFinancialInstruments 2023-03-31 SC076590 d:Non-currentFinancialInstruments 2022-03-31 SC076590 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 SC076590 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 SC076590 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 SC076590 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 SC076590 d:ShareCapital 2023-03-31 SC076590 d:ShareCapital 2022-03-31 SC076590 d:RevaluationReserve 2023-03-31 SC076590 d:RevaluationReserve 2022-03-31 SC076590 d:RetainedEarningsAccumulatedLosses 2023-03-31 SC076590 d:RetainedEarningsAccumulatedLosses 2022-03-31 SC076590 c:FRS102 2022-04-01 2023-03-31 SC076590 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 SC076590 c:FullAccounts 2022-04-01 2023-03-31 SC076590 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure
Registered number: SC076590










GLENPROSEN SPORTING LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

 
GLENPROSEN SPORTING LIMITED
 

COMPANY INFORMATION


DIRECTOR
SWD Laird 




REGISTERED NUMBER
SC076590



REGISTERED OFFICE
East Memus

Forfar

Angus

DD8 3TY




ACCOUNTANTS
EQ Accountants LLP
Chartered Accountants

Westby

64 West High Street

Forfar

Angus

DD8 1BJ





 
GLENPROSEN SPORTING LIMITED
REGISTERED NUMBER: SC076590

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
£
£

FIXED ASSETS
  

Tangible assets
 4 
3,614,970
3,762,737

  
3,614,970
3,762,737

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 5 
53,725
128,773

Bank & cash balances
  
108,082
95,766

  
161,807
224,539

Creditors: amounts falling due within one year
 6 
(932,152)
(993,606)

NET CURRENT LIABILITIES
  
 
 
(770,345)
 
 
(769,067)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
2,844,625
2,993,670

Creditors: amounts falling due after more than one year
 7 
(1,054,805)
(1,199,869)

PROVISIONS FOR LIABILITIES
  

Deferred tax
  
(34,999)
(25,646)

  
 
 
(34,999)
 
 
(25,646)

NET ASSETS
  
1,754,821
1,768,155


CAPITAL AND RESERVES
  

Called up share capital 
  
100
100

Revaluation reserve
  
2,283,956
2,333,956

Profit and loss account
  
(529,235)
(565,901)

  
1,754,821
1,768,155


Page 1

 
GLENPROSEN SPORTING LIMITED
REGISTERED NUMBER: SC076590

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

The director considers 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 period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his 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 7 November 2023.




SWD Laird
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
GLENPROSEN SPORTING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

1.


GENERAL INFORMATION

Glenprosen Sporting Limited is a private limited company, limited by shares, incorporated in Scotland with  registration number SC076590. The registered office is East Memus, Forfar, Angus, DD8 3TY.
The company's functional and presentational currency is GBP.

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

REVENUE

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:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

Page 3

 
GLENPROSEN SPORTING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.3

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.

 
2.4

CURRENT AND DEFERRED TAXATION

The tax expense for the period comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
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.

Page 4

 
GLENPROSEN SPORTING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (CONTINUED)


2.5
TANGIBLE FIXED ASSETS (CONTINUED)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

Depreciation is provided on the following basis:

Plant and machinery
-
10%
reducing balance
Motor vehicles
-
25%
reducing balance
Wind turbine
-
5%
straight line

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

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.7

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the period was 5 (2022 - 8).

Page 5

 
GLENPROSEN SPORTING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

4.


TANGIBLE FIXED ASSETS





Land and buildings
Plant and machinery
Motor vehicles
Wind turbine
Total

£
£
£
£
£



COST OR VALUATION


At 1 April 2022
2,000,000
139,062
59,948
2,769,058
4,968,068



At 31 March 2023

2,000,000
139,062
59,948
2,769,058
4,968,068



DEPRECIATION


At 1 April 2022
-
109,176
34,669
1,061,486
1,205,331


Charge for the period on owned assets
-
2,992
6,320
138,455
147,767



At 31 March 2023

-
112,168
40,989
1,199,941
1,353,098



NET BOOK VALUE



At 31 March 2023
2,000,000
26,894
18,959
1,569,117
3,614,970



At 31 March 2022
2,000,000
29,886
25,279
1,707,572
3,762,737

Cost or valuation at 31 March 2023 is as follows:

Land and buildings
Wind turbine
£
£



AT COST
282,711
1,769,058
AT VALUATION:


During the year ended 5 April 2021
1,717,289
1,000,000




2,000,000
2,769,058

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£



Cost
282,711
282,711

NET BOOK VALUE
282,711
282,711

Page 6

 
GLENPROSEN SPORTING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

           4.TANGIBLE FIXED ASSETS (CONTINUED)

If the wind turbine had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£



Cost
1,769,058
1,769,058

Accumulated depreciation
(766,592)
(678,139)

NET BOOK VALUE
1,002,466
1,090,919


5.


DEBTORS

2023
2022
£
£


Trade debtors
1,092
36

Other debtors
16,641
109,180

Prepayments and accrued income
35,992
19,557

53,725
128,773


Page 7

 
GLENPROSEN SPORTING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Bank loans
139,099
133,467

Other loans
715,000
814,967

Trade creditors
27,561
8,312

Other taxation and social security
4,592
3,803

Obligations under finance lease and hire purchase contracts
6,900
6,611

Accruals and deferred income
39,000
26,446

932,152
993,606




The following liabilities were secured:

2023
2022
£
£



Bank loans
133,099
133,467

Hire purchase
6,900
6,611

139,999
140,078

Details of security provided:

The bank loan is secured by a fixed and floating charge over the property and the assets of the Company.
The hire purchase liabilities are secured against the underlying asset purchased.

Page 8

 
GLENPROSEN SPORTING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

7.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023
2022
£
£

Bank loans
1,054,805
1,192,969

Net obligations under finance leases and hire purchase contracts
-
6,900

1,054,805
1,199,869


The following liabilities were secured:

2023
2022
£
£



Bank loans
1,054,805
1,192,969

Hire purchase
-
6,900

1,054,805
1,199,869

Details of security provided:

The bank loan is secured by a fixed and floating charge over the property and the assets of the Company.

Included within bank loans due after more than 1 year are instalments totalling £438,191 which are due after 5 years.


8.


RESERVES

Revaluation reserve
£



At 1 April 2022
2,333,956

Transfer to P/L account
(50,000)

Revaluation
-

As at 31 March 2023
2,283,956


Page 9