Glen Land Management Limited - Period Ending 2017-03-31
Glen Land Management Limited - Period Ending 2017-03-31
Registration number:
for the Year Ended
Chartered Accountants
56 Marchmont Road
Edinburgh
EH9 1HS
Glen Land Management Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Glen Land Management Limited
Company Information
Directors |
TM Tennant TW Tennant EL Tennant |
Company secretary |
WA Staempfli |
Registered office |
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Accountants |
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Page 1 |
Glen Land Management Limited
(Registration number: SC411485)
Balance Sheet as at 31 March 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Creditors: Amounts falling due within one year |
( |
( |
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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 |
( |
( |
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Provisions for liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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TM Tennant
Director
Page 2 |
Glen Land Management Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
Scotland
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
The company has elected to adopt FRS 102, Section 1A with the effective date of transition being 1 April 2015.
Information on the impact of the first-time adoption of FRS 102 is given in note 10.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
Due to the nature of the principle activity of the company and the entity still being in the early years of trading, as at the balance sheet date, the company's liabilities exceeded its assets. This is however the entity's second consecutive profitable trading year, in which profits have substantially increased from the prior year. The directors are confident that the company can continue to improve trading levels in this way in future periods. The financial statements have therefore been prepared on a going concern basis.
Page 3 |
Glen Land Management Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Revenue recognition
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services.
Turnover for the sale of services is recognised when the amount of revenue can be measured reliably; it is probable that the economic benefits associated with the transaction will be received by the company and the stage of completion at the balance sheet date can be measured reliably.
Turnover from the sale of goods is recognised when the risks and rewards of ownership have been transferred to the buyer. Revenue is stated after sales discounts and other sales taxes, and is net of VAT.
Government grants
Government grants are included within accruals and deferred income in the balance sheet and credited to the profit and loss account over the expected useful lives of the assets to which they relate or in periods in which the related costs are incurred.
Tax
The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.
Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. The following timing differences are not provided for: differences between accumulated depreciation and tax allowances for the cost of a fixed asset if and when all conditions for retaining the tax allowances have been met; and differences relating to investments in subsidiaries, to the extent that it is not probable that they will reverse in the foreseeable future and the reporting entity is able to control the reversal of the timing difference.
Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense.
Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax balances are not discounted. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Tangible assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.
Page 4 |
Glen Land Management Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Depreciation
Depreciation is charged to the profit and loss account on a straight-line basis at the following rates over the estimated useful lives of each part of an item of tangible fixed assets. Leased assets are depreciated over the shorter of the lease term and their useful lives.
Asset class |
Depreciation method and rate |
Plant and machinery |
20% reducing balance |
Motor vehicles |
20% reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Company’s cash management are included as a component of cash and cash equivalents.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the first-in, first-out (FIFO) principle and includes expenditure incurred in acquiring the stocks, production or conversion costs and other costs in bringing them to their existing location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 5 |
Glen Land Management Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Tangible assets |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 April 2016 |
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Additions |
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At 31 March 2017 |
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Depreciation |
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At 1 April 2016 |
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Charge for the year |
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At 31 March 2017 |
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Carrying amount |
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At 31 March 2017 |
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At 31 March 2016 |
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Stocks |
2017 |
2016 |
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Livestock |
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Debtors |
2017 |
2016 |
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Other debtors |
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Page 6 |
Glen Land Management Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Creditors |
Creditors: amounts falling due within one year
Note |
2017 |
2016 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Finance lease liabilities |
4,423 |
3,158 |
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Taxation and social security |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2017 |
2016 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
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No. |
£ |
No. |
£ |
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Ordinary shares of £1 each |
10,000 |
10,000 |
10,000 |
10,000 |
Related party transactions |
Summary of transactions with other related parties
During the year the company paid rent of £30,000 (2016: £22,000) to The Glen Settlement, a Trust in which the director, Mrs T M Tennant, is a beneficiary of the Life Interest Fund and director, E L Tennant's two children, are beneficiaries of the Discretionary Fund. In addition E L Tennant is a beneficiary of the Birks Settlement, a Trust which leases land and livestock to The Glen Settlement that are subsequently leased to the company.
At the balance sheet date the amount due to The Glen Settlement and Birks Settlement was £80,584 (2016: £99,797).
Page 7 |
Glen Land Management Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Transition to FRS 102 |
The date of transition to FRS 102 is therefore 1 April 2015. In carrying out the transition to FRS 102, the company has not applied any of the optional exemptions permitted by Section 35 Transition to this FRS.
There have been no changes to accounting policies or accounting treatments required to be made upon transition to FRS 102. Accordingly, the company’s opening equity position as at the 1 April 2015 and its financial position and performance for the year ended 31 March 2016 are unchanged from that previously presented under previously extant UK GAAP.
Page 8 |