William Glen Ltd - Limited company - abbreviated - 11.9

REGISTERED NUMBER: SC026751 (Scotland)

Abbreviated Unaudited Accounts

for the Year Ended 31 January 2015

for

William Glen Ltd

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

M B Cantlay

Mrs L Cantlay

Mrs D R Cantlay

SECRETARY:

Mrs L Cantlay

REGISTERED OFFICE:

Callandrade Lodge

Invertrossachs Road

Callander

REGISTERED NUMBER:

SC026751 (Scotland)

ACCOUNTANTS:

Henderson & Company

73 Union Street

Greenock

Renfrewshire

PA16 8BG

FIXED ASSETS

Tangible assets

2

36,136

47,457

Investments

3

478,250

463,474

514,386

510,931

CURRENT ASSETS

Stocks

262,938

283,038

Debtors

704,789

668,463

Cash at bank

21,200

14,900

988,927

966,401

CREDITORS

Amounts falling due within one year

184,180

194,612

NET CURRENT ASSETS

804,747

771,789

TOTAL ASSETS LESS CURRENT LIABILITIES

1,319,133

1,282,720

CREDITORS

Amounts falling due after more than one year

18,659

26,385

NET ASSETS

1,300,474

1,256,335

CAPITAL AND RESERVES

Called up share capital

4

112,868

112,868

Profit and loss account

1,187,606

1,143,467

SHAREHOLDERS' FUNDS

1,300,474

1,256,335

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2015 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 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 Board of Directors on 18 June 2015 and were signed on its behalf by:

M B Cantlay - Director

1.	ACCOUNTING POLICIES

Basis of consolidation

The accounts do not consolidate the USA and Canadian subsidiaries referred to in Note 5.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover is the total amount receivable net of VAT in respect of goods sold. All turnover derives in the UK.

Tangible fixed assets

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

Plant and machinery etc

-

25% on cost and 15% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

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

sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Pension costs

The company operates a defined contribution pension scheme the assets of which are held independently from

those of the company. Payments to the defined contribution pension scheme are charged to the Profit and Loss

Account in the year in which they are payable.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 February 2014

and 31 January 2015

259,984

DEPRECIATION

At 1 February 2014

212,527

Charge for year

11,321

At 31 January 2015

223,848

NET BOOK VALUE

At 31 January 2015

36,136

At 31 January 2014

47,457

3.	FIXED ASSET INVESTMENTS

2015

2014

£

£

Shares in Group Undertakings (Cost £133)

133

133

Loans to Group Undertakings

478,117

463,341

The subsidiary companies are:-

William Glen & Son Inc. Retailer of Scottish Goods Registered in USA

Cairngorm Scottish Imports Ltd. Retailer of Scottish Goods Registered in Canada

As stated in Note 1, the accounts of William Glen & Son Inc. and Cairngorm Scottish Imports Ltd. have not been

consolidated.

The cost of shares held William Glen & Son Inc. of £132 (representing 1,000 stock units of $0.20) is included in

investments, as above, as is a loan which stood at £200,901 at 31st January 2015 (2014 - £168,336). The cost of

shares held in Cairngorm Scottish Imports Ltd. of £1 is included in investments, as above, as is a loan which

stood at £277,216 at 31st January 2015 (2014 - £295,005).

Cairngorm

William Glen

Scottish

& Son Inc.

Imports Ltd

£

£

Aggregate amount of capital and reserves, representing the Investment on the equity method of valuation, at 31st January 2015

243,678

259,050

Net Profit/(Loss) in the year to 31st January 2015

96,807

(16,490

)

Both results have been extracted from draft accounts.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

112,868

Ordinary

1

112,868

112,868

5.	RELATED PARTY DISCLOSURES