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Unaudited Financial Statements for the Year Ended 30 April 2018 |
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GLENCAIRN CRYSTAL STUDIO LIMITED |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 30 April 2018 |
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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 2018 |
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Page |
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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 2018 |
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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 |
ML3 6DA |
GLENCAIRN CRYSTAL STUDIO LIMITED (REGISTERED NUMBER: SC195939) |
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Balance Sheet |
30 April 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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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 |
9 |
( |
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( |
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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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Capital redemption reserve |
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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 2018 |
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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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GLENCAIRN CRYSTAL STUDIO LIMITED (REGISTERED NUMBER: SC195939) |
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Notes to the Financial Statements |
for the Year Ended 30 April 2018 |
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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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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is derived from the manufacture and distribution of crystal and glassware by the company. |
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Turnover is measured at the fair value of the manufacture and distribution of crystal and glassware, net of |
discounts and excluding value added tax, and is recognised at the point that the company obtains the right to |
consideration. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and |
accumulated impairment loss. |
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At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine |
whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the |
recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is |
not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of |
the cash-generating unit to which the asset belongs. |
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Expenditure of £1,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets |
below this threshold is charged directly to the income statement in the period it is incurred. |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable |
value). Costs, which comprise direct production costs, are based on the method appropriate to the type of |
inventory class, but usually on a first-in-first-out basis. Overheads are charged to the income statement as |
incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling |
costs. |
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When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the |
related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of |
stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any |
reversal of any write-down of stocks is recognised as a reduction in the amounts of stocks recognised as an |
expense in the period in which the reversal occurs. |
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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 2018 |
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3. | ACCOUNTING POLICIES - continued |
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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Foreign currencies |
Transactions in currencies, other than the functional currency of the company, are recorded at the rate of |
exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at |
the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss account. |
Non-monetary items are measured at historic cost in a foreign currency are not retranslated. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme and the pension charge represents the amounts |
payable by the company to the fund in respect of the year. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 May 2017 |
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Additions |
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At 30 April 2018 |
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DEPRECIATION |
At 1 May 2017 |
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Charge for year |
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At 30 April 2018 |
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NET BOOK VALUE |
At 30 April 2018 |
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At 30 April 2017 |
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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 2018 |
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6. | FIXED ASSET INVESTMENTS |
Other |
investments |
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COST |
At 1 May 2017 |
and 30 April 2018 |
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NET BOOK VALUE |
At 30 April 2018 |
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At 30 April 2017 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
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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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2018 | 2017 |
£ | £ |
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 | 21,471 | 86,746 |
GLENCAIRN CRYSTAL STUDIO LIMITED (REGISTERED NUMBER: SC195939) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2018 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2018 | 2017 |
£ | £ |
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. |
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11. | RELATED PARTY DISCLOSURES |
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R Davidson |
Director |
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During the year, the director advanced £564,097 (2017 - £nil) to the company. At the year end, the balance due |
to the director was £564,173 (2017 - £76). |
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No interest was charged on this loan during this year or the previous year. |
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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 company charged The Glencairn Glass Company Ltd a management fee of £189,000 (2016 - |
£370,000). The Glencairn Glass Company Ltd advanced the company £290,071 (2017 - £101,702). At the year |
end, the balance due to The Glencairn Glass Company Limited at the year end was £309,235 (2017 - £208,163) |
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No interest was charged on this loan during this year or the previous year. |
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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 repaid £850 to Glencairn Scotch Whisky Company Limited (2017 - Glencairn |
Scotch Whisky Company Limited advanced £107,150 to the company). At the year end, the balance due to to |
Glencairn Scotch Whisky Company Limited was £21,777 (2017 - £22,627). |
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No interest was charged on this loan during this year or the previous year. |
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Burns Crystal Glass Limited |
Subsidiary |
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During the year, the company charged Burns Crystal Glass Limited a management fee of £189,000 (2017 - |
£400,000). Burns Crystal Glass Limited paid the company a dividend of £nil (2017 - £120,000) and repaid the |
company £228,327 (2017 - £400,000). At the year end, the balance due to Burns Crystal Glass Limited was £77 |
(2017 - the balance due from Burns Crystal Glass Limited was £121,750). |
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No interest was charged on this loan during this year or the previous year. |
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 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 2018 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 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 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 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 |
ML3 6DA |
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