Company registration number 09640283 (England and Wales)
GLENCAR CONSTRUCTION LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
GLENCAR CONSTRUCTION LTD
COMPANY INFORMATION
Directors
E McGillycuddy
C Gleave
Company number
09640283
Registered office
Glencar House
32-34 Upper Marlborough Road
St Albans
Hertfordshire
AL1 3UU
Auditor
Evans Mockler Limited
5 Beauchamp Court
Victors Way
Barnet
London
EN5 5TZ
GLENCAR CONSTRUCTION LTD
CONTENTS
Page
Strategic report
1 - 10
Directors' report
11 - 12
Independent auditor's report
13 - 15
Statement of comprehensive income
16
Balance sheet
17
Statement of changes in equity
18
Statement of cash flows
19
Notes to the financial statements
20 - 31
GLENCAR CONSTRUCTION LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

The directors present the strategic report for the year ended 30 September 2024.

Company Overview

 

Glencar Construction Limited (the Company), is a multi-award-winning contractor specialising in the construction of high-quality, market-leading, turnkey facilities. We work in partnership with some of the UK and Europe's leading property developers, investors, funds, owner operators, retailers, data centre operators, life science companies and transport and logistics businesses.

 

We have established ourselves in the construction industry since 2016 through controlled and sustainable growth. Initially as a new player in our core markets, we have since become one of the UK’s most successful privately-owned contractors. To this day, we retain our innovator mindset as Glencar becomes a larger-scale Tier One organisation.

 

Our teams are known for challenging traditional thinking and finding solutions to complex problems on-site. Our approach is driven by a culture of collaboration, honesty, and innovative thinking.

 

Whether we are repositioning existing buildings or creating new ones, our ethos is based on going the extra mile to deliver quality and outstanding service through beneficial partnerships with the supply chain and our customers.

 

Health and Safety

 

Safety is paramount at Glencar. Our project planning process prioritises the provision of a safe working environment for our team, subcontractors, and for the communities in which we work. We promote a clear and positive safety culture, ensuring the well-being of all parties involved with our work. Careful planning of site logistics and project programmes at pre-contract stage is essential, and customer communication is high on the agenda from the earliest stages in order to ensure a safe and high-quality delivery.

 

Glencar undertakes careful management of health and safety, operating a culture of continuous improvement and regularly auditing all sites. Health and safety is first on the agenda in all site progress meetings and the Company maintains excellent safety standards across the board.

 

Glencar continue to work together with its innovation partner, innDex, to continuously enhance its health and safety management software offering. By partnering with innDex, we can leverage the expertise of a dedicated software development team to streamline processes, increase efficiency, and drive success on construction projects.

 

This collaboration ensures that we are at the forefront of construction technology, providing a competitive advantage and delivering the best results for our clients.

 

Glencar is the biggest user of the platform within the industry, and it provides us with the ability to gain full visibility across our projects, driving safety, consistency, productivity, and sustainability. The absolute transparency of the innDex platform also allows us to derive maximum value from the data and take intelligent, informed decisions that will drive many improvements, from project progress to health and safety performance.

 

The Gold Standard - Expect Nothing Less

 

The Gold Standard is a rigorous assessment of our health, safety, and quality practices and behaviours, environmental policies, and corporate social responsibility efforts.

 

Glencar’s Gold Standard programme reflects our commitment to upholding the highest standards of safety, sustainability, and ethical business practices. Our Gold Standard protocols and campaigns are testament to our dedication to creating a safe, healthy, and sustainable workplace for employees and on every site and office.

 

GLENCAR CONSTRUCTION LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -

We are active in the local communities in which we operate and seek to create social value and opportunities wherever we can. This includes community partnerships and outreach, local employment, prioritising health and wellbeing and charity fundraising. In the past 12 months we have delivered over £35m worth of social value to local communities in the UK.

 

This includes delivering on Social Value targets for community partnerships and outreach, local employment, and local training and qualifications. Irrespective of customer requirements, Glencar will always target a minimum of 10% local spend on all projects, as part of our commitment to supporting the local communities in which we operate.

 

During the period, the Company has not been issued with any Health and Safety enforcement notices.

 

Staying True to Our Values

 

We pride ourselves on delivering an exceptional service, based on our unwavering commitment to our core values that underpin everything we do for customers.

 

We are a company based on honesty, integrity, innovation, excellence, and professionalism and insist on the highest standards of conduct from everyone in the business.

 

We are committed to fairness, customer service, and treating all stakeholders equally. Our values were developed in conjunction with our colleagues, giving everyone a sense of ownership.

 

We recruit and develop our people to be great leaders who represent the values of Glencar. We passionately believe that a key factor in determining Glencar’s success is attributed to the quality, professionalism, motivation, and commitment of every one of our colleagues.

 

We are dedicated to putting our customers first and maintaining the highest degree of integrity and excellence in all our business dealings. We extend the same standards to all our suppliers, sub-contractors, and any other business associates.

 

Our specialist contractors are the resource who deliver our promises and we take care to only partner with those who share our values. Part of our covenant to our supply chain partners is to always pay them on time, to ensure they can commit resources with confidence.

 

Business Review for the Period

 

The theme of 2024 is that of ‘balance’, as we have experienced consolidation, during a time of economic and industry upheaval, together with diversification into new and fast emerging sectors including Data Centres, Life Science, Ports, Civils, Infrastructure and Commercial.

 

We have continued to respond to the rapidly evolving and changing customer expectations and the needs of the market.

 

Industrial & Logistics Focus

 

We retain a key focus and true specialisation in Industrial & Logistics and have delivered important and high-profile developments in the period. This includes work performed for major brands and companies including SEGRO, Panattoni, Trebor, Wrenbridge, PLP, GLP, Stoford, Valor, Logicor, TCC, and Firethorn.

 

We are seen as a trusted delivery partner and achieve extremely high levels of customer retention and repeat business. Through this our exceptional teams and delivery partners continue to push the boundaries in terms of design, delivery, materials and processes.

GLENCAR CONSTRUCTION LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -

Revaluation of Commercial Strategy

 

We have reevaluated our commercial strategy, ensuring we focus on the right type of work in order to deploy our resources efficiently, whilst effectively managing risk. As part of our focus and commitment in that area, we hired a Group Strategic Director in the period, John O’Grady.

 

With an impressive career spanning over 35 years in the industry, John most recently served as the Divisional Commercial Director at VolkerFitzpatrick for the past 13 years. John brings a wealth of knowledge and experience to our organisation.

 

John provides non-executive governance to our operations, ensuring that our strategic decisions align with our long-term objectives. His responsibilities at Glencar include overseeing business operations, ensuring uniformity across our operations, and enhancing our strengths while strategically capitalising on new opportunities.

 

People, Process, Platform

 

We have continued to invest in the ongoing development of our people and expert teams in terms of attracting and retaining the best talent in the market; providing training, learning and professional development, together with upskilling and strongly supporting employee’s wellbeing. Alongside this we continue seek ways to continually improve how we do things through the use of industry leading software, technology and applications.

 

Finally, we have continued to invest in our platform by expanding the reach of our regional office presence, customer teams, and expanding our specialist supply chain network.

 

ESG at the Core of our Operations

 

We continue to invest in the continued and progressive development of our ESG credentials, to align with our customers increasing carbon reduction expectations. This includes net zero alignment in construction, onsite energy production, and social value creation.

 

Regional Expansion and Core Consolidation

 

We now benefit from regional offices in St Albans, Birmingham, Manchester, Cambridge, Oxford, Bristol, and Kerry, with an increased ability to serve our customers where they are and to respond to expanding market/sector/regional requirements.

 

Across both our exceptional teams and our core business functions, like Finance, HR, IT, Building Services, Supply Chain and Marketing, we believe we have one of the strongest teams out there ready to move forward and capitalise on our next stage of development and growth.

 

Close to our roots, we are expanding our Ireland operation in response to strong growth drivers in I&L, fit-out, Data Centres and Life Science.

 

High Profile projects during 2024

 

Glencar deliver high-profile projects across a variety of sectors, showing diversity and balance. Whilst all projects are treated with equal importance, amongst the highlights are the following:

 

 

 

GLENCAR CONSTRUCTION LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -

 

 

 

 

 

 

Highlights and Key Performance Indicators (KPIs)

The Company constantly reviews their KPIs, which are based on both financial and non-financial information, with particular focus on the following:

 

 

2024

2023

Revenue

Profit before tax

£400.3m

£4.7m

£400.6m

£3.4m

Gross Profit %

5.7%

5.0%

Overheads as a % of Revenue

Average contract value

Project completions

4.6%

£18.7m

32

4.3%

£16.9m

28

All Injury Frequency Rate (AIFR)

0.06

0.07

Average Considerate Contractor Score

Average headcount

43

291

43

270

 

The results shown in these accounts demonstrate a strong improvement in all financial metrics. Turnover is consistent with 2023 however we have improved profitability, net asset value, and cash.

 

This has been achieved through our commitment to doing the right kind of work, alongside further investment into ensuring best-in-class processes.

 

Repeat business accounts for a significant percentage of our turnover, with current retention levels exceeding 80%. Meanwhile, we have expanded into new markets and targeted new opportunities, particularly in the Life Science and Data Centre sectors.

 

To ensure sustained growth and efficiency, we have undertaken significant ongoing investment in our head office and core business support functions. We have positioned ourselves within the market to take on upcoming opportunities with the availability and mobility of the right people and teams.

GLENCAR CONSTRUCTION LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -

Looking forward

 

We have already secured a robust order book of £350 million for 2025, with strong project margins and well-established delivery teams. At the same time, our commitment to innovation and the integration of smart processes and technology is accelerating, ensuring that we stay at the forefront of industry trends.

 

We are targeting 10% revenue growth in the next financial year, followed by 10% in the following year. This ambitious goal is underpinned by our strategy of cultivating repeat business with our key client base while actively exploring strategic opportunities with new clients and in emerging markets.

 

A core focus for us remains the sustained improvement of profit margins, whilst all the while maintaining the high standards of service delivery that our clients expect. We are dedicated to achieving this delicate balance and ensuring that our growth does not compromise the excellence of our services.

 

Recognising that our success is intrinsically linked to our people, we are committed to investing in our workforce. This investment will involve increasing the number of team members and expanding our comprehensive training company-wide. Simultaneously, we will direct our investment towards fortifying our internal systems and processes, ensuring their resilience to provide both our customers and supply chain partners with the best possible service.

 

Environmental, Social, and Governance (ESG) Report

 

At Glencar, our Environmental, Social, and Governance (“ESG”) approach is designed to help us to create a positive impact on the world in which we operate.

 

Our commitment to ESG principles and sustainability is paramount. We firmly believe in responsible business practices, and continuously strive to reduce our environmental impact by embracing eco-friendly construction methods, sustainable materials, and energy-efficient technologies.

 

We are also dedicated to fostering a safe and inclusive work environment for our employees, actively participating in community initiatives to enhance wellbeing. We continue to prioritise strong governance practices, ensuring transparency, ethical behaviour, and accountability throughout our operations.

 

Our collective efforts reflect our unwavering dedication to ESG and sustainability, benefiting our business performance and the communities we serve.

 

We are committed to being a responsible business and to supporting customers in achieving their own sustainability targets. Led by a dedicated Director of ESG and specialist team, our ESG strategy focuses on the following key themes:

 

Net Zero Carbon

 

We continue to be a Planet Mark certified company.

 

All scope 1, 2 & 3 greenhouse gas emissions have been measured across the business using this code of conduct. The data for 2024 shows an overall decrease in carbon emissions for the period compared to the previous year. Our Scope 1 emissions have increased but this has been offset by reductions in our Scope 2 and 3 emissions.

 

The majority of our office purchase tariffs are now 100% renewables. Business travel emissions have also reduced in the year. This reductive impact is offset by an increase in site fuel use.

 

As well as developing our own carbon reduction plan, we continue to support customers in delivering Net Zero Carbon in Construction & Operation. We have helped our clients to reduce upfront carbon on a number of projects delivered in the period.

GLENCAR CONSTRUCTION LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -

We have used the following methodologies within the calculation of our emissions and energy consumption:

 

 

 

Greenhouse gas emissions

 

 

 

2024

Tonnes CO2e

 

2023

Tonnes CO2e

Scope 1: Emissions from gas and construction site fuel use

Gas

0.0

0.0

 

Fuel

723.6

666.4

Total scope 1

 

723.6

666.4

 

 

 

 

Scope 2: Emissions from electricity use

 

9.1

13.8

Total scope 2

 

9.1

13.8

 

 

 

 

Scope 3: Emissions from business travel

 

997.4

1,207.1

Total scope 3

 

997.4

1,207.1

 

 

 

 

Total scope 1, 2 & 3 emissions

 

1,730.1

1,887.3

 

 

 

 

Emission Intensity

 

 

 

tCO2e per employee (based on average headcount)

 

6.0

7.0

 

 

Our stated goal is to be Net Zero Carbon for Scope 1 & 2 Emissions by 2025 and Net Zero Carbon for Scope 3 Emissions by 2045.

 

We are looking to take the following measures to improve our energy efficiency:

 

 

 

 

 

 

Responsible Procurement

 

We buy responsibly from an audited supply chain, prioritising sustainably certified products and service. We work with local suppliers where possible and are committed to the development of collaborative working relationships, structured procurement processes and continuous improvement as outlined in our Sustainable Procurement Policy.

GLENCAR CONSTRUCTION LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -

We continue to monitor the performance of our Tier 1 supply chain in respect of their current abilities to deliver on BREEAM, net zero carbon, circularity, and social value objectives.

 

Supporting a Circular Economy

 

We work with our clients and stakeholders to deliver circular economy commitments through minimising resource use, driving down waste, and reviewing the adaptability of materials in their selection, as well as their impact on whole life carbon.

 

We continue to implement site-specific waste and resource management plans, setting specific targets based on construction waste resource efficiency benchmarks, which prioritise reuse of recycling. Recycled materials are used wherever possible, and we have applied an increased focus on the reuse of construction materials.

 

In the year, 98% of our waste was diverted from landfill.

 

Delivering Social Value

 

We are active in the local communities in which we operate and seek to create social value and opportunities wherever we can. This includes delivering on Social Value targets for community partnerships and outreach, local employment, local training, and qualifications. We also set targets to deliver health and well-being outcomes and charitable giving.

 

We have delivered millions of pounds of social value on our projects in 2024 as defined by the National TOMs Standards for calculation. Key highlights include:

 

 

Glencar target a minimum of 10% local spend on all projects, (through a combination of services, local labour, and supply chain), as part of our commitment to supporting the local communities in which we operate.

 

Operational Excellence

 

Glencar is committed to working closely with customers to deliver high-quality projects. Collaboration is at the heart of our approach to project delivery, and we pride ourselves on our ability to build strong and productive relationships. By working closely with customers from the very beginning of a project, we gain a deep understanding of their needs and requirements and can tailor our approach accordingly. This collaborative approach ensures that projects are delivered on time, on budget, and to the highest possible standards.

 

Our teams leverage cutting-edge technology and digital tools to streamline our operations and optimise project outcomes. Our leadership drives excellence as one of our core values, driving continuous improvement in the everyday roles of our people, which is consistently evident in the work that we produce for our customers. We prioritise support for the development and growth of all team members, and colleagues are encouraged to seek responsibility and are empowered to make decisions.

 

Upskilling the Workforce

 

We take pride in supporting our colleagues with the continuous opportunity to enhance their personal and professional development. Our ethos is strongly focused on our people and ensuring that they are at their full potential.

 

We have a structured training plan in place whereby every employee will have the opportunity for self-development. This includes charterships with the CIOB, RICS, and external training providers, that focus on topics such as equality, diversity, the environment, and anti-bribery and corruption.

GLENCAR CONSTRUCTION LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -

Charity

 

We have a charitable trust, The Glencar Foundation (GivingWorks Charity No. 1078770) which is the focal point of all charitable activities for the company.

 

The foundation is proud to sponsor local charities in the locations in which we operate, as well as those close to the hearts of our team.

 

Health and Well-being

 

The health and well-being of our employees is our number one priority. Employees of all levels are encouraged to look out for each other’s well-being.

 

All employees have been provided with mental health awareness training. We promote the importance of wellness to our people and have implemented employee benefits that align with this strategy.

 

Section 172 statement

 

Section 172 of the Companies Act 2006 requires directors to act in a way that they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole. In doing so, directors must have regard to all the various stakeholders of the Company, as well as our impact on the community and the environment, and the likely consequences of strategic decisions in the long term.

 

As set out in the remainder of this strategic report, Glencar complies with these requirements. We interact regularly and openly with stakeholders, including employees, suppliers, and customers. We are taking steps to reduce our impact on both the environment and the local areas in which we operate, whilst encouraging and maintaining high standards of quality and conduct.

 

Strategic decisions are made at Board level, with particular focus on generating value for all stakeholders, whilst adhering to the key themes set out in our ESG strategy.

 

Employee engagement

 

Employee engagement levels have a direct impact on performance and productivity. Monitoring is key and we measure engagement levels via an annual Engagement Survey, which encourages direct feedback from our colleagues on what we do well and where improvement can be made. These results are analysed, and action plans put in place as we strive to maintain high levels of engagement.

 

The Company communicates relevant information to colleagues in a timely way via our internal communications channels, which could be via email, newsletters, webinars, or face to face briefings.

 

Performance Development Reviews (PDRs) are held on a twice annual basis with every team member. These PDRs give our team members a chance to review their performance against targets set previously, to set future goals, to review training and development needs, and to discuss any concerns affecting their mental well-being.

 

The Company consults with colleagues on an individual or team basis, so that the views of employees can be taken into account when making decisions which are likely to affect their interests.

 

Engagement with suppliers, customers and others in a business relationship with the company

 

Throughout the last year, Glencar has carefully cultivated and strengthened its business relationships with suppliers, customers, and various stakeholders, underscoring our commitment to fostering long-term partnerships. By prioritising open communication, transparency, and mutual respect, we have not only solidified existing connections with existing customers, but also forged new partnerships that contribute to the overall growth and success of the business.

GLENCAR CONSTRUCTION LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -

Our collaborative efforts with suppliers ensure a robust and reliable supply chain, minimise disruptions, and enhance operational efficiency.

 

As part of our 'Doing It Differently' strategy, we put a big emphasis on nurturing our relationships with our supply chain partners.

 

Disabled employees

 

The Company is committed to providing equal opportunities in all aspects of employment including recruitment, salary and working conditions, training, personal development, promotion opportunities and general conduct at work. It is against the Company’s Equal Opportunities Policy to discriminate either directly or indirectly on the grounds of disability (or any other protected characteristic).

 

Reasonable adjustments to the recruitment process are made to ensure that no applicant is disadvantaged because of their disability.

 

Colleagues are requested to disclose any disability to enable the Company to provide any support required or to put in place any reasonable adjustments that may be appropriate.

 

Risks and Uncertainties

 

Economic Conditions

 

The UK economy has gone through a turbulent period in which we have seen Brexit, COVID-19, high inflation, and increasing interest rates. Whilst these appear to have levelled out recently, the risk of recession still exists.

 

A slowdown in the construction industry could lead to a reduction in contract awards and revenues. Glencar aim to mitigate this through robust customer relationships, exceptional project delivery, and diversification.

 

Contract Risk

 

Due to relatively small margins across the industry, a downturn in project profitability could lead to a contract becoming loss making. This risk is addressed through robust cost management, an experienced estimating department, and thorough design management and planning.

 

Supply Chain

 

The last few years have seen an increase in the number of insolvencies across the industry. Where this affects our supply chain, this can in turn impact our ability to deliver projects on time and to budget. We work closely with our supply chain to ensure their financial stability and seek to assist in any way we can.

 

Financing

 

There is no external debt in the business. We monitor cashflow forecasts on a regular basis, and structure all contracts to protect our cash position. We remain vigilant and flexible to foresee and overcome any short-term issues.

 

Glencar work closely with underwriters in the credit insurance and surety markets to ensure we maintain sufficient levels of support.

GLENCAR CONSTRUCTION LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -

On behalf of the board

 

E McGillycuddy
Director
24 January 2025
GLENCAR CONSTRUCTION LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -

The directors present their annual report and financial statements for the year ended 30 September 2024.

Results and dividends

The results for the year are set out on page 16.

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

Directors

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

E McGillycuddy
C Gleave
Qualifying third party indemnity provisions

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

Political donations

The company made no political donations or incurred any political expenditure during the year.

Auditor

Pursuant to Section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and Evans Mockler Ltd will therefore continue in office.

Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 of 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.

Strategic report

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.

GLENCAR CONSTRUCTION LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
Statement of disclosure to auditor

The directors who held office at the date of approval of this directors' report confirm that , so far as they are each aware, there is no relevant audit information of which the company’s auditor is unaware; and each director has 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
E McGillycuddy
C Gleave
Director
Director
24 January 2025
GLENCAR CONSTRUCTION LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GLENCAR CONSTRUCTION LTD
- 13 -
Opinion

We have audited the financial statements of Glencar Construction Ltd (the 'company') for the year ended 30 September 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows 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's 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:

GLENCAR CONSTRUCTION LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GLENCAR CONSTRUCTION LTD
- 14 -
Matters on which we are required to report by exception

In the light of the 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 or 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's 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.

Extent to which the audit was 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:

 

Our audit procedures were designed to respond to risks of material misstatement 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 deliberate concealment by, for example, forgery, misrepresentations or through collusion. 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.

GLENCAR CONSTRUCTION LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GLENCAR CONSTRUCTION LTD
- 15 -

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

Use of our report

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.

 

Mark Cook
Senior Statutory Auditor
For and on behalf of Evans Mockler Limited
24 January 2025
Chartered Certified Accountants
Statutory Auditor
5 Beauchamp Court
Victors Way
Barnet
London
EN5 5TZ
GLENCAR CONSTRUCTION LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
2024
2023
Notes
£
£
Turnover
3
400,326,994
400,554,635
Cost of sales
(377,644,890)
(380,338,111)
Gross profit
22,682,104
20,216,524
Administrative expenses
(18,531,842)
(17,173,583)
Other operating income
123,461
231,961
Operating profit
4
4,273,723
3,274,902
Interest receivable and similar income
8
523,321
174,549
Interest payable and similar expenses
9
(89,282)
(40,434)
Profit before taxation
4,707,762
3,409,017
Tax on profit
10
(1,110,492)
(1,001,769)
Profit for the financial year
3,597,270
2,407,248

The profit and loss account has been prepared on the basis that all operations are continuing operations.

GLENCAR CONSTRUCTION LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 17 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
2,800,400
3,115,305
Investments
13
85
85
2,800,485
3,115,390
Current assets
Debtors
15
68,411,388
71,593,355
Cash at bank and in hand
43,794,293
21,686,409
112,205,681
93,279,764
Creditors: amounts falling due within one year
16
(103,978,386)
(88,870,633)
Net current assets
8,227,295
4,409,131
Total assets less current liabilities
11,027,780
7,524,521
Provisions for liabilities
Deferred tax liability
17
339,576
433,587
(339,576)
(433,587)
Net assets
10,688,204
7,090,934
Capital and reserves
Called up share capital
19
100,000
100,000
Share premium account
495,000
495,000
Profit and loss reserves
10,093,204
6,495,934
Total equity
10,688,204
7,090,934
The financial statements were approved by the board of directors and authorised for issue on 24 January 2025 and are signed on its behalf by:
E McGillycuddy
C Gleave
Director
Director
Company registration number 09640283 (England and Wales)
GLENCAR CONSTRUCTION LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 18 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
100,000
495,000
6,238,686
6,833,686
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
2,407,248
2,407,248
Dividends
11
-
-
(2,150,000)
(2,150,000)
Balance at 30 September 2023
100,000
495,000
6,495,934
7,090,934
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
3,597,270
3,597,270
Balance at 30 September 2024
100,000
495,000
10,093,204
10,688,204
GLENCAR CONSTRUCTION LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 19 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
25
23,547,525
(24,710,811)
Interest paid
(89,282)
(40,434)
Taxation paid
(1,377,438)
-
Net cash inflow/(outflow) from operating activities
22,080,805
(24,751,245)
Investing activities
Purchase of tangible fixed assets
(392,283)
(2,291,030)
Proceeds from disposal of tangible fixed assets
1,184
837
Loans made to directors
(105,142)
-
0
Interest received
523,321
174,549
Net cash generated from/(used in) investing activities
27,080
(2,115,644)
Financing activities
Dividends paid
-
0
(2,150,000)
Net cash used in financing activities
-
(2,150,000)
Net increase/(decrease) in cash and cash equivalents
22,107,885
(29,016,889)
Cash and cash equivalents at beginning of year
21,686,409
50,703,298
Cash and cash equivalents at end of year
43,794,293
21,686,409
GLENCAR CONSTRUCTION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 20 -
1
Accounting policies
Company information

Glencar Construction Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Glencar House, 32-34 Upper Marlborough Road, St Albans, Hertfordshire, AL1 3UU.

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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

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.

 

Glencar Construction Ltd is a wholly owned subsidiary of Glencar Construction (Holdings) Ltd and the results of Glencar Construction Ltd and its subsidiary company are included in the consolidated financial statements of Glencar Construction (Holdings) Ltd which are available from Glencar House, 32-34 Upper Marlborough Road, St Albans, Hertfordshire, AL1 3UU.

 

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

1.3
Turnover

Revenue is recognised at the fair value of the consideration received or receivable for goods and services

provided in the normal course of business, and is shown net of VAT and discounts.

 

Revenue comprises the fair value of construction carried out in the year, based on an internal assessment of work carried out. Once the outcome of a construction contract can be estimated reliably, revenue is recognised in the Statement of comprehensive income on a stage of contract completion basis. Amounts recoverable on long term contracts, included within debtors, represent revenue, less progress payments received. Where progress payments exceed revenue, the excess is shown as amounts payable on long term contracts within current liabilities. For the company's overall accounting policy in relation to construction contracts refer to note 1.7.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10% straight line method
Fixtures, fittings and equipment
25% straight line method
Motor vehicles
10% straight line method
GLENCAR CONSTRUCTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 21 -

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.

1.5
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.

1.6
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.

1.7
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs, or surveys of work performed where appropriate. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.8
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, other short-term liquid investments with original maturities of three months or less.

1.9
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.

GLENCAR CONSTRUCTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 22 -
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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

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, 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Taxation

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

GLENCAR CONSTRUCTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 23 -
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.

1.11
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.

1.12
Retirement benefits

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

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

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.

Critical judgements

The following judgements have had the most significant effect on amounts recognised in the financial statements.

Performance of long-term contracts

Recognised amounts on construction contract revenues and related receivables reflect the directors' best estimate of long-term contracts outcome and stage of completion. This includes the assessment of the profitability of the long-term contracts. Costs to complete and contract profitability are subject to significant estimation and uncertainty.

GLENCAR CONSTRUCTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 24 -
3
Turnover

The turnover and profit before taxation are attributable to the one principal activity of the company, construction services. Turnover is attributable to a single geographical market, United Kingdom.

 

4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
666,724
365,311
Loss/(profit) on disposal of tangible fixed assets
39,281
(56)
Operating lease charges
657,184
567,916
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
37,000
35,000
For other services
Audit-related assurance services
12,500
-
0
All other non-audit services
26,150
17,500
38,650
17,500
6
Employees

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

2024
2023
Number
Number
Directors
2
2
Management
128
158
Direct operatives
161
110
Total
291
270

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
22,228,436
18,485,025
Social security costs
2,269,637
2,020,866
Pension costs
1,016,329
887,786
25,514,402
21,393,677
GLENCAR CONSTRUCTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 25 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
1,423,380
217,520
Company pension contributions to defined contribution schemes
-
12,000
1,423,380
229,520

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 0 (2023 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
831,466
110,788
Company pension contributions to defined contribution schemes
-
6,000
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
512,538
174,549
Other interest income
10,783
-
0
Total income
523,321
174,549
2024
2023
Interest income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
512,538
174,549
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
89,282
40,434
GLENCAR CONSTRUCTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 26 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,499,750
742,527
Adjustments in respect of prior periods
(295,247)
32,481
Total current tax
1,204,503
775,008
Deferred tax
Origination and reversal of timing differences
(94,011)
226,761
Total tax charge
1,110,492
1,001,769

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

2024
2023
£
£
Profit before taxation
4,707,762
3,409,017
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
1,176,941
852,254
Tax effect of expenses that are not deductible in determining taxable profit
229,769
235,995
Tax effect of utilisation of tax losses not previously recognised
-
0
(30,926)
Group relief
(1,227)
(1,620)
Permanent capital allowances in excess of depreciation
94,267
(212,237)
Under/(over) provided in prior years
(295,247)
32,481
Effect of change in corporation tax rate
-
0
(100,939)
Deferred tax movement
(94,011)
226,761
Taxation charge for the year
1,110,492
1,001,769
11
Dividends
2024
2023
£
£
Interim paid
-
0
2,150,000
GLENCAR CONSTRUCTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 27 -
12
Tangible fixed assets
Leasehold improvements
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023
1,901,842
1,968,689
75,000
3,945,531
Additions
178,175
214,108
-
0
392,283
Disposals
-
0
(214,338)
-
0
(214,338)
At 30 September 2024
2,080,017
1,968,459
75,000
4,123,476
Depreciation and impairment
At 1 October 2023
46,483
769,175
14,568
830,226
Depreciation charged in the year
204,990
454,213
7,521
666,724
Eliminated in respect of disposals
-
0
(173,874)
-
0
(173,874)
At 30 September 2024
251,473
1,049,514
22,089
1,323,076
Carrying amount
At 30 September 2024
1,828,544
918,945
52,911
2,800,400
At 30 September 2023
1,855,359
1,199,514
60,432
3,115,305
13
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
14
85
85
14
Subsidiaries

The company owns 100% of the ordinary share capital of its subsidiary, Glencar Contractors Ltd. Glencar Contractors Ltd is incorporated in Ireland and operates in the construction sector. The registered office address for Glencar Contractors Ltd is Langford Street, Killorglin, Co. Kerry, Ireland.

15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
21,406,632
16,207,982
Gross amounts owed by contract customers
36,717,788
46,674,090
Amounts owed by group undertakings
628,514
724,909
Other debtors
7,567,775
6,486,378
Prepayments and accrued income
2,090,679
1,499,996
68,411,388
71,593,355
GLENCAR CONSTRUCTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 28 -
16
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
51,915,900
47,872,621
Gross amounts owed to contract customers
1,073,089
983,036
Amounts owed to group undertakings
602,940
626,034
Corporation tax
149,750
322,685
Other taxation and social security
20,070,887
8,263,399
Other creditors
554,289
493,871
Accruals and deferred income
29,611,531
30,308,987
103,978,386
88,870,633
17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
339,576
433,587
2024
Movements in the year:
£
Liability at 1 October 2023
433,587
Credit to profit or loss
(94,011)
Liability at 30 September 2024
339,576

The deferred tax liability set out above relates to accelerated capital allowances that are expected to mature within the same period.

18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,016,329
887,786

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.

GLENCAR CONSTRUCTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 29 -
19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
66,500
66,500
66,500
66,500
B Ordinary shares of £1 each
28,500
28,500
28,500
28,500
C Ordinary shares of £1 each
5,000
5,000
5,000
5,000
100,000
100,000
100,000
100,000
20
Financial commitments, guarantees and contingent liabilities

The company has given a guarantee in respect of the bank borrowings of a fellow subsidiary, Glencar Construction (Freehold) Ltd, which amounted to £3,862,334 at 30 September 2024.

21
Operating lease commitments
Lessee

At the reporting end date, the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases which fall due as follows:

2024
2023
£
£
Within one year
442,977
310,441
Between two and five years
289,646
396,953
732,623
707,394
22
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
2,292,581
898,348
GLENCAR CONSTRUCTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
22
Related party transactions
(Continued)
- 30 -
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Entities under common control
69,964
416,374
-
-
Entities controlled by key management personnel
-
-
-
37,912

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Entities under common control
7,382,542
6,821,914

The above outstanding balance is interest free and repayable on demand.

Other information

The company is exempt from disclosing other related party transactions as they are with other members of the Glencar Construction (Holdings) Ltd group, with any subsidiary company party to the transactions being wholly owned within the group.

23
Directors' transactions

The directors had interest-bearing loans during the year. The movements on the loans during the year were as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
E McGillycuddy -
2.25
-
284,319
(199,353)
84,966
C Gleave -
2.25
-
110,984
(90,808)
20,176
-
395,303
(290,161)
105,142

The outstanding balances have been repaid in full post the balance sheet date.

GLENCAR CONSTRUCTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 31 -
24
Ultimate controlling party

The ultimate parent company of Glencar Construction Ltd is Glencar Construction (Holdings) Ltd. The smallest and largest group to consolidate these financial statements is Glencar Construction (Holdings) Ltd. The registered office address of Glencar Construction (Holdings) Ltd is Glencar House, 32-34 Upper Marlborough Road, St Albans, St Albans, Hertfordshire, AL1 3UU.

 

Mr E McGillycuddy is the ultimate controlling party by virtue of his directorship and shareholding in Glencar Construction (Holdings) Ltd.

 

25
Cash generated from/(absorbed by) operations
2024
2023
£
£
Profit for the year after tax
3,597,270
2,407,248
Adjustments for:
Taxation charged
1,110,492
1,001,769
Finance costs
89,282
40,434
Investment income
(523,321)
(174,549)
Loss/(gain) on disposal of tangible fixed assets
39,281
(56)
Depreciation and impairment of tangible fixed assets
666,724
365,311
Movements in working capital:
Decrease/(increase) in debtors
3,287,109
(6,878,560)
Increase/(decrease) in creditors
15,280,688
(21,472,408)
Cash generated from/(absorbed by) operations
23,547,525
(24,710,811)
26
Analysis of changes in net funds
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
21,686,409
22,107,884
43,794,293
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