Glenmorison Limited - Limited company - abbreviated - 11.6

Glenmorison Limited - Limited company - abbreviated - 11.6

GLENMORISON LIMITED - Company Information

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REGISTERED NUMBER: SC174575 (Scotland)













ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2014

FOR

GLENMORISON LIMITED

GLENMORISON LIMITED (REGISTERED NUMBER: SC174575)






CONTENTS OF THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2014




Page

Company Information 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 4

GLENMORISON LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2014







DIRECTOR: R S Law



SECRETARY: S L Law



REGISTERED OFFICE: 26 Rutland Square
Edinburgh
EH1 2BW



REGISTERED NUMBER: SC174575 (Scotland)



ACCOUNTANTS: Henderson Loggie
Chartered Accountants
Gordon Chambers
90 Mitchell Street
Glasgow
G1 3NQ



BANKERS: The Royal Bank of Scotland plc
P.O. Box 18
12 Dunkeld Road
Perth
PH1 5RB
Page 1
GLENMORISON LIMITED (REGISTERED NUMBER: SC174575)

ABBREVIATED BALANCE SHEET
31 OCTOBER 2014

2014 2013
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 2 9,864 15,308
Investments 3 4,393,520 4,668,520
4,403,384 4,683,828

CURRENT ASSETS
Debtors 231,226 40,056
Cash at bank and in hand 264,267 77
495,493 40,133
CREDITORS
Amounts falling due within one year 4 213,103 252,850
NET CURRENT ASSETS/(LIABILITIES) 282,390 (212,717 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
4,685,774
4,471,111

CREDITORS
Amounts falling due after more than one
year
4
2,600,000
2,602,417
NET ASSETS 2,085,774 1,868,694

CAPITAL AND RESERVES
Called up share capital 5 100,050 100,050
Share premium 505,675 505,675
Revaluation reserve 1,390,005 1,665,005
Profit and loss account 90,044 (402,036 )
SHAREHOLDERS' FUNDS 2,085,774 1,868,694

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2014 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 notes form part of these abbreviated accounts

Page 2 continued...
GLENMORISON LIMITED (REGISTERED NUMBER: SC174575)

ABBREVIATED BALANCE SHEET - continued
31 OCTOBER 2014


The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.


The financial statements were approved by the director on 3 March 2015 and were signed by:





R S Law - Director


The notes form part of these abbreviated accounts

Page 3
GLENMORISON LIMITED (REGISTERED NUMBER: SC174575)

NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2014

1. ACCOUNTING POLICIES

Accounting convention
The financial statements have been prepared under the historical cost convention as modified by the revaluation
of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective April
2008).

Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, exclusive of Value
Added Tax and trade discounts.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property - 10% on a straight line basis
Fixtures and fittings - 20% on a straight line basis
Motor vehicles - 25% on a straight line basis
Computer equipment - 25% on a straight line basis

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance
sheet date.

Investment properties
In accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), Investment
properties are valued at their open market value at the balance sheet date. Any surplus on revaluation is
transferred to the investment property revaluation reserve. Any deficit is deducted from the investment property
revaluation reserve, except for permanent diminution in value, which are charged to the profit and loss account.

No depreciation is provided in respect of freehold investment properties and leasehold investment properties
with over 20 years to expiry in accordance with the Financial Reporting Standard for Smaller Entities (effective
April 2008). This treatment is contrary to the requirements of the Companies Act 2006 which requires all
properties to be depreciated. Such properties are held for investment and not for consumption and the directors
consider that to depreciate them would not give a true and fair view. If this departure from the Act had not been
made, the loss for the financial period would have increased by depreciation charges. However, depreciation is
only one of the factors reflected at the balance sheet date valuation and the amount that might otherwise have
been shown cannot be separately identified or quantified.

Leasing and hire purchase commitments
Assets obtained under hire purchase contracts or finance leases are capitalised as tangible fixed assets in the
balance sheet. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful
economic lives. Assets acquired by hire purchase are depreciated over their useful economic lives. Finance
leases are those where substantially all of the benefits and risks of ownership are assumed by the company.
Obligations under such agreements are included in creditors net of the finance charge allocated to future periods.
The finance element of the rental payment is charged to the profit and loss account so as to produce a constant
periodic rate of charge on the net obligation outstanding in each period.

Page 4 continued...
GLENMORISON LIMITED (REGISTERED NUMBER: SC174575)

NOTES TO THE ABBREVIATED ACCOUNTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2014

2. TANGIBLE FIXED ASSETS
Total
£   
COST
At 1 November 2013
and 31 October 2014 31,428
DEPRECIATION
At 1 November 2013 16,120
Charge for year 5,444
At 31 October 2014 21,564
NET BOOK VALUE
At 31 October 2014 9,864
At 31 October 2013 15,308

3. FIXED ASSET INVESTMENTS
Investments
other
than
loans
£   
COST OR VALUATION
At 1 November 2013 4,668,520
Revaluations (275,000 )
At 31 October 2014 4,393,520
NET BOOK VALUE
At 31 October 2014 4,393,520
At 31 October 2013 4,668,520

4. CREDITORS

Creditors include an amount of £ 2,600,000 (2013 - £ 2,719,547 ) for which security has been given.

5. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2014 2013
value: £    £   
100,000 Ordinary £1 100,000 100,000
505,770 Preference .01p 50 50
100,050 100,050

6. ULTIMATE PARENT COMPANY

The ultimate parent company of Glenmorison Limited is Glenmorison Group Limited, a company registered in
Scotland.

Page 5