GL Attractions Limited - Period Ending 2019-03-31

Registration number: SC145541

GL Attractions Limited

Annual Report and Audited Financial Statements

for the Year Ended 31 March 2019

Khokhar McAdam Ltd
Chartered Accountants
1 Eagle Street
Glasgow
G4 9XA

GL Attractions Limited

Contents

Strategic Report	1
Directors' Report	2 to 3
Independent Auditor's Report	4 to 6
Profit and Loss Account	7
Statement of Comprehensive Income	8
Balance Sheet	9
Statement of Changes in Equity	10
Statement of Cash Flows	11
Notes to the Financial Statements	12 to 21

GL Attractions Limited

Strategic Report for the Year Ended 31 March 2019

The directors present their strategic report for the year ended 31 March 2019.

Principal activity

The principal activity of the company is the retail of souvenirs, gifts and other high quality products in cashmere and lambswool.

Fair review of the business

The directors are pleased with the performance of the company with an increase in turnover by 5.6% from £10m (2018) to £10.6m (2019). The company generates its revenue from the operation of its department store and outlets within the United Kingdom.

The operating profit was up slightly by 0.4% from £1.74m (2018) to £1.75m (2019). The net assets of the company increased from £4.9m to £6.3m.

The directors are confident that the financial performance will remain positive going forward.

The company's key financial and other performance indicators during the year were as follows:

	Unit	2019	2018
Sales	£000's	10,649	10,077
Gross Profit	£000's	5,596	5,153
Gross Profit %	%	52	51

The directors have considered that there are no non financial key performance indicators.

Principal risks and uncertainties

The directors evaluate and monitor the risks the company faces on an ongoing basis. The company continues to closely monitor department revenues, performance and overheads against prior periods and in line with seasonal variations. A principle risk and uncertainty which could affect the company's performance is any downturn in economic activity and the resultant fall in disposable income of consumers. The expected exit of the UK from the EU has increased the likelihood and potential impact of this risk. However, a substantial number of the company's customers and visitors are based from all parts of the world. Therefore, the directors are confident the company is well placed to mitigate and address such risk and uncertainties.

Approved by the Board on 5 February 2020 and signed on its behalf by:

Mr D Singh
Director

Page 1

GL Attractions Limited

Directors' Report for the Year Ended 31 March 2019

The directors present their report and the financial statements for the year ended 31 March 2019.

Directors of the company

The directors who held office during the year were as follows:

Mr D Singh

Mr G Singh

Mr S Singh

Financial Instruments

The company's exposure to the price risk of financial instruments is not considered significant and therefore the directors do not believe there is any requirement for the use of financial instruments. Its policy is to finance fixed assets and working capital through retained earnings and other borrowings at prevailing interest rates.

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

•	select suitable accounting policies and apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

•	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Going concern

After reviewing the company's financial position and forecasts, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continue to adopt the going concern basis in preparing its financial statements.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Page 2

GL Attractions Limited

Directors' Report for the Year Ended 31 March 2019

Approved by the Board on 5 February 2020 and signed on its behalf by:

Mr D Singh
Director

Page 3

GL Attractions Limited

Independent Auditor's Report to the Members of GL Attractions Limited

Opinion

We have audited the financial statements of GL Attractions Limited (the 'company') for the year ended 31 March 2019, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

In our opinion the financial statements:

•	give a true and fair view of the state of the company's affairs as at 31 March 2019 and of its profit for the year then ended;
•	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
•	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

•	the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
•	the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Page 4

GL Attractions Limited

Independent Auditor's Report to the Members of GL Attractions Limited

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

•	the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

•	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
•	the financial statements are not in agreement with the accounting records and returns; or
•	certain disclosures of directors’ remuneration specified by law are not made; or
•	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the [set out on page ], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Page 5

GL Attractions Limited

Independent Auditor's Report to the Members of GL Attractions Limited

•

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

•	Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control.

•	Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

•

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

•	Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

•

Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the company audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Khurshid Alam Khokhar (Senior Statutory Auditor)
For and on behalf of Khokhar McAdam Ltd, Statutory Auditor

Khokhar McAdam Chartered Accountants
1 Eagle Street
Glasgow
G4 9XA

5 February 2020

Page 6

GL Attractions Limited

Profit and Loss Account for the Year Ended 31 March 2019

	Note	2019 £	2018 £
Turnover	3	10,649,344	10,077,827
Cost of sales		(5,052,680)	(4,923,877)
Gross profit		5,596,664	5,153,950
Administrative expenses		(3,876,310)	(3,450,580)
Other operating income	4	31,708	40,639
Operating profit	5	1,752,062	1,744,009
Amounts written off investments		(90)	-
		(90)	-
Profit before tax		1,751,972	1,744,009
Taxation	8	(339,104)	(335,793)
Profit for the financial year		1,412,868	1,408,216

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

The notes on pages 12 to 21 form an integral part of these financial statements.

Page 7

GL Attractions Limited

Statement of Comprehensive Income for the Year Ended 31 March 2019

	2019 £	2018 £
Profit for the year	1,412,868	1,408,216
Total comprehensive income for the year	1,412,868	1,408,216

The notes on pages 12 to 21 form an integral part of these financial statements.

Page 8

GL Attractions Limited

(Registration number: SC145541)
Balance Sheet as at 31 March 2019

	Note	2019 £	2018 £
Fixed assets
Intangible assets	9	-	183,333
Tangible assets	10	1,904,828	1,001,286
Other financial assets	11	-	90
		1,904,828	1,184,709
Current assets
Stocks	12	3,501,200	3,383,500
Debtors	13	2,449,803	1,130,239
Cash at bank and in hand		141,323	610,828
		6,092,326	5,124,567
Creditors: Amounts falling due within one year	15	(1,496,076)	(1,234,597)
Net current assets		4,596,250	3,889,970
Total assets less current liabilities		6,501,078	5,074,679
Provisions for liabilities	16	(142,245)	(128,714)
Net assets		6,358,833	4,945,965
Capital and reserves
Called up share capital	17	120,000	120,000
Share premium reserve		80,000	80,000
Profit and loss account		6,158,833	4,745,965
Total equity		6,358,833	4,945,965

Approved and authorised by the Board on 5 February 2020 and signed on its behalf by:
 

Mr D Singh
Director

The notes on pages 12 to 21 form an integral part of these financial statements.

Page 9

GL Attractions Limited

Statement of Changes in Equity for the Year Ended 31 March 2019

	Share capital £	Share premium £	Profit and loss account £	Total £
At 1 April 2018	120,000	80,000	4,745,965	4,945,965
Profit for the year	-	-	1,412,868	1,412,868
Total comprehensive income	-	-	1,412,868	1,412,868
At 31 March 2019	120,000	80,000	6,158,833	6,358,833

	Share capital £	Share premium £	Profit and loss account £	Total £
At 1 April 2017	120,000	80,000	3,337,749	3,537,749
Profit for the year	-	-	1,408,216	1,408,216
Total comprehensive income	-	-	1,408,216	1,408,216
At 31 March 2018	120,000	80,000	4,745,965	4,945,965

The notes on pages 12 to 21 form an integral part of these financial statements.

Page 10

GL Attractions Limited

Statement of Cash Flows for the Year Ended 31 March 2019

	Note	2019 £	2018 £
Cash flows from operating activities
Profit for the year		1,412,868	1,408,216
Adjustments to cash flows from non-cash items
Depreciation and amortisation	5	327,173	334,456
Written off fixed asset investments		90	-
Taxation	8	339,104	335,793
		2,079,235	2,078,465
Working capital adjustments
Increase in stocks	12	(117,700)	(1,177,276)
Increase in trade debtors	13	(1,319,564)	(793,134)
Increase in trade creditors	15	255,085	289,286
Decrease in provisions	16	(4,000)	(4,000)
Cash generated from operations		893,056	393,341
Income taxes paid	8	(326,949)	(202,792)
Net cash flow from operating activities		566,107	190,549
Cash flows from investing activities
Acquisitions of tangible assets		(1,047,382)	(88,403)
Net (decrease)/increase in cash and cash equivalents		(481,275)	102,146
Cash and cash equivalents at 1 April		610,606	508,460
Cash and cash equivalents at 31 March		129,331	610,606

The notes on pages 12 to 21 form an integral part of these financial statements.

Page 11

GL Attractions Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

1	General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
232-242 High Street
Kirkcaldy
Fife
KY1 1JT

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

Judgements

In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.

Revisions to accounting estimates are recognised in the period in which the estimates are revised if the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises a sale when substantively all risks and rewards in connection with the goods have been passed to the buyer.

Page 12

GL Attractions Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Land and buildings	2% on cost of building
Leasehold property	Over the period of lease
Plant and Machinery etc	20% on cost and 15% on cost
Motor vehicles	20% on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of five years.

Asset class	Amortisation method and rate
Goodwill	Evenly over its estimated useful life.

Page 13

GL Attractions Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost is determined using the first-in, first-out (FIFO) method.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Page 14

GL Attractions Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Recognition and measurement
The company only has financial assets and liabilities of a kind qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
 
 

3

Revenue

The analysis of the company's revenue for the year from continuing operations is as follows:

	2019 £	2018 £
Sale of Goods	10,649,344	10,077,827

4	Other operating income

The analysis of the company's other operating income for the year is as follows:

	2019 £	2018 £
Rent/concessions	31,708	40,639

5	Operating profit

Arrived at after charging/(crediting)

	2019 £	2018 £
Depreciation expense	143,840	134,456
Amortisation expense	183,333	200,000
Operating lease expense - plant and machinery	8,338	27,529

Page 15

GL Attractions Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

6	Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

	2019 £	2018 £
Wages and salaries	2,127,670	1,745,980
Social security costs	157,616	125,022
Other post-employment benefit costs	18,816	8,049
Other employee expense	1,197	3,510
	2,305,299	1,882,561

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

	2019 No.	2018 No.
Administration and support	28	27
Sales	78	78
	106	105

7	Auditors' remuneration

	2019 £	2018 £
Audit of the financial statements	15,000	-
Other fees to auditors
Taxation compliance services	4,000	-
All other non-audit services	4,000	-
	8,000	-

 

Page 16

GL Attractions Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

8

Taxation

Tax charged/(credited) in the income statement

	2019 £	2018 £
Current taxation
UK corporation tax	321,573	348,027
Deferred taxation
Arising from origination and reversal of timing differences	10,525	-
Arising from changes in tax rates and laws	7,006	-
Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods	-	(12,234)
Total deferred taxation	17,531	(12,234)
Tax expense in the income statement	339,104	335,793

9	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 April 2018	1,000,000	1,000,000
At 31 March 2019	1,000,000	1,000,000
Amortisation
At 1 April 2018	816,667	816,667
Amortisation charge	183,333	183,333
At 31 March 2019	1,000,000	1,000,000
Carrying amount
At 31 March 2019	-	-
At 31 March 2018	183,333	183,333

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2018 - £Nil).
 

Page 17

GL Attractions Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

10	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2018	1,703,658	800,816	6,995	2,511,469
Additions	473,549	573,833	-	1,047,382
Disposals	-	-	(6,995)	(6,995)
At 31 March 2019	2,177,207	1,374,649	-	3,551,856
Depreciation
At 1 April 2018	859,746	644,621	5,816	1,510,183
Charge for the year	38,817	103,844	1,179	143,840
Eliminated on disposal	-	-	(6,995)	(6,995)
At 31 March 2019	898,563	748,465	-	1,647,028
Carrying amount
At 31 March 2019	1,278,644	626,184	-	1,904,828
At 31 March 2018	843,912	156,195	1,179	1,001,286

Included within the net book value of land and buildings above is £1,173,447 (2018 - £843,912) in respect of freehold land and buildings and £105,197 (2018 - £Nil) in respect of short leasehold land and buildings.

The land and buildings of the company are charged for any loans secured by the Firm of Gold Brothers and the company.
 

Page 18

GL Attractions Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

11	Other financial assets (current and non-current)

	Financial assets at cost less impairment £	Total £
Non-current financial assets
Cost or valuation
Impairment
At 1 April 2018	(90)	(90)
Losses made in the period	90	90
At 31 March 2019	-	-
Carrying amount
At 31 March 2019	-	-

12

Stocks

	2019 £	2018 £
Other inventories	3,501,200	3,383,500

The cost of stocks recognised as an expense in the year amounted to £4,904,303 (2018 - £4,724,670).

13

Debtors

	Note	2019 £	2018 £
Trade debtors		-	11,522
Amounts owed by related parties	20	2,449,403	1,118,417
Other debtors		400	300
		2,449,803	1,130,239

Page 19

GL Attractions Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

14	Cash and cash equivalents

	2019 £	2018 £
Cash on hand	59,278	269,633
Cash at bank	82,045	341,195
	141,323	610,828
Bank overdrafts	(11,992)	(222)
Cash and cash equivalents in statement of cash flows	129,331	610,606

15

Creditors

	Note	2019 £	2018 £
Due within one year
Bank overdrafts	18	11,992	222
Trade creditors		215,411	187,163
Amounts due to related parties	20	550	5,300
Social security and other taxes		122,465	160,083
Other payables		6,536	4,763
Accruals		469,522	202,090
Corporation tax	8	669,600	674,976
		1,496,076	1,234,597

16	Deferred tax and other provisions

	Deferred tax £	Other provisions £	Total £
At 1 April 2018	28,483	100,231	128,714
Increase (decrease) in existing provisions	-	(4,000)	(4,000)
Increase (decrease) from transfers and other changes	17,531	-	17,531
At 31 March 2019	46,014	96,231	142,245

Other provision is deferred income relating to the balance of the financial contribution from SEEL towards the development costs of 555 Castlehill, Edinburgh. The initial contribution was £200,000 and is being released to the profit and loss account at the rate of £4,000 per annum in line with the rate of depreciation applying to land and buildings.

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GL Attractions Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

17	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary of £1 each	120,000	120,000	120,000	120,000

18	Loans and borrowings

	2019 £	2018 £
Current loans and borrowings
Bank overdrafts	11,992	222

19	Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

	2019 £	2018 £
Not later than one year	550,744	292,705
Later than one year and not later than five years	483,375	176,248
	1,034,119	468,953

The amount of non-cancellable operating lease payments recognised as an expense during the year was £504,511 (2018 - £441,039).

20	Related party disclosures

Included in debtors is a sum of £1,504,903 (2018 - £1,118,417) advanced to the Firm of Gold Brothers (the Firm) for stock. During the year the company purchased goods and services amounting to £4,309,527 (2018 - £5,069,557) from the Firm. The company is wholly owned by the Firm.

Included in creditors is an amount of £550 (2018 - £300) owed to John Morrison (Highland Outfitters) Ltd, a company in which the directors have material interest as shareholders and directors

Debtors include an amount of £944,500 (2018 - £5,000 in credit) due from Gold Brothers (Scotland) Ltd, a company in which the directors have material interest as shareholders and directors.

Land and building owned by the company is held as standard security by the bank for any loans and overdraft facility given to the Firm and the company. The bank also holds bond and floating charge over all assets of the company.

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