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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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GLENCREST LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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FOR |
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GLENCREST LIMITED |
GLENCREST LIMITED (REGISTERED NUMBER: SC170133) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 November 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Chartered Accountants' Report | 9 |
GLENCREST LIMITED |
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COMPANY INFORMATION |
for the Year Ended 30 November 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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16 Royal Terrace |
Glasgow |
G3 7NY |
GLENCREST LIMITED (REGISTERED NUMBER: SC170133) |
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BALANCE SHEET |
30 November 2017 |
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30.11.17 | 30.11.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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PROVISIONS FOR LIABILITIES | 9 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | 10 |
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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. |
GLENCREST LIMITED (REGISTERED NUMBER: SC170133) |
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BALANCE SHEET - continued |
30 November 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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GLENCREST LIMITED (REGISTERED NUMBER: SC170133) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 November 2017 |
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1. | STATUTORY INFORMATION |
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Glencrest Limited is a
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number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A |
These financial statements for the year ended 30 November 2017 are the first that are prepared in accordance |
with FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the |
date of transition to FRS 102 Section 1A is 1 December 2015. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life or, if held under a finance lease, over the lease term, whichever is the shorter. |
Freehold property - not provided |
Plant and machinery - 25% on reducing balance |
Fixtures and fittings - 20% on cost |
Motor vehicles - 25% on reducing balance |
Computer Equipment - 20% on cost |
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Impairment of fixed assets |
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets |
to determine whether there is any indication that those assets have suffered an impairment loss. If any such |
indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the |
impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the |
company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
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Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the |
estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current |
market assessments of the time value of money and the risks specific to the asset for which the estimates of future |
cash flows have not been adjusted. |
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If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, |
the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment |
loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which |
case the impairment loss is treated as a revaluation decrease. |
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Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to |
apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating |
unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount |
does not exceed the carrying amount that would have been determined had no impairment loss been recognised |
for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately |
in profit or loss, unless the relevant asset is carried at a revalued amount, in which cash the reversal of the |
impairment loss is treated as a revaluation increase. |
GLENCREST LIMITED (REGISTERED NUMBER: SC170133) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 November 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises |
direct materials and, where applicable, direct labour costs and those overheads that have been incurred in |
bringing the stocks to their present location and condition. |
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Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and |
cost, adjusted where applicable for any loss of service potential. |
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At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over |
its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. |
Reversals of impairment losses are also recognised in profit or loss. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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GLENCREST LIMITED (REGISTERED NUMBER: SC170133) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 November 2017 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 December 2016 |
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Additions |
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Disposals |
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At 30 November 2017 |
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DEPRECIATION |
At 1 December 2016 |
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Charge for year |
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Eliminated on disposal |
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At 30 November 2017 |
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NET BOOK VALUE |
At 30 November 2017 |
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At 30 November 2016 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
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COST |
At 1 December 2016 |
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Disposals | ( |
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At 30 November 2017 |
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DEPRECIATION |
At 1 December 2016 |
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Charge for year |
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Eliminated on disposal | ( |
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At 30 November 2017 |
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NET BOOK VALUE |
At 30 November 2017 |
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At 30 November 2016 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.17 | 30.11.16 |
£ | £ |
Trade debtors |
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Other debtors |
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GLENCREST LIMITED (REGISTERED NUMBER: SC170133) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 November 2017 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.17 | 30.11.16 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
30.11.17 | 30.11.16 |
£ | £ |
Bank loans |
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Hire purchase contracts |
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Other creditors |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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30.11.17 | 30.11.16 |
£ | £ |
Bank loans |
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Hire purchase contracts | 48,548 | 85,094 |
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The bank overdraft and loan is secured by the following: |
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1. A bond and floating charge over the assets of the company. |
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2. A standard security over the property situated at warehouse premises, 42 Methil Street, Whiteinch, |
Glasgow. |
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Obligations under hire purchase contracts are secured on the assets to which they relate. |
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9. | PROVISIONS FOR LIABILITIES |
30.11.17 | 30.11.16 |
£ | £ |
Deferred tax | 30,495 | 262,649 |
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Deferred |
tax |
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Balance at 1 December 2016 |
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Provided during year | ( |
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Balance at 30 November 2017 |
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GLENCREST LIMITED (REGISTERED NUMBER: SC170133) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 November 2017 |
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10. | RESERVES |
Retained |
earnings |
£ |
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At 1 December 2016 |
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Profit for the year |
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At 30 November 2017 |
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11. | FIRST YEAR ADOPTION |
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This is the first year that the company has presented its results under FRS 102 (1A). The last financial statements |
under previous UK GAAP were for the year ended 30 November 2016 and the date of transition to FRS 102 |
(1A) was 1 December 2015. |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
GLENCREST LIMITED |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the |
Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Glencrest Limited for the year ended 30 November 2017 which comprise the Income Statement, |
Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from |
information and explanations you have given us. |
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As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance. |
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This report is made solely to the Board of Directors of Glencrest Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Glencrest Limited and state those matters that we have agreed to state to the Board of Directors of Glencrest Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Glencrest Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Glencrest Limited. You consider that Glencrest Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Glencrest 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 financial statements. |
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16 Royal Terrace |
Glasgow |
G3 7NY |
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