REGISTERED NUMBER: SC382390 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Glenforest Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Simone Polini

REGISTERED OFFICE:

Second Floor

Airbles House

270 Airbles Road

Motherwell

ML1 3AT

REGISTERED NUMBER:

SC382390 (Scotland)

ACCOUNTANTS:

Accountants Plus

Chartered Certified Accountants

Second Floor

Airbles House

270 Airbles Road

Motherwell

ML1 3AT

FIXED ASSETS

Tangible assets

4

164,076

209,045

Investments

5

332,569

332,569

496,645

541,614

CURRENT ASSETS

Stocks

7,849,257

6,644,945

Debtors

6

11,384,929

9,856,382

Cash at bank and in hand

127,154

784,429

19,361,340

17,285,756

CREDITORS

Amounts falling due within one year

7

16,653,742

15,523,076

NET CURRENT ASSETS

2,707,598

1,762,680

TOTAL ASSETS LESS CURRENT LIABILITIES

3,204,243

2,304,294

PROVISIONS FOR LIABILITIES

29,771

38,007

NET ASSETS

3,174,472

2,266,287

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

3,174,372

2,266,187

SHAREHOLDERS' FUNDS

3,174,472

2,266,287

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 December 2025 and were signed by:

Simone Polini - Director

1.	STATUTORY INFORMATION

Glenforest Limited 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.

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.

Plant and machinery etc

-

25% on reducing balance

Stocks

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

Financial instruments

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term creditors are measured at transaction price, less any impairment. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and bank balances

Cash and bank balances are measured at the transaction price.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

862,121

Additions

9,750

At 31 December 2024

871,871

DEPRECIATION

At 1 January 2024

653,076

Charge for year

54,719

At 31 December 2024

707,795

NET BOOK VALUE

At 31 December 2024

164,076

At 31 December 2023

209,045

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2024

and 31 December 2024

332,569

NET BOOK VALUE

At 31 December 2024

332,569

At 31 December 2023

332,569

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

7,390,434

6,411,072

Other debtors

3,974,191

3,380,929

VAT

20,304

22,895

Prepayments and accrued income

-

41,486

11,384,929

9,856,382

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

11,397,097

10,790,586

Tax

155,439

37,790

Social security and other taxes

195

566

Other creditors

3,917,613

3,734,579

Directors' loan accounts

89,648

-

Accrued expenses

1,093,750

959,555

16,653,742

15,523,076