Glenshee Limited
Glenshee Limited
Registered number: SC269348
Financial Statements
For The Year Ended 30 November 2018
Gillespie's
Glenshee Limited
Financial Statements
For The Year Ended 30 November 2018
Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Statement of Changes in Equity | 3 |
Notes to the Financial Statements | 4—9 |
Glenshee Limited
Balance Sheet
As at
30 November 2018
Balance Sheet
Registered number:
SC269348
For the year ending 30 November 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
2018 | 2017 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Tangible Assets | 5 |
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CURRENT ASSETS | |||||
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 8 |
( |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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PROVISIONS FOR LIABILITIES | |||||
Deferred Taxation | 9 |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 10 |
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Treasury shares |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 908,547 | 632,344 | |||
Page 1
Glenshee Limited
Balance Sheet (continued)
As at
30 November 2018
Directors' responsibilities:
-
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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The notes on pages 4 to 9 form part of these financial statements.
Page 2
Glenshee Limited
Statement of Changes in Equity
For The Year Ended 30 November 2018
Statement of Changes in Equity
Share Capital | Treasury shares | Profit and Loss Account | Total | |
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£ | £ | £ | £ | |
As at 1 December 2016 |
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1,509,776 |
Loss for year | - | - |
( |
( |
Treasury shares | - | (139,960) | - | (139,960) |
Other comprehensive income for the year | - |
( |
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( |
Total comprehensive income for the year | - | (139,960) |
( |
(863,732) |
Dividends paid | - | - | (13,700) | (13,700) |
As at 30 November 2017 and 1 December 2017 |
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( |
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632,344 |
Profit for the year and total comprehensive income | - | - |
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302,404 |
Dividends paid | - | - | (26,201) | (26,201) |
As at |
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( |
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908,547 |
Page 3
Glenshee Limited
Notes to the Financial Statements
For The Year Ended 30 November 2018
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and form the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover form the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold Improvements |
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Ski Equipment |
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Plant & Machinery |
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Motor Vehicles |
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Fixtures & Fittings |
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Computer Equipment |
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1.5.
Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving items.
Page 4
Glenshee Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 November 2018
1.6.
Taxation
Corporation tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.7.
Pensions
The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions paid by the Company amounted to £71,423 (2017:£35,500).
1.8.
Employee Benefit Trust & Grants
Employee Benefit Trust
The company has purchased a Trust for the benefit of employees and certain of their dependants. Monies held in this Trust are held by independent trustees and managed at their disrection.
Where the company retains future economic benefit from, and has de facto control of the assets and liabilities of the Trust, they are accounted for as assets and liabilities of the company until the earlier of the date that an allocation of Trust funds to employees in respect of past services is declared and that assets of the Trust vest in identified individuals.
Where monies held in a Trust are determined by the company on the basis of employees' past services to the business and the company can obtain no future economic benefit from those monies, such monies, whether in the Trust or accrued for by the company are charged to the profit and loss account in the period to which they relate.
H.M. Revenue & Customs have enquired into the nature of the treatment of the payments to the Employee Benefit Trust. An appeal submitted on behalf of the Company no longer has a reasonable prospect of being successfully upheld and advice obtained recommends settlement with HMRC. Accelerated payments determined by HMRC relating to the disputed tax and national insurance contributions were paid by the company in 2017 of £125,013 and final settlement of a further £77,187 including interest and penalties was agreed with HMRC as at 30 November 2018. The sum of £11,027 has been re-imbursed by a former director. These sums have been written off to profit and loss.
Grants
Grants relating to revenue are recognised in profit and loss on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.
Capital - based grants are recognised in profit and loss on a systematic basis over the useful economic life of the asset matching the associated depreciation charges.
Page 5
Glenshee Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 November 2018
3.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2018 | 2017 | ||
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Office and administration |
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Sales, marketing and distribution |
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4.
Intangible Assets
Goodwill | |||
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£ | |||
Cost | |||
As at |
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As at |
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Amortisation | |||
As at |
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As at |
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Net Book Value | |||
As at |
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As at |
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Page 6
Glenshee Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 November 2018
5.
Tangible Assets
Land & Property | ||||
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Leasehold Improvements | Ski Equipment | Plant & Machinery | Motor Vehicles | |
£ | £ | £ | £ | |
Cost | ||||
As at |
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Additions |
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2,739 |
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Disposals |
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( |
As at |
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Depreciation | ||||
As at |
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Provided during the period |
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5,757 |
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Disposals |
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( |
As at |
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Net Book Value | ||||
As at |
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As at |
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Fixtures & Fittings | Computer Equipment | Total | |
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£ | £ | £ | |
Cost | |||
As at |
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Additions |
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Disposals |
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( |
As at |
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Depreciation | |||
As at |
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Provided during the period |
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Disposals |
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( |
As at |
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Net Book Value | |||
As at |
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As at |
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Page 7
Glenshee Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 November 2018
6.
Stocks
2018 | 2017 | ||
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£ | £ | ||
Stocks | 18,862 | 36,491 | |
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7.
Debtors
2018 | 2017 | ||
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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VAT (Current liabilities - creditors < 1 year) |
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- | |
Directors Loan - David Patterson |
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Participator Loan - Kathleen McCarthy | 10,000 | 10,000 | |
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8.
Creditors: Amounts Falling Due Within One Year
2018 | 2017 | ||
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£ | £ | ||
Trade creditors |
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Corporation tax |
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Other taxes and social security |
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VAT (Current liabilities - creditors < 1 year) | - |
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Deferred income |
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Credit card |
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Other creditors |
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Accrued expenses |
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9.
Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances
2018 | 2017 | ||
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£ | £ | ||
Deferred tax |
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Page 8
Glenshee Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 November 2018
11.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at |
Amounts advanced | Amounts repaid | Amounts written off | As at |
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£ | £ | £ | £ | £ | |
Mr David Patterson |
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The above loan is unsecured, interest free and repayable on demand.
Dividends paid to directors
2018 | 2017 | |
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£ | £ | |
Mr Wilson Malloch | 2,000 | 2,000 |
Mrs Aileen Lawrence | 2,000 | 2,000 |
Miss Katherine Hunter | 2,000 | 2,000 |
Mr David Patterson | 2,600 | 2,000 |
Mr David Farquharson | 2,600 | 2,000 |
12.
Related Party Transactions
The only related party transactions during the year, were payments of dividends to directors who were also shareholders.
13.
Ultimate Controlling Party
The Company was under the control of the Directors throughout the year.
14.
General Information
Glenshee Limited is a private company, limited by shares, incorporated in Scotland, registered number SC269348 . The registered office is Cairnwell, Braemar, Aberdeenshire, AB35 5XU.
Page 9