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REGISTERED NUMBER: SC477194 (Scotland)















Unaudited Financial Statements for the Year Ended 31 May 2024

for

Glenskinno Biofuels Ltd

Glenskinno Biofuels Ltd (Registered number: SC477194)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Glenskinno Biofuels Ltd

Company Information
for the Year Ended 31 May 2024







DIRECTORS: I A Gall
A D Gall
T M L Newall
J M N Newall





REGISTERED OFFICE: Unit 1 Cadzow Park
82 Muir Street
Hamilton
ML3 6BJ





REGISTERED NUMBER: SC477194 (Scotland)





ACCOUNTANTS: Accountants Plus
Chartered Certified Accountants
Unit 1 Cadzow Park
82 Muir Street
Hamilton
ML3 6BJ

Glenskinno Biofuels Ltd (Registered number: SC477194)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 362,079 494,876
Investments 5 50 50
362,129 494,926

CURRENT ASSETS
Stocks 49,985 58,129
Debtors 6 207,268 237,388
Cash at bank 82,219 59,392
339,472 354,909
CREDITORS
Amounts falling due within one year 7 118,732 258,297
NET CURRENT ASSETS 220,740 96,612
TOTAL ASSETS LESS CURRENT
LIABILITIES

582,869

591,538

CREDITORS
Amounts falling due after more than
one year

8

(299,192

)

(331,828

)

PROVISIONS FOR LIABILITIES (52,280 ) (46,573 )
NET ASSETS 231,397 213,137

Glenskinno Biofuels Ltd (Registered number: SC477194)

Balance Sheet - continued
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 231,297 213,037
231,397 213,137

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

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 23 July 2024 and were signed on its behalf by:





A D Gall - Director


Glenskinno Biofuels Ltd (Registered number: SC477194)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Glenskinno Biofuels Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Improvements to property - 10% on reducing balance
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 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.

Financial instruments
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term creditors are measured at transaction price, less any impairment. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and bank balances
Cash and bank balances are measured at the transaction price.


Glenskinno Biofuels Ltd (Registered number: SC477194)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

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

Glenskinno Biofuels Ltd (Registered number: SC477194)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 June 2023 100,000 129,327 1,183,537
Additions - - 8,109
Disposals - - (298,000 )
At 31 May 2024 100,000 129,327 893,646
DEPRECIATION
At 1 June 2023 - 70,485 854,752
Charge for year - 5,884 35,817
Eliminated on disposal - - (199,882 )
At 31 May 2024 - 76,369 690,687
NET BOOK VALUE
At 31 May 2024 100,000 52,958 202,959
At 31 May 2023 100,000 58,842 328,785

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 June 2023 4,262 10,795 1,427,921
Additions - - 8,109
Disposals - - (298,000 )
At 31 May 2024 4,262 10,795 1,138,030
DEPRECIATION
At 1 June 2023 2,363 5,445 933,045
Charge for year 285 802 42,788
Eliminated on disposal - - (199,882 )
At 31 May 2024 2,648 6,247 775,951
NET BOOK VALUE
At 31 May 2024 1,614 4,548 362,079
At 31 May 2023 1,899 5,350 494,876

Glenskinno Biofuels Ltd (Registered number: SC477194)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 June 2023
and 31 May 2024 50
NET BOOK VALUE
At 31 May 2024 50
At 31 May 2023 50

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 144,267 113,962
Amounts owed by associates - 37,309
Other debtors 53,469 81,004
Directors' current accounts 6,244 -
VAT - 5,113
Prepayments 3,288 -
207,268 237,388

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts 44,758 57,091
Trade creditors 9,000 29,276
Tax 56,117 6,819
VAT 1,568 -
Directors' current accounts 2,275 158,234
Accrued expenses 5,014 6,877
118,732 258,297

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans - 1-2 years 44,758 57,091
Bank loans - 2-5 years 134,275 171,274
Bank loans more 5 yr by instal 120,159 103,463
299,192 331,828

Glenskinno Biofuels Ltd (Registered number: SC477194)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.5.24 31.5.23
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 120,159 103,463

9. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Bank loans 343,950 -

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2024 and 31 May 2023:

31.5.24 31.5.23
£    £   
A D Gall
Balance outstanding at start of year - -
Amounts advanced 6,469 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 6,469 -

J M N Newall
Balance outstanding at start of year - -
Amounts advanced 50,000 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 50,000 -