Company registration number SC514661 (Scotland)
GLENGALE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
GLENGALE LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
GLENGALE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
26,810
114,465
Cash at bank and in hand
100
167
26,910
114,632
Creditors: amounts falling due within one year
4
(4,265)
(230,872)
Net current assets/(liabilities)
22,645
(116,240)
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
22,445
(116,440)
Total equity
22,645
(116,240)

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he 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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 30 October 2025 and are signed on its behalf by:
Mr G Notman
Director
Company registration number SC514661 (Scotland)
GLENGALE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
200
(98,383)
(98,183)
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
(18,057)
(18,057)
Balance at 31 December 2023
200
(116,440)
(116,240)
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
138,885
138,885
Balance at 31 December 2024
200
22,445
22,645
GLENGALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Glengale Limited is a private company limited by shares incorporated in Scotland. The registered office is 6 Bon Accord Square, Aberdeen, United Kingdom, AB11 6XU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

1.2
Going concern

At the year end the Company had net liabilities of true£10,410. As the Company was incorporated to hold the investment in the subsidiary, now that the subsidiary is in liquidation the Company serves no ongoing purpose. In view of this, the directors do not consider the Company to be a going concern and have prepared the financial statements on a break up basis.

1.3
Fixed asset investments

Interests in the subsidiary are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

GLENGALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors are recognised at transaction price.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.6
Equity instruments

Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
0
0
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
26,810
114,465
GLENGALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
-
0
7,703
Amounts owed to group undertakings
-
0
214,510
Corporation tax
-
0
4,789
Other creditors
4,265
3,870
4,265
230,872
5
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Transactions with the entity's directors
2024
2023
£
£
Opening loan to directors
24,283
277,483
Repaid in the year
(5,365)
(253,200)
Closing loan to directors
18,918
24,283

The loan is repayable upon demand and is provided interest free.

2024
2023
Amounts due to related parties
£
£
Entities over which the entity has control, joint control or significant influence
-
214,510

A final settlement balance of £72,000 was agreed with the liquidators of JSS 2020 Limited in May 2024.

7
Ultimate Beneficial Owner

The ultimate beneficiary owner is Gary Jon Notman.

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