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REGISTERED NUMBER: 02682786















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

GLENCOE LIMITED

GLENCOE LIMITED (REGISTERED NUMBER: 02682786)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


GLENCOE LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2024







DIRECTORS: P L Huxley
T R Huxley





SECRETARY: P L Huxley





REGISTERED OFFICE: 10 London Mews
London
W2 1HY





REGISTERED NUMBER: 02682786





ACCOUNTANTS: Stein Richards
Chartered Accountants
10 London Mews
London
W21HY

GLENCOE LIMITED (REGISTERED NUMBER: 02682786)

STATEMENT OF FINANCIAL POSITION
31 December 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 201 241
Tangible assets 5 3,932 3,243
4,133 3,484

CURRENT ASSETS
Stocks 581,635 594,946
Debtors 6 490,102 389,126
Cash at bank 1,128,532 4,100,461
2,200,269 5,084,533
CREDITORS
Amounts falling due within one year 7 507,492 529,327
NET CURRENT ASSETS 1,692,777 4,555,206
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,696,910

4,558,690

CAPITAL AND RESERVES
Called up share capital 8 250 250
Retained earnings 9 1,696,660 4,558,440
SHAREHOLDERS' FUNDS 1,696,910 4,558,690

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 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.

GLENCOE LIMITED (REGISTERED NUMBER: 02682786)

STATEMENT OF FINANCIAL POSITION - continued
31 December 2024


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 22 August 2025 and were signed on its behalf by:





P L Huxley - Director


GLENCOE LIMITED (REGISTERED NUMBER: 02682786)

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

1. STATUTORY INFORMATION

Glencoe Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

The financial statements have been prepared on a going concern basis as the directors believe that adequate cash resources will be available to cover the company's requirements for working capital expenditure for at least the next twelve months from the date of approval of these financial statements.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax and are recognised on an accruals basis.

Provision of goods
Revenue from sale of goods are recognised in respect of invoiced goods which have been invoiced and supplied in the period.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Trademark are being amortised evenly over their estimated useful life of ten years.

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.
Short leasehold - over the term of the lease of 5 years
Plant and machinery - 25% reducing balance
Fixtures, fittings & equipment - 25% reducing balance
Computer equipment - 25% straight line

The directors deem the residual value of the Freehold Property to be at least equivalent to its cost and so no depreciation has been provided.

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical costs includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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

GLENCOE LIMITED (REGISTERED NUMBER: 02682786)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors.

The basic financial debtors and liabilities as listed above are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future payments / receipts discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment. An impairment review is undertaken annually at the balance sheet date.

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 statement of financial position date.

Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating lease
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 contributions plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in other creditors as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 8 ) .

GLENCOE LIMITED (REGISTERED NUMBER: 02682786)

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

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 January 2024
and 31 December 2024 750,000 400 750,400
AMORTISATION
At 1 January 2024 749,999 160 750,159
Charge for year - 40 40
At 31 December 2024 749,999 200 750,199
NET BOOK VALUE
At 31 December 2024 1 200 201
At 31 December 2023 1 240 241

5. TANGIBLE FIXED ASSETS
Fixtures,
Short Plant and fittings Computer
leasehold machinery & equipment equipment Totals
£    £    £    £    £   
COST
At 1 January 2024 1,837 12,389 8,419 7,155 29,800
Additions - - - 1,962 1,962
At 31 December 2024 1,837 12,389 8,419 9,117 31,762
DEPRECIATION
At 1 January 2024 1,711 12,338 5,354 7,154 26,557
Charge for year 126 13 766 368 1,273
At 31 December 2024 1,837 12,351 6,120 7,522 27,830
NET BOOK VALUE
At 31 December 2024 - 38 2,299 1,595 3,932
At 31 December 2023 126 51 3,065 1 3,243

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 183,121 153,059
Other debtors 306,981 236,067
490,102 389,126

GLENCOE LIMITED (REGISTERED NUMBER: 02682786)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade creditors 187,156 258,452
Taxation and social security 265,987 219,095
Other creditors 54,349 51,780
507,492 529,327

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
250 Ordinary £1 250 250

9. RESERVES

Other than dividends, the only movement in retained earnings is the result for the year.

10. OTHER FINANCIAL COMMITMENTS

Operating lease commitments not included in the balance sheet amount to £82,835 (2023: £160,000)

11. DIRECTORS' ADVANCES AND CREDITS

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

31.12.24 31.12.23
£    £   
P L Huxley
Balance outstanding at start of year 1,087 1,087
Amounts advanced 65,752 1,087
Amounts repaid (737 ) (1,087 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 66,102 1,087

T R Huxley
Balance outstanding at start of year 737 737
Amounts advanced 737 737
Amounts repaid (737 ) (737 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 737 737

The loans were repaid in full by 23 July 2025.

12. RELATED PARTY DISCLOSURES

During the year the company paid £80,000 (2023: £65,000) to the directors for rental of its business premises.