Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-31falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.trueNo description of principal activity2023-02-014true4false SC495235 2023-02-01 2024-01-31 SC495235 2022-02-01 2023-01-31 SC495235 2024-01-31 SC495235 2023-01-31 SC495235 c:Director1 2023-02-01 2024-01-31 SC495235 c:RegisteredOffice 2023-02-01 2024-01-31 SC495235 d:Buildings 2023-02-01 2024-01-31 SC495235 d:Buildings 2024-01-31 SC495235 d:Buildings 2023-01-31 SC495235 d:Buildings d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 SC495235 d:PlantMachinery 2023-02-01 2024-01-31 SC495235 d:PlantMachinery 2024-01-31 SC495235 d:PlantMachinery 2023-01-31 SC495235 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 SC495235 d:MotorVehicles 2023-02-01 2024-01-31 SC495235 d:MotorVehicles 2024-01-31 SC495235 d:MotorVehicles 2023-01-31 SC495235 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 SC495235 d:ComputerEquipment 2023-02-01 2024-01-31 SC495235 d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 SC495235 d:CurrentFinancialInstruments 2024-01-31 SC495235 d:CurrentFinancialInstruments 2023-01-31 SC495235 d:Non-currentFinancialInstruments 2024-01-31 SC495235 d:Non-currentFinancialInstruments 2023-01-31 SC495235 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 SC495235 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 SC495235 d:Non-currentFinancialInstruments d:AfterOneYear 2024-01-31 SC495235 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-31 SC495235 d:ShareCapital 2024-01-31 SC495235 d:ShareCapital 2023-01-31 SC495235 d:RevaluationReserve 2024-01-31 SC495235 d:RevaluationReserve 2023-01-31 SC495235 d:RetainedEarningsAccumulatedLosses 2024-01-31 SC495235 d:RetainedEarningsAccumulatedLosses 2023-01-31 SC495235 c:OrdinaryShareClass1 2023-02-01 2024-01-31 SC495235 c:OrdinaryShareClass1 2024-01-31 SC495235 c:OrdinaryShareClass1 2023-01-31 SC495235 c:FRS102 2023-02-01 2024-01-31 SC495235 c:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 SC495235 c:FullAccounts 2023-02-01 2024-01-31 SC495235 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 SC495235 e:PoundSterling 2023-02-01 2024-01-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: SC495235










GLENBRAE TRADING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

 
GLENBRAE TRADING LIMITED
 

COMPANY INFORMATION


Director
Mrs A Ferguson 




Registered number
SC495235



Registered office
South Balnoon Farm
Forgue

Huntly

Aberdeenshire

AB54 6DH




Accountants
EQ Accountants Limited
Chartered Accountants

Westby

64 West High Street

Forfar

Angus

DD8 1BJ





 
GLENBRAE TRADING LIMITED
REGISTERED NUMBER: SC495235

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024

2024
2023
£
£

FIXED ASSETS
  

Tangible assets
 4 
557,298
934,431

  
557,298
934,431

CURRENT ASSETS
  

Stocks
  
988,805
1,497,456

Debtors: amounts falling due within one year
 5 
444,807
401,528

Cash at bank and in hand
  
1
19,608

  
1,433,613
1,918,592

Creditors: amounts falling due within one year
 6 
(692,468)
(411,178)

NET CURRENT ASSETS
  
 
 
741,145
 
 
1,507,414

TOTAL ASSETS LESS CURRENT LIABILITIES
  
1,298,443
2,441,845

Creditors: amounts falling due after more than one year
 7 
(1,061,831)
(1,674,266)

PROVISIONS FOR LIABILITIES
  

Deferred tax
  
(51,992)
(112,861)

  
 
 
(51,992)
 
 
(112,861)

NET ASSETS
  
184,620
654,718


CAPITAL AND RESERVES
  

Called up share capital 
 8 
100
100

Revaluation reserve
  
40,000
124,169

Profit and loss account
  
144,520
530,449

  
184,620
654,718


Page 1

 
GLENBRAE TRADING LIMITED
REGISTERED NUMBER: SC495235

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2024

The director considers 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 director acknowledges her 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 income and retained earnings 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 on 30 October 2024.




Mrs A Ferguson
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
GLENBRAE TRADING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


GENERAL INFORMATION

Glenbrae Trading Limited is a private company, limited by shares, incorporated in Scotland with registration number SC495235. The registered office is South Balnoon Farm, Forgue, Huntly, Aberdeenshire, AB54 6DH.
The Company's functional and presentational currency is GBP. 

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. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
GLENBRAE TRADING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
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 income 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.

 
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.

Land is not depreciated. Depreciation on other assets 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:

Plant and machinery
-
12.5%
reducing balance
Motor vehicles
-
25.0%
reducing balance
Computer equipment
-
25.0%
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.

Page 4

 
GLENBRAE TRADING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).

Page 5

 
GLENBRAE TRADING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


TANGIBLE FIXED ASSETS





Land and property
Plant and machinery
Motor vehicles
Total

£
£
£
£



COST OR VALUATION


At 1 February 2023
484,624
375,766
175,195
1,035,585


Additions
-
84,000
-
84,000


Disposals
(324,624)
(66,000)
-
(390,624)



At 31 January 2024

160,000
393,766
175,195
728,961



DEPRECIATION


At 1 February 2023
-
79,959
21,195
101,154


Charge for the year on owned assets
-
40,258
38,501
78,759


Disposals
-
(8,250)
-
(8,250)



At 31 January 2024

-
111,967
59,696
171,663



NET BOOK VALUE



At 31 January 2024
160,000
281,799
115,499
557,298



At 31 January 2023
484,624
295,807
154,000
934,431

Cost or valuation at 31 January 2024 is as follows:

Land and buildings
£


AT COST
120,000
AT VALUATION:

2022
40,000



160,000

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
120,000
360,455

NET BOOK VALUE
120,000
360,455

Page 6

 
GLENBRAE TRADING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


DEBTORS

2024
2023
£
£


Trade debtors
14,401
12,641

Amounts owed by group undertakings
339,465
88,737

Other debtors
73,773
127,670

Prepayments and accrued income
17,168
172,480

444,807
401,528


Included within other debtors due within one year is a loan to Mrs Audrey Ferguson, a director, amounting to 73,773 (2023 - £26,822). £394,001 was advanced during the year and £347,930 was repaid .  The main conditions were as follows:

Interest is charged at the official interest rate of 2.25%.  The loan is repayable on demand.


6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Bank overdrafts
19,658
-

Bank loans
183,870
238,651

Trade creditors
310,104
16,294

Other taxation and social security
39,647
5,324

Obligations under finance lease and hire purchase contracts
88,659
85,593

Other creditors
39,530
48,090

Accruals and deferred income
11,000
17,226

692,468
411,178


The following liabilities were secured:

2024
2023
£
£



Hire purchase creditors
88,659
90,268

Bank loans
183,870
1,690,609

272,529
1,780,877

Details of security provided:

The hire purchase creditors are secured against the underlying asset purchased.
The loans are secured by charges over land at Plot 1 Strewiebank Farm, Glenview and South Balnoon Farm and a floating charge over the assets of the company.

Page 7

 
GLENBRAE TRADING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

7.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Bank loans
765,898
1,451,822

Net obligations under finance leases and hire purchase contracts
295,933
222,444

1,061,831
1,674,266


The following liabilities were secured:

2024
2023
£
£



Hire purchase creditors
295,933
223,201

Bank loans
765,898
181,995

1,061,831
405,196

Details of security provided:

The hire purchase creditors are secured against the underlying asset purchased.
The loans are secured by charges over land at Plot 1 Strewiebank Farm, Glenview and South Balnoon Farm and a floating charge over the assets of the company.


8.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



Page 8