Company Registration No. 07845944 (England and Wales)
Giant Finance Holdings Limited
Financial statements
for the year ended 31 May 2024
Pages for filing with the registrar
Giant Finance Holdings Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
Giant Finance Holdings Limited
Statement of financial position
As at 31 May 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
1,370,205
1,370,204
Current assets
Debtors
5
25
Cash at bank and in hand
1,930
2,017
1,955
2,017
Creditors: amounts falling due within one year
6
(1,493,920)
Net current assets/(liabilities)
1,955
(1,491,903)
Total assets less current liabilities
1,372,160
(121,699)
Creditors: amounts falling due after more than one year
7
(1,186,006)
(935,000)
Net assets/(liabilities)
186,154
(1,056,699)
Capital and reserves
Called up share capital
8
426,400
426,400
Profit and loss reserves
(240,246)
(1,483,099)
Total equity
186,154
(1,056,699)
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 9 October 2024 and are signed on its behalf by:
Michael Henry
Director
Company Registration No. 07845944
Giant Finance Holdings Limited
Notes to the financial statements
For the year ended 31 May 2024
2
1
Accounting policies
Company information
Giant Finance Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is of the company and its subsidiary is Festival House, Jessop Avenue, Cheltenham, GL50 3SH.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
At the time of approving the financial statements , the directors have a reasonable expectation that thetrue
company has adequate resources to continue in operational existence for the foreseeable future. This is due to the subsidiary undertaking, Giant Finance + Limited having sufficient reserves to enable the company to meet its day to day financial obligations. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Fixed asset investments
Interests in subsidiaries 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.
1.4
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Giant Finance Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
1
Accounting policies (continued)
3
1.5
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 statement of financial position 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, 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 secured loan notes, 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.
2
Employees
The average monthly number of persons (excluding non-remunerated directors) employed by the company during the year was:
2024
2023
Number
Number
Total
Giant Finance Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
4
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1,370,205
1,370,204
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 June 2023
1,370,204
Additions
1
At 31 May 2024
1,370,205
Carrying amount
At 31 May 2024
1,370,205
At 31 May 2023
1,370,204
Giant Finance Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
5
4
Subsidiaries
Details of the company's subsidiaries at 31 May 2024 are as follows:
Name of undertaking
Address
Class of shares held
% Held
Direct
Indirect
Giant Finance + Limited
1
Ordinary
100.00
-
Giant Finance Accounts Limited
1
Ordinary
100.00
-
Registered office addresses (all UK unless otherwise indicated):
1
Festival House, Jessop Avenue, Cheltenham, GL50 3SH
The aggregate capital and reserves and the result for the year of the subsidiary 'Giant Finance + Limited' was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Giant Finance + Limited
2,763,446
885,230
Giant Finance Accounts Limited
2,759
2,758
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
25
6
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
1,493,920
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to parent company
1,186,006
935,000
Giant Finance Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
6
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
910
910
910
910
Ordinary B shares of £1 each
390
390
390
390
Deferred shares of £1 each
425,100
425,100
425,100
425,100
426,400
426,400
426,400
426,400
Ordinary A and B shares are entitled to one vote each and rank pari passu in dividend payments. Deferred shares do not have voting rights and are entitled pari passu to dividends or other distributions.
Giant Finance Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
7
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Diane Petit-Laurent FCA and the auditor was Saffery LLP.
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Interest expense
2024
2023
£
£
Entities with control, joint control or significant influence over the company
91,793
58,066
11
Parent company
The company is 100% owned by Giant Finance Plc. The ultimate controlling party is M J Brown, a director of the company and majority shareholder of Giant Finance Plc.
12
Cross guarantee
The company has provided a cross guarantee to the Royal Bank of Scotland Invoice Financing Limited in respect of a company in which it has control dated 17 January 2012 and 23 October 2012. At 31 May 2024, the amounts due to the Royal Bank of Scotland Invoice Financing Limited, in respect of the subsidiary undertaking Giant Finance + Limited, totalled £2,781,147 (2023: £4,274,251).
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