Glen Castings Holdings Limited,Ltd - Accounts

GLEN CASTINGS HOLDINGS LIMITED - Company Information

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Glen Castings Holdings Limited

For the year ended 31 August 2016

Unaudited Abbreviated Report and Financial Statements

England and Wales

Registered Number: 02085424

Contents Page

Glen Castings Holdings Limited

For the year ended 31 August 2016

Accountant's Report

Balance Sheet

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Notes to the Abbreviated Financial Statements

Glen Castings Holdings Limited

Chartered Accountant's Report

For the year ended 31 August 2016

Chartered Accountant's Report to the Board of Directors

In order to assist you to fulfil your duties under Companies Act 2006, we have prepared for your approval the

accounts of Glen Castings Holdings Limited for the year ended 31 August 2016 which comprise the Profit and

Loss Account, the Balance Sheet and the related notes from the company's accounting records and from

information and explanations you have given us.

As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject

to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Glen Castings Holdings Limited, as a body, in accordance

with the terms of our engagement letter dated 27 May 2014. Our work has been undertaken solely to prepare for

your approval the accounts of Glen Castings Holdings Limited and state those matters that we have agreed to state

to the Board of Directors of Glen Castings Holdings Limited, as a body, in this report in accordance with AAF 2/10

as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume

responsibility to anyone other than Glen Castings Holdings Limited and its Board of Directors as a body for our

work or for this report.

It is your duty to ensure that Glen Castings Holdings Limited has kept adequate accounting records to prepare

statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Glen

Castings Holdings Limited. You consider that Glen Castings Holdings Limited is exempt from the statutory audit

requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Glen Castings Holdings Limited.

For this reason, we have not verified the accuracy or completeness of the accounting records or information and

explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Brownlows Accountants

Bank Chambers

Belgrave Square

Darwen

Lancashire

BB3 1BU

28 May 2017

Dated:

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Abbreviated Balance Sheet

Glen Castings Holdings Limited

As at 31 August 2016

02085424

Registered Number :

2016

Notes

2015

Fixed assets

Tangible assets

50,053

51,543

Investments

50,055

51,545

Current assets

Debtors

174,330

193,615

Cash at bank and in hand

125

193,740

174,330

Creditors: amounts falling due within one year

(11,786)

(11,576)

162,544

182,164

Net current assets

Total assets less current liabilities

232,219

214,089

Creditors: amounts falling due after more than one year

(173,794)

(214,349)

17,870

Net assets

40,295

Capital and reserves

Called up share capital

Profit and loss account

17,866

40,291

17,870

40,295

Shareholders funds

For the year ended 31 August 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director responsibilities: 1) The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;

2) The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Date approved by the board: 28 May 2017

Alan J Butterworth Director

Signed on behalf of the board of directors

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Notes to the Abbreviated Financial Statements

Glen Castings Holdings Limited

For the year ended 31 August 2016

1 Accounting Policies

Basis of accounting

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Group accounts

The company is a parent company subject to the small companies' regime. The company and its subsidiary comprise

a small group. The company has, therefore, taken advantage of the option provided by section 398 of the Companies

Act 2006 not to prepare group accounts.

Turnover

Turnover represents rents receivable.

Deferred taxation

Deferred taxation arises when items are charged or credited in accounts in different periods to those in which they are included in the company's tax computations.Deferred tax is provided in full on timing differences that result in an obligation to pay more (or less) tax at a future date. Deferred tax is calculated at the average rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. The resulting deferred tax asset or liability is not discounted.

Dividends

Proposed dividends are only included as liabilities in the financial statements when their payment has been approved

by the shareholders prior to the balance sheet date.

Tangible fixed assets

Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Land and Buildings

2% Straight line

Plant and Machinery

15% Reducing balance

Fixed asset investments

Fixed asset investments are stated at cost less provision for any permanent diminution in value.

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Notes to the Abbreviated Financial Statements

Glen Castings Holdings Limited

For the year ended 31 August 2016

2 Tangible fixed assets

Tangible fixed

assets

Cost or valuation

117,500

At 01 September 2015

At 31 August 2016

117,500

Depreciation

65,957

At 01 September 2015

1,490

Charge for year

67,447

At 31 August 2016

Net book values

At 31 August 2016

50,053

51,543

At 31 August 2015

3 Fixed asset investments

At 01 September 2015

Fixed asset

investments

Cost

At 31 August 2016

Net book value

At 01 September 2015

At 31 August 2016

The company owns more than 20% of the issued share capital of the companies listed below:

Shares held

capital

Capital and

reserves

Profit/(loss)

Company name

Glen Castings Limited

Ordinary

100.00

(159,206)

55,182

Debtors include an amount of £178407 (2015: £162330) falling due after more than one year

4 Debtors:

2016

5 Creditors: amounts falling due within one year

2015

11,036

Bank loans and overdrafts (secured)

The bank loan is secured on the freehold land and buildings owned by the Company.

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Notes to the Abbreviated Financial Statements

Glen Castings Holdings Limited

For the year ended 31 August 2016

2015

2016

6 Creditors: amounts falling due after one year

132,309

143,889

Bank loans and overdrafts (secured)

The bank loan is secured on the Company's freehold land and buildings. £105,211 (2015: £120,397) is repayable by

instalments falling due after more than 5 years.

7 Share capital

Allotted called up and fully paid

2016

2015

4 Ordinary shares of £1.00 each

8 Loans to Directors

The Director's loan account was in credit throughout the financial year.

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