Company Registration No. 14951303 (England and Wales)
GLACIER BIDCO LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
GLACIER BIDCO LIMITED
COMPANY INFORMATION
Directors
Scott Martin
(Appointed 15 December 2023)
Simon Rowan
(Appointed 13 October 2023)
Jack Scott
(Appointed 13 October 2023)
Nicholas Horler
(Appointed 10 May 2024)
Mark Ritchie
(Appointed 28 June 2024)
Company number
14951303
Registered office
77 Charlotte Street
London
United Kingdom
W1T 4PW
Auditor
Johnston Carmichael LLP
Bishop's Court
29 Albyn Place
Aberdeen
AB10 1YL
GLACIER BIDCO LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 18
GLACIER BIDCO LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report and financial statements for the 9-month period from the date of incorporation of Glacier Bidco Limited ("the Company") on 21 June 2023 to 31 March 2024.

Fair review of the business

The company was established, along with its ultimate parent Glacier Topco Limited and its immediate parent Glacier Midco Limited, to facilitate the acquisition of Glacier Energy Services Holdings Limited and its subsidiaries on 15 December 2023, by the Private Equity investor, Averroes Capital Limited (“Averroes”).

The company is an intermediate holding company and this is expected to continue for the foreseeable future. The company has received financing from its immediate parent and in turn used this to facilitate its acquisition of Glacier Energy Services Holdings Limited and its subsidiaries.

 

The results for the company for the 9-month period ended 31 March 2024 show a retained loss of £0.2m with net liabilities of £0.2m at the period end.

Principal risks and uncertainties

The key risk and uncertainty affecting the company is the recoverability of its subsidiary investment and related intercompany receivables. In order to mitigate this risk, the directors seek to ensure the subsidiary investment and related intercompany receivables trade profitability with a focus on returning value to the shareholders.

Key performance indicators

Given the nature of the company’s activities, the directors are of the opinion that analysis using key performance indicators is not necessary for an understanding of the development, performance or position of the business.

Future prospects

The company will continue as a holding company and no change in activity is envisaged by the directors.

 

On behalf of the board

Scott Martin
Director
12 October 2024
GLACIER BIDCO LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2024
- 2 -

The directors present their annual report and financial statements for the 9-month period ended 31 March 2024.

Principal activities

The principal activity of the company is that of an intermediate holding company.

Results and dividends

The results for the period are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

Scott Martin
(Appointed 15 December 2023)
Simon Rowan
(Appointed 13 October 2023)
Jack Scott
(Appointed 13 October 2023)
Nicholas Horler
(Appointed 10 May 2024)
Squire Patton Boggs Directors Limited
(Appointed 21 June 2023 and resigned 13 October 2023)
Jonathan Jones
(Appointed 21 June 2023 and resigned 13 October 2023)
Mark Ritchie
(Appointed 28 June 2024)
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the period. These provisions remain in force at the reporting date.

Auditor

The auditor, Johnston Carmichael LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Future Developments

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments.

 

Going concern

As outlined in note 1.2, the directors are comfortable that the company remains a going concern.

 

Financial risk management

The company does not use derivatives for either financial risk management or for speculative purposes. The company's financial risk management objectives, policies and exposure to financial risks are not considered material for assessment of the company's assets, liabilities, financial position or result for the year, and as such, no further disclosure is considered necessary.

GLACIER BIDCO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 3 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Scott Martin
Director
12 October 2024
GLACIER BIDCO LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 MARCH 2024
- 4 -

The directors are responsible for preparing the strategic report, directors' report 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 profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

GLACIER BIDCO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF GLACIER BIDCO LIMITED
- 5 -
Opinion

We have audited the financial statements of Glacier Bidco Limited (the 'company') for the period ended 31 March 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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:

 

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 Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

 

GLACIER BIDCO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF GLACIER BIDCO LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor 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 an auditor's report 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.

 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit

GLACIER BIDCO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF GLACIER BIDCO LIMITED
- 7 -

Extent the audit was considered capable of detecting irregularities, including fraud (continued)

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:

 

 

We gained an understanding of how the company is complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of submitted returns, external inspection, relevant correspondence with regulatory bodies and board meeting minutes.

 

We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management and those charged with governance oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. We identified a heightened fraud risk in relation to:

 

 

In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

 

Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

 

GLACIER BIDCO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF GLACIER BIDCO LIMITED
- 8 -

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member in an auditor's report 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 member for our audit work, for this report, or for the opinions we have formed.

Stephen McIlwaine (Senior Statutory Auditor)
For and on behalf of Johnston Carmichael LLP
15 October 2024
Statutory Auditor
Bishop's Court
29 Albyn Place
Aberdeen
AB10 1YL
GLACIER BIDCO LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2024
- 9 -
9-month period
ended
31 March
2024
Notes
£
Administrative expenses
(162,819)
Other operating income
84,008
Operating loss
4
(78,811)
Interest payable and similar expenses
6
(86,101)
Loss before taxation
(164,912)
Tax on loss
7
-
0
Loss/total comprehensive expense for the financial period
(164,912)

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

GLACIER BIDCO LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 10 -
2024
Notes
£
£
Fixed assets
Investments
8
2,475,165
Current assets
Debtors
10
15,216,027
Creditors: amounts falling due within one year
11
(16,397,770)
Net current liabilities
(1,181,743)
Total assets less current liabilities
1,293,422
Creditors: amounts falling due after more than one year
12
(1,458,333)
Net liabilities
(164,911)
Capital and reserves
Called up share capital
15
1
Profit and loss reserves
16
(164,912)
Total deficit
(164,911)
The financial statements were approved by the board of directors and authorised for issue on 12 October 2024 and are signed on its behalf by:
Scott Martin
Director
Company Registration No. 14951303
GLACIER BIDCO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 21 June 2023
-
-
-
Period ended 31 March 2024:
Loss and total comprehensive expense for the period
-
(164,912)
(164,912)
Issue of share capital
15
1
-
1
Balance at 31 March 2024
1
(164,912)
(164,911)
GLACIER BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 12 -
1
Accounting policies
Company information

Glacier Bidco Limited is a private company limited by shares incorporated in England and Wales. The registered office is 77 Charlotte Street, London, United Kingdom, W1T 4PW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Glacier Bidco Limited is a wholly owned subsidiary of Glacier Topco Limited and the results of Glacier Bidco Limited are included in the consolidated financial statements of Glacier Topco Limited which are available from 77 Charlotte Street, London, W1T 4PW.

1.2
Going concern

In the current year the company has recorded a retained loss of £0.2m, with net current liabilities of £1.2m and net liabilities of £0.2m. trueWithin current liabilities are amounts due to group undertakings of £15.5m, which have some flexibility in respect of repayment. With respect to these, the company has received a letter of support from its ultimate parent, Glacier Topco Limited, confirming the payment deferral of any intercompany balances beyond 12 months from the approval of these financial statements, were payment of such might call into question the company’s going concern applicability. Being an intermediate holding company, it does not have any requirement for cash facilities.

Based on the above considerations, the directors have reasonable assurance over the company's financial resilience going forward and as such, have adopted the going concern basis of accounting in preparing these financial statements.

1.3
Reporting period

The company was incorporated on 21 June 2023 and has a period end of 31 March 2024 in line with its subsidiary. The company has no comparative financial year.

GLACIER BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 13 -
1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and amounts due from fellow group companies, 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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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, and amounts due from fellow group companies 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.

1.6
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.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

GLACIER BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

GLACIER BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 15 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

There are no judgements or estimation uncertainties that have a significant effect on amounts recognised in the financial statements.

3
Turnover and other revenue
2024
£
Other significant revenue
Management fee
84,008
4
Operating loss
2024
Operating loss for the period is stated after charging:
£
Fees payable to the company's auditor for the audit of the company's financial statements
7,000
5
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
Number
Director
2

Their aggregate remuneration comprised:

2024
£
Wages and salaries
44,575
Social security costs
4,795
Pension costs
3,478
52,848
GLACIER BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 16 -
6
Interest payable and similar expenses
2024
£
Interest on bank loans
86,101
7
Taxation

There is no current or deferred tax in the current period.

 

The actual result of the period can be reconciled to the expected result for the period based on the profit or loss on the standard rate of tax as follows:

2024
£
Loss before taxation
(164,912)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00%
(41,228)
Group relief surrendered
306,024
Adjustment for capitalised deal fees
(268,659)
Expenses not deductible for tax purposes
3,863
Taxation charge for the period
-
8
Fixed asset investments
2024
Notes
£
Investments in subsidiaries
9
2,475,165
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 21 June 2023
-
Additions
2,475,165
At 31 March 2024
2,475,165
Carrying amount
At 31 March 2024
2,475,165
9
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

GLACIER BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
9
Subsidiaries
(Continued)
- 17 -
Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Glacier Energy Services Holdings Limited
1
Holding company
Ordinary
100.00

1 - Blackwood House, Union Grove Lane, Aberdeen, AB10 6XU

10
Debtors
2024
Amounts falling due within one year:
£
Amounts owed by group undertakings
15,041,267
Other debtors
174,760
15,216,027

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

11
Creditors: amounts falling due within one year
2024
Notes
£
Bank loans
13
833,334
Amounts owed to group undertakings
15,502,064
Accruals and deferred income
62,372
16,397,770

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

12
Creditors: amounts falling due after more than one year
2024
Notes
£
Bank loans and overdrafts
13
1,458,333
13
Loans and overdrafts
2024
£
Bank loans
2,291,667
Payable within one year
833,334
Payable after one year
1,458,333
GLACIER BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
13
Loans and overdrafts
(Continued)
- 18 -

The bank loan is secured by a fixed and floating charge over the assets of the company.

The loan agreement commenced on 15 December 2023 and is repayable in equal monthly instalments, along with interest due over a period of 36 months. The interest rate is Bank of England base rate plus margin of 7%.

14
Retirement benefit schemes
2024
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
3,478

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

15
Share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
1
1

On incorporation the company issued 1 ordinary share of £1.

16
Profit and loss reserves

Profit and loss reserves represent cumulative profits and losses, net of dividends and other adjustments.

17
Financial commitments, guarantees and contingent liabilities

The company has provided a cross guarantee as part of the group's security obligations to the group's institutional investor (Averroes Capital Limited) and the provider of its debt facilities (IGF Business Credit Limited) in respect of the group's investor of A loan notes and debt facilities.

18
Related party transactions

The company has taken the exemption in FRS 102 Section 33 of the requirement to disclose transactions with other wholly-owned companies within the same group.

19
Ultimate controlling party

The intermediate parent company is Glacier Midco Limited, a company with its registered office at 77 Charlotte Street, London, W1T 4PW.

 

The ultimate parent undertaking and controlling party is Glacier Topco Limited, a company registered in England and Wales. Glacier Topco Limited is the smallest and largest group of companies into which the company is consolidated. Group accounts are available from the registered office.

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