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REGISTERED NUMBER: SC102125 (Scotland)














Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Glenside Tractors Limited

Glenside Tractors Limited (Registered number: SC102125)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Glenside Tractors Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: W J Reid
A I Barbour
A Reid





SECRETARY: W J Reid





REGISTERED OFFICE: Millknowe Garage
Campbeltown
ARGYLL
PA28 6NJ





REGISTERED NUMBER: SC102125 (Scotland)





ACCOUNTANTS: Messrs. Henderson & Company
Chartered Accountants
73 Union Street
Greenock
PA16 8BG

Glenside Tractors Limited (Registered number: SC102125)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 169,559 112,254

CURRENT ASSETS
Stocks 524,193 695,183
Debtors 5 367,007 450,988
Cash at bank and in hand 505,307 372,812
1,396,507 1,518,983
CREDITORS
Amounts falling due within one year 6 593,750 699,058
NET CURRENT ASSETS 802,757 819,925
TOTAL ASSETS LESS CURRENT
LIABILITIES

972,316

932,179

CREDITORS
Amounts falling due after more than one
year

7

(18,325

)

-

PROVISIONS FOR LIABILITIES (5,197 ) (5,197 )
NET ASSETS 948,794 926,982

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings 938,794 916,982
948,794 926,982

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

Glenside Tractors Limited (Registered number: SC102125)

Balance Sheet - continued
31 December 2023


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 25 September 2024 and were signed on its behalf by:





W J Reid - Director


Glenside Tractors Limited (Registered number: SC102125)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Glenside Tractors 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.

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.
Land and buildings - 4% on cost
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

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

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.

Hire purchase and leasing commitments
Loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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 8 (2022 - 8 ) .

Glenside Tractors Limited (Registered number: SC102125)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 123,082 327,726 450,808
Additions 30,000 61,183 91,183
Disposals - (9,267 ) (9,267 )
At 31 December 2023 153,082 379,642 532,724
DEPRECIATION
At 1 January 2023 86,842 251,712 338,554
Charge for year 2,996 30,038 33,034
Eliminated on disposal - (8,423 ) (8,423 )
At 31 December 2023 89,838 273,327 363,165
NET BOOK VALUE
At 31 December 2023 63,244 106,315 169,559
At 31 December 2022 36,240 76,014 112,254

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 363,732 401,099
Other debtors 3,275 49,889
367,007 450,988

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 29,129 37,577
Hire purchase contracts 28,709 -
Trade creditors 454,331 572,645
Taxation and social security 14,376 22,090
Other creditors 67,205 66,746
593,750 699,058

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 18,325 -