2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP SC254438 2023-04-01 2024-03-31 SC254438 2024-03-31 SC254438 2023-03-31 SC254438 2022-04-01 2023-03-31 SC254438 2023-03-31 SC254438 2022-03-31 SC254438 core:PlantMachinery 2023-04-01 2024-03-31 SC254438 bus:Director2 2023-04-01 2024-03-31 SC254438 core:LandBuildings 2023-03-31 SC254438 core:PlantMachinery 2023-03-31 SC254438 core:LandBuildings 2024-03-31 SC254438 core:PlantMachinery 2024-03-31 SC254438 core:WithinOneYear 2024-03-31 SC254438 core:WithinOneYear 2023-03-31 SC254438 core:LandBuildings 2023-04-01 2024-03-31 SC254438 core:ShareCapital 2024-03-31 SC254438 core:ShareCapital 2023-03-31 SC254438 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC254438 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC254438 core:LandBuildings 2023-03-31 SC254438 core:PlantMachinery 2023-03-31 SC254438 bus:Director2 2023-03-31 SC254438 bus:Director2 2024-03-31 SC254438 bus:Director2 2022-03-31 SC254438 bus:Director2 2023-03-31 SC254438 bus:Director2 2022-04-01 2023-03-31 SC254438 bus:SmallEntities 2023-04-01 2024-03-31 SC254438 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC254438 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC254438 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC254438 bus:FullAccounts 2023-04-01 2024-03-31 SC254438 core:ComputerEquipment 2023-04-01 2024-03-31 SC254438 core:ComputerEquipment 2023-03-31 SC254438 core:ComputerEquipment 2024-03-31
COMPANY REGISTRATION NUMBER: SC254438
Glenfinart Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2024
Glenfinart Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
4,072,709
5,196,506
Current assets
Debtors
6
1,948,132
1,623,320
Investments
7
1,770,660
Cash at bank and in hand
123,528
386,023
------------
------------
3,842,320
2,009,343
Creditors: amounts falling due within one year
8
516,080
987,564
------------
------------
Net current assets
3,326,240
1,021,779
------------
------------
Total assets less current liabilities
7,398,949
6,218,285
Provisions
Taxation including deferred tax
177,301
104,037
------------
------------
Net assets
7,221,648
6,114,248
------------
------------
Capital and reserves
Called up share capital
2
2
Profit and loss account
7,221,646
6,114,246
------------
------------
Shareholders funds
7,221,648
6,114,248
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Glenfinart Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 28 August 2024 , and are signed on behalf of the board by:
H G McCall
Director
Company registration number: SC254438
Glenfinart Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 44 Sherbrooke Avenue, Glasgow, G41 4JB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
25% straight line
Computer Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Land and buildings
Plant and machinery
Equipment
Total
£
£
£
£
Cost or valuation
At 1 April 2023
5,191,968
22,292
806
5,215,066
Disposals
( 1,632,151)
( 1,632,151)
Revaluations
509,713
509,713
------------
--------
----
------------
At 31 March 2024
4,069,530
22,292
806
4,092,628
------------
--------
----
------------
Depreciation
At 1 April 2023
17,754
806
18,560
Charge for the year
1,359
1,359
------------
--------
----
------------
At 31 March 2024
19,113
806
19,919
------------
--------
----
------------
Carrying amount
At 31 March 2024
4,069,530
3,179
4,072,709
------------
--------
----
------------
At 31 March 2023
5,191,968
4,538
5,196,506
------------
--------
----
------------
6. Debtors
2024
2023
£
£
Trade debtors
27,143
286
Other debtors
1,920,989
1,623,034
------------
------------
1,948,132
1,623,320
------------
------------
7. Investments
2024
2023
£
£
Other investments
1,770,660
------------
----
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
100,000
345,768
Trade creditors
5,851
Corporation tax
217,447
348,118
Social security and other taxes
24,475
30,198
Other creditors
168,307
263,480
---------
---------
516,080
987,564
---------
---------
In respect of overdraft facilities and loans, Svenska Handelsbanken Ab (Publ) has been granted a bond and floating charge over the whole of the company's assets. At the year end £100,000 was due to Svenska Handelsbanken Ab (Publ) (2023: £345,768).
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
H G McCall
1,196,663
205,627
1,402,290
------------
---------
------------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
H G McCall
474,842
721,821
1,196,663
---------
---------
------------
Advances to directors are repayable on demand .
10. Related party transactions
No transactions with related parties occurred during the current or previous year that are required to be disclosed under the terms of FRS 102 Section 1A.