REGISTERED NUMBER: 08435016 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
AUDITED |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
GLASSINGTON LIMITED |
REGISTERED NUMBER: 08435016 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
AUDITED |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
GLASSINGTON LIMITED |
GLASSINGTON LIMITED (REGISTERED NUMBER: 08435016) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 6 |
Statement of Directors' Responsibilities | 8 |
Report of the Independent Auditors | 9 |
Consolidated Income Statement | 13 |
Consolidated Other Comprehensive Income | 14 |
Consolidated Balance Sheet | 15 |
Company Balance Sheet | 17 |
Consolidated Statement of Changes in Equity | 18 |
Company Statement of Changes in Equity | 19 |
Consolidated Cash Flow Statement | 20 |
Notes to the Consolidated Cash Flow Statement | 21 |
Notes to the Consolidated Financial Statements | 23 |
GLASSINGTON LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
Philip Evans BSc FCA |
AUDITORS: |
2 Oakfield Road |
Clifton |
Bristol |
BS8 2AL |
GLASSINGTON LIMITED (REGISTERED NUMBER: 08435016) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 APRIL 2024 |
REVIEW OF BUSINESS |
In the year ended 30 April 2024, the group demonstrated resilience in navigating an evolving business environment characterised by challenges such as rising food and energy costs and the cost-of-living crisis. Despite these hurdles, the group achieved a substantial 13% increase in revenue from £9.1m to £10.3m. This review highlights the financial and operational performance, as well as key strategic decisions, including the sale of the Glass Boat, that have positioned the Glassington Limited group for sustained growth and adaptability. |
Financial performance |
For the year ended 30 April 2024, the group reported a gross profit of £4,314,105 (2023: £3,926,948), reflecting a 10% year-on-year increase. The gross profit margin of 42% was slightly lower than the prior year’s 43%, attributable to higher costs of sales driven by inflationary pressures. Operating profit rose significantly to £1,260,294 (2023: £869,864), underpinned by operational efficiencies and strategic cost management. |
Profit on disposal of a subsidiary in the year resulted in a £496,715 gain. |
The profit after taxation for the year to 30 April 2024 was £1,140,172, an increase of 58% compared to £721,063 in 2023. |
Key developments |
Sale of the Glass Boat |
The group completed the sale of the Glass Boat on 20 June 2023. This marked a strategic divestment, allowing the group to focus on its core operations and emerging opportunities within the lido and hospitality segments. |
Investment in technology |
The group’s continued investment in integrated technology solutions, including an upgraded Electronic Point of Sale (EPOS) system, has enhanced operational efficiencies, improved customer booking experiences, and provided robust reporting capabilities. |
Diversification and growth |
Diversification remains a cornerstone of the group’s strategy. During the year, the group leveraged its strong cash position to acquire and renovate a Lido Townhouse, creating an additional revenue stream for 2024. This townhouse serves as a premium accommodation option for guests visiting the Clifton Lido facilities. |
Financial management |
The group’s strong financial position is reflected in its cash reserves of £2,085,619 as of 30 April 2024 (2023: £2,422,407). This robust liquidity enables the group to manage ongoing challenges and explore strategic opportunities. No new loans were taken out during the year. |
The principal activities of the Glassington group are divided amongst the subsidiaries as follows: |
- Clifton Lido Limited: operation of outdoor lido swimming baths, luxury spa facilities and wellness treatments with an onsite restaurant and bar in Clifton, Bristol. Newly converted Townhouse accomodation allows customers to |
- Thames Lido Limited: operation of outdoor lido swimming baths, luxury spa facilities and wellness treatments with an onsite restaurant and bar in Reading, Berkshire. |
- Bristol Bridge Company Limited: operation of The Three Brothers Burger Kitchen and Bar in Bristol. |
GLASSINGTON LIMITED (REGISTERED NUMBER: 08435016) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 APRIL 2024 |
The group's key financial and other performance indicators during the year were as follows: |
Key performance indicator | Unit | 2024 | 2023 |
Turnover | £ | 10,260,976 | 9,114,561 |
Gross profit margin | % | 42 | 43 |
Profit before tax | £ | 1,260,294 | 869,864 |
Group profit after tax attributable to owners of the company | £ | 944,232 | 517,521 |
Average staff headcount | No. | 221 | 211 |
Revenue per head | £ | 46,430 | 40,690 |
Return on assets | % | 20 | 14 |
Cash at bank | £ | 2,085,619 | 2,422,407 |
Looking ahead, the group remains committed to innovation, resilience, and adaptability in the dynamic landscape of the hospitality, spa, and wellness industries. While challenges such as rising food costs and evolving consumer preferences persist, the group’s strong cash position enables strategic investments in growth opportunities. With the successful sale of the Glass Boat and the acquisition of the Lido Townhouse, the group is well-positioned to drive sustained growth and profitability. The directors are confident that the going concern basis of preparation remains appropriate. |
GLASSINGTON LIMITED (REGISTERED NUMBER: 08435016) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 APRIL 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
In the dynamic landscape of the spa, hospitality, and restaurant sectors, the group recognises the importance of proactively identifying, assessing, and managing potential risks and uncertainties. This section outlines the principal risks and uncertainties that could impact the group's operations and financial performance. |
1. Operational risks |
Pandemics and health crises |
The hospitality sector remains highly sensitive to public health crises. Although the impact of COVID-19 has subsided, the ongoing global uncertainty surrounding pandemics and other health crises, such as the potential emergence of new variants or diseases, poses a significant risk to operational continuity. Further restrictions on travel and consumer spending could influence customer demand for our products and services, leading to revenue fluctuations. |
Supply chain disruptions |
Dependency on external suppliers for goods and services continues to expose the group to potential disruptions. Unexpected events, such as natural disasters, geopolitical tensions, or logistical challenges, could impact the supply chain, affecting our ability to provide consistent quality services and products to customers. |
Technological disruptions |
The group acknowledges the critical role of technology in its operations. While digital advancements enhance customer engagement and operational efficiency, they also expose us to cybersecurity threats and data privacy concerns, particularly within our booking and payment systems. Continuous investment in cybersecurity measures and regular reviews of data protection protocols remain a priority. |
Staff recruitment and retention |
The ability to attract and retain skilled employees remains vital to maintaining service quality and operational effectiveness. Labour shortages, increased competition for talent, rising labour costs, and potential disputes or changes in employment regulations could impact workforce stability and increase operational risks. |
2. Market risks |
Economic downturn |
The hospitality and leisure sectors are closely tied to broader economic conditions. A significant economic downturn, inflationary pressures, or a prolonged cost-of-living crisis could result in reduced consumer spending on non-essential services, adversely affecting the group's financial performance. The group also monitors interest rate fluctuations and their impact on customer behaviour. |
Competitive pressures |
The hospitality and leisure sectors remain highly competitive. Changes in consumer preferences, the emergence of new competitors, or shifts in market trends pose challenges to our ability to attract and retain customers. Additionally, the group continues to monitor the impact of economic uncertainty on customer demand and spending behaviours. |
GLASSINGTON LIMITED (REGISTERED NUMBER: 08435016) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. Regulatory and compliance risks |
Health and safety regulations |
Compliance with health and safety regulations is paramount across all subsidiaries. Changes in regulations, compliance failures, or legal issues related to health and safety could lead to reputational damage, financial penalties, or operational disruptions. The group’s ongoing commitment to rigorous health and safety standards aims to mitigate these risks. |
Environmental regulations |
Increasing regulatory focus on environmental sustainability could affect operational practices and financial performance. The group recognises the importance of environmental compliance and is committed to reducing its carbon footprint, managing waste responsibly, and minimising energy consumption. |
While the group has implemented robust risk management strategies and internal controls to mitigate these challenges, inherent uncertainty remains surrounding consumer behaviour, regulatory changes, economic conditions, and unforeseen events. The group’s commitment to proactive risk assessment and continuous monitoring ensures resilience and adaptability in an evolving environment, enhancing the long-term sustainability of our business. |
ON BEHALF OF THE BOARD: |
28 January 2025 |
GLASSINGTON LIMITED (REGISTERED NUMBER: 08435016) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 APRIL 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30 April 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company is that of a holding company. The principal activities of the group are the operation of restaurants and the operation of outdoor lido and spa facilities. |
DIVIDENDS |
An interim dividend of £26.95 (2023: £14.17) per share was paid to the shareholders. The directors recommend that no final dividend be paid. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report. |
FINANCIAL INSTRUMENTS |
Objectives and policies |
The group's activities expose it to a number of financial risks including credit risk, cashflow risk and liquidity risk. The use and nature of financial instruments are determined by the directors in the context of trading terms made available to the group by investors, customers and suppliers, with the objective of securing the liquidity and profitability of the group. |
Price risk, credit risk, liquidity risk and cash flow risk |
The group's principal financial instruments comprise bank balances, other creditors and trade debtors. |
Due to the nature of the financial instruments used by the company, there is a limited exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is |
shown below. |
In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the availability of overdraft facilities at floating rates of interest. Other creditors are managed in respect of credit and cash flow risk policies concerning the terms offered to investors in respect of developments undertaken by the group in respect of both anticipated repayment period and return. |
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. Trade creditors are paid in line with agreed credit terms and conditions, subject to correct invoicing. |
EMPLOYMENT OF DISABLED PERSONS |
The group offers equal opportunities to all applicants for employment. Disabled people are offered employment, training, staff development and promotion on the basis of their aptitude and abilities, in common with all employees. |
GLASSINGTON LIMITED (REGISTERED NUMBER: 08435016) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 APRIL 2024 |
ENGAGEMENT WITH EMPLOYEES |
The group is committed to involving employees in its activities, and believes that effective communication brings important business benefits. This is achieved through regular briefings. |
The group is also committed to developing its people. Training and development opportunities are provided for employees and range from bar skills training to professional qualification support. By giving employees the skill and knowledge essential to perform their jobs effectively, the group believes it will create a professional and highly motivated workforce. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, PJE Chartered Accountants & Statutory Auditors, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
GLASSINGTON LIMITED (REGISTERED NUMBER: 08435016) |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
FOR THE YEAR ENDED 30 APRIL 2024 |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GLASSINGTON LIMITED |
Opinion |
We have audited the financial statements of Glassington Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of 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: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 April 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GLASSINGTON LIMITED |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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 the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page eight, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GLASSINGTON LIMITED |
Auditors' 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 a Report of the Auditors 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. |
Explanation as to what extent 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 irregularities, including fraud. 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 or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity, group and management. |
Our approach was as follows: |
- We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and company and determined that the most significant are FRS 102 (United Kingdom Generally Accepted Accounting Practice), UK Companies Act and relevant tax legislation, General Data Protection Regulation (GDPR) requirements, health and safety laws, employment regulations, The Equality Act 2010, anti-bribery and corruption regulations; and those that had a fundamental effect on the operations of the group and company such as food hygiene standards and environmental regulations. |
- We understood how the group and company is complying with those frameworks by holding enquiries with management and those charged with governance. We understood the potential incentive and ability to override controls, and employee access to guidance of how to report any instances on non-compliance. We understood any controls put in place to reduce the opportunities for fraudulent transactions.We corroborated our enquiries through the review of the following documentation or completion of the following procedures: |
o Review of all minutes of general meetings held during the year and through to the most recent meeting held prior to the approval of these financial statements. |
o Reviewed accounting policies and completed a disclosure checklist to ensure compliance with FRS 102 and Company Law requirements. |
- We assessed the susceptibility of the group and company's financial statements to material misstatement, including how fraud might occur by holding enquiries with management and those charged with governance. Through these procedures we determined there to be a risk of management override and a fraud risk in relation to revenue and the valuation of accruals due to the judgements and estimates involved in calculating these liabilities. |
o In performing our work over revenue, we considered there to be specific risks relating to the cut-off of transactions and manual journal entries around period end. We used data analytics to test cut-off and used a lower testing threshold to test manual journal entries posted around the period end. |
o In performing our work relating to the valuation of accruals, we performed analytical review procedures to identify any unexpected fluctuations, used a lower testing threshold in performing our detailed testing, obtained management's assumptions of the liabilities, and challenged and validated the assumptions used in the calculations. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GLASSINGTON LIMITED |
- Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved enquiry of management and those charged with governance as to any fraud identified or suspected in the period, any actual or potential litigation or claims or breaches of significant laws or regulations applicable to the company. We also completed procedures to conclude on the compliance of significant disclosures in the financial statements with the requirements of the relevant accounting standards and UK legislation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, 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 members those matters we are required to state to them in a Report of the Auditors 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 members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
2 Oakfield Road |
Clifton |
Bristol |
BS8 2AL |
GLASSINGTON LIMITED (REGISTERED NUMBER: 08435016) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ |
TURNOVER | 3 | 10,260,976 | 9,114,561 |
Cost of sales | 5,946,871 | 5,187,613 |
GROSS PROFIT | 4,314,105 | 3,926,948 |
Administrative expenses | 3,563,615 | 3,044,774 |
750,490 | 882,174 |
Other operating income | - | 1,093 |
GROUP OPERATING PROFIT | 6 | 750,490 | 883,267 |
Share of operating loss in |
Associates | - | (14,102 | ) |
Profit on sale of operations | 7 | 496,715 | - |
1,247,205 | 869,165 |
Interest receivable and similar income | 8 | 13,089 | 6,054 |
1,260,294 | 875,219 |
Interest payable and similar expenses | 9 | - | 5,355 |
PROFIT BEFORE TAXATION | 1,260,294 | 869,864 |
Tax on profit | 10 | 120,122 | 148,801 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 944,232 | 517,521 |
Non-controlling interests | 195,940 | 203,542 |
1,140,172 | 721,063 |
GLASSINGTON LIMITED (REGISTERED NUMBER: 08435016) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 APRIL 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 1,140,172 | 721,063 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,140,172 |
721,063 |
Total comprehensive income attributable to: |
Owners of the parent | 944,231 | 517,521 |
Non-controlling interests | 195,941 | 203,542 |
1,140,172 | 721,063 |
GLASSINGTON LIMITED (REGISTERED NUMBER: 08435016) |
CONSOLIDATED BALANCE SHEET |
30 APRIL 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 13 | 40,984 | 45,417 |
Tangible assets | 14 | 5,619,691 | 4,966,515 |
Investments | 15 | 1,000 | 1,000 |
5,661,675 | 5,012,932 |
CURRENT ASSETS |
Stocks | 16 | 72,717 | 63,394 |
Debtors | 17 | 149,713 | 240,188 |
Cash at bank | 18 | 2,085,619 | 2,423,407 |
2,308,049 | 2,726,989 |
CREDITORS |
Amounts falling due within one year | 19 | 4,530,147 | 4,702,457 |
NET CURRENT LIABILITIES | (2,222,098 | ) | (1,975,468 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
3,439,577 |
3,037,464 |
PROVISIONS FOR LIABILITIES | 22 | 73,837 | 69,824 |
NET ASSETS | 3,365,740 | 2,967,640 |
GLASSINGTON LIMITED (REGISTERED NUMBER: 08435016) |
CONSOLIDATED BALANCE SHEET - continued |
30 APRIL 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 23 | 20,977 | 20,977 |
Share premium | 24 | 29,015 | 29,015 |
Merger reserve | 24 | - | 38,513 |
Retained earnings | 24 | 2,990,978 | 2,615,236 |
SHAREHOLDERS' FUNDS | 3,040,970 | 2,703,741 |
NON-CONTROLLING INTERESTS | 324,770 | 263,899 |
TOTAL EQUITY | 3,365,740 | 2,967,640 |
The financial statements were approved by the Board of Directors and authorised for issue on 28 January 2025 and were signed on its behalf by: |
M Bradford - Director |
GLASSINGTON LIMITED (REGISTERED NUMBER: 08435016) |
COMPANY BALANCE SHEET |
30 APRIL 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 13 |
Tangible assets | 14 |
Investments | 15 |
CURRENT ASSETS |
Debtors | 17 |
Cash at bank | 18 |
CREDITORS |
Amounts falling due within one year | 19 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 23 |
Share premium | 24 |
Retained earnings | 24 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 1,110,325 | 728,380 |
The financial statements were approved by the Board of Directors and authorised for issue on |
GLASSINGTON LIMITED (REGISTERED NUMBER: 08435016) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 APRIL 2024 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1 May 2022 | 20,977 | 2,239,093 | 29,015 |
Changes in equity |
Dividends | - | (227,631 | ) | - |
Total comprehensive income | - | 517,521 | - |
Transfer | - | 86,253 | - |
Balance at 30 April 2023 | 20,977 | 2,615,236 | 29,015 |
Changes in equity |
Dividends | - | (565,396 | ) | - |
Total comprehensive income | - | 944,232 | - |
Transfer | - | (3,094 | ) | - |
Balance at 30 April 2024 | 20,977 | 2,990,978 | 29,015 |
Merger | Non-controlling | Total |
reserve | Total | interests | equity |
£ | £ | £ | £ |
Balance at 1 May 2022 | 38,513 | 2,327,598 | 200,638 | 2,528,236 |
Changes in equity |
Dividends | - | (227,631 | ) | (54,028 | ) | (281,659 | ) |
Total comprehensive income | - | 517,521 | 203,542 | 721,063 |
Transfer | - | 86,253 | (86,253 | ) | - |
Balance at 30 April 2023 | 38,513 | 2,703,741 | 263,899 | 2,967,640 |
Changes in equity |
Dividends | - | (565,396 | ) | (135,070 | ) | (700,466 | ) |
Total comprehensive income | - | 944,232 | 195,941 | 1,140,173 |
Transfer | (38,513 | ) | (41,607 | ) | - | (41,607 | ) |
Balance at 30 April 2024 | - | 3,040,970 | 324,770 | 3,365,740 |
GLASSINGTON LIMITED (REGISTERED NUMBER: 08435016) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 APRIL 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 May 2022 |
Changes in equity |
Dividends | - | (227,631 | ) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 April 2023 |
Changes in equity |
Dividends | - | (565,396 | ) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 April 2024 |
GLASSINGTON LIMITED (REGISTERED NUMBER: 08435016) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,821,044 | 956,614 |
Interest paid | - | (5,355 | ) |
Corporation tax (paid)/received | (319,484 | ) | 29,947 |
Net cash from operating activities | 1,501,560 | 981,206 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (3,380 | ) | (24,464 | ) |
Purchase of tangible fixed assets | (1,071,876 | ) | (134,616 | ) |
Sale of tangible fixed assets | 119,940 | - |
Investment in participating interest | (20,014 | ) | - |
Interest received | 13,089 | 6,054 |
Net cash from investing activities | (962,241 | ) | (153,026 | ) |
Cash flows from financing activities |
Bank loan repayments in year | - | (195,339 | ) |
Investor loan repayments in year | (320,000 | ) | - |
Amount introduced by directors | 8,289 | - |
Amount withdrawn by directors | - | (12,611 | ) |
Equity dividends paid | (565,396 | ) | (227,631 | ) |
Net cash from financing activities | (877,107 | ) | (435,581 | ) |
(Decrease)/increase in cash and cash equivalents | (337,788 | ) | 392,599 |
Cash and cash equivalents at beginning of year |
2 |
2,423,407 |
2,030,808 |
Cash and cash equivalents at end of year |
2 |
2,085,619 |
2,423,407 |
GLASSINGTON LIMITED (REGISTERED NUMBER: 08435016) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30.4.24 | 30.4.23 |
£ | £ |
Profit before taxation | 1,260,294 | 869,864 |
Depreciation charges | 300,784 | 295,809 |
Profit on disposal of fixed assets | (2,024 | ) | - |
Increase/(decrease) in deferred income | 180,499 | (256,057 | ) |
Share of (profit)/loss in associates | - | 12,228 |
Amortisation charges | 7,813 | 8,638 |
Finance costs | - | 5,355 |
Finance income | (13,089 | ) | (6,054 | ) |
1,734,277 | 929,783 |
(Increase)/decrease in stocks | (9,323 | ) | 18,398 |
Decrease/(increase) in trade and other debtors | 66,899 | (57,253 | ) |
Increase in trade and other creditors | 29,191 | 65,686 |
Cash generated from operations | 1,821,044 | 956,614 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 April 2024 |
30.4.24 | 1.5.23 |
£ | £ |
Cash and cash equivalents | 2,085,619 | 2,423,407 |
Year ended 30 April 2023 |
30.4.23 | 1.5.22 |
£ | £ |
Cash and cash equivalents | 2,423,407 | 2,030,808 |
GLASSINGTON LIMITED (REGISTERED NUMBER: 08435016) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) |
At 1.5.23 | Cash flow | At 30.4.24 |
£ | £ | £ |
Net cash |
Cash at bank | 2,423,407 | (337,788 | ) | 2,085,619 |
2,423,407 | (337,788 | ) | 2,085,619 |
Debt |
Debts falling due within 1 year | (1,717,784 | ) | 159,405 | (1,558,379 | ) |
(1,717,784 | ) | 159,405 | (1,558,379 | ) |
Total | 705,623 | (178,383 | ) | 527,240 |
GLASSINGTON LIMITED (REGISTERED NUMBER: 08435016) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
Glassington Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The group financial statements consolidate the financial statements of the company and its subsidiary undertakings prepared to 30 April 2024. The group was formed through a share-for-share exchange with Glass Boat Co. Ltd. (The) on 5 March 2014. As this transaction constituted a group restructuring under FRS 102, the financial statements for the group have been prepared using merger accounting principles, presenting the group as if it had existed since the incorporation of its constituent entities. |
A subsidiary is an entity controlled by the company. Control is established when the company has the power to govern the financial and operating policies of the entity to derive economic benefits from its activities. The results of subsidiaries acquired or disposed of during the financial year are included in the Consolidated Statement of Comprehensive Income from the effective date of acquisition or up to the effective date of disposal, as applicable. |
During the year, the group disposed of its interest in Glass Boat Co. Ltd. (The). Following the disposal, the results of the subsidiary are included in the group financial statements only up to the date of disposal. Any gain or loss arising from the disposal has been recognised in the Consolidated Statement of Other Comprehensive Income. |
The group applies the purchase method of accounting for business combinations that result in the acquisition of subsidiaries. Under this method, the cost of a business combination is measured as the fair value of the consideration transferred, including the fair value of assets given, equity instruments issued, and liabilities assumed at the acquisition date. Identifiable assets acquired, liabilities, and contingent liabilities assumed in the business combination are measured initially at their fair values as at the acquisition date. Any excess of the cost of acquisition over the net fair value of the identifiable assets, liabilities, and contingent liabilities is recognised as goodwill. |
Intra-group transactions, balances, and unrealised gains on transactions between group entities are fully eliminated. Unrealised intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements. |
The accounting policies of subsidiaries are adjusted where necessary to ensure consistency with those of the group. Non-controlling interests in subsidiaries' net assets are presented separately in the Balance Sheet. These interests represent the non-controlling shareholders' proportionate share of the net assets and post-acquisition movements in equity. |
GLASSINGTON LIMITED (REGISTERED NUMBER: 08435016) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Associates |
Associates are included using the equity method of accounting. Under this method the associate is initially included at cost and is subsequently adjusted to reflect the investor's share of the profit or loss, other comprehensive income and equity of the associate. As no guarantee has been provided in respect of the profit/loss generated by the associate, the parent company's share of profit/losses is only recognised to the extent that the initial investment is written down to £Nil. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Key accounting judgements and sources of estimation uncertainty |
In the application of the group's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The key judgement which has a significant effect on the financial statements of the group is in respect of going concern, as described in the accounting policy above. |
The key estimate that has a significant effect on the amounts recognised in the financial statements of the group is in respect of tangible fixed assets. Tangible fixed assets are carried at cost, less accumulated depreciation and any subsequent accumulated impairment loss. This requires an estimation in the depreciation rates used as well as assessment of the ongoing economic contribution of the assets of the group as to whether an indicator of impairment has occurred. The carrying amount is £5,619,691 (2023 - £4,966,515). |
There is a level of uncertainty in relation to the recoverability of debtors from group undertakings. The board has reviewed the financial statements of each individual company, and have determined that based on these together with current and anticipated future performance, no impairment is required. |
GLASSINGTON LIMITED (REGISTERED NUMBER: 08435016) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Group's activities. Turnover is shown net of value added tax, returns, rebates and discounts. Revenue is recognised at the time of provision of the goods and services to the customer. This policy gives rise to a deferred income balance in respect of advances sale of services, vouchers and deposits for future events, which is shown on the face of the balance sheet. |
Goodwill |
Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made. |
Computer software |
Computer software is being amortised using the 15% and 20% reducing balance method. |
Tangible fixed assets |
Freehold property | - |
Long leasehold | - |
Imprvmts to property | - |
Plant and machinery | - |
Fixtures, fittings and equipment | - |
Motor vehicles | - |
Computer equipment | - |
Investments in associates |
Investments in associate undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is determined using the first-in, first-out (FIFO) method. |
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss. |
Financial instruments |
The company holds the following financial instruments: |
o Short term trade and other debtors and creditors; |
o Short term loans from private investors; |
o Bank loans; and |
o Cash and bank balances. |
All financial instruments are classified as basic. |
GLASSINGTON LIMITED (REGISTERED NUMBER: 08435016) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
GLASSINGTON LIMITED (REGISTERED NUMBER: 08435016) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
Notwithstanding the consolidated net current liabilities of 2,222,098 (2023: £1,975,468), the directors, having made all necessary enquiries, are satisfied that it remains appropriate to continue to adopt the going concern basis of preparation. |
In making this assessment, the directors have considered the group’s financial position, cash flow projections, and other relevant factors that may impact the group’s ability to continue as a going concern. In reaching this conclusion, the Board has considered the following: |
1. Improvement in trading conditions: |
The group has experienced sustained improvements in trading conditions across its markets, driven by robust consumer demand and an uptick in business activity. This trend is expected to continue into the next financial year. |
2. Operational resilience: |
The group has taken steps to strengthen its operational resilience by implementing cost-saving measures, renegotiating key supplier agreements, and improving efficiency across all subsidiary businesses. These actions have contributed to maintaining healthy operating margins. |
3. Access to financing: |
Included within creditors due within one year are investor loans totalling £1,558,379 (2023: £1,717,784). The directors are confident that loan repayments will continue to be made each year. This aligns with agreements made with investors, who have expressed continued support for the group’s long-term strategy. |
4. Positive cash flow projections: |
Cash flow projections, which have been reviewed and stress-tested, indicate that the group will generate sufficient cash to meet its liabilities as they fall due. The management accounts for the post-year-end period also reflect strong profitability and cash flow generation. |
5. Strategic growth opportunities: |
The directors have identified strategic opportunities to further grow the group’s revenue streams, which are expected to contribute positively to the group’s financial position in the medium term. |
Based on the directors’ assessment and consideration of the factors outlined above, they have a reasonable expectation that the group has adequate resources to continue its operations for the foreseeable future. Therefore, the financial statements have been prepared on a going concern basis. |
GLASSINGTON LIMITED (REGISTERED NUMBER: 08435016) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
30.4.24 | 30.4.23 |
£ | £ |
Food and Beverage | 6,033,234 | 5,491,193 |
Leisure and Spa | 4,227,742 | 3,623,368 |
10,260,976 | 9,114,561 |
An analysis of turnover by geographical market is given below: |
30.4.24 | 30.4.23 |
£ | £ |
United Kingdom | 10,260,976 | 9,114,561 |
10,260,976 | 9,114,561 |
4. | EMPLOYEES AND DIRECTORS |
The aggregate payroll costs (including directors' remuneration) were as follows: |
30.4.24 | 30.4.23 |
£ | £ |
Wages and salaries | 4,658,894 | 3,862,453 |
Social security costs | 324,065 | 275,789 |
Pension costs | 92,383 | 65,408 |
5,075,342 | 4,203,650 |
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows: |
30.4.24 | 30.4.23 |
N.o | N.o |
Restaurant | 128 | 122 |
Administration and support | 19 | 19 |
Spa | 46 | 42 |
Other | 28 | 28 |
221 | 211 |
GLASSINGTON LIMITED (REGISTERED NUMBER: 08435016) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
5. | DIRECTORS' REMUNERATION |
The directors' remuneration for the year was as follows: |
30.4.24 | 30.4.23 |
£ | £ |
Remuneration | 209,706 | 205,681 |
Contributions paid to money purchase schemes | - | - |
209,706 | 205,681 |
During the year the number of directors who were receiving benefits was as follows: |
30.4.24 | 30.4.23 |
No. | No. |
Accruing benefits under money purchase pension scheme | 3 | 3 |
In respect of the highest paid director: |
30.4.24 | 30.4.23 |
£ | £ |
75,000 | 75,000 |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
30.4.24 | 30.4.23 |
£ | £ |
Depreciation - owned assets | 300,784 | 295,809 |
Profit on disposal of fixed assets | (2,024 | ) | - |
Computer software amortisation | 7,813 | 8,638 |
Auditors' remuneration | 17,830 | 21,263 |
Operating leases | 2,550 | 6,336 |
7. | EXCEPTIONAL ITEMS |
30.4.24 | 30.4.23 |
£ | £ |
Profit on sale of operations | 496,715 | - |
On 20 June 2023, the group disposed of its entire interest in Glass Boat Co. Ltd. (The) which was previously a wholly-owned subsidiary. |
The results of Glass Boat Co. Ltd. (The) were included in the group's consolidated financial statements until the disposal date. After the disposal, the subsidiary ceased to be included in the group. |
No material liabilities or contingent liabilities are expected to arise in relation to the disposal. |
GLASSINGTON LIMITED (REGISTERED NUMBER: 08435016) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
8. | INTEREST RECEIVABLE AND SIMILAR INCOME |
30.4.24 | 30.4.23 |
£ | £ |
Bank interest receivable | 13,089 | 6,054 |
9. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.4.24 | 30.4.23 |
£ | £ |
Bank loan interest | - | 5,355 |
10. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30.4.24 | 30.4.23 |
£ | £ |
Current tax: |
UK corporation tax | 91,924 | 154,865 |
Deferred tax | 28,198 | (6,064 | ) |
Tax on profit | 120,122 | 148,801 |
UK corporation tax has been charged at 25 % (2023 - 19.49 %). |
The differences between the total current tax shown above and the amount calculated by applying the rate of UK corporation tax to the profit before tax are as follows: |
30.4.24 | 30.4.23 |
£ | £ |
Profit before income tax | 1,260,294 | 869,864 |
Profit multiplied by UK corporation tax rate of 25% (2023: 19.49%). | 315,074 | 169,536 |
Effects of: |
Share of entity accounted associate | - | 2,748 |
Income deductible for tax purposes | (124,509 | ) | - |
Expenses not deductible for tax purposes | 5,002 | 1,316 |
Fixed asset differences | (4,431 | ) | (3,159 | ) |
Movement in deferred tax not recgonised | 10,035 | 14,662 |
Group relief | (15,795 | ) | (13,255 | ) |
Effect of tax losses | (93,452 | ) | (23,047 | ) |
Total taxation charge | 91,924 | 148,801 |
There are £232,614 (2023 - £612,421) of unused tax losses for which no deferred tax asset is recognised in the Balance Sheet. |
GLASSINGTON LIMITED (REGISTERED NUMBER: 08435016) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
11. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
12. | DIVIDENDS |
Group |
30.4.24 | 30.4.23 |
£ | £ |
Interim dividend of £27.71 (2023: £11.15) per ordinary share | 700,466 | 281,659 |
Company |
30.4.24 | 30.4.23 |
£ | £ |
Interim dividend of £26.95 (2023: £10.85) per ordinary share | 565,396 | 277,631 |
13. | INTANGIBLE FIXED ASSETS |
Group |
Computer |
Goodwill | software | Totals |
£ | £ | £ |
COST |
At 1 May 2023 | 58,809 | 90,580 | 149,389 |
Additions | - | 3,380 | 3,380 |
Disposals | - | (5,333 | ) | (5,333 | ) |
At 30 April 2024 | 58,809 | 88,627 | 147,436 |
AMORTISATION |
At 1 May 2023 | 58,809 | 45,163 | 103,972 |
Amortisation for year | - | 7,813 | 7,813 |
Eliminated on disposal | - | (5,333 | ) | (5,333 | ) |
At 30 April 2024 | 58,809 | 47,643 | 106,452 |
NET BOOK VALUE |
At 30 April 2024 | - | 40,984 | 40,984 |
At 30 April 2023 | - | 45,417 | 45,417 |
GLASSINGTON LIMITED (REGISTERED NUMBER: 08435016) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
13. | INTANGIBLE FIXED ASSETS - continued |
Company |
Computer |
software |
£ |
COST |
Additions |
At 30 April 2024 |
AMORTISATION |
Amortisation for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
14. | TANGIBLE FIXED ASSETS |
Group |
Imprvmts |
Freehold | Long | to | Plant and |
property | leasehold | property | machinery |
£ | £ | £ | £ |
COST |
At 1 May 2023 | 1,959,044 | 4,051,661 | 90,750 | 1,046,959 |
Additions | 786,941 | - | 21,903 | 176,161 |
Disposals | - | (10,000 | ) | (90,750 | ) | (378,878 | ) |
Reclassification/transfer | - | - | - | - |
At 30 April 2024 | 2,745,985 | 4,041,661 | 21,903 | 844,242 |
DEPRECIATION |
At 1 May 2023 | 919,993 | 677,629 | 57,936 | 880,406 |
Charge for year | 67,453 | 122,475 | - | 48,203 |
Eliminated on disposal | - | - | (57,936 | ) | (363,579 | ) |
Reclassification/transfer | - | - | - | - |
At 30 April 2024 | 987,446 | 800,104 | - | 565,030 |
NET BOOK VALUE |
At 30 April 2024 | 1,758,539 | 3,241,557 | 21,903 | 279,212 |
At 30 April 2023 | 1,039,051 | 3,374,032 | 32,814 | 166,553 |
GLASSINGTON LIMITED (REGISTERED NUMBER: 08435016) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
14. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures, |
fittings |
and | Motor | Computer |
equipment | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2023 | 1,618,355 | 9,750 | 16,124 | 8,792,643 |
Additions | 40,807 | 25,660 | 20,404 | 1,071,876 |
Disposals | (379,001 | ) | (9,750 | ) | - | (868,379 | ) |
Reclassification/transfer | (17,061 | ) | - | 17,061 | - |
At 30 April 2024 | 1,263,100 | 25,660 | 53,589 | 8,996,140 |
DEPRECIATION |
At 1 May 2023 | 1,273,969 | 8,774 | 7,421 | 3,826,128 |
Charge for year | 50,872 | 6,415 | 5,366 | 300,784 |
Eliminated on disposal | (320,174 | ) | (8,774 | ) | - | (750,463 | ) |
Reclassification/transfer | (10,393 | ) | - | 10,393 | - |
At 30 April 2024 | 994,274 | 6,415 | 23,180 | 3,376,449 |
NET BOOK VALUE |
At 30 April 2024 | 268,826 | 19,245 | 30,409 | 5,619,691 |
At 30 April 2023 | 344,386 | 976 | 8,703 | 4,966,515 |
GLASSINGTON LIMITED (REGISTERED NUMBER: 08435016) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
14. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures, |
Imprvmts | fittings |
Freehold | to | and |
property | property | equipment | Totals |
£ | £ | £ | £ |
COST |
Additions |
Disposals | ( |
) | ( |
) |
At 30 April 2024 |
DEPRECIATION |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
15. | FIXED ASSET INVESTMENTS |
Group | Company |
30.4.24 | 30.4.23 | 30.4.24 | 30.4.23 |
£ | £ | £ | £ |
Shares in group undertakings | - | - |
Other investments not loans | 1,000 | 1,000 |
1,000 | 1,000 |
Additional information is as follows: |
Group |
Investments (neither listed nor unlisted) were as follows: |
30.4.24 | 30.4.23 |
£ | £ |
Reading Hydro CBS Ltd | 1,000 | 1,000 |
GLASSINGTON LIMITED (REGISTERED NUMBER: 08435016) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
15. | FIXED ASSET INVESTMENTS - continued |
Company |
Shares in |
group |
undertakin |
£ |
COST |
At 1 May 2023 |
Disposals | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Clifton Lido Limited |
Registered office: Oakfield Place, Clifton, Bristol, BS8 2BJ |
Nature of business: Operation of luxury spa and wellness facility |
% |
Class of shares: | holding |
Ordinary | 72.98 |
Bristol Bridge Company Limited |
Registered office: 25 St Matthews Road, Bristol, BS6 5TT |
Nature of business: Burger restaurant and bar |
% |
Class of shares: | holding |
Ordinary | 100.00 |
Thames Lido Limited |
Registered office: Napier Road, Reading, RG1 8FR |
Nature of business: Operation of luxury spa and wellness facility |
% |
Class of shares: | holding |
Ordinary | 47.38 |
GLASSINGTON LIMITED (REGISTERED NUMBER: 08435016) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
15. | FIXED ASSET INVESTMENTS - continued |
Associated company |
Registered office: PO Box 579, Claywell Cottage Aston Road, Ducklington, Witney, England, OX29 7QZ |
Nature of business: |
% |
Class of shares: | holding |
Subsidiary undertakings |
The principal activity of Clifton Lido Limited is that of a subscription pool for members and the public, with restaurant and spa facilities. |
The principal activity of Bristol Bridge Company Limited is the operation of a restaurant in Bristol. |
The principal activity of Thames Lido Limited is that of a subscription pool for members and the public, with restaurant and spa facilities. The group owns 47.38% (2023 - 47.38%) of the ordinary £1 shares. The company is operationally controlled by the group and its directors and therefore, it is concluded that the company be accounted for as a subsidiary on this basis. |
Associate undertakings |
The principal activity of Yolke Ltd is retail sale of clothing. Its financial year end is 31 March. |
16. | STOCKS |
Group |
30.4.24 | 30.4.23 |
£ | £ |
Consumables | 72,717 | 63,394 |
17. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.4.24 | 30.4.23 | 30.4.24 | 30.4.23 |
£ | £ | £ | £ |
Trade debtors | 16,589 | 26,792 |
Amounts owed by group undertakings | - | - |
Amounts owed by participating interests | - | 20,014 | - | 20,014 |
Other debtors | 21,816 | 79,516 |
Directors' loan accounts | 9,049 | 12,611 | - | - |
Prepayments | 102,259 | 101,255 |
149,713 | 240,188 |
GLASSINGTON LIMITED (REGISTERED NUMBER: 08435016) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
18. | CASH AT BANK |
Group | Company |
30.4.24 | 30.4.23 | 30.4.24 | 30.4.23 |
£ | £ | £ | £ |
Cash at bank | 2,085,619 | 2,423,407 | 6,541 | 1,637 |
19. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.4.24 | 30.4.23 | 30.4.24 | 30.4.23 |
£ | £ | £ | £ |
Other loans (see note 20) | 1,558,379 | 1,717,784 |
Trade creditors | 315,806 | 354,760 |
Amounts owed to group undertakings | - | - |
Tax | 91,876 | 319,199 |
Social security and other taxes | 493,841 | 428,569 |
Other creditors | 116,161 | 113,287 |
Directors' loan accounts | 4,727 | - | 342 | - |
Accruals and deferred income | 1,949,357 | 1,768,858 |
4,530,147 | 4,702,457 |
20. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
30.4.24 | 30.4.23 |
£ | £ |
Amounts falling due within one year or | on demand: |
Other loans | 1,558,379 | 1,717,784 |
Other loans |
The Investor loan is denominated in sterling with a nominal interest rate of nil%. The carrying amount at year end is £1,558,379 (2023 - £1,717,784). |
The loan is due for repayment when the company has the funds to do so. |
21. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
GLASSINGTON LIMITED (REGISTERED NUMBER: 08435016) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
Group |
Non-cancellable | operating leases |
30.4.24 | 30.4.23 |
£ | £ |
Within one year | - | 2,550 |
The amount of non-cancellable operating lease payments recognised as an expense during the year was £2,550 (2023: £6,336). |
22. | PROVISIONS FOR LIABILITIES |
Group |
30.4.24 | 30.4.23 |
£ | £ |
Deferred tax | 73,837 | 69,824 |
Group |
Deferred |
tax |
£ |
Balance at 1 May 2023 | 69,824 |
Provided during year | 28,198 |
Sale of subsidiary | (24,185 | ) |
Balance at 30 April 2024 | 73,837 |
23. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.4.24 | 30.4.23 |
value: | £ | £ |
Ordinary | £1 | 20,977 | 20,977 |
Rights, preferences and restrictions |
Ordinary shares have the following rights, preferences and restrictions: |
Full voting, dividend and capital distribution (including on a winding up) rights. |
GLASSINGTON LIMITED (REGISTERED NUMBER: 08435016) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
24. | RESERVES |
Group |
Retained | Share | Merger |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 May 2023 | 2,615,236 | 29,015 | 38,513 | 2,682,764 |
Profit for the year | 944,232 | 944,232 |
Dividends | (565,396 | ) | (565,396 | ) |
Transfer | (3,094 | ) | - | (38,513 | ) | (41,607 | ) |
At 30 April 2024 | 2,990,978 | 29,015 | - | 3,019,993 |
Company |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 May 2023 | 1,432,706 | 29,015 | 1,461,721 |
Profit for the year | 1,110,325 | 1,110,325 |
Dividends | (565,396 | ) | (565,396 | ) |
At 30 April 2024 | 1,977,635 | 29,015 | 2,006,650 |
25. | PENSION COMMITMENTS |
Defined contribution pension schemes |
The group operates two defined contribution pension schemes. The pension cost charge for the year represents contributions payable by the group to the schemes and amounted to £92,383 (2023: £65,407). |
Contributions totalling £22,440 (2023: £15,751) were payable to the schemes at the end of the year and are included in Other creditors. |
GLASSINGTON LIMITED (REGISTERED NUMBER: 08435016) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
26. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023: |
30.4.24 | 30.4.23 |
£ | £ |
N A G Ringner |
Balance outstanding at start of year | 12,611 | - |
Amounts advanced | - | 12,611 |
Amounts repaid | (8,289 | ) | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 4,322 | 12,611 |
The above loan is unsecured, interest fee and repayable on demand. |
27. | RELATED PARTY DISCLOSURES |
Group |
Key management compensation |
30.4.24 | 30.4.23 |
£ | £ |
Salaries and other short term employee benefits | 209,706 | 205,681 |
Dividends paid to directors |
30.4.24 | 30.4.23 |
£ | £ |
Dividend of £26.95 per ordinary share (2023: £10.85) | 460,305 | 185,321 |
The balance owed to the company at the year end was £0 (2023: £20,014). |
Company |
Non wholly owned subsidiaries |
The balance owed to the company at the year end was £1,346,956 (2023: £1,509,458). |
28. | ULTIMATE CONTROLLING PARTY |
The group is controlled by the directors, who collectively hold a majority shareholding in the company. |