REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 January 2024 |
for |
William Glen Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 January 2024 |
for |
William Glen Ltd |
William Glen Ltd (Registered number: SC026751) |
Contents of the Financial Statements |
for the Year Ended 31 January 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
William Glen Ltd |
Company Information |
for the Year Ended 31 January 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
73 Union Street |
Greenock |
Renfrewshire |
PA16 8BG |
William Glen Ltd (Registered number: SC026751) |
Balance Sheet |
31 January 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
William Glen Ltd (Registered number: SC026751) |
Balance Sheet - continued |
31 January 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
William Glen Ltd (Registered number: SC026751) |
Notes to the Financial Statements |
for the Year Ended 31 January 2024 |
1. | STATUTORY INFORMATION |
William Glen Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of consolidation |
The accounts do not consolidate the USA and Canadian subsidiaries referred to in the Notes. |
Turnover |
Turnover is the total amount receivable net of VAT in respect of goods sold. All turnover derives in the UK. |
Tangible fixed assets |
Plant and machinery etc | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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 |
The company operates a defined contribution pension scheme the assets of which are held independently from those of the company. Payments to the defined contribution pension scheme are charged to the Profit and Loss Account in the year in which they are payable. |
William Glen Ltd (Registered number: SC026751) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
2. | ACCOUNTING POLICIES - continued |
Pension costs |
The company operates a defined contribution pension scheme the assets of which are held independently from those of the company. Payments to the defined contribution pension scheme are charged to the Profit and Loss Account in the year in which they are payable. |
Listed investments |
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
William Glen Ltd (Registered number: SC026751) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
5. | FIXED ASSET INVESTMENTS |
The subsidiary companies are:- |
William Glen & Son Inc. Retailer of Scottish Goods Registered in USA |
William Glen & Son Canada Ltd. Retailer of Scottish Goods Registered in Canada |
As stated in Note 1, the accounts of William Glen & Son Inc. and William Glen & Son Canada Ltd. have not been consolidated. |
The cost of shares held William Glen & Son Inc. of £132 (representing 1,000 stock units of $0.20) is included in investments, as above, as is a loan which stood at £(278,420) at 31st January 2024 (2023 - £158,204). The cost of shares held in William Glen & Son Canada Ltd. of £1 is included in investments, as above, as is a loan which stood at £147,452, at 31st January 2024 (2023 - £160,437) |
Cairngorm |
William Glen | Scottish |
& Son Inc. | Imports Ltd |
£ | £ |
Aggregate amount of capital and reserves, representing the Investment on the equity method of valuation, at 31st January 2024 |
558,101 |
133,445 |
Net Profit in the year to 31st January 2024 | 98,462 | 12,840 |
Both results have been extracted from draft accounts. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts |
Other creditors |
William Glen Ltd (Registered number: SC026751) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
9. | RELATED PARTY DISCLOSURES |
The company and William Glen & Son Ltd. are related parties due to the common involvement of Mr. M. Cantlay. At 31st January 2024 the total amount due to William Glen & Son Limited was £116,482 ( 2023 - £118,587) |
10. | ULTIMATE CONTROLLING PARTY |
The Directors consider that the Ultimate Holding Company is William Glen & Son Limited. As Mr. M. Cantlay has a controlling interest in the share capital of the Ultimate Holding Company he is considered to be the Ultimate Controlling Related Party. |