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Company registration number: 10021562
Glenelly Infrastructure Solutions Limited
Unaudited filleted financial statements
31 March 2024
Glenelly Infrastructure Solutions Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Glenelly Infrastructure Solutions Limited
Directors and other information
Director S F Conway
Company number 10021562
Registered office 9 High Street
Stony Stratford
Milton Keynes
MK11 1AA
Accountants Clifford Towers
The Hall
Priory Hill
Rugby Road
Wolston
CV8 3FZ
Glenelly Infrastructure Solutions Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 94,900 81,740
_______ _______
94,900 81,740
Current assets
Debtors 6 5,471,835 2,049,191
Cash at bank and in hand 1,399,144 367,921
_______ _______
6,870,979 2,417,112
Creditors: amounts falling due
within one year 7 ( 4,775,634) ( 1,875,989)
_______ _______
Net current assets 2,095,345 541,123
_______ _______
Total assets less current liabilities 2,190,245 622,863
Creditors: amounts falling due
after more than one year 8 ( 303,201) ( 440,883)
Provisions for liabilities 8,338 10,439
_______ _______
Net assets 1,895,382 192,419
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,895,282 192,319
_______ _______
Shareholders funds 1,895,382 192,419
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 August 2024 , and are signed on behalf of the board by:
S F Conway
Director
Company registration number: 10021562
Glenelly Infrastructure Solutions Limited
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2022 100 288,052 288,152
Profit/(loss) for the year ( 14,744) ( 14,744)
_______ _______ _______
Total comprehensive income for the year - ( 14,744) ( 14,744)
Dividends paid and payable ( 80,989) ( 80,989)
_______ _______ _______
Total investments by and distributions to owners - ( 80,989) ( 80,989)
_______ _______ _______
At 31 March 2023 and 1 April 2023 100 192,319 192,419
Profit/(loss) for the year 1,829,223 1,829,223
_______ _______ _______
Total comprehensive income for the year - 1,829,223 1,829,223
Dividends paid and payable ( 126,260) ( 126,260)
_______ _______ _______
Total investments by and distributions to owners - ( 126,260) ( 126,260)
_______ _______ _______
At 31 March 2024 100 1,895,282 1,895,382
_______ _______ _______
Glenelly Infrastructure Solutions Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Clifford Towers, 9 High Street, Stony Stratford, Milton Keynes, MK11 1AA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - 5 % straight line
Plant and machinery - 25 % straight line
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 51 (2023: 31 ).
5. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 April 2023 32,032 29,393 48,612 178,606 288,643
Additions - 7,392 15,778 21,663 44,833
_______ _______ _______ _______ _______
At 31 March 2024 32,032 36,785 64,390 200,269 333,476
_______ _______ _______ _______ _______
Depreciation
At 1 April 2023 9,148 28,822 19,578 149,355 206,903
Charge for the year 1,602 2,419 11,868 15,784 31,673
_______ _______ _______ _______ _______
At 31 March 2024 10,750 31,241 31,446 165,139 238,576
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2024 21,282 5,544 32,944 35,130 94,900
_______ _______ _______ _______ _______
At 31 March 2023 22,884 571 29,034 29,251 81,740
_______ _______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 4,101,102 1,017,713
Other debtors 1,370,733 1,031,478
_______ _______
5,471,835 2,049,191
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 689,234 350,053
Trade creditors 1,712,457 589,114
Corporation tax 646,497 757
Social security and other taxes 1,446,243 549,062
Other creditors 281,203 387,003
_______ _______
4,775,634 1,875,989
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 303,201 440,883
_______ _______
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
S F Conway 140,257 73,480 ( 1,333) 212,404
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
S F Conway 330,760 51,760 ( 242,263) 140,257
_______ _______ _______ _______
The loan is interest free and repayable on demand.
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Sponsorship paid to Home Farm Racing Ltd - - - -
Loan to Home Farm Racing Ltd 235,000 555,000 1,040,121 805,121
Loan to Glenelly Recruitment Solutions Limited 10,000 2,662 12,662 2,662
_______ _______ _______ _______
S Conway is a director of Home Farm Racing Ltd and Glenelly Recruitment Solutions Ltd .
Glenelly Infrastructure Solutions Limited
The following pages do not form part of the statutory accounts.
Glenelly Infrastructure Solutions Limited
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Glenelly Infrastructure Solutions Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Glenelly Infrastructure Solutions Limited for the year ended 31 March 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of Glenelly Infrastructure Solutions Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Glenelly Infrastructure Solutions Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Glenelly Infrastructure Solutions Limited and its director as a body for our work or for this report.
It is your duty to ensure that Glenelly Infrastructure Solutions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Glenelly Infrastructure Solutions Limited. You consider that Glenelly Infrastructure Solutions Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Glenelly Infrastructure Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Clifford Towers
Chartered Accoutants
The Hall
Priory Hill
Rugby Road
Wolston
CV8 3FZ
27 August 2024