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Registered number: 01912317









GLANVILLE CONSULTANTS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
GLANVILLE CONSULTANTS LIMITED
 
 
COMPANY INFORMATION


Directors
S D Berger (resigned 30 September 2022)
J G Birch 
T P Foxall 
H P Gell 
H B George 
J Hallett-Jones 
J Hanlon 
A P Smith 
J Farooq 
R Eve (appointed 1 April 2023)




Registered number
01912317



Registered office
3 Grovelands Business Centre
Boundary Way

Hemel Hempstead

Hertfordshire

HP2 7TE




Independent auditors
WMT

4 Beaconsfield Road

St Albans

Hertfordshire

AL1 3RD




Bankers
National Westminster Bank Plc
121 High Street

Oxford

Oxfordshire

OX1 4DD





 
GLANVILLE CONSULTANTS LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Profit and Loss Account
9
Balance Sheet
10 - 11
Statement of Changes in Equity
12
Notes to the Financial Statements
13 - 24

 
GLANVILLE CONSULTANTS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

Introduction
 
The Directors present their report and financial statements for the year ended 31 March 2023.

Business review
 
The results for the period were considered satisfactory by the Directors.
The trading turnover for Glanville Consultants Limited for the year to 31 March 2023 is £9,630,150 (2022 :£8,241,180), an increase of 17%. The increase brings the turnover close to pre -pandemic levels and is a result of the improvement in the construction industry.
Other income for Glanville Consultants Limited of £25,038 (2022: £35,256) consists principally of rent from the
sub-lease of part of one of the company's sites.

Principal risks and uncertainties
 
Liquidity risk
The company manages its cash requirements so as to maximise interest income and minimise interest expense. All the Group's cash balances and funding are with financial institutions that have credit ratings that meet the Board's criteria.
Credit risk
The company regularly performs credit checks on clients. Trade debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary.
Business risk
The company has appropriate disaster recovery plans in place in the event that one of its sites is not available for an extended period of time.

Financial key performance indicators
 
The Directors monitor the company's performance using the following KPls.
Gross Margin - 36% (2022: 34%)
Debtor Days - 72 (2022: 76)
Turnover per employee - £106k (2022: £99k)
Amounts recoverable on contracts at the year end as a percentage of turnover - 8% (2021: 6.4%)
Amounts recoverable on contracts are reviewed on a regular basis for recoverability as in line with the accounting policy detailed in the Notes to the Financial Statements and provisions made when necessary.

Page 1

 
GLANVILLE CONSULTANTS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023


This report was approved by the board and signed on its behalf.



H P Gell
Director

Date: 20 October 2023
Page 2

 
GLANVILLE CONSULTANTS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The Directors present their report and the financial statements for the year ended 31 March 2023.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,174,569 (2022 - £901,416).

Directors

The Directors who served during the year were:

S D Berger (resigned 30 September 2022)
J G Birch 
T P Foxall 
H P Gell 
H B George 
J Hallett-Jones 
J Hanlon 
A P Smith 
J Farooq 

Matters covered in the Strategic Report

The financial risk management objectives and policies of the company, and the exposure of the company to credit risk, liquidity risk and business risk are covered in the strategic report.

Page 3

 
GLANVILLE CONSULTANTS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsWMTwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





H P Gell
Director

Date: 20 October 2023
Page 4

 
GLANVILLE CONSULTANTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLANVILLE CONSULTANTS LIMITED
 

Opinion


We have audited the financial statements of Glanville Consultants Limited (the 'Company') for the year ended 31 March 2023, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
GLANVILLE CONSULTANTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLANVILLE CONSULTANTS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' Report thereon.  The Directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
GLANVILLE CONSULTANTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLANVILLE CONSULTANTS LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. 
The following laws and regulations were identified as being of significance to the entity: 
• Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation. 
• Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include operational and manufacturing requirements, environmental regulations and health and safety legislation.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness
Page 7

 
GLANVILLE CONSULTANTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLANVILLE CONSULTANTS LIMITED (CONTINUED)


of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Directors.
Conclude on the appropriateness of the Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.




Elizabeth Wicks (Senior Statutory Auditor)
  
for and on behalf of
WMT
 
Chartered Accountants and Statutory Auditors
  
4 Beaconsfield Road
St Albans
Hertfordshire
AL1 3RD

26 October 2023
Page 8

 
GLANVILLE CONSULTANTS LIMITED
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
£
£

  

Turnover
 4 
9,630,150
8,241,180

Cost of sales
  
(6,130,489)
(5,438,990)

Gross profit
  
3,499,661
2,802,190

Administrative expenses
  
(2,060,877)
(1,768,721)

Other operating income
  
25,038
35,265

Operating profit
  
1,463,822
1,068,734

Interest receivable and similar income
 9 
4,688
136

Interest payable and similar expenses
 10 
(12,143)
(4,176)

Profit before tax
  
1,456,367
1,064,694

Tax on profit
 11 
(281,798)
(163,278)

Profit for the financial year
  
1,174,569
901,416

The notes on pages 13 to 24 form part of these financial statements.

Page 9

 
GLANVILLE CONSULTANTS LIMITED
REGISTERED NUMBER: 01912317

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 12 
294,214
265,982

  
294,214
265,982

Current assets
  

Debtors: amounts falling due within one year
 13 
5,870,010
4,357,972

Cash at bank and in hand
  
899,987
826,969

  
6,769,997
5,184,941

Creditors: amounts falling due within one year
 14 
(1,697,397)
(1,269,764)

Net current assets
  
 
 
5,072,600
 
 
3,915,177

Total assets less current liabilities
  
5,366,814
4,181,159

Creditors: amounts falling due after more than one year
 15 
(23,223)
(30,992)

Provisions for liabilities
  

Deferred tax
 17 
(37,661)
(18,806)

  
 
 
(37,661)
 
 
(18,806)

Net assets
  
5,305,930
4,131,361


Capital and reserves
  

Called up share capital 
 18 
224
224

Share premium account
 19 
206,856
206,856

Capital redemption reserve
 19 
134
134

Profit and loss account
 19 
5,098,716
3,924,147

  
5,305,930
4,131,361

Page 10

 
GLANVILLE CONSULTANTS LIMITED
REGISTERED NUMBER: 01912317
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




H P Gell
Director

Date: 20 October 2023

The notes on pages 13 to 24 form part of these financial statements.
Page 11

 
GLANVILLE CONSULTANTS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 April 2021
104
206,856
134
3,022,731
3,229,825


Comprehensive income for the year

Profit for the year
-
-
-
901,416
901,416
Total comprehensive income for the year
-
-
-
901,416
901,416


Contributions by and distributions to owners

Shares issued during the year
120
-
-
-
120


Total transactions with owners
120
-
-
-
120



At 1 April 2022
224
206,856
134
3,924,147
4,131,361


Comprehensive income for the year

Profit for the year
-
-
-
1,174,569
1,174,569
Total comprehensive income for the year
-
-
-
1,174,569
1,174,569


Total transactions with owners
-
-
-
-
-


At 31 March 2023
224
206,856
134
5,098,716
5,305,930


The notes on pages 13 to 24 form part of these financial statements.

Page 12

 
GLANVILLE CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Glanville Consultants Limited is a Company incorporated in England and Wales under the Companies Act 2006. The Company was incorporated on  9 May 1985. The address of the registered office is given on the Company Information page. The nature of the Company's operations and its principal activity is the provision of consultancy services to the building and construction industry.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise
specified within these accounting policies and in accordance with Financial Reporting Standard 102,
the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the
Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain
critical accounting estimates. It also requires management to exercise judgment in applying the
Company's accounting policies (see note 3)
The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements are prepared on the going concern basis.

 
2.3

Cash flow

The Company, being a subsidiary undertaking of a group where more than 90% voting rights are
controlled within the group whose consolidated statements are publicly available, is exempt from the
requirement to produce a cash flow statement in accordance with paragraph 1.12(b) of FRS 102.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 13

 
GLANVILLE CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Page 14

 
GLANVILLE CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight line and reducing balance methods.

Depreciation is provided on the following basis:

Technical equipment
-
25% straight line
Motor vehicles
-
25% reducing balance
Fixtures & fittings
-
20% straight line
Computer equipment
-
33.3% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
Page 15

 
GLANVILLE CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means the actual outcomes could differ from those estimates.
Estimates have been made in identifying the stage of completion of projects used to calculate the amounts recoverable on contracts included within debtors.

Page 16

 
GLANVILLE CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sales
9,630,150
8,241,180

9,630,150
8,241,180


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
9,542,265
8,175,065

Rest of the world
87,885
66,115

9,630,150
8,241,180



5.


Other operating income

2023
2022
£
£

Other operating income
25,038
35,265

25,038
35,265



6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
14,240
13,000

Page 17

 
GLANVILLE CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Employees

Staff costs, including Directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
3,328,100
2,966,523

Social security costs
383,265
319,293

Cost of defined contribution scheme
370,699
343,556

4,082,064
3,629,372


The average monthly number of employees, including directors, during the year was 91 (2022 - 83).


8.


Directors' remuneration




The highest paid Director received remuneration of £125,088 (2022 - £101,998).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £4,921 (2022 - £4,630).

The highest paid director is paid via the ultimate parent company, Glanville Futures Limited. 


9.


Interest receivable

2023
2022
£
£


Other interest receivable
4,688
136

4,688
136


10.


Interest payable and similar expenses

2023
2022
£
£


Finance leases and hire purchase contracts
2,166
821

Other interest payable
9,977
3,355

12,143
4,176

Page 18

 
GLANVILLE CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
262,943
142,259

Adjustments in respect of previous periods
-
(4,519)


262,943
137,740


Total current tax
262,943
137,740

Deferred tax


Origination and reversal of timing differences
18,855
25,538

Total deferred tax
18,855
25,538


Taxation on profit on ordinary activities
281,798
163,278

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,456,367
1,064,694


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
276,710
202,292

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
4,622
268

Capital allowances for year in excess of depreciation
(14,335)
(26,211)

Adjustments to tax charge in respect of prior periods
-
4,519

Other timing differences leading to an increase (decrease) in taxation
19,558
(12,833)

Other differences leading to an increase (decrease) in the tax charge
(4,757)
(4,757)

Total tax charge for the year
281,798
163,278

Page 19

 
GLANVILLE CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Tangible fixed assets





Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2022
405,471
166,285
403,736
577,634
1,553,126


Additions
48,099
63,003
910
55,902
167,914


Disposals
(40,548)
(50,754)
(925)
(49,393)
(141,620)



At 31 March 2023

413,022
178,534
403,721
584,143
1,579,420



Depreciation


At 1 April 2022
354,281
98,652
375,166
459,045
1,287,144


Charge for the year on owned assets
13,944
26,573
8,609
71,004
120,130


Charge for the year on financed assets
10,158
-
-
-
10,158


Disposals
(38,038)
(43,870)
(925)
(49,393)
(132,226)



At 31 March 2023

340,345
81,355
382,850
480,656
1,285,206



Net book value



At 31 March 2023
72,677
97,179
20,871
103,487
294,214



At 31 March 2022
51,190
67,633
28,570
118,589
265,982
Page 20

 
GLANVILLE CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

           12.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
26,242
36,400

26,242
36,400


13.


Debtors

2023
2022
£
£


Trade debtors
1,922,266
1,718,621

Amounts owed by group undertakings
2,853,023
1,792,607

Other debtors
5,161
6,649

Prepayments and accrued income
353,714
307,734

Amounts recoverable on long term contracts
735,846
532,361

5,870,010
4,357,972



14.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
185,400
167,760

Trade creditors
482,419
283,280

Corporation tax
262,943
142,500

Other taxation and social security
335,102
292,137

Obligations under finance lease and hire purchase contracts
7,770
7,305

Other creditors
11,808
36,757

Accruals and deferred income
411,955
340,025

1,697,397
1,269,764


Loans taken out by the ultimate parent company, Glanville Futures Ltd, amounting to £3,347,586 (2022: £4,056,067) at the year end date, are secured by fixed and floating charges over all assets and undertakings of the group, including those of Glanville Consultants Limited.

Page 21

 
GLANVILLE CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

15.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
23,223
30,992

23,223
30,992



16.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
7,770
7,305

Between 1-5 years
23,223
30,992

30,993
38,297

The hire purchase agreement is secured over the assets it relates to.

Page 22

 
GLANVILLE CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

17.


Deferred taxation




2023
2022


£

£






At beginning of year
(18,806)
6,732


Credited/ (Charged) to profit or loss
(18,855)
(25,538)



At end of year
(37,661)
(18,806)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fixed asset timing differences
(40,751)
(27,995)

Short term timing differences
3,090
9,189

(37,661)
(18,806)


18.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



224 (2022 - 224) Ordinary shares of £1.00 each
224
224



19.


Reserves

Share premium account

The share premium reserve records the amount above nominal value received for shares sold, less transaction costs.

Capital redemption reserve

The capital redemption reserve records the nominal value of shares repurchased by the Company.

Profit & loss account

The profit and loss account represents the distributable reserves available.

Page 23

 
GLANVILLE CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

20.


Commitments under operating leases

At 31 March 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
180,220
178,844

Later than 1 year and not later than 5 years
719,270
708,000

Later than 5 years
208,745
385,745

1,108,235
1,272,589

The future minimum lease payments above represent amounts payable under operating leases on two premises. These leases run until April 2031 and April 2028 and have break clauses at April 2026 and at one year's notice respectively. 


21.


Related party transactions

Glanville Consultants is wholly owned subsidary and has elected to take the exemption not to disclose arms length transactions within the year.
A director of the Company was given an interest free loan in the prior year, the amount outstanding at the year end was £nil (2022: £1,232).
During the year the Company paid £122,385 (2022: £80,218) for design services to a company owned by a relation of one of the directors of Glanville Consultants Limited. At the year end this company was owed £59,240 (2022: £26,615).


22.


Controlling party

The ultimate parent company is Glanville Futures Limited, a company incorporated in England and Wales. The ultimate parent company prepares consolidated financial statements and its registered office is:
3 Grovelands Business Centre
Boundary Way
Hemel Hempstead
Hertfordshire
HP2 7TE
There is no ultimate controlling party.

 
Page 24