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GLENDINNING GROUNDWORKS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024






GLENDINNING GROUNDWORKS LIMITED (REGISTERED NUMBER: SC119367)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 10

GLENDINNING GROUNDWORKS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTORS: R F Glendinning
Ms E Glendinning



SECRETARY: Ms E Glendinning



REGISTERED OFFICE: Station Yard
Caberston Road
Walkerburn
EH43 6DD



REGISTERED NUMBER: SC119367 (Scotland)



ACCOUNTANTS: JRW Hogg & Thorburn
Chartered Accountants
Riverside House
Ladhope Vale
Galashiels
Selkirkshire
TD1 1BT



SOLICITORS: Douglas Gilmour & Son
6 Market Place
Selkirk TD7 4BW

GLENDINNING GROUNDWORKS LIMITED (REGISTERED NUMBER: SC119367)

BALANCE SHEET
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 520,657 714,533

CURRENT ASSETS
Stocks 5 87,503 171,500
Debtors 6 122,255 148,850
Cash at bank 188,114 109,794
397,872 430,144
CREDITORS
Amounts falling due within one year 7 412,969 445,250
NET CURRENT LIABILITIES (15,097 ) (15,106 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

505,560

699,427

CREDITORS
Amounts falling due after more than one
year

8

(105,700

)

(201,008

)

PROVISIONS FOR LIABILITIES 10 (116,917 ) (124,441 )
NET ASSETS 282,943 373,978

CAPITAL AND RESERVES
Called up share capital 90,525 90,525
Retained earnings 192,418 283,453
SHAREHOLDERS' FUNDS 282,943 373,978

GLENDINNING GROUNDWORKS LIMITED (REGISTERED NUMBER: SC119367)

BALANCE SHEET - continued
31ST MARCH 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 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.

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 15th August 2024 and were signed on its behalf by:





R F Glendinning - Director


GLENDINNING GROUNDWORKS LIMITED (REGISTERED NUMBER: SC119367)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024

1. STATUTORY INFORMATION

Glendinning Groundworks 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.

The directors have decided, for a number of reasons, to cease trading in the next financial year.
The company is therefore not considered to be a going concern, however the figures in the accounts have been prepared on a historical cost basis on the grounds that the liabilities are shown at full value, and the current assets have shown to be correct. The fixed assets have been reviewed by the directors and an estimated market value to dispose of them would generate funds £238,844 above the current net book value, thereby allowing all debts to be paid in full.
Existing contracts are expected to be complete before the end of 2024 and the assets will be disposed of thereafter, with a Members Voluntary Liquidation being in place before the next year end.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 4% on cost
Plant and machinery - 20% on reducing balance and 10% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on reducing balance

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

GLENDINNING GROUNDWORKS LIMITED (REGISTERED NUMBER: SC119367)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets
Basic financial assets, including trade and other debtors and bank balances, are initially recognised at transaction price.
At the end of each reporting period financial assets measured at cost are assessed for evidence of impairment. Any impairment loss is recognised in the Income and Expenditure Account.
Financial assets are derecognised when the contractual rights to the cash flows from the asset expire or are settled.

Financial liabilities
Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. These are classed as current liabilities is payment is due within one year or less. If not they are presented as non-current liabilities.
Financial liabilities are decolonised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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.

GLENDINNING GROUNDWORKS LIMITED (REGISTERED NUMBER: SC119367)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 20 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1st April 2023 7,000 1,107,371 365,476 29,181 1,509,028
Additions - 88,950 16,295 - 105,245
Disposals - (387,606 ) (157,786 ) (29,181 ) (574,573 )
At 31st March 2024 7,000 808,715 223,985 - 1,039,700
DEPRECIATION
At 1st April 2023 6,860 545,137 214,570 27,928 794,495
Charge for year 140 76,136 27,341 1 103,618
Eliminated on disposal - (243,754 ) (107,386 ) (27,930 ) (379,070 )
At 31st March 2024 7,000 377,519 134,525 (1 ) 519,043
NET BOOK VALUE
At 31st March 2024 - 431,196 89,460 1 520,657
At 31st March 2023 140 562,234 150,906 1,253 714,533

GLENDINNING GROUNDWORKS LIMITED (REGISTERED NUMBER: SC119367)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st April 2023 388,288 163,908 552,196
Additions 85,000 16,295 101,295
Disposals (77,596 ) - (77,596 )
Transfer to ownership (55,500 ) (23,769 ) (79,269 )
At 31st March 2024 340,192 156,434 496,626
DEPRECIATION
At 1st April 2023 84,308 79,949 164,257
Charge for year 34,019 23,183 57,202
Eliminated on disposal (15,519 ) - (15,519 )
Transfer to ownership (27,750 ) (16,249 ) (43,999 )
At 31st March 2024 75,058 86,883 161,941
NET BOOK VALUE
At 31st March 2024 265,134 69,551 334,685
At 31st March 2023 303,980 83,959 387,939

5. STOCKS
2024 2023
£    £   
Stocks 32,000 54,000
Work-in-progress 47,303 109,300
Fuel 8,200 8,200
87,503 171,500

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 77,372 110,819
Other debtors 44,883 38,031
122,255 148,850

GLENDINNING GROUNDWORKS LIMITED (REGISTERED NUMBER: SC119367)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 24,559 62,207
Hire purchase contracts 96,086 89,748
Trade creditors 121,594 113,337
Taxation and social security 65,603 70,368
Other creditors 105,127 109,590
412,969 445,250

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans - 24,559
Hire purchase contracts 105,700 176,449
105,700 201,008

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 24,559 86,766
Hire purchase contracts 201,786 266,197
226,345 352,963

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 116,917 124,441

Deferred
tax
£   
Balance at 1st April 2023 124,441
Accelerated capital allowances (7,524 )
Balance at 31st March 2024 116,917

GLENDINNING GROUNDWORKS LIMITED (REGISTERED NUMBER: SC119367)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

11. RELATED PARTY DISCLOSURES

WR Glendinning, a shareholder and former director, has an outstanding loan to company of £22,585 (2023 £22,585). Mr R Glendinning a shareholder and Director, has an outstanding loan to the company of £70,000 (2023: £70,000)

12. ULTIMATE CONTROLLING PARTY

No individual shareholder has outright control of the company.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
GLENDINNING GROUNDWORKS LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Glendinning Groundworks Limited for the year ended 31st March 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Glendinning Groundworks Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Glendinning Groundworks Limited and state those matters that we have agreed to state to the Board of Directors of Glendinning Groundworks Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Glendinning Groundworks Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Glendinning Groundworks Limited. You consider that Glendinning Groundworks Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Glendinning Groundworks Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






JRW Hogg & Thorburn
Chartered Accountants
Riverside House
Ladhope Vale
Galashiels
Selkirkshire
TD1 1BT


15th August 2024