Glenshee Limited


Acorah Software Products - Accounts Production11.5.056falsetrue1 December 201830 November 201930 November 2019SC269348Mr Wilson MallochMrs Aileen LawrenceMiss Katharine HunterMr David FarquharsonMr David 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Registered number: SC269348
Glenshee Limited
Financial Statements
For The Year Ended 30 November 2019
Gillespie's

Chartered Accountants

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
2019 2018
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 671,126 353,903
671,126 353,903
CURRENT ASSETS
Stocks 6 24,816 18,862
Debtors 7 95,436 149,289
Cash at bank and in hand 124,571 699,110
244,823 867,261
Creditors: Amounts Falling Due Within One Year 8 (561,319) (259,374)
NET CURRENT ASSETS (LIABILITIES) (316,496) 607,887
TOTAL ASSETS LESS CURRENT LIABILITIES 354,630 961,790
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (115,941) (53,243)
NET ASSETS 238,689 908,547
CAPITAL AND RESERVES
Called up share capital 10 145,000 145,000
Treasury shares (119,280) (139,960)
Profit and Loss Account 212,969 903,507
SHAREHOLDERS' FUNDS 238,689 908,547
Page 1
For the year ending 30 November 2019 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
Director
25th May 2020

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 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 and 1 December 2018 145,000 (139,960) 903,507 908,547
Loss for year - - (690,538) (690,538)
Treasury shares sold - 20,680 - 20,680
Other comprehensive income for the year - 20,680 - 20,680
Total comprehensive income for the year - 20,680 (690,538) (669,858)
As at 30 November 2019 145,000 (119,280) 212,969 238,689
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 £37,689 (2018:£71,423).
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 and settled during the year. The sum of £22,054 has been re-imbursed by former directors. 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:
2019 2018
Office and administration 9 10
Sales, marketing and distribution 16 18
25 28
4. Intangible Assets
Goodwill
£
Cost
As at 1 December 2018 23,549
As at 30 November 2019 23,549
Amortisation
As at 1 December 2018 23,549
As at 30 November 2019 23,549
Net Book Value
As at 30 November 2019 -
As at 1 December 2018 -
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5. Tangible Assets
Land & Property
Leasehold Improvements Ski Equipment Plant & Machinery Motor Vehicles
£ £ £ £
Cost
As at 1 December 2018 20,000 70,811 1,021,743 22,825
Additions - 5,515 521,764 3,300
As at 30 November 2019 20,000 76,326 1,543,507 26,125
Depreciation
As at 1 December 2018 20,000 65,055 780,090 14,282
Provided during the period - 5,636 190,498 2,961
As at 30 November 2019 20,000 70,691 970,588 17,243
Net Book Value
As at 30 November 2019 - 5,635 572,919 8,882
As at 1 December 2018 - 5,756 241,653 8,543
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 December 2018 247,964 28,517 1,411,860
Additions 3,628 12,845 547,052
As at 30 November 2019 251,592 41,362 1,958,912
Depreciation
As at 1 December 2018 163,769 14,761 1,057,957
Provided during the period 21,956 8,778 229,829
As at 30 November 2019 185,725 23,539 1,287,786
Net Book Value
As at 30 November 2019 65,867 17,823 671,126
As at 1 December 2018 84,195 13,756 353,903
6. Stocks
2019 2018
£ £
Stocks 24,816 18,862
24,816 18,862
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7. Debtors
2019 2018
£ £
Due within one year
Trade debtors 22,677 11,869
Prepayments and accrued income 9,653 52,540
Other debtors 55,204 24,027
VAT (Current liabilities - creditors < 1 year) - 20,853
Directors Loan - David Patterson 7,902 30,000
Participator Loan - Kathleen McCarthy - 10,000
95,436 149,289
8. Creditors: Amounts Falling Due Within One Year
2019 2018
£ £
Trade creditors 501,085 93,863
Corporation tax (10,432) 1,971
Other taxes and social security 9,928 11,149
VAT (Current liabilities - creditors < 1 year) 3,274 -
Deferred income 21,451 45,388
Credit card 590 2,646
Other creditors 4,000 91,187
Accrued expenses 31,423 13,170
561,319 259,374
9. Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances
2019 2018
£ £
Deferred tax 115,941 53,243
115,941 53,243
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10. Share Capital
2019 2018
Allotted, Called up and fully paid 145,000 145,000
Value Number 2019 2018
Allotted, called up and fully paid £ £ £
Ordinary A shares 1.00 145000 145,000 145,000
11. Capital Commitments
The Company has been approved for grant assistance of £359,400 from Scottish Enterprise, for the purchase, installation and commission of a Snow Factory Unit. The total cost of the project is £898,500.

Expenditure incurred to 30 November 2019 is £644,049 on which grant aid of £127,636 has been claimed.
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 December 2018 Amounts advanced Amounts repaid Amounts written off As at 30 November 2019
£ £ £ £ £
Mr David Patterson 30,000 - 22,098 - 7,902
The above loan is unsecured, interest free and repayable on demand.
Dividends paid to directors
2019 2018
£ £
Mr Wilson Malloch - 2,000
Mrs Aileen Lawrence - 2,000
Miss Katherine Hunter - 2,000
Mr David Patterson - 2,600
Mr David Farquharson - 2,600
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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