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REGISTERED NUMBER: 10721673 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

GLANVILLES DAMANT LIMITED

GLANVILLES DAMANT LIMITED (REGISTERED NUMBER: 10721673)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GLANVILLES DAMANT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Ms C Roberts
Mr N E J Hessey
Ms A Newton
Mrs L Elliott
Ms M F Russell
Mr R S Sangha
Ms G L Cook





REGISTERED OFFICE: The Courtyard St Cross Business Park
Monks Brook
Newport
PO30 5BF





REGISTERED NUMBER: 10721673 (England and Wales)





ACCOUNTANTS: Gibson Whitter
Chartered Accountants
and Chartered Tax Advisers
Larch House
Parklands Business Park
Denmead
Hampshire
PO7 6XP

GLANVILLES DAMANT LIMITED (REGISTERED NUMBER: 10721673)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 950,216 992,353

CURRENT ASSETS
Stocks 606,749 514,500
Debtors 5 431,457 362,938
Cash at bank and in hand 593,528 168,593
1,631,734 1,046,031
CREDITORS
Amounts falling due within one year 6 1,229,413 743,242
NET CURRENT ASSETS 402,321 302,789
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,352,537

1,295,142

CREDITORS
Amounts falling due after more than one
year

7

(519,046

)

(638,007

)

PROVISIONS FOR LIABILITIES 10 (23,714 ) (30,298 )

PENSION LIABILITY (58,480 ) (58,480 )
NET ASSETS 751,297 568,357

CAPITAL AND RESERVES
Called up share capital 11 600 600
Retained earnings 750,697 567,757
SHAREHOLDERS' FUNDS 751,297 568,357

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GLANVILLES DAMANT LIMITED (REGISTERED NUMBER: 10721673)

BALANCE SHEET - continued
31 MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 30 September 2024 and were signed on its behalf by:




Ms C Roberts - Director



Mr R S Sangha - Director


GLANVILLES DAMANT LIMITED (REGISTERED NUMBER: 10721673)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Glanvilles Damant Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on cost and 20% on cost

Buildings are depreciated at 2% on cost. No depreciation has been provided on land element.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment 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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash- generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

GLANVILLES DAMANT LIMITED (REGISTERED NUMBER: 10721673)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The 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 to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not 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 of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.


GLANVILLES DAMANT LIMITED (REGISTERED NUMBER: 10721673)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 39 (2023 - 39 ) .

GLANVILLES DAMANT LIMITED (REGISTERED NUMBER: 10721673)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 858,822 420,116 1,278,938
Additions - 5,727 5,727
At 31 March 2024 858,822 425,843 1,284,665
DEPRECIATION
At 1 April 2023 11,508 275,077 286,585
Charge for year 11,508 36,356 47,864
At 31 March 2024 23,016 311,433 334,449
NET BOOK VALUE
At 31 March 2024 835,806 114,410 950,216
At 31 March 2023 847,314 145,039 992,353

Included in cost of land and buildings is freehold land of £ 283,411 (2023 - £ 283,411 ) which is not depreciated.

Fixed assets, included in the above, which are held under finance leases are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 127,913
DEPRECIATION
Charge for year 25,583
At 31 March 2024 25,583
NET BOOK VALUE
At 31 March 2024 102,330
At 31 March 2023 127,913

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 235,645 223,904
Other debtors 195,812 139,034
431,457 362,938

GLANVILLES DAMANT LIMITED (REGISTERED NUMBER: 10721673)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 170,146 180,651
Finance leases (see note 8) 23,093 20,519
Trade creditors 10,430 2,926
Taxation and social security 424,705 190,134
Other creditors 601,039 349,012
1,229,413 743,242

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 436,403 532,203
Finance leases (see note 8) 82,643 105,804
519,046 638,007

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases
31.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year 23,093 20,519
Between one and five years 82,643 105,804
105,736 126,323

Non-cancellable operating leases
31.3.24 31.3.23
£    £   
Within one year 56,194 30,938
Between one and five years 52,134 34,097
108,328 65,035

GLANVILLES DAMANT LIMITED (REGISTERED NUMBER: 10721673)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Finance leases 105,736 126,323
Bank loans 420,831 482,326
526,567 608,649

The bank loans are secured by fixed and floating legal charges over the company's freehold properties.

Finance leases are secured against the asset being financed.

10. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 23,714 30,298

Deferred
tax
£   
Balance at 1 April 2023 30,298
Utilised during year (6,584 )
Balance at 31 March 2024 23,714

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
600 Ordinary shares £1 600 500
NIL Ordinary A shares £1 - 100
600 600

On 29 June 2023, the company re-designated 100 Ordinary A shares of £1 each to 100 Ordinary £1 shares.

GLANVILLES DAMANT LIMITED (REGISTERED NUMBER: 10721673)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

12. EMPLOYEE BENEFIT OBLIGATIONS

On 1 October 2017, the company accepted responsibility for part of a defined benefit pension scheme. The scheme is closed to new contributions.

The scheme valuation is determined by a qualified actuary on the basis of triennial valuations. The most recent valuation was at 31 March 2021.

The assumptions that have the most significant effect on the results of the valuation are those relating to the rate of return in investments and the rate of increase in salaries and pensions. It was assumed that the investment returns would be 2.05% per year, that there would be no salary increases as the scheme is closed to new members and that present and future pensions would increase at the rate of 3% per year.

The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:
31.3.2431.3.23
££

Present value of defined benefit obligations878,560941,120
Fair value of plan assets(820,080)(882,640)
58,48058,480

Movements in the present value of defined benefit obligations:
31.3.2431.3.23
££

Liabilities at 1 April 2023941,120567,644
Movements(62,560)373,476
Liabilities at 31 March 2024878,560941,120

The defined benefit obligations arise from plans funded as follows:
31.3.2431.3.23
££

Wholly unfunded obligations --
Wholly or partly funded obligations878,560941,120
878,560941,120

Movements in the fair value of plan assets:
31.3.2431.3.23
££

Fair value of assets at 1 April 2023882,640545,595
Movements(62,560)337,045
Fair value of assets at 31 March 2024820,080882,640







GLANVILLES DAMANT LIMITED (REGISTERED NUMBER: 10721673)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024



Fair value of plan assets at the reporting period end:
31.3.2431.3.23
££

Equity instruments820,080882,640

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
Mr R S Sangha
Balance outstanding at start of year - 15,978
Amounts repaid - (15,978 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Ms C Roberts
Balance outstanding at start of year - 8,697
Amounts repaid - (8,697 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Ms G L Cook
Balance outstanding at start of year - 12,173
Amounts repaid - (12,173 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Ms M F Russell
Balance outstanding at start of year - 15,083
Amounts repaid - (15,083 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Mr N E J Hessey
Balance outstanding at start of year - 19,766
Amounts repaid - (19,766 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

GLANVILLES DAMANT LIMITED (REGISTERED NUMBER: 10721673)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Mrs L Elliott
Balance outstanding at start of year - -
Amounts advanced 125,418 -
Amounts repaid (85,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 40,418 -

Ms A Newton
Balance outstanding at start of year - -
Amounts advanced 113,674 -
Amounts repaid (85,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 28,674 -

Interest is being charged at the official rate of interest on amounts owed by the directors to the company. Interest paid by the directors on the outstanding balance during the year is £2,445 (31.3.23: £nil).

14. RELATED PARTY DISCLOSURES

The aggregate amount owed to the directors at the balance sheet date is £512,992 (31.3.23: £245,267).

The aggregate amount owed to connected companies at the balance sheet date is £500 (31.3.23: £57,429).

15. ULTIMATE CONTROLLING PARTY

The company is not under the control of any one individual.