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Registration number: 12502562

Glenullin Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Glenullin Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Glenullin Limited

(Registration number: 12502562)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

53,514

-

Current assets

 

Stocks

5

1,379,121

1,328,051

Debtors

6

268,832

19,276

Cash at bank and in hand

 

1,026

288,574

 

1,648,979

1,635,901

Creditors: Amounts falling due within one year

7

(1,528,613)

(1,135,308)

Net current assets

 

120,366

500,593

Total assets less current liabilities

 

173,880

500,593

Creditors: Amounts falling due after more than one year

7

(16,914)

(340,352)

Provisions for liabilities

(12,298)

-

Net assets

 

144,668

160,241

Capital and reserves

 

Called up share capital

100

100

Retained earnings

144,568

160,141

Shareholders' funds

 

144,668

160,241

For the financial year ending 31 December 2023 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 October 2024
 

 

Glenullin Limited

(Registration number: 12502562)
Balance Sheet as at 31 December 2023

.........................................
Mr B Mullan
Director

 

Glenullin Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 1 The Cam Centre
Wilbury Way
Hitchin
Hertfordshire
SG4 0TW
United Kingdom

The principal place of business is:
Woodside Livery Stables,
Haynes West End,
Bedfordshire
MK45 3QU

These financial statements were authorised for issue by the director on 28 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Glenullin Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

10% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

 

Glenullin Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price.

Stocks

Stock comprises properties acquired that are being developed within the business. Amounts are held at cost and include labour and material costs in developing the properties and land. At each period end the cost is reviewed and ensured that it is held at the lower of cost and net realisable value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Glenullin Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

Additions

55,845

55,845

At 31 December 2023

55,845

55,845

Depreciation

Charge for the year

2,331

2,331

At 31 December 2023

2,331

2,331

Carrying amount

At 31 December 2023

53,514

53,514

The above assets include assets held on hire purchase contracts. These are secured on the assets concerned. The total net book value of assets held on hire purchase is £27,381 (2022: £nil). The total depreciation charged in the year in respect of these assets was £464 (2022: £nil).
 

5

Stocks

2023
£

2022
£

Work in progress

1,379,121

1,328,051

6

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

10

257,945

-

Prepayments

 

-

16,839

Other debtors

 

10,887

2,437

   

268,832

19,276

 

Glenullin Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

12

363,994

-

Trade creditors

 

44,088

3,514

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

1,117,652

1,117,652

Taxation and social security

 

-

12,717

Accruals and deferred income

 

2,879

1,375

Other creditors

 

-

50

 

1,528,613

1,135,308


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £7,556 (2022 - £nil). Hire purchase obligations are secured on the assets concerned.

Creditors include other borrowings of £356,438 (2022 - £nil) secured by a charge held in favour of Together Commercial Finance Limited and is secured over the land held at Water End Road, Maulden.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

12

16,914

340,352


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £16,914 (2022 - £340,352).

Hire purchase obligations of £16,914 are secured on the assets concerned.

Other borrowings of £340,352 is secured by a charge held in favour of Together Commercial Finance Limited and is secured over the land held Water End Road, Maulden.

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

Glenullin Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

7,556

-

Later than one year and not later than five years

16,914

-

24,470

-

The hire purchase liabilities are secured on the assets concerned.

10

Related party transactions

Summary of transactions with other related parties

At the balance sheet date the company owed £1,117,652 (2022: £1,117,652) to Nallum Holdings Limited (the holding company). This amount is repayable on demand and carries no right to interest.

At the balance sheeet date the company was owed £257,945 ((2022: £nil) from Mullan Groundworks & Civil Engineering Limited ( a company under common control). The amount is repayable on demand and carries no right to interest.

At the balance sheet date the company was owed £495 (2022 - £50 owed to) by the director Mr B Mullan. The amount is repayable on demand and carries no right to interest.

 

11

Parent and ultimate parent undertaking

The company's immediate parent is Nallum Holdings Limited, incorporated in England and Wales.

 The ultimate controlling party is Mr B Mullan.

12

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

16,914

340,352

Current loans and borrowings

2023
£

2022
£

Other borrowings

363,994

-