W Glen Limited SC285456 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is fruit farming Digita Accounts Production Advanced 6.30.9574.0 true true true SC285456 2023-04-01 2024-03-31 SC285456 2024-03-31 SC285456 bus:Director1 1 2024-03-31 SC285456 bus:OrdinaryShareClass1 2024-03-31 SC285456 bus:PreferenceShareClass1 2024-03-31 SC285456 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-03-31 SC285456 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-03-31 SC285456 core:CurrentFinancialInstruments 2024-03-31 SC285456 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 SC285456 core:Non-currentFinancialInstruments 2024-03-31 SC285456 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 SC285456 core:FurnitureFittingsToolsEquipment 2024-03-31 SC285456 core:LandBuildings 2024-03-31 SC285456 core:MotorVehicles 2024-03-31 SC285456 core:OtherRelatedParties 2024-03-31 SC285456 1 2024-03-31 SC285456 bus:SmallEntities 2023-04-01 2024-03-31 SC285456 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC285456 bus:FullAccounts 2023-04-01 2024-03-31 SC285456 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC285456 bus:RegisteredOffice 2023-04-01 2024-03-31 SC285456 bus:Director1 2023-04-01 2024-03-31 SC285456 bus:Director1 1 2023-04-01 2024-03-31 SC285456 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC285456 bus:PreferenceShareClass1 2023-04-01 2024-03-31 SC285456 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC285456 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 SC285456 core:LandBuildings 2023-04-01 2024-03-31 SC285456 core:LeaseholdImprovements 2023-04-01 2024-03-31 SC285456 core:MotorVehicles 2023-04-01 2024-03-31 SC285456 core:PlantMachinery 2023-04-01 2024-03-31 SC285456 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-04-01 2024-03-31 SC285456 core:OtherRelatedParties 2023-04-01 2024-03-31 SC285456 core:OtherRelatedParties core:SaleOrPurchaseGoods 2023-04-01 2024-03-31 SC285456 1 2023-04-01 2024-03-31 SC285456 1 2023-04-01 2024-03-31 SC285456 countries:Scotland 2023-04-01 2024-03-31 SC285456 2023-03-31 SC285456 bus:Director1 1 2023-03-31 SC285456 core:FurnitureFittingsToolsEquipment 2023-03-31 SC285456 core:LandBuildings 2023-03-31 SC285456 core:MotorVehicles 2023-03-31 SC285456 core:OtherRelatedParties 2023-03-31 SC285456 2022-04-01 2023-03-31 SC285456 2023-03-31 SC285456 bus:Director1 1 2023-03-31 SC285456 bus:OrdinaryShareClass1 2023-03-31 SC285456 bus:PreferenceShareClass1 2023-03-31 SC285456 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 SC285456 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 SC285456 core:CurrentFinancialInstruments 2023-03-31 SC285456 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 SC285456 core:Non-currentFinancialInstruments 2023-03-31 SC285456 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 SC285456 core:FurnitureFittingsToolsEquipment 2023-03-31 SC285456 core:LandBuildings 2023-03-31 SC285456 core:MotorVehicles 2023-03-31 SC285456 core:OtherRelatedParties 2023-03-31 SC285456 1 2023-03-31 SC285456 bus:Director1 1 2022-04-01 2023-03-31 SC285456 core:OtherRelatedParties 2022-04-01 2023-03-31 SC285456 2022-03-31 SC285456 bus:Director1 1 2022-03-31 SC285456 core:OtherRelatedParties 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC285456

W Glen Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Company Information

Director

Karen Arnot

Registered office

Mains of Errol
Errol
Perthshire
PH2 7TE

Accountants

Morris & Young
Chartered Accountants
6 Atholl Crescent
PERTH
PH1 5JN

 

(Registration number: SC285456)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

736,232

741,933

Current assets

 

Stocks

5

246,527

259,026

Debtors

6

297,485

920,807

Cash at bank and in hand

 

265,252

21,585

 

809,264

1,201,418

Creditors: Amounts falling due within one year

7

(749,719)

(1,399,822)

Net current assets/(liabilities)

 

59,545

(198,404)

Total assets less current liabilities

 

795,777

543,529

Creditors: Amounts falling due after more than one year

7

(55,267)

(61,507)

Provisions for liabilities

(10,447)

(10,447)

Net assets

 

730,063

471,575

Capital and reserves

 

Called up share capital

8

385,002

385,002

Retained earnings

345,061

86,573

Shareholders' funds

 

730,063

471,575

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

(Registration number: SC285456)
Statement of Financial Position as at 31 March 2024

Approved and authorised by the director on 18 December 2024
 

.........................................
Karen Arnot
Director

 

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

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Mains of Errol
Errol
Perthshire
PH2 7TE

These financial statements were authorised for issue by the director on 18 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the repoerting date in the countries where the company operates and generates taxable income.

 

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

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Tenants improvements

4% reducing balance

Plant and machinery

12.5% reducing balance

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

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

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 36 (2023 - 36).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

230,675

836,658

47,398

1,114,731

Additions

-

88,455

9,995

98,450

Disposals

-

(66,208)

-

(66,208)

At 31 March 2024

230,675

858,905

57,393

1,146,973

Depreciation

At 1 April 2023

33,812

323,398

15,588

372,798

Charge for the year

8,202

44,173

8,369

60,744

Eliminated on disposal

-

(22,801)

-

(22,801)

At 31 March 2024

42,014

344,770

23,957

410,741

Carrying amount

At 31 March 2024

188,661

514,135

33,436

736,232

At 31 March 2023

196,863

513,260

31,810

741,933

Included within the net book value of land and buildings above is £188,661 (2023 - £196,863) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

246,527

259,026

 

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

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

47,162

21,559

Amounts owed by related parties

10

28,264

362,100

Prepayments

 

40,833

7,107

Other debtors

 

181,226

530,041

   

297,485

920,807

 

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

34,044

21,609

Trade creditors

 

685,128

1,361,586

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

5,000

5,000

Taxation and social security

 

10,186

3,657

Accruals and deferred income

 

12,500

7,793

Other creditors

 

2,861

177

 

749,719

1,399,822

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

55,267

61,507

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordnary Shares of £1 each

2

2

2

2

Preference Shares of £1 each

385,000

385,000

385,000

385,000

 

385,002

385,002

385,002

385,002

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

22,055

30,928

Hire purchase contracts

33,212

30,579

55,267

61,507

 

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

2024
£

2023
£

Current loans and borrowings

Bank borrowings

9,536

9,536

Hire purchase contracts

24,508

12,073

34,044

21,609

Bank borrowings

Bounce Back Loan is denominated in £ with a nominal interest rate of 2.55%, and the final instalment is due on 3 April 2026. The carrying amount at year end is £31,595 (2023 - £40,464).

10

Related party transactions

Summary of transactions with key management

Smart Pack Limited, a Company, the director is a director of.
 

Transactions with the director

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Karen Arnot

Loan

263,324

320,337

(586,138)

(2,477)

         
       

 

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Karen Arnot

Loan

219,897

97,313

(53,886)

263,324

         
       

 

Summary of transactions with other related parties

Expenditure with and payables to related parties

2024

Other related parties
£

Purchase of goods

899,401

Amounts payable to related party

391,239

2023

Loans from related parties

 

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

2024

Other related parties
£

Total
£

At start of period

333,839

333,839

Advanced

(772,678)

(772,678)

Repaid

438,839

438,839

At end of period

-

-

2023

Other related parties
£

Total
£

At start of period

28,730

28,730

Advanced

(19,724)

(19,724)

Repaid

324,833

324,833

At end of period

333,839

333,839

11

Parent and ultimate parent undertaking

The ultimate controlling party is Karen Arnot.