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REGISTERED NUMBER: SC217626 (Scotland)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

GLENISLA KILTS LIMITED

GLENISLA KILTS LIMITED (REGISTERED NUMBER: SC217626)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GLENISLA KILTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: J Culbert
T Feeney
R S Gilmour
M Richmond





SECRETARY: J Culbert





REGISTERED OFFICE: Braidhurst Industrial Estate
Motherwell
ML1 3ST





REGISTERED NUMBER: SC217626 (Scotland)





ACCOUNTANTS: McDaid & Partners
Stanley House
69/71 Hamilton Road
Motherwell
Lanarkshire
ML1 3DG

GLENISLA KILTS LIMITED (REGISTERED NUMBER: SC217626)

BALANCE SHEET
30 JUNE 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 58,543 40,182

CURRENT ASSETS
Stocks 20,360 170,985
Debtors 5 263,725 235,667
Cash at bank 326,738 181,233
610,823 587,885
CREDITORS
Amounts falling due within one year 6 402,182 461,138
NET CURRENT ASSETS 208,641 126,747
TOTAL ASSETS LESS CURRENT
LIABILITIES

267,184

166,929

CREDITORS
Amounts falling due after more than one
year

7

(68,797

)

(111,526

)

PROVISIONS FOR LIABILITIES (6,391 ) -
NET ASSETS 191,996 55,403

CAPITAL AND RESERVES
Called up share capital 41 41
Capital redemption reserve 59 59
Retained earnings 191,896 55,303
SHAREHOLDERS' FUNDS 191,996 55,403

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 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.

GLENISLA KILTS LIMITED (REGISTERED NUMBER: SC217626)

BALANCE SHEET - continued
30 JUNE 2024


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 28 October 2024 and were signed on its behalf by:




J Culbert - Director



R S Gilmour - Director


GLENISLA KILTS LIMITED (REGISTERED NUMBER: SC217626)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Glenisla Kilts 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 stated net of VAT. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant & machinery - 15% on reducing balance
Fixtures & fittings - 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

GLENISLA KILTS LIMITED (REGISTERED NUMBER: SC217626)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

Government grants
Scottish Enterprise grant was received in 2016. This have been credited to a reserve account to match expenditure on fixed assets. The grants are being released to the Profit and Loss Account at the same rate as Plant & machinery is depreciated.

Additional Government grants are eligible for recognition within the financial statements once they become receivable.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 54 (2023 - 54 ) .

4. TANGIBLE FIXED ASSETS
Plant & Fixtures
machinery & fittings Totals
£    £    £   
COST
At 1 July 2023 161,759 6,912 168,671
Additions 24,856 - 24,856
At 30 June 2024 186,615 6,912 193,527
DEPRECIATION
At 1 July 2023 122,025 6,464 128,489
Charge for year 6,428 67 6,495
At 30 June 2024 128,453 6,531 134,984
NET BOOK VALUE
At 30 June 2024 58,162 381 58,543
At 30 June 2023 39,734 448 40,182

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 256,066 196,157
Other debtors 7,659 39,510
263,725 235,667

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts 40,000 40,000
Trade creditors 112,940 132,857
Taxation and social security 161,418 130,598
Other creditors 87,824 157,683
402,182 461,138

GLENISLA KILTS LIMITED (REGISTERED NUMBER: SC217626)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.24 30.6.23
£    £   
Bank loans 53,333 93,333
Other creditors 15,464 18,193
68,797 111,526

8. LEASING AGREEMENTS

At the year end the company had operating lease commitments of £73,881.

9. SECURED DEBTS

The Governor and Company of the Bank of Scotland hold a bond & floating charge over the assets of the company.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2024 and 30 June 2023:

30.6.24 30.6.23
£    £   
J Culbert
Balance outstanding at start of year 13,803 42,898
Amounts advanced 33,600 13,000
Amounts repaid (12,100 ) (42,095 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 35,303 13,803

R S Gilmour
Balance outstanding at start of year (832 ) 19,263
Amounts advanced 16,000 -
Amounts repaid (6,100 ) (20,095 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 9,068 (832 )

T Feeney
Balance outstanding at start of year (832 ) 19,263
Amounts advanced 16,000 -
Amounts repaid (6,100 ) (20,095 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 9,068 (832 )

Loans to and from the directors are interest free and repayable on demand.