Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31true2023-01-01falseNo description of principal activity22falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false SC060996 2023-01-01 2023-12-31 SC060996 2022-01-01 2022-12-31 SC060996 2023-12-31 SC060996 2022-12-31 SC060996 c:Director1 2023-01-01 2023-12-31 SC060996 c:Director2 2023-01-01 2023-12-31 SC060996 c:RegisteredOffice 2023-01-01 2023-12-31 SC060996 d:Buildings 2023-01-01 2023-12-31 SC060996 d:Buildings 2023-12-31 SC060996 d:Buildings 2022-12-31 SC060996 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC060996 d:OfficeEquipment 2023-01-01 2023-12-31 SC060996 d:OfficeEquipment 2023-12-31 SC060996 d:OfficeEquipment 2022-12-31 SC060996 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC060996 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC060996 d:CurrentFinancialInstruments 2023-12-31 SC060996 d:CurrentFinancialInstruments 2022-12-31 SC060996 d:Non-currentFinancialInstruments 2023-12-31 SC060996 d:Non-currentFinancialInstruments 2022-12-31 SC060996 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 SC060996 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 SC060996 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 SC060996 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 SC060996 d:ShareCapital 2023-12-31 SC060996 d:ShareCapital 2022-12-31 SC060996 d:SharePremium 2023-12-31 SC060996 d:SharePremium 2022-12-31 SC060996 d:OtherMiscellaneousReserve 2023-12-31 SC060996 d:OtherMiscellaneousReserve 2022-12-31 SC060996 d:RetainedEarningsAccumulatedLosses 2023-12-31 SC060996 d:RetainedEarningsAccumulatedLosses 2022-12-31 SC060996 c:OrdinaryShareClass2 2023-01-01 2023-12-31 SC060996 c:OrdinaryShareClass2 2023-12-31 SC060996 c:OrdinaryShareClass2 2022-12-31 SC060996 c:OrdinaryShareClass3 2023-01-01 2023-12-31 SC060996 c:OrdinaryShareClass3 2023-12-31 SC060996 c:OrdinaryShareClass3 2022-12-31 SC060996 c:OrdinaryShareClass4 2023-01-01 2023-12-31 SC060996 c:OrdinaryShareClass4 2023-12-31 SC060996 c:OrdinaryShareClass4 2022-12-31 SC060996 c:OrdinaryShareClass5 2023-01-01 2023-12-31 SC060996 c:OrdinaryShareClass5 2023-12-31 SC060996 c:OrdinaryShareClass5 2022-12-31 SC060996 c:FRS102 2023-01-01 2023-12-31 SC060996 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 SC060996 c:FullAccounts 2023-01-01 2023-12-31 SC060996 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC060996 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC060996










GLOVART INVESTMENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
GLOVART INVESTMENTS LIMITED
 

COMPANY INFORMATION


Directors
J F M Stewart 
N J M Stewart 




Registered number
SC060996



Registered office
Pentland House
Saltire Centre

Glenrothes

Fife

KY6 2AH




Accountants
EQ Accountants Limited
Chartered Accountants

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH





 
GLOVART INVESTMENTS LIMITED
REGISTERED NUMBER: SC060996

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
£
£

Fixed assets
  

Tangible assets
 4 
5,951,194
5,950,351

  
5,951,194
5,950,351

Current assets
  

Debtors: amounts falling due within one year
 5 
393,050
265,161

Cash at bank and in hand
  
466,653
576,618

  
859,703
841,779

Creditors: amounts falling due within one year
 6 
(168,997)
(123,839)

Net current assets
  
 
 
690,706
 
 
717,940

Total assets less current liabilities
  
6,641,900
6,668,291

Creditors: amounts falling due after more than one year
 7 
(659,237)
(704,866)

Provisions for liabilities
  

Deferred tax
  
(83,133)
(83,095)

  
 
 
(83,133)
 
 
(83,095)

Net assets
  
5,899,530
5,880,330


Capital and reserves
  

Called up share capital 
 8 
39,710
39,710

Share premium account
  
207,951
207,951

Other reserves
  
750,000
750,000

Profit and loss account
  
4,901,869
4,882,669

  
5,899,530
5,880,330

Page 1

 
GLOVART INVESTMENTS LIMITED
REGISTERED NUMBER: SC060996

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

The directors consider 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 year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their 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 comprehensive income 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 by: 


................................................
J F M Stewart
................................................
N J M Stewart
Director
Director


Date: 9 September 2024
Date9 September 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
GLOVART INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


GENERAL INFORMATION

Glovart Investments Limited is a private company, limited by shares and incorporated in Scotland, registration number SC060996. The registered office address is Pentland House, Saltire Centre, Glenrothes, Fife, KY6 2AH. The business trading address is Canon Court, 20 Canonmills, Edinburgh.
The financial activity statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

TURNOVER

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.

 
2.3

CURRENT AND DEFERRED TAXATION

The tax expense for the year 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 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.

Page 3

 
GLOVART INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment
-
33.33% reducing balance

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.

 
2.5

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually by external valuers or the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 4

 
GLOVART INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.6

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.

Derecognition of financial instruments


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


TANGIBLE FIXED ASSETS





Investment property
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
5,950,000
1,023
5,951,023


Additions
960
-
960



At 31 December 2023

5,950,960
1,023
5,951,983



Depreciation


At 1 January 2023
-
672
672


Charge for the year on owned assets
-
117
117



At 31 December 2023

-
789
789



Net book value



At 31 December 2023
5,950,960
234
5,951,194



At 31 December 2022
5,950,000
351
5,950,351

The investment property was valued by Cushman & Wakefield on 22 December 2020. The directors' believe that this valuation is applicable as at 31 December 2023.

Page 5

 
GLOVART INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


DEBTORS

2023
2022
£
£


Trade debtors
62,501
69,467

Other debtors
327,284
192,851

Prepayments and accrued income
3,265
2,843

393,050
265,161


Included within other debtors, is a loan to Mr J F M Stewart, a director, amounting to £265,930. (2022 - £182,671). Interest is charged on the loan at the beneficial loan interest rates. The loan was cleared in September 2024.

Included within other debtors, is loan to Mr N J Stewart, a director, amounting to £59,494 (2022 - £9,040). Interest is charged on the loan at the beneficial loan interest rates. The loan was cleared in July 2024.


6.


CREDITORS: Amounts falling due within one year

2023
2022
£
£

Bank loans
43,814
40,904

Trade creditors
5,966
-

Other taxation and social security
114,977
77,906

Other creditors
926
2,286

Accruals and deferred income
3,314
2,743

168,997
123,839


The following liabilities were secured:

2023
2022
£
£



Bank loans
33,840
31,031

33,840
31,031

Details of security provided:

Floating and fixed charges are in place over the company's assets.

Page 6

 
GLOVART INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


CREDITORS: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
659,237
704,866

659,237
704,866


The following liabilities were secured:

2023
2022
£
£



Bank loans
636,710
672,239

636,710
672,239

Details of security provided:

Floating and fixed charges are in place over the company's assets.


8.


SHARE CAPITAL

2023
2022
£
£
Allotted, called up and fully paid



9,148 (2022 - 9,148) A Class Ordinary shares of £1.00 each
9,148
9,148
9,148 (2022 - 9,148) B Class Ordinary  shares of £1.00 each
9,148
9,148
2,726 (2022 - 2,726) C Class Ordinary shares of £1.00 each
2,726
2,726
2,726 (2022 - 2,726) D Class Ordinary  shares of £1.00 each
2,726
2,726
2,726 (2022 - 2,726) E Class Ordinary shares of £1.00 each
2,726
2,726
2,726 (2022 - 2,726) F Class Ordinary  shares of £1.00 each
2,726
2,726
3,000 (2022 - 3,000) G Class Ordinary shares of £1.00 each
3,000
3,000
3,000 (2022 - 3,000) H Class Ordinary shares of £1.00 each
3,000
3,000
2,255 (2022 - 2,255) I Class Ordinary shares of £1.00 each
2,255
2,255
2,255 (2022 - 2,255) J Class Ordinary shares of £1.00 each
2,255
2,255

39,710

39,710





Page 7