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COMPANY REGISTRATION NUMBER: SC450711
Glenmhor Developments Ltd
Filleted Unaudited Financial Statements
31 May 2024
Glenmhor Developments Ltd
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
17,971
32,054
Investments
6
1
1
--------
--------
17,972
32,055
Current assets
Stocks
97,117
49,473
Debtors
7
2,750
375,951
Cash at bank and in hand
1,033
3,611
---------
---------
100,900
429,035
Creditors: amounts falling due within one year
8
52,955
432,869
---------
---------
Net current assets/(liabilities)
47,945
( 3,834)
--------
--------
Total assets less current liabilities
65,917
28,221
Creditors: amounts falling due after more than one year
9
25,343
23,087
Provisions
Taxation including deferred tax
3,325
5,008
--------
--------
Net assets
37,249
126
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
37,149
26
--------
----
Shareholders funds
37,249
126
--------
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Glenmhor Developments Ltd
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 6 February 2025 , and are signed on behalf of the board by:
Mr Bryan Addison
Director
Company registration number: SC450711
Glenmhor Developments Ltd
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Stannergate House, 41 Dundee Road West, Broughty Ferry, Dundee, DD5 1NB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
25 % reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 June 2023
88,412
15,350
10,490
114,252
Additions
4,993
4,993
Disposals
( 14,750)
( 14,750)
--------
--------
--------
---------
At 31 May 2024
78,655
15,350
10,490
104,495
--------
--------
--------
---------
Depreciation
At 1 June 2023
67,123
9,968
5,107
82,198
Charge for the year
1,635
1,345
1,346
4,326
--------
--------
--------
---------
At 31 May 2024
68,758
11,313
6,453
86,524
--------
--------
--------
---------
Carrying amount
At 31 May 2024
9,897
4,037
4,037
17,971
--------
--------
--------
---------
At 31 May 2023
21,289
5,382
5,383
32,054
--------
--------
--------
---------
6. Investments
Shares in group undertakings
£
Cost
At 1 June 2023 and 31 May 2024
1
----
Impairment
At 1 June 2023 and 31 May 2024
----
Carrying amount
At 31 May 2024
1
----
At 31 May 2023
1
----
The company owns 100% of the issued share capital of Levenglen Developments Limited.
7. Debtors
2024
2023
£
£
Trade debtors
500
Other debtors
2,750
375,451
-------
---------
2,750
375,951
-------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,158
11,766
Trade creditors
19,984
14,356
Corporation tax
178
178
Social security and other taxes
28
Other creditors
20,000
77,000
Other creditors
7,607
329,569
--------
---------
52,955
432,869
--------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
25,343
23,087
--------
--------