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REGISTERED NUMBER: SC377452 (Scotland)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

GLENFOLD LTD.

GLENFOLD LTD. (REGISTERED NUMBER: SC377452)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Certified Accountants' Report 6

GLENFOLD LTD.

COMPANY INFORMATION
for the Year Ended 31 December 2024







DIRECTOR: Mr G Johnston





REGISTERED OFFICE: 55 Church Street
Inverness
IV1 1DR





REGISTERED NUMBER: SC377452 (Scotland)





ACCOUNTANTS: Acumen Accountants and Advisors Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX

GLENFOLD LTD. (REGISTERED NUMBER: SC377452)

BALANCE SHEET
31 December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 605,084 429,846

CURRENT ASSETS
Stocks 5 1,427 1,000
Debtors 6 350,698 489,338
Cash at bank 189,361 202,452
541,486 692,790
CREDITORS
Amounts falling due within one year 7 365,846 377,498
NET CURRENT ASSETS 175,640 315,292
TOTAL ASSETS LESS CURRENT
LIABILITIES

780,724

745,138

CREDITORS
Amounts falling due after more than one year 8 28,484 24,338
NET ASSETS 752,240 720,800

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 752,040 720,600
752,240 720,800

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 26 May 2025 and were signed by:





Mr G Johnston - Director


GLENFOLD LTD. (REGISTERED NUMBER: SC377452)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Glenfold 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 each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 20% straight line

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 18 ) .

GLENFOLD LTD. (REGISTERED NUMBER: SC377452)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2024 142,070 - 401,670 251,753 795,493
Additions - 747 301,027 6,744 308,518
Disposals - - (11,800 ) - (11,800 )
At 31 December 2024 142,070 747 690,897 258,497 1,092,211
DEPRECIATION
At 1 January 2024 - - 164,754 200,893 365,647
Charge for year 2,841 63 102,454 21,285 126,643
Eliminated on disposal - - (5,163 ) - (5,163 )
At 31 December 2024 2,841 63 262,045 222,178 487,127
NET BOOK VALUE
At 31 December 2024 139,229 684 428,852 36,319 605,084
At 31 December 2023 142,070 - 236,916 50,860 429,846

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 142,585
At 31 December 2024 142,585
DEPRECIATION
Charge for year 12,991
At 31 December 2024 12,991
NET BOOK VALUE
At 31 December 2024 129,594

5. STOCKS
2024 2023
£    £   
Stocks 1,427 1,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 218,828 54,752
Amounts owed by group undertakings 55,899 -
Other debtors 10,447 6,862
Directors' current accounts 8,617 3,320
Accrued income - 380,267
Prepayments 56,907 44,137
350,698 489,338

GLENFOLD LTD. (REGISTERED NUMBER: SC377452)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 55,338 51,238
Trade creditors 24,769 76,360
Amounts owed to group undertakings 8,319 11,000
Tax 70,224 121,689
Social security and other taxes 5,633 7,932
VAT 110,793 88,884
Other creditors 82,145 6,231
Other loans - 6,960
Accrued expenses 8,625 7,204
365,846 377,498

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 28,484 24,338

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024 2023
£    £   
Mr G Johnston
Balance outstanding at start of year 3,320 8,556
Amounts advanced 35,854 3,320
Amounts repaid (33,746 ) (8,556 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 5,428 3,320

These amounts bear no interest and have no fixed repayment terms.

10. RELATED PARTY DISCLOSURES

During the year, management fees of £27,000 (2023: £44,000) was receibvable from a company in which director of Gelnfold Ltd has a material interest in. The amount outstanding at the year end to be received by Glenfold Ltd is £3,284 (2023: £11,000).

As at 31 December 2024, there is a loan balance due from Glenfold Ltd of £5,035 (2023: £nil) to a company that share common directorship.

These loan are interest free and has no fixed repayment terms.

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
GLENFOLD LTD.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Glenfold Ltd. for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Glenfold Ltd. in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Glenfold Ltd. and state those matters that we have agreed to state to the director of Glenfold Ltd. in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at
https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Glenfold Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Glenfold Ltd.. You consider that Glenfold Ltd. is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Glenfold Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Acumen Accountants and Advisors Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX


27 May 2025