Glenrental Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: SC273022

Glenrental Limited

Filleted Unaudited Financial Statements

31 December 2024

Glenrental Limited

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	5		2,817,436	2,901,529

Current assets

Debtors	6	919,565	1,072,796
Cash at bank and in hand		329,527	225,887
		------------	------------
		1,249,092	1,298,683

Creditors: amounts falling due within one year	7	2,243,386		1,642,898
		------------		------------
Net current liabilities			994,294	344,215
			------------	------------
Total assets less current liabilities			1,823,142	2,557,314

Creditors: amounts falling due after more than one year	8		–	971,241

Provisions	285,822	285,822
	------------	------------
Net assets	1,537,320	1,300,251
	------------	------------

Capital and reserves

Called up share capital	20,000	20,000
Revaluation reserve	65,000	65,000
Profit and loss account	1,452,320	1,215,251
	------------	------------
Shareholders funds	1,537,320	1,300,251
	------------	------------

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

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Glenrental Limited

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 5 December 2025 , and are signed on behalf of the board by:

Mr C W Reay	Mrs N Reay
Director	Director

Company registration number: SC273022

Glenrental Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 5 South Charlotte Street, Edinburgh, EH2 4AN, Scotland.

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.

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.

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 and machinery	-	15% reducing balance
Fixtures and fittings	-	25% reducing balance
Motor vehicles	-	10%-20% reducing balance
Equipment	-	25% reducing balance

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).

5. Tangible assets

	Freehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Jan 2024	200,000	121,108	–	2,804,190	111,780	3,237,078
Additions	–	76,000	16,995	2,564,565	–	2,657,560
Disposals	–	–	–	( 2,577,462)	( 26,074)	( 2,603,536)
	---------	---------	--------	------------	---------	------------
At 31 Dec 2024	200,000	197,108	16,995	2,791,293	85,706	3,291,102
	---------	---------	--------	------------	---------	------------
Depreciation
At 1 Jan 2024	–	34,370	–	290,982	10,197	335,549
Charge for the year	–	14,826	2,549	391,377	25,451	434,203
Disposals	–	–	–	( 270,013)	( 26,073)	( 296,086)
	---------	---------	--------	------------	---------	------------
At 31 Dec 2024	–	49,196	2,549	412,346	9,575	473,666
	---------	---------	--------	------------	---------	------------
Carrying amount
At 31 Dec 2024	200,000	147,912	14,446	2,378,947	76,131	2,817,436
	---------	---------	--------	------------	---------	------------
At 31 Dec 2023	200,000	86,738	–	2,513,208	101,583	2,901,529
	---------	---------	--------	------------	---------	------------

6. Debtors

	2024	2023
	£	£
Trade debtors	654,065	792,630
Amounts owed by group undertakings and undertakings in which the company has a participating interest	265,000	280,000
Other debtors	500	166
	---------	------------
	919,565	1,072,796
	---------	------------

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	59,178	19,971
Trade creditors	184,091	114,663
Amounts owed to group undertakings and undertakings in which the company has a participating interest	528,669	463,669
Corporation tax	2,082	2,082
Social security and other taxes	52,620	78,355
Other creditors	1,416,746	964,158
	------------	------------
	2,243,386	1,642,898
	------------	------------

8. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	–	58,566
Other creditors	–	912,675
	----	---------
	–	971,241
	----	---------

The liabilities due after more than 5 years are repaid via fixed term loans with a variable rate of interest.

9. Related party transactions

The company was under the control of Mr C W Reay & Mrs N Reay throughout the current and previous year. Mr & Mrs Reay are the only directors and the majority shareholders of the company. On the balance sheet date the company owed Mr & Mrs Reay £ 305,795 (2023 - £230,435) and this is included in other creditors. During the year sales of £ 235,048 (2023 - £235,048) were made to Reays Coaches Limited, a company of which Mr & Mrs Reay are directors and majority shareholders. On the balance sheet date £ 504,540 (2023 - £504,540) was due from Reays Coaches Limited and is included in trade debtors. During the year purchases of £ 8,661 (2023 - £6,830) were made from Reays Coaches Limited. On the balance sheet date £ 6,543 (2023 - £589) was due to Reays Coaches Limited and is included in trade creditors. On the balance sheet date the company owed £528,669 (2023 - £463,669) to Reays Coaches Limited and is included in amounts owed to group undertakings and undertakings in which the company has a participating interest. During the year sales of £ 89,780 (2023 - £89,780) were made to Toman Contracting Ltd , a company of which Mr & Mrs Reay are majority shareholders. On the balance sheet date £ 30,003 (2023 - £30,003) was due from Toman Contracting Ltd and is included in trade debtors. During the year purchases of £ 49,786 (2023 - £54,049) were made from Toman Contracting Ltd. On the balance sheet date £ 121,111 (2023 - £64,227) was due to Toman Contracting Ltd and is included in trade creditors. On the balance sheet date the company was owed £ 265,000 (2023 - £280,000) by Brough Hill Properties Limited and is included in amounts owed by group undertakings and undertakings in which the company has a participating interest. Brough Hill Properties Limited is a company of which Mr & Mrs Reay are the sole directors and shareholders.