Glennstein Ltd
|
Registered number: |
SC594865
|
Balance Sheet |
as at 31 July 2021
|
|
Notes |
|
|
2021 |
|
|
2020 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
156,680 |
|
|
158,039 |
|
Current assets |
Stocks |
|
|
61,273 |
|
|
37,896 |
Debtors |
4 |
|
317 |
|
|
3,107 |
Cash at bank and in hand |
|
|
47,297 |
|
|
73,589 |
|
|
|
108,887 |
|
|
114,592 |
|
Creditors: amounts falling due within one year |
5 |
|
(33,496) |
|
|
(37,131) |
|
Net current assets |
|
|
|
75,391 |
|
|
77,461 |
|
Total assets less current liabilities |
|
|
|
232,071 |
|
|
235,500 |
|
Creditors: amounts falling due after more than one year |
6 |
|
|
(164,101) |
|
|
(184,146) |
|
Provisions for liabilities |
|
|
|
(973) |
|
|
(973) |
|
|
Net assets |
|
|
|
66,997 |
|
|
50,381 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
100 |
|
|
100 |
Profit and loss account |
|
|
|
66,897 |
|
|
50,281 |
|
Shareholders' funds |
|
|
|
66,997 |
|
|
50,381 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
|
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
|
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
|
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
|
|
|
|
|
D Glennie |
Director |
Approved by the board on 3 November 2021
|
|
Glennstein Ltd
|
Notes to the Accounts |
for the year ended 31 July 2021
|
|
|
1 |
Accounting policies |
|
|
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 is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
|
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on at the following annual rates on all tangible fixed assets, other than freehold land, as follows:
|
|
|
Plant and machinery |
15% on a Reducing Balance basis |
|
Buildings |
2% on a Reducing Balance basis |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
|
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
|
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
|
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
|
|
|
2 |
Employees |
2021 |
|
2020 |
Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
Land and buildings |
|
Plant and machinery etc |
|
Total |
£ |
£ |
£ |
|
Cost |
|
At 1 August 2020 |
156,948 |
|
7,158 |
|
164,106 |
|
Additions |
- |
|
2,897 |
|
2,897 |
|
At 31 July 2021 |
156,948 |
|
10,055 |
|
167,003 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 August 2020 |
3,201 |
|
2,866 |
|
6,067 |
|
Charge for the year |
3,075 |
|
1,181 |
|
4,256 |
|
At 31 July 2021 |
6,276 |
|
4,047 |
|
10,323 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 July 2021 |
150,672 |
|
6,008 |
|
156,680 |
|
At 31 July 2020 |
153,747 |
|
4,292 |
|
158,039 |
|
|
4 |
Debtors |
2021 |
|
2020 |
£ |
£ |
|
|
Other debtors |
317 |
|
3,107 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2021 |
|
2020 |
£ |
£ |
|
|
Bank loans and overdrafts |
- |
|
1,239 |
|
Trade creditors |
18,365 |
|
20,152 |
|
Corporation tax |
4,241 |
|
10,148 |
|
Other taxes and social security costs |
391 |
|
5,092 |
|
Other creditors |
10,499 |
|
500 |
|
|
|
|
|
|
33,496 |
|
37,131 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due after one year |
2021 |
|
2020 |
£ |
£ |
|
|
Bank loans |
129,331 |
|
139,429 |
|
Director's account - EB/MB |
27,450 |
|
33,450 |
|
Loan from director |
30,000 |
|
- |
|
Other creditors |
(22,680) |
|
11,267 |
|
|
|
|
|
|
164,101 |
|
184,146 |
|
|
|
|
|
|
|
|
|
|
7 |
Other information |
|
|
Glennstein Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is: |
|
3 Drummond Street |
|
Inverness |
|
Inverness-Shire |
|
IV1 1QD |