REGISTERED NUMBER: 10913094 (England and Wales) |
GLOSSBROOK HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 |
REGISTERED NUMBER: 10913094 (England and Wales) |
GLOSSBROOK HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 |
GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 17 |
GLOSSBROOK HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants |
Fryern House |
125 Winchester Road |
Chandlers Ford |
Hampshire |
SO53 2DR |
GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
The directors present their report with the financial statements of the Company and the Group for the year ended 29 February 2024. |
BACKGROUND |
Glossbrook Holdings Limited ("GHL") was incorporated in August 2017 with the intention of acquiring Glossbrook Builders Limited ("GBL") as part of a management buyout which completed at the end of October 2017. |
REVIEW OF BUSINESS |
The Group is a builder of houses and flats as well as commercial buildings, operating mainly in Dorset. The size of the projects undertaken are usually in the range from £1m to £6m although several recent contracts have been at or above the higher end of the range. House building can vary from groups of small or medium sized houses to single large houses, and from a small single block of flats, some having integral commercial units, through to multiple multi-storey blocks of flats. |
Work carried out includes construction from the ground up, but also conversions of office and other buildings to residential use. |
Commercial buildings worked on including construction and alterations and refurbishments can vary from small factories or workshops through to industrial developments with several units. In the past, we have also constructed office blocks with finished buildings having a variety of uses. |
Although the initial disruption caused by the Coronavirus pandemic was over, the subsequent impact on construction materials and labour availability and cost affected progress on projects throughout 2021 and 2022 with a resultant impact on profitability, as contracts generally are fixed price. Material and labour prices were also affected by the war in Ukraine. |
Despite these issues, the Group continued to progress and complete the projects on hand to its usual high standard of quality not trying to cut corners to ameliorate the increasing cost issues. This was evidenced as the clients involved in the projects, which resulted in significant losses for the Group, have continued to place new projects with the Group and brought other prospects for discussion and negotiation. |
The resources that the Group had built in the years before the Coronavirus pandemic allowed it to trade through the problems encountered whilst many other housebuilders and contractors of similar and larger size have ceased trading. These resources enabled the Group to take advantage of the opportunities available in its markets with ongoing projects having been priced and tendered for once the issues of material and labour availability and prices had settled. The Group is confident that profitability on these and other new projects under discussion have returned to the more normal levels seen in the past. |
The turnround in the Group's results is evidenced by the return to profitability for the year ended 29 February 2024 with a gross profit of £1,626k on a reduced turnover of £17.0m and a net profit before tax of £163k which compares with a net loss before tax of £1.8m for the previous year. |
The lower turnover resulted from a number of projects which were expected to start by summer 2023 but failed to progress for a variety of reasons, primarily the uncertainty about the housing market which, although at a lower price level, has now stabilised. Housing demand still continues in the area and results in a flow of enquiries and prospective new work and the Group is in discussion with new and existing clients, negotiating prices on a number of projects. |
The Group has a good order book going forward and, as noted above, these projects have been priced and negotiated once the turbulent supply chain issues had settled. This will allow the Group to look forward to managing the business focussing on delivery of these projects which include some of the largest projects the Group has undertaken. |
The reputation of the Group for quality work and good working relationships established in the past and maintained during the turmoil of the post Covid years continues to attract new clients largely because of recommendation as well as repeat business from existing clients. |
There are potential short and medium term risks to housing demand resulting from the current economic circumstances but long term housing market fundamentals should continue to be strong while there is a continuing housing shortage and demand is greater than supply. |
The construction industry in the UK and locally continues to be competitive and margins continue to be tight. The Group is aware that any plans for the future development of the business may be subject to unforeseen future events outside its control. |
GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
Significant price inflation because of the Coronavirus pandemic and the conflict in Ukraine had an impact on the profitability of the business in the past few years. Whilst material and labour availability and cost pressures have stabilised there are still price increases but at the levels seen in the period before the Coronavirus pandemic; inflationary pressure on material and labour availability continues to provide a risk arising from cost uncertainty when working on fixed price contracts. The Group recognises this risk and has adopted a pricing strategy which accounts for this risk. In addition, securing fixed priced supply through early procurement wherever possible provides a degree of price security. The Group's purchasing team continue to work hard in establishing additional supply chain options to mitigate availability and cost risk. |
Construction activities have the potential risk to cause injury to employees, sub-contract staff, site visitors and the public. The Group is committed to minimising these risks through continual review of its Health & Safety (H&S) Policy, providing ongoing mandatory H&S training for all Site Staff and education of sub-contractor staff working on site. The Group has experienced external H&S advisors who are involved in project planning and carry out monthly or twice monthly visits to sites reporting to Site and Contract Managers. |
The business is reliant on the performance of its employees in the successful execution of its business activities and, over the last few years, the Group has strengthened its management team and also introduced a quality assurance system. The additional management resources have also enabled the Group to embrace new Building and Environmental Regulations. |
The Group is acutely aware of the skills shortage within the industry at all levels which is exacerbated when there is growth within the industry and so the Group strives to create a rewarding environment for all its employees. Training remains a priority and Site and Contract Managers and Supervisors are encouraged to undertake NVQ, degree and post graduate training at the appropriate level with some Managers achieving membership of the Chartered Institute of Building. |
In the last few years as the Group and the construction industry in general went through a period of growth, there was greater competition for limited sub-contractor resource. The Group has always recognised the importance of fostering long-term relationships with its materials suppliers and sub-contractors usually local to its operating area and a key element of these relationships is based on good payment terms. These relationships help to maintain the levels of resource to meet the Group's objectives of quality of work and completion to programme. |
Construction is a barometer of the broader economy and is affected by adverse economic conditions as well as government policies, and these both will have an impact on construction activity. The Group continues to develop the sources of its work ensuring a spread of projects across several sectors to provide a degree of flexibility to react to economic change and avoid exposure to declining work in any sector. |
KEY PERFORMANCE INDICATORS |
The Group's key performance indicators are considered to be turnover, gross profit and net profit. These have been considered within the Review of Business above. |
ON BEHALF OF THE BOARD: |
GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 29 February 2024. |
DIVIDENDS |
No interim dividend was paid in the year. The directors recommend that no final dividend be paid. |
The total distribution of dividends for the year ended 29 February 2024 will be £nil. |
RESEARCH AND DEVELOPMENT |
The Group's projects are usually for bespoke housing developments each of which brings its own challenges in the pre-contract and early stages of the projects which allows the Group's management to review value engineering opportunities to confirm or increase the project viability for the client and also to overcome any physical or logistical difficulties in delivery of the project. |
This project planning stage also allows the review of the use of low carbon construction and the latest renewable energy systems available in the market. |
FUTURE DEVELOPMENTS |
During the year ended 29 February 2024 the Group traded in a more stable environment than during the previous financial year ended 28 February 2023, which was the most difficult experienced by the Group since its establishment. This period of trading in a more stable environment has enabled the Group to manage and develop the business in a more measured manner, replacing the resources used in trading through the turbulent times. |
The Group will continue to focus on existing longstanding customer relationships which have brought large amounts of repeat business and underpinned the results of the Group over the years. The Group will also develop new relationships already established with other developers and providers of projects as well as seeking new potential clients from identified categories of developers. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 March 2023 to the date of this report. |
FINANCIAL INSTRUMENTS RISKS |
The Group's principal financial instruments comprise bank balances, trade creditors, trade debtors, payments on account and hire purchase agreements. The main purpose of these instruments is to raise funds and finance the Group's operations. |
Payments on account are a key part of funding work in progress on the Group's contracts and are managed by ensuring that contract valuations are prepared monthly and that invoices are raised accordingly. |
Due to the nature of the financial instruments used by the Group there is no exposure to price risk. The Group's approach to managing other risks applicable to the financial instruments concerned is summarised below. |
In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts if necessary at floating rates of interest. |
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. |
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. |
The Group is a lessee in respect of hire purchased and leased assets. The liquidity risk in respect of these is managed in the same way as trade creditors above. |
GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Rothmans Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GLOSSBROOK HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of Glossbrook Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 February 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 group's and of the parent company affairs as at 29 February 2024 and of the group's 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 group's and the parent 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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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. |
Opinions 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GLOSSBROOK HOLDINGS LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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 Statement of Directors' Responsibilities set out on page five, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We obtained an understanding of the legal and regulatory framework that the Group operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect of the operations of the Group. The key laws and regulations we considered in this context included the UK Companies Act and Health & Safety regulations. |
Discussions were held within the engagement team regarding how and where fraud might occur in the Financial Statements and any potential indicators of fraud. As part of this discussion, we identified potential risk areas such as the revenue cut-off, the correct application of contract accounting and provisions for any potential losses on contracts. Audit procedures were designed to ensure all of the risks were addressed. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
o | enquiring of management as to actual and potential litigation and claims; |
o | reviewing any correspondence with regulators and the group's legal advisors. |
To address the risk of fraud through management bias and override of controls, we: |
o | performed analytical procedures to identify any unusual or unexpected relationships; |
o | tested journal entries to identify unusual transactions; and |
o | assessed whether judgements and assumptions contained any indication of potential bias. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GLOSSBROOK HOLDINGS LIMITED |
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 2006. Our 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 a Report of the Auditors 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. |
for and on behalf of |
Statutory Auditors |
Chartered Accountants |
Fryern House |
125 Winchester Road |
Chandlers Ford |
Hampshire |
SO53 2DR |
GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 | 16,985,217 | 27,391,095 |
Cost of sales | 15,359,046 | 27,684,581 |
GROSS PROFIT/(LOSS) | 1,626,171 | (293,486 | ) |
Administrative expenses | 1,484,198 | 1,559,496 |
141,973 | (1,852,982 | ) |
Other operating income | 29,007 | 74,460 |
OPERATING PROFIT/(LOSS) | 5 | 170,980 | (1,778,522 | ) |
Interest receivable and similar income | 1,806 | 753 |
172,786 | (1,777,769 | ) |
Interest payable and similar expenses | 6 | 9,971 | 7,969 |
PROFIT/(LOSS) BEFORE TAXATION | 162,815 | (1,785,738 | ) |
Tax on profit/(loss) | 7 | (130,833 | ) | (230,501 | ) |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR | ( |
) |
Profit/(loss) attributable to: |
Owners of the parent | 293,648 | (1,555,237 | ) |
GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT/(LOSS) FOR THE YEAR | 293,648 | (1,555,237 | ) |
OTHER COMPREHENSIVE INCOME |
Revaluation of property | 95,000 | - |
Income tax relating to other comprehensive income |
(23,750 |
) |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
71,250 |
- |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
364,898 |
(1,555,237 |
) |
Total comprehensive income attributable to: |
Owners of the parent | 364,898 | (1,555,237 | ) |
GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094) |
CONSOLIDATED BALANCE SHEET |
29 FEBRUARY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 199,887 | 254,403 |
Tangible assets | 11 | 632,018 | 592,386 |
Investments | 12 | - | - |
831,905 | 846,789 |
CURRENT ASSETS |
Stocks | 13 | 11,084 | 47,724 |
Debtors: amounts falling due within one year | 14 | 1,994,816 | 2,650,600 |
Debtors: amounts falling due after more than one year |
14 |
170,838 |
470,870 |
Cash at bank | 97,423 | 46,826 |
2,274,161 | 3,216,020 |
CREDITORS |
Amounts falling due within one year | 15 | 3,340,954 | 4,507,512 |
NET CURRENT LIABILITIES | (1,066,793 | ) | (1,291,492 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
(234,888 |
) |
(444,703 |
) |
CREDITORS |
Amounts falling due after more than one year |
16 |
(39,565 |
) |
(68,009 |
) |
PROVISIONS FOR LIABILITIES | 19 | (156,108 | ) | (282,747 | ) |
NET LIABILITIES | (430,561 | ) | (795,459 | ) |
CAPITAL AND RESERVES |
Called up share capital | 20 | 1,250 | 1,250 |
Revaluation reserve | 21 | 71,250 | - |
Retained earnings | 21 | (503,061 | ) | (796,709 | ) |
SHAREHOLDERS' FUNDS | (430,561 | ) | (795,459 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on 5 August 2024 and were signed on its behalf by: |
Mr R T Fooks - Director |
GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094) |
COMPANY BALANCE SHEET |
29 FEBRUARY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 19 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Revaluation reserve | 21 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | - | 149,998 |
The financial statements were approved by the Board of Directors and authorised for issue on |
GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 March 2022 | 1,250 | 908,528 | - | 909,778 |
Changes in equity |
Dividends | - | (150,000 | ) | - | (150,000 | ) |
Total comprehensive income | - | (1,555,237 | ) | - | (1,555,237 | ) |
Balance at 28 February 2023 | 1,250 | (796,709 | ) | - | (795,459 | ) |
Changes in equity |
Total comprehensive income | - | 293,648 | 71,250 | 364,898 |
Balance at 29 February 2024 | 1,250 | (503,061 | ) | 71,250 | (430,561 | ) |
GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 March 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 28 February 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 29 February 2024 |
GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (121,369 | ) | (299,618 | ) |
Interest paid | (3,652 | ) | (3,431 | ) |
Interest element of hire purchase payments paid |
(6,319 |
) |
(4,538 |
) |
Tax paid | - | (29,879 | ) |
Tax refund | 191,256 | 21,142 |
Net cash from operating activities | 59,916 | (316,324 | ) |
Cash flows from investing activities |
Purchase of tangible fixed assets | - | (69,428 | ) |
Sale of tangible fixed assets | 65,880 | 31,500 |
Interest received | 1,806 | 486 |
Net cash from investing activities | 67,686 | (37,442 | ) |
Cash flows from financing activities |
Capital repayments in year | (77,005 | ) | (49,777 | ) |
Equity dividends paid | - | (150,000 | ) |
Net cash from financing activities | (77,005 | ) | (199,777 | ) |
Increase/(decrease) in cash and cash equivalents | 50,597 | (553,543 | ) |
Cash and cash equivalents at beginning of year |
2 |
46,826 |
600,369 |
Cash and cash equivalents at end of year | 2 | 97,423 | 46,826 |
GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit/(loss) before taxation | 162,815 | (1,785,738 | ) |
Depreciation charges | 68,270 | 80,690 |
Profit on disposal of fixed assets | (26,169 | ) | (18,444 | ) |
Movement in provision | (150,389 | ) | 94,656 |
Amortisation charges | 54,516 | 54,516 |
Finance costs | 9,971 | 7,969 |
Finance income | (1,806 | ) | (753 | ) |
117,208 | (1,567,104 | ) |
Decrease in stocks | 36,640 | 187,293 |
Decrease/(increase) in trade and other debtors | 895,393 | (13,924 | ) |
(Decrease)/increase in trade and other creditors | (1,170,610 | ) | 1,094,117 |
Cash generated from operations | (121,369 | ) | (299,618 | ) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 29 February 2024 |
29/2/24 | 1/3/23 |
£ | £ |
Cash and cash equivalents | 97,423 | 46,826 |
Year ended 28 February 2023 |
28/2/23 | 1/3/22 |
£ | £ |
Cash and cash equivalents | 46,826 | 600,369 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
Other |
non-cash |
At 1/3/23 | Cash flow | changes | At 29/2/24 |
£ | £ | £ | £ |
Net cash |
Cash at bank | 46,826 | 50,597 | 97,423 |
46,826 | 50,597 | 97,423 |
Debt |
Finance leases | (121,558 | ) | 77,005 | (52,613 | ) | (97,166 | ) |
(121,558 | ) | 77,005 | (52,613 | ) | (97,166 | ) |
Total | (74,732 | ) | 127,602 | (52,613 | ) | 257 |
GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
1. | COMPANY INFORMATION |
Glossbrook Holdings Limited was incorporated on 14 August 2017 under the Companies Act 2006, as a private limited company and is registered in England and Wales. The principal activity of Glossbrook Holdings Limited is that of a holding company. The principal activity of the Group is that of building and construction of houses, flats and commercial buildings. The address of its head office and registered office is Glossbrook House, 2A Oswald Road, Bournemouth, Dorset, BH9 2TQ. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The presentation currency is £ sterling. |
Going Concern |
The financial statements have been prepared on the going concern basis. |
Financial reporting standard 102 - reduced disclosure exemptions |
The parent company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of Section 3 Financial Statement Presentation paragraph 3.17(d); |
• | the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f), 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
• | the requirement of Section 33 Related Party Disclosures paragraph 33.7. |
Basis of consolidation |
The consolidated financial statements consolidate the financial statements of Glossbrook Holdings Limited and all its subsidiary undertakings. These financial statements are made up to 29 February 2024. |
Unless otherwise stated, the acquisition method of accounting has been adopted. Under this method the results of the subsidiary companies acquired or disposed of in the year are included in the Consolidated Income Statement from the date of acquisition or up to the date of disposal. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Investments in subsidiaries |
Investments are initially recognised at cost and subsequently carried at cost less accumulated impairment losses. |
GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover and profits |
Turnover is the total amount receivable by the Group for services provided under long-term contracts, excluding value added tax and trade discounts. |
Long-term contracts are assessed on a contract by contract basis and are reflected in the Consolidated Income Statement by recording turnover and related costs as contract activity progresses based on the percentage completed. Where the outcome of each long-term contract can be assessed with reasonable certainty before its conclusion, the attributable profit is recognised in the Consolidated Income Statement as the difference between the reported turnover and related costs for that contract. When losses are expected on contracts, these are recognised in full and included in the future loss provision. |
The completion stage of a contract is determined by reference to costs incurred compared to total estimated costs of the contract. |
Intangible fixed assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of 10 years. |
Tangible fixed assets |
The cost of fixed assets initially recognised includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in a manner intended by management. |
Fixed assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the Consolidated Income Statement. |
Depreciation is provided at rates calculated to write off the cost or valuation less residual value of each asset over its expected useful life, as follows: |
Plant and machinery | - 25% reducing balance |
Fixtures and equipment | - 25% reducing balance |
Motor vehicles | - 25% reducing balance |
The Group has adopted a policy of revaluation for its freehold property which will be revalued periodically. Consequently, depreciation is not provided in respect of this property. This policy represents a departure from statutory accounting principles, which require depreciation to be provided on all fixed assets. The directors consider that this policy is necessary in order that the financial statements may give a true and fair view because current values and changes in current values are of prime importance rather than the calculation of systemic annual depreciation. Depreciation is only one of many factors reflected in the valuation and the amount which might otherwise have been shown cannot be separately identified or quantified. |
It is the Group's policy to maintain the property continually in a state of sound repair and to make improvements from time to time, and accordingly, the directors consider that the life of the property is so long and the residual value so high that depreciation is not significant. |
Stocks and work in progress |
Work in progress is valued at the lower of cost and net realisable value. Net realisable value is the estimated sales price less costs to completion. |
Work in progress is shown net of relevant payments on account. |
Financial instruments |
The Group only has financial assets and liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and debt instruments are subsequently measured at amortised cost. |
GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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. |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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. |
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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Leasing and hire purchase commitments |
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Consolidated Income Statement so as to produce constant periodic rates of charge on the net obligations outstanding in each period. |
Rentals payable under operating leases are charged to the Consolidated Income Statement on a straight line basis over the lease term. |
Pension costs |
The pension costs charged in the financial statements represent the contributions payable by the Group during the year. |
Long term contracts |
Amounts recoverable on long term contracts, which are included in debtors are stated at the net sales value of work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account. |
Dividends |
Equity dividends are recognised when they become legally payable. |
Interim dividends are recognised when paid and final equity dividends are recognised when approved by the shareholders at an annual general meeting. |
GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, 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. However, the nature of estimation means that actual outcomes could differ from those estimates. |
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements: |
1) | Revenue recognition |
Revenue is recognised in relation to the value of work carried out which is based on the project as a whole. Judgements are made on the timing of revenue recognition based on the stage of completion percentage of the work and the expected outcome of the contract. |
2) | Leases |
A lease that does not transfer substantially all of the risks and rewards of ownership is classified as an operating lease and is therefore not included in the statement of financial position. |
3) | Impairment |
Fixed assets are assessed for any evidence of impairment. A judgement is made as to whether any provision should be made. |
Other key sources of estimation uncertainty: |
1) | Revenue recognition |
The degree of completion of contracts is estimated by reviewing the costs incurred to date against the total expected costs of the project, which is applied to the expected contract value. |
2) | Future loss provision |
Progress on contracts is continually reviewed to assess performance. Where losses are expected on contracts these are recognised in full and included in the future loss provision. |
3) | Revaluations |
The directors assess the value of the freehold property which is subject to estimation. In considering this the directors review market conditions and external professional valuations. |
3. | TURNOVER |
The turnover and profit (2023 - loss) before taxation are attributable to the one principal activity of the group. |
All of the group's turnover is derived from work on contracts carried out in the UK. |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 2,003,091 | 2,385,946 |
Social security costs | 230,139 | 282,258 |
Other pension costs | 119,480 | 135,270 |
2,352,710 | 2,803,474 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Site Staff | 35 | 45 |
Administration | 15 | 15 |
GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
2024 | 2023 |
£ | £ |
Directors' remuneration | 218,622 | 216,735 |
Directors' pension contributions to money purchase schemes | 66,034 | 76,909 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 3 | 3 |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc | 85,333 | 89,500 |
Pension contributions to money purchase schemes | 39,996 | 39,996 |
5. | OPERATING PROFIT/(LOSS) |
The operating profit (2023 - operating loss) is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets | 33,939 | 42,045 |
Depreciation - assets on hire purchase contracts | 34,331 | 38,645 |
Profit on disposal of fixed assets | (26,169 | ) | (18,444 | ) |
Goodwill amortisation | 54,516 | 54,516 |
Auditors' remuneration - audit services | 5,250 | 5,000 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Loans and other interest payable | 3,652 | 3,431 |
Hire purchase and finance lease charges | 6,319 | 4,538 |
9,971 | 7,969 |
7. | TAXATION |
Analysis of the tax credit |
The tax credit on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
Over/under provision in prior |
year | - | (29,879 | ) |
R&D tax credit - prior year | (33,546 | ) | (161,211 | ) |
R&D tax credit - current year | (97,287 | ) | - |
Total current tax | (130,833 | ) | (191,090 | ) |
Deferred tax | - | (39,411 | ) |
Tax on profit/(loss) | (130,833 | ) | (230,501 | ) |
GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
7. | TAXATION - continued |
Reconciliation of total tax credit included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit/(loss) before tax | 162,815 | (1,785,738 | ) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
40,704 |
(339,290 |
) |
Effects of: |
Expenses not deductible for tax purposes | 14,114 | 13,056 |
Adjustments to tax charge in respect of previous periods | - | (29,879 | ) |
revaluation |
Unutilised losses | 20,726 | 298,451 |
Impact of super deduction allowance | - | (7,828 | ) |
Other short term timing differences | (10,500 | ) | (3,800 | ) |
R&D tax credit - prior year | (33,546 | ) | (161,211 | ) |
R&D tax enhanced deduction | (303,489 | ) | - |
Difference in tax rate on R&D claim | 141,158 | - |
Total tax credit | (130,833 | ) | (230,501 | ) |
Tax effects relating to effects of other comprehensive income |
2024 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation of property | 95,000 | (23,750 | ) | 71,250 |
The Group has estimated tax losses carried forward of £1.77m (2023 : £1.73m). |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Interim | - | 150,000 |
GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 | 545,155 |
AMORTISATION |
At 1 March 2023 | 290,752 |
Amortisation for year | 54,516 |
At 29 February 2024 | 345,268 |
NET BOOK VALUE |
At 29 February 2024 | 199,887 |
At 28 February 2023 | 254,403 |
11. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 March 2023 | 305,000 | 268,832 | 38,843 | 189,817 | 802,492 |
Additions | - | - | 6,613 | 46,000 | 52,613 |
Disposals | - | (30,000 | ) | (5,572 | ) | (83,314 | ) | (118,886 | ) |
Revaluations | 95,000 | - | - | - | 95,000 |
At 29 February 2024 | 400,000 | 238,832 | 39,884 | 152,503 | 831,219 |
DEPRECIATION |
At 1 March 2023 | - | 114,209 | 24,867 | 71,030 | 210,106 |
Charge for year | - | 37,462 | 3,818 | 26,990 | 68,270 |
Eliminated on disposal | - | (25,217 | ) | (4,967 | ) | (48,991 | ) | (79,175 | ) |
At 29 February 2024 | - | 126,454 | 23,718 | 49,029 | 199,201 |
NET BOOK VALUE |
At 29 February 2024 | 400,000 | 112,378 | 16,166 | 103,474 | 632,018 |
At 28 February 2023 | 305,000 | 154,623 | 13,976 | 118,787 | 592,386 |
Freehold land and buildings, included at valuation would have been included on a historical cost basis at £244,903 (2023: £244,903). |
The net book value of tangible fixed assets includes £131,693 (2023: £132,911) in respect of assets held under hire purchase contracts and finance leases. |
GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Company |
Freehold |
property |
£ |
COST OR VALUATION |
At 1 March 2023 |
Revaluations |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Freehold land and buildings, included at valuation would have been included on a historical cost basis at £305,000 (2023: £305,000). |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 2A Oswald Road, Bournemouth, BH9 2TQ |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 2A Oswald Road, Bournemouth, BH9 2TQ |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 2A Oswald Road, Bournemouth, BH9 2TQ |
Nature of business: |
% |
Class of shares: | holding |
GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
12. | FIXED ASSET INVESTMENTS - continued |
Registered office: 2A Oswald Road, Bournemouth, BH9 2TQ |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 2A Oswald Road, Bournemouth, BH9 2TQ |
Nature of business: |
% |
Class of shares: | holding |
13. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Work-in-progress | 97,186 | 545,020 |
Payments on account | (86,102 | ) | (497,296 | ) |
11,084 | 47,724 |
14. | DEBTORS |
Group |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors | 1,132,004 | 1,518,000 |
Amounts recoverable on contracts | 558,593 | 714,799 |
Other debtors | 10,299 | 56,160 |
Corporation tax | 130,838 | 191,261 |
VAT | 92,945 | 102,396 |
Prepayments and accrued income | 70,137 | 67,984 |
1,994,816 | 2,650,600 |
Amounts falling due after more than one | year: |
Trade debtors | 170,838 | 470,870 |
Aggregate amounts | 2,165,654 | 3,121,470 |
GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Hire purchase contracts (see note 17) | 57,601 | 53,549 |
Payments on account | 2,045,729 | 1,723,618 |
Trade creditors | 875,513 | 2,316,537 |
Amounts owed to group undertakings | - | - |
Social security and other taxes | 58,554 | 97,630 |
Other creditors | 73,559 | - |
Accruals and deferred income | 229,998 | 316,178 |
3,340,954 | 4,507,512 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 17) | 39,565 | 68,009 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year | 57,601 | 53,549 |
Between one and five years | 39,565 | 68,009 |
97,166 | 121,558 |
Non-cancellable operating leases |
2024 | 2023 |
£ | £ |
Within one year | 7,720 | 21,935 |
Between one and five years | - | 7,720 |
7,720 | 29,654 |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2024 | 2023 |
£ | £ |
Hire purchase contracts | 97,166 | 121,558 |
The hire purchase contracts are secured over the assets to which they relate. |
GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
19. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 23,750 | - |
Remedial provision | 972 | 972 |
Future loss provision | 131,386 | 281,775 |
156,108 | 282,747 |
Deferred | Remedial | Future loss | Total |
tax | provisions | provision |
£ | £ | £ | £ |
Balance at 1 March 2023 | - | 972 | 281,775 | 282,747 |
Provided/(utilised) during period | 23,750 | - | (150,389 | (126,639 | ) |
Balance at 28 February 2023 | 23,750 | 972 | 131,386 | 156,108 |
The deferred tax provision is split as follows: |
2024 | 2023 |
£ | £ |
Accelerated capital allowances | 57,917 | 50,404 |
Tax losses carried forward | (57,917 | (50,404 | ) |
Deferred tax on revaluation | 23,750 | - |
23,750 | - |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 1,250 | 1,250 |
The shares have full rights and rank pari passu in relation to: |
a) rights to dividends; |
b) voting rights; and |
c) share in capital distribution on winding up or sale |
21. | RESERVES |
Group |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 March 2023 | (796,709 | ) | - | (796,709 | ) |
Profit for the year | 293,648 | 293,648 |
Revaluation in year | - | 71,250 | 71,250 |
At 29 February 2024 | (503,061 | ) | 71,250 | (431,811 | ) |
GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
21. | RESERVES - continued |
Company |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 March 2023 | 17,781 |
Profit for the year | - | - |
Revaluation in year | - | 71,250 |
At 29 February 2024 | 89,031 |
Retained earnings includes all current and prior period retained profits and losses. |
The revaluation reserve represents unrealised gains on the revaluation of the freehold property. |
22. | PENSION COMMITMENTS |
The Group operates defined contribution pension schemes for all its employees. The schemes and their assets are held by independent managers. The pension charge represents contributions due from the Group and amounted to £119,480 (2023: £135,270). |
23. | RELATED PARTY DISCLOSURES |
During the year, a total of key management personnel compensation of £ 390,089 (2023 - £ 383,680 ) was paid. |
24. | ULTIMATE CONTROLLING PARTY |
The directors do not consider any one party to have ultimate control of the company. |