2023-01-012023-12-312023-12-31false12024148GLENMORISTON ELECTRIC COMPANY 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GLENMORISTON ELECTRIC COMPANY LIMITED

Registered Number
12024148
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

GLENMORISTON ELECTRIC COMPANY LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

CURTIS, Nicholas Simon
MCKELLAR, James Robert

Company Secretary

MCKELLAR, James Robert

Registered Address

7 St. James's Gardens
London
W11 4RB

Registered Number

12024148 (England and Wales)
GLENMORISTON ELECTRIC COMPANY LIMITED
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets35,247,6345,362,967
5,247,6345,362,967
Current assets
Debtors284,850317,218
Cash at bank and on hand13,09841,361
297,948358,579
Creditors amounts falling due within one year4(3,967,224)(4,549,864)
Net current assets (liabilities)(3,669,276)(4,191,285)
Total assets less current liabilities1,578,3581,171,682
Provisions for liabilities(1,246,323)(966,747)
Net assets332,035204,935
Capital and reserves
Called up share capital22
Profit and loss account332,033204,933
Shareholders' funds332,035204,935
The financial statements were approved and authorised for issue by the Board of Directors on 21 February 2024, and are signed on its behalf by:
MCKELLAR, James Robert
Director
Registered Company No. 12024148
GLENMORISTON ELECTRIC COMPANY LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
2.Average number of employees

20232022
Average number of employees during the year00
3.Tangible fixed assets

Plant & machinery

Total

££
Cost or valuation
At 01 January 235,766,6315,766,631
At 31 December 235,766,6315,766,631
Depreciation and impairment
At 01 January 23403,664403,664
Charge for year115,333115,333
At 31 December 23518,997518,997
Net book value
At 31 December 235,247,6345,247,634
At 31 December 225,362,9675,362,967
4.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables3,732,1924,371,858
Taxation and social security171,392122,328
Accrued liabilities and deferred income63,64055,678
Total3,967,2244,549,864
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.