Glenshee Limited


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Registered number: SC269348
Glenshee Limited
Abbreviated accounts
For The Year Ended 30 November 2016
Gillespie Inverarity & Co Limited

Abbreviated Balance Sheet
2016 2015
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 2 - 706
Tangible Assets 3 396,427 376,070
396,427 376,776
CURRENT ASSETS
Stocks 24,779 42,944
Debtors 214,372 277,346
Cash at bank and in hand 1,072,774 1,055,691
1,311,925 1,375,981
Creditors: Amounts Falling Due Within One Year (142,475) (217,585)
NET CURRENT ASSETS (LIABILITIES) 1,169,450 1,158,396
TOTAL ASSETS LESS CURRENT LIABILITIES 1,565,877 1,535,172
PROVISIONS FOR LIABILITIES
Deferred Taxation (56,101) (47,252)
NET ASSETS 1,509,776 1,487,920
CAPITAL AND RESERVES
Called up share capital 4 145,000 145,000
Profit and Loss Account 1,364,776 1,342,920
SHAREHOLDERS' FUNDS 1,509,776 1,487,920
For the year ending 30 November 2016 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 abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015).
On behalf of the board
Mr David Patterson
09/05/2017
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Notes to the Abbreviated Accounts
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 Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
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.
1.6. Deferred Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
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 £45,963 (2015:£29,225).
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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 is active and no liability is expected to arise on the company. During the year accelerated payments determined by HMRC relating to the disputed tax and national insurance contributions were paid by the company of £125,013. These sums are repayable in the event of a successful appeal outcome and are reflected in other debtors.



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.
2. Intangible Assets
Total
Cost £
As at 1 December 2015 23,549
As at 30 November 2016 23,549
Amortisation
As at 1 December 2015 22,843
Provided during the period 706
As at 30 November 2016 23,549
Net Book Value
As at 30 November 2016 -
As at 1 December 2015 706
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3. Tangible Assets
Total
Cost £
As at 1 December 2015 1,109,233
Additions 166,432
Disposals (7,300)
As at 30 November 2016 1,268,365
Depreciation
As at 1 December 2015 733,163
Provided during the period 144,343
Disposals (5,568)
As at 30 November 2016 871,938
Net Book Value
As at 30 November 2016 396,427
As at 1 December 2015 376,070
4. Share Capital
Value Number 2016 2015
Allotted, called up and fully paid £ £ £
Ordinary A shares 80,000.000 1 80,000 80,000
Ordinary B shares 65,000.000 1 65,000 65,000
2 145,000 145,000
5. Transactions With and Loans to Directors
Dividends paid to directors
2016 2015
£ £
Mr Stewart Davidson 2,000 2,000
Mr Graham McCabe 2,000 2,000
Miss Katherine Hunter 2,000 2,000
Mr David Patterson 2,000 2,000
Mrs Aileen Lawrence 2,000 2,000
Mr Wilson Malloch 2,000 2,000
Mr Gordon Rattray 1,000 1,000
Mr William Meston 2,000 2,000
6. Ultimate Controlling Party
The Company was under the control of the Directors throughout the year.
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