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GLENFARG DEVELOPMENTS LTD

Registered Number
SC591836
(Scotland)

Unaudited Financial Statements for the Period ended
31 January 2024

GLENFARG DEVELOPMENTS LTD
Company Information
for the period from 1 April 2023 to 31 January 2024

Directors

Christopher Ritchie
Phillip Marshall Andrew Ritchie

Registered Address

Unit 5 Lomond Business Park Baltimore Road
Baltimore Road
Glenrothes
KY6 2PJ

Registered Number

SC591836 (Scotland)
GLENFARG DEVELOPMENTS LTD
Balance Sheet as at
31 January 2024

Notes

31 Jan 2024

31 Mar 2023

£

£

£

£

Current assets
Stocks3206,511-
Debtors4374,655118,005
Cash at bank and on hand44,9574,395
626,123122,400
Creditors amounts falling due within one year5(317,572)(109,279)
Net current assets (liabilities)308,55113,121
Total assets less current liabilities308,55113,121
Creditors amounts falling due after one year6(313,333)(21,667)
Net assets(4,782)(8,546)
Capital and reserves
Called up share capital100100
Profit and loss account(4,882)(8,646)
Shareholders' funds(4,782)(8,546)
The financial statements were approved and authorised for issue by the Board of Directors on 27 August 2024, and are signed on its behalf by:
Christopher Ritchie
Director
Registered Company No. SC591836
GLENFARG DEVELOPMENTS LTD
Notes to the Financial Statements
for the period ended 31 January 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Stocks and work in progress
Stock and work in progress are valued at the lower of cost and net realisable value.
2.Average number of employees

20242023
Average number of employees during the year22
3.Stocks
Select Scotland Ltd hold a charge over the Work in Progress.

2024

2023

££
Work in progress206,511-
Total206,511-
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables-75,000
Other debtors374,65543,005
Total374,655118,005
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables6,82229
Bank borrowings and overdrafts310,00010,000
Other creditors-23,500
Accrued liabilities and deferred income75075,750
Total317,572109,279
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts313,33321,667
Total313,33321,667