GLENN ALLEN LTD

Company Registration Number:
NI620451 (Northern Ireland)

Unaudited abridged accounts for the year ended 30 September 2022

Period of accounts

Start date: 01 October 2021

End date: 30 September 2022

GLENN ALLEN LTD

Contents of the Financial Statements

for the Period Ended 30 September 2022

Balance sheet
Notes

GLENN ALLEN LTD

Balance sheet

As at 30 September 2022


Notes

2022

2021


£

£
Fixed assets
Intangible assets: 3 10,000 10,000
Tangible assets: 4 1,978,056 1,676,727
Total fixed assets: 1,988,056 1,686,727
Current assets
Stocks: 33,500 24,700
Debtors: 5 1,423,803 779,305
Cash at bank and in hand: 0 600,000
Total current assets: 1,457,303 1,404,005
Creditors: amounts falling due within one year: 6 (1,364,099) (1,038,536)
Net current assets (liabilities): 93,204 365,469
Total assets less current liabilities: 2,081,260 2,052,196
Creditors: amounts falling due after more than one year: 7 (421,450) (831,308)
Provision for liabilities: (128,870) (92,557)
Total net assets (liabilities): 1,530,940 1,128,331
Capital and reserves
Called up share capital: 1 1
Profit and loss account: 1,530,939 1,128,330
Shareholders funds: 1,530,940 1,128,331

The notes form part of these financial statements

GLENN ALLEN LTD

Balance sheet statements

For the year ending 30 September 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 17 November 2023
and signed on behalf of the board by:

Name: Philip Allen
Status: Director

The notes form part of these financial statements

GLENN ALLEN LTD

Notes to the Financial Statements

for the Period Ended 30 September 2022

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is recognised at the fair value of the consideration received or receivable for goods and servicesprovided in the normal course of business, and is shown net of VAT and other sales related taxes. The fairvalue of consideration takes into account trade discounts, settlement discounts and volume rebates.When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration isthe present value of the future receipts. The difference between the fair value of the consideration and thenominal amount received is recognised as interest income.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of thegoods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measuredreliably, it is probable that the economic benefits associated with the transaction will flow to the entity and thecosts incurred or to be incurred in respect of the transaction can be measured reliably.Revenue from contracts for the provision of professional services is recognised by reference to the stage ofcompletion when the stage of completion, costs incurred and costs to complete can be estimated reliably. Thestage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staffrates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenueis recognised only to the extent of the expenses recognised that it is probable will be recovered.

Tangible fixed assets and depreciation policy

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net ofdepreciation and any impairment losses.Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over theiruseful lives on the following bases:Land and buildings Freehold NilLand and buildings Leasehold NilPlant and machinery 25% reducing balanceMotor vehicles 25% reducing balanceThe gain or loss arising on the disposal of an asset is determined as the difference between the sale proceedsand the carrying value of the asset, and is credited or charged to profit or loss.

Intangible fixed assets and amortisation policy

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value ofnet assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost lessaccumulated amortisation and accumulated impairment losses.For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefitfrom the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment atleast annually, or more frequently when there is an indication that the unit may be impaired. If the recoverableamount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss isallocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assetsof the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Other accounting policies

Impairment of fixed assetsAt each reporting period end date, the company reviews the carrying amounts of its tangible and intangibleassets to determine whether there is any indication that those assets have suffered an impairment loss. If anysuch indication exists, the recoverable amount of the asset is estimated in order to determine the extent of theimpairment 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.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 reflectscurrent market assessments of the time value of money and the risks specific to the asset for which theestimates of future cash flows have not been adjusted.If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carryingamount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. Animpairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revaluedamount, in which case the impairment loss is treated as a revaluation decrease.Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased toapply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generatingunit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amountdoes not exceed the carrying amount that would have been determined had no impairment loss beenrecognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss isrecognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in whichcase the reversal of the impairment loss is treated as a revaluation increase.StocksStocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costcomprises direct materials and, where applicable, direct labour costs and those overheads that have beenincurred in bringing the stocks to their present location and condition.Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacementcost, adjusted where applicable for any loss of service potential.At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocksover its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit orloss. Reversals of impairment losses are also recognised in profit or loss.Cash and cash equivalentsCash and cash equivalents are basic financial assets and include cash in hand, deposits held at call withbanks, other short-term liquid investments with original maturities of three months or less, and bankoverdrafts. Bank overdrafts are shown within borrowings in current liabilities.Financial instrumentsThe company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.Financial instruments are recognised in the company's balance sheet when the company becomes party tothe contractual provisions of the instrument.Financial assets and liabilities are offset, with the net amounts presented in the financial statements, whenthere is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a netbasis or to realise the asset and settle the liability simultaneously.Basic financial assetsBasic financial assets, which include debtors and cash and bank balances, are initially measured attransaction price including transaction costs and are subsequently carried at amortised cost using the effectiveinterest method unless the arrangement constitutes a financing transaction, where the transaction ismeasured at the present value of the future receipts discounted at a market rate of interest. Financial assetsclassified as receivable within one year are not amortised.Classification of financial liabilitiesFinancial liabilities and equity instruments are classified according to the substance of the contractualarrangements entered into. An equity instrument is any contract that evidences a residual interest in theassets of the company after deducting all of its liabilities.Basic financial liabilitiesBasic financial liabilities, including creditors, bank loans, loans from fellow group companies and preferenceshares that are classified as debt, are initially recognised at transaction price unless the arrangementconstitutes a financing transaction, where the debt instrument is measured at the present value of the futurepayments discounted at a market rate of interest. Financial liabilities classified as payable within one year arenot amortised.Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course ofbusiness from suppliers. Amounts payable are classified as current liabilities if payment is due within one yearor less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially attransaction price and subsequently measured at amortised cost using the effective interest method.TaxationThe tax expense represents the sum of the tax currently payable and deferred tax.Current taxThe tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit asreported in the profit and loss account because it excludes items of income or expense that are taxable ordeductible in other years and it further excludes items that are never taxable or deductible. The company’sliability for current tax is calculated using tax rates that have been enacted or substantively enacted by thereporting end date.Deferred taxDeferred tax liabilities are generally recognised for all timing differences and deferred tax assets arerecognised to the extent that it is probable that they will be recovered against the reversal of deferred taxliabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing differencearises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affectsneither the tax profit nor the accounting profit.The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extentthat it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to berecovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liabilityis settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, exceptwhen it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt within equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right tooffset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by thesame tax authority.Employee benefitsThe costs of short-term employee benefits are recognised as a liability and an expense, unless those costsare required to be recognised as part of the cost of stock or fixed assets.The cost of any unused holiday entitlement is recognised in the period in which the employee’s services arereceived.Termination benefits are recognised immediately as an expense when the company is demonstrablycommitted to terminate the employment of an employee or to provide termination benefits.LeasesLeases are classified as finance leases whenever the terms of the lease transfer substantially all the risks andrewards of ownership to the lessees. All other leases are classified as operating leases.Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date ofinception and the present value of the minimum lease payments. The related liability is included in the balancesheet as a finance lease obligation. Lease payments are treated as consisting of capital and interestelements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on theremaining balance of the liability.Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amountof the leased asset and recognised on a straight line basis over the lease term.Government grantsGovernment grants are recognised at the fair value of the asset received or receivable when there isreasonable assurance that the grant conditions will be met and the grants will be received.A grant that specifies performance conditions is recognised in income when the performance conditions aremet. Where a grant does not specify performance conditions it is recognised in income when the proceedsare received or receivable. A grant received before the recognition criteria are satisfied is recognised as aliability.Foreign exchangeTransactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at thedates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated inforeign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arisingon translation in the period are included in profit or loss.

GLENN ALLEN LTD

Notes to the Financial Statements

for the Period Ended 30 September 2022

2. Employees

2022 2021
Average number of employees during the period 10 8

GLENN ALLEN LTD

Notes to the Financial Statements

for the Period Ended 30 September 2022

3. Intangible Assets

Total
Cost £
At 01 October 2021 10,000
At 30 September 2022 10,000
Net book value
At 30 September 2022 10,000
At 30 September 2021 10,000

GLENN ALLEN LTD

Notes to the Financial Statements

for the Period Ended 30 September 2022

4. Tangible Assets

Total
Cost £
At 01 October 2021 2,070,301
Additions 745,134
Disposals (225,833)
At 30 September 2022 2,589,602
Depreciation
At 01 October 2021 393,574
Charge for year 271,866
On disposals (53,894)
At 30 September 2022 611,546
Net book value
At 30 September 2022 1,978,056
At 30 September 2021 1,676,727

GLENN ALLEN LTD

Notes to the Financial Statements

for the Period Ended 30 September 2022

5. Debtors

2022 2021
££
Debtors due after more than one year: 1,423,803 779,305

GLENN ALLEN LTD

Notes to the Financial Statements

for the Period Ended 30 September 2022

6. Creditors: amounts falling due within one year note

Bank loans and overdrafts £285,013 (2021 £238,883)Trade creditors £274,533 (2021: £189,398)Corporation tax £213,046 (2021: £109,912)Other taxation and social security £286,949 (2021: £74,568)Other creditors £304,558 ( £425,775)

GLENN ALLEN LTD

Notes to the Financial Statements

for the Period Ended 30 September 2022

7. Creditors: amounts falling due after more than one year note

Bank loans and overdrafts £403,950 (2021: £781,163)Other creditors £17,500 (2021: £50,145)