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REGISTERED NUMBER: SC684279 (Scotland)















Financial Statements for the Year Ended 31 March 2024

for

Glenuig R2K Ltd

Glenuig R2K Ltd (Registered number: SC684279)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Glenuig R2K Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTOR: Miss R J Yard





REGISTERED OFFICE: Glenuig Inn
Glenuig
Lochailort
PH38 4NG





REGISTERED NUMBER: SC684279 (Scotland)





ACCOUNTANTS: Highland Accountancy Practice
Chartered Accountants
Suite 1A, Willow House
Stoneyfield Business Park
Inverness
Highland
IV2 7PA

Glenuig R2K Ltd (Registered number: SC684279)

Abridged Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 44,000 66,000
Tangible assets 5 32,085 36,081
76,085 102,081

CURRENT ASSETS
Stocks 5,453 11,070
Debtors 2,351 6,048
Cash at bank and in hand 77,712 85,025
85,516 102,143
CREDITORS
Amounts falling due within one year 167,687 190,618
NET CURRENT LIABILITIES (82,171 ) (88,475 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(6,086

)

13,606

PROVISIONS FOR LIABILITIES 6,096 6,855
NET (LIABILITIES)/ASSETS (12,182 ) 6,751

CAPITAL AND RESERVES
Called up share capital 120 120
Retained earnings (12,302 ) 6,631
SHAREHOLDERS' FUNDS (12,182 ) 6,751

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

Glenuig R2K Ltd (Registered number: SC684279)

Abridged Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 October 2024 and were signed by:





Miss R J Yard - Director


Glenuig R2K Ltd (Registered number: SC684279)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Glenuig R2K Ltd 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.

As at 31 March 2024 the company's liabilities exceeded its assets by £12,182. The company is being supported financially by its director and for this reason the accounts have been prepared on the going concern basis.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and Machinery - 25% on reducing balance
Computer Equipment - 33% on cost

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation, impairment losses, and reversals of impairment losses (where applicable).

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.


Glenuig R2K Ltd (Registered number: SC684279)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
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.

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 12 (2023 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023
and 31 March 2024 110,000
AMORTISATION
At 1 April 2023 44,000
Amortisation for year 22,000
At 31 March 2024 66,000
NET BOOK VALUE

At 31 March 2024 44,000
At 31 March 2023 66,000

Glenuig R2K Ltd (Registered number: SC684279)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023 60,306
Additions 7,164
At 31 March 2024 67,470
DEPRECIATION
At 1 April 2023 24,225
Charge for year 11,160
At 31 March 2024 35,385
NET BOOK VALUE
At 31 March 2024 32,085
At 31 March 2023 36,081

6. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
Miss R J Yard
Balance outstanding at start of year (140,000 ) (130,000 )
Amounts advanced 20,000 -
Amounts repaid - (10,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (120,000 ) (140,000 )