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Acorah Software Products - Accounts Production9.0.002falsetrue1 December 201730 November 201830 November 2018SC269348Mr Wilson MallochMrs Aileen LawrenceMiss Katherine HunterMr David PattersonMr David 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2016-12-012017-11-30
Registered number: SC269348
Glenshee Limited
Financial Statements
For The Year Ended 30 November 2018
Gillespie's

Financial Statements
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—9
Balance Sheet
Registered number: SC269348
2018 2017
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 353,903 325,045
353,903 325,045
CURRENT ASSETS
Stocks 6 18,862 36,491
Debtors 7 149,289 137,898
Cash at bank and in hand 699,110 282,814
867,261 457,203
Creditors: Amounts Falling Due Within One Year 8 (259,374) (104,163)
NET CURRENT ASSETS (LIABILITIES) 607,887 353,040
TOTAL ASSETS LESS CURRENT LIABILITIES 961,790 678,085
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (53,243) (45,741)
NET ASSETS 908,547 632,344
CAPITAL AND RESERVES
Called up share capital 10 145,000 145,000
Treasury shares (139,960) (139,960)
Profit and Loss Account 903,507 627,304
SHAREHOLDERS' FUNDS 908,547 632,344
Page 1
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.
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
Mr David Farquharson
15th April 2019

The notes on pages 4 to 9 form part of these financial statements.
Page 2
Statement of Changes in Equity
Share Capital Treasury shares Profit and Loss Account Total
£ £ £ £
As at 1 December 2016 145,000 - 1,364,776 1,509,776
Loss for year - - (723,772) (723,772)
Treasury shares - (139,960) - (139,960)
Other comprehensive income for the year - (139,960) - (139,960)
Total comprehensive income for the year - (139,960) (723,772) (863,732)
Dividends paid - - (13,700) (13,700)
As at 30 November 2017 and 1 December 2017 145,000 (139,960) 627,304 632,344
Profit for the year and total comprehensive income - - 302,404 302,404
Dividends paid - - (26,201) (26,201)
As at 30 November 2018 145,000 (139,960) 903,507 908,547
Page 3
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 10% on cost
Ski Equipment 50% on cost
Plant & Machinery 25% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
Computer Equipment 33% on cost
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
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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2018 2017
Office and administration 10 10
Sales, marketing and distribution 18 15
28 25
4. Intangible Assets
Goodwill
£
Cost
As at 1 December 2017 23,549
As at 30 November 2018 23,549
Amortisation
As at 1 December 2017 23,549
As at 30 November 2018 23,549
Net Book Value
As at 30 November 2018 -
As at 1 December 2017 -
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5. Tangible Assets
Land & Property
Leasehold Improvements Ski Equipment Plant & Machinery Motor Vehicles
£ £ £ £
Cost
As at 1 December 2017 20,000 68,072 912,072 33,300
Additions - 2,739 109,671 1,525
Disposals - - - (12,000)
As at 30 November 2018 20,000 70,811 1,021,743 22,825
Depreciation
As at 1 December 2017 20,000 59,298 699,484 19,638
Provided during the period - 5,757 80,606 2,847
Disposals - - - (8,203)
As at 30 November 2018 20,000 65,055 780,090 14,282
Net Book Value
As at 30 November 2018 - 5,756 241,653 8,543
As at 1 December 2017 - 8,774 212,588 13,662
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 December 2017 224,863 8,847 1,267,154
Additions 23,101 19,670 156,706
Disposals - - (12,000)
As at 30 November 2018 247,964 28,517 1,411,860
Depreciation
As at 1 December 2017 135,704 7,985 942,109
Provided during the period 28,065 6,776 124,051
Disposals - - (8,203)
As at 30 November 2018 163,769 14,761 1,057,957
Net Book Value
As at 30 November 2018 84,195 13,756 353,903
As at 1 December 2017 89,159 862 325,045
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6. Stocks
2018 2017
£ £
Stocks 18,862 36,491
18,862 36,491
7. Debtors
2018 2017
£ £
Due within one year
Trade debtors 11,869 24,252
Prepayments and accrued income 52,540 49,712
Other debtors 24,027 23,934
VAT (Current liabilities - creditors < 1 year) 20,853 -
Directors Loan - David Patterson 30,000 30,000
Participator Loan - Kathleen McCarthy 10,000 10,000
149,289 137,898
8. Creditors: Amounts Falling Due Within One Year
2018 2017
£ £
Trade creditors 93,863 27,734
Corporation tax 1,971 13,000
Other taxes and social security 11,149 8,552
VAT (Current liabilities - creditors < 1 year) - 935
Deferred income 45,388 27,491
Credit card 2,646 1,544
Other creditors 91,187 10,000
Accrued expenses 13,170 14,907
259,374 104,163
9. Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances
2018 2017
£ £
Deferred tax 53,243 45,741
53,243 45,741
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10. Share Capital
2018 2017
Allotted, Called up and fully paid 145,000 145,000
Value Number 2018 2017
Allotted, called up and fully paid £ £ £
Ordinary A shares 1.000 145000 145,000 80,000
Ordinary B shares 0 - 65,000
145000 145,000 145,000
65,000 B Redeemable Shares were converted into A Ordinary Shares on 24 January 2018.
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 December 2017 Amounts advanced Amounts repaid Amounts written off As at 30 November 2018
£ £ £ £ £
Mr David Patterson 30,000 30,000 - - 30,000
The above loan is unsecured, interest free and repayable on demand.
Dividends paid to directors
2018 2017
£ £
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.
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