Registered number
SC594865
Glennstein Ltd
Filleted Accounts
31 July 2024
Glennstein Ltd
Registered number: SC594865
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 145,952 149,964
Current assets
Stocks 89,126 78,193
Debtors 4 - 317
Cash at bank and in hand 47,158 55,126
136,284 133,636
Creditors: amounts falling due within one year 5 (55,743) (35,486)
Net current assets 80,541 98,150
Total assets less current liabilities 226,493 248,114
Creditors: amounts falling due after more than one year 6 (141,781) (169,767)
Provisions for liabilities - (973)
Net assets 84,712 77,374
Capital and reserves
Called up share capital 100 100
Profit and loss account 84,612 77,274
Shareholders' funds 84,712 77,374
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D Glennie
Director
Approved by the board on 9 August 2024
Glennstein Ltd
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Buildings 2% on a Reducing Balance Basis
Plant and machinery 15% on a Reducing Balance Basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 August 2023 156,948 12,679 169,627
At 31 July 2024 156,948 12,679 169,627
Depreciation
At 1 August 2023 12,243 7,420 19,663
Charge for the year 2,894 1,118 4,012
At 31 July 2024 15,137 8,538 23,675
Net book value
At 31 July 2024 141,811 4,141 145,952
At 31 July 2023 144,705 5,259 149,964
4 Debtors 2024 2023
£ £
Other debtors - 317
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 5 -
Trade creditors 37,072 22,007
Taxation and social security costs 16,167 10,479
Other creditors 2,499 3,000
55,743 35,486
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 97,318 109,575
Director's account - EB/MB 5,450 11,450
Director's account - SB/DG 9,013 18,742
Loan from director 30,000 30,000
141,781 169,767
7 Other information
Glennstein Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
3 Drummond Street
Inverness
Inverness-Shire
IV1 1QD
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