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Unaudited Financial Statements for the Year Ended 30 April 2016 |
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GLENCAIRN CRYSTAL STUDIO LIMITED |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 30 April 2016 |
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for |
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GLENCAIRN CRYSTAL STUDIO LIMITED |
GLENCAIRN CRYSTAL STUDIO LIMITED (REGISTERED NUMBER: SC195939) |
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Contents of the Financial Statements |
for the Year Ended 30 April 2016 |
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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 | 8 |
GLENCAIRN CRYSTAL STUDIO LIMITED |
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Company Information |
for the Year Ended 30 April 2016 |
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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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29 Brandon Street |
Hamilton |
South Lanarkshire |
ML3 6DA |
GLENCAIRN CRYSTAL STUDIO LIMITED (REGISTERED NUMBER: SC195939) |
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Balance Sheet |
30 April 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors: amounts falling due within one year | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
GLENCAIRN CRYSTAL STUDIO LIMITED (REGISTERED NUMBER: SC195939) |
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Balance Sheet - continued |
30 April 2016 |
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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
by: |
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GLENCAIRN CRYSTAL STUDIO LIMITED (REGISTERED NUMBER: SC195939) |
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Notes to the Financial Statements |
for the Year Ended 30 April 2016 |
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1. | STATUTORY INFORMATION |
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Glencairn Crystal Studio Limited is a
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registered 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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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 |
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Plant and machinery etc | - | 25% on cost and 20% on cost |
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Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance |
for obsolete and slow moving items. |
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Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. |
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Taxation |
Taxation represents the sum of tax currently payable and deferred tax. |
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The company's liability for current tax is calculated using tax rates that have been enacted or substantively |
enacted by the end of the reporting period. |
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Deferred tax is recognised on all timing differences between the carrying amounts of assets in the financial |
statements and the corresponding tax bases used in the computation of taxable profit. The carrying value of |
deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer |
probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. |
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Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which |
the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or |
substantively enacted by the end of the reporting period. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling |
at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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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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Group accounts |
The company has taken advantage of the exemption available, under s249 of the Companies Act, for small |
companies and has not prepared group accounts. The financial statements therefore present information about |
Glencairn Crystal Studio Limited as an individual undertaking and not about its group. |
GLENCAIRN CRYSTAL STUDIO LIMITED (REGISTERED NUMBER: SC195939) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2016 |
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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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4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 May 2015 |
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Additions |
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Disposals |
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At 30 April 2016 |
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DEPRECIATION |
At 1 May 2015 |
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Charge for year |
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Eliminated on disposal |
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At 30 April 2016 |
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NET BOOK VALUE |
At 30 April 2016 |
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At 30 April 2015 |
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5. | FIXED ASSET INVESTMENTS |
Other |
investments |
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COST |
At 1 May 2015 |
and 30 April 2016 |
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NET BOOK VALUE |
At 30 April 2016 |
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At 30 April 2015 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade debtors |
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Other debtors |
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GLENCAIRN CRYSTAL STUDIO LIMITED (REGISTERED NUMBER: SC195939) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2016 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2016 | 2015 |
£ | £ |
Bank loans |
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Other creditors |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 150,381 | 212,952 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2016 | 2015 |
£ | £ |
Bank loans |
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The bank overdraft is secured by a bond and floating charge over the whole of the company's assets. |
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The bank loan is secured over industrial units at Langlands Avenue, Kelvin South Business Park, East Kilbride. |
GLENCAIRN CRYSTAL STUDIO LIMITED (REGISTERED NUMBER: SC195939) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2016 |
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10. | RELATED PARTY DISCLOSURES |
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The Glencairn Glass Company Limited |
A company in which R Davidson is a shareholder |
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During the year, The Glencairn Glass Company Ltd advanced the company £170,474 (2015 - £186,119) and was |
repaid £51,049 (2015 - £19,553). |
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No interest was charged on this loan during this year or the previous year. |
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The balance due to The Glencairn Glass Company Limited at the year end was £476,462 (2015 - £357,037). |
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Glencairn Scotch Whisky Company Limited |
A company in which R Davidson is a shareholder |
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During the year, the company advanced £600 (2015 - £600) to Glencairn Scotch Whisky Company Limited. |
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No interest was charged on this loan during this year or the previous year. |
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The balance due from Glencairn Scotch Whisky Company Limited at the year end was £84,523 (2015 - |
£83,923). |
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Burns Crystal Glass Limited |
Subsidiary |
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During the year, the company advanced £1,750 (2015 - £nil) to Burns Crystal Glass Limited. |
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No interest was charged on this loan during this year or the previous year. |
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The balance due from Burns Crystal Glass Limited at the year end was £1,750 (2015 - £nil). |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Glencairn Crystal Studio Limited |
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The following reproduces the text of the report prepared for the directors and members 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 Glencairn Crystal Studio Limited for the year ended 30 April 2016 which comprise the Income |
statement, Balance Sheet, 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 the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.org.uk/accountspreparationguidance. |
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This report is made solely to the Board of Directors of Glencairn Crystal Studio 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 Glencairn Crystal Studio Limited and state those matters that we have agreed to state to the Board of Directors of Glencairn Crystal Studio Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.org.uk/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 Glencairn Crystal Studio 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 Glencairn Crystal Studio Limited. You consider that Glencairn Crystal Studio 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 Glencairn Crystal Studio 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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29 Brandon Street |
Hamilton |
South Lanarkshire |
ML3 6DA |
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