Registered number: 13248463
GLENHAWK HOLDINGS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
|
GLENHAWK HOLDINGS LTD
REGISTERED NUMBER: 13248463
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
Net current assets/(liabilities)
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due after more than one year
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................
Mr G Harrington
|
|
|
|
The notes on pages 2 to 8 form part of these financial statements.
|
GLENHAWK HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Glenhawk Holdings Ltd is a private company limited by shares, and incorporated in England and Wales. The company registration number is 13248463 and the registered office is 2nd Floor, Mutual House, Conduit Street, London, England, W1S 2GF.
The principal activity of the company was that of a provider of finance to a related party, the company receives income in the form of interest on this loan.
2.Accounting policies
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The financial statements are prepared in pounds sterling, the functional currency, and rounded to the nearest £1.
The following principal accounting policies have been applied:
At the balance sheet date there are net current assets of £1,513,274 (2023: net current liabilities of £3,470,568) and total net liabilities of £1,515,116 (2023: £1,341,031). The parent company has indicated its willingness and ability to support the company for at least 12 months from the date of approval of the financial statements.
The financial statements have been prepared on a going concern basis. The directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. The directors have considered that there will not be any material impact on trading over the course of the next twelve months.
Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the directors' report and accounts.
|
|
Interest receivable and similar income
|
Interest receivable and similar income is recognised in profit or loss using the effective interest method.
|
|
Interest payable and similar charges
|
Interest payable and similar charges are charged to profit or loss over the term of the debt using the effective interest method. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
|
GLENHAWK HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
|
|
Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
|
GLENHAWK HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
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.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss
|
GLENHAWK HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
|
|
Financial instruments (continued)
|
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
|
GLENHAWK HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
|
The average monthly number of employees, including directors, during the year was 2 (2023 - 2).
|
|
Due after more than one year
|
|
|
|
Amounts owed by related companies
|
|
|
|
|
|
|
|
Amounts owed by related companies represents an interest bearing facility provided to Glenhawk Funding 2 Limited, amounting to £13,971,610 (2023: £12,129,537) measured at amortised cost. Third party finance documentation has been issued in relation to subordinated debt such that it will only become repayable on the cessation of the third-party facility. Under the terms of the agreement the loan carries interest referencing 12% + SONIA per annum.
|
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
GLENHAWK HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
|
Creditors: Amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other borrowings has an expected maturity date of July 2027. Under the terms of the agreements, the company is requried to pay a rate of interest referencing 12% + SONIA per annum.
The other borrowings are secured by performance guarantees over Glenhawk Group Limited, Glenhawk Financial Services Limited, GFS 1 Ltd and Glenhawk Property Finance Ltd.
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
1 (2023 - 1) Ordinary share of £1.00
|
|
|
|
Related party transactions
|
|
Glenhawk Holdings Limited is a subsidiary company and included in the group financial statements of Glenhawk Group Limited. Glenhawk Holdings Limited has taken advantage of exemption contained in FRS 102 "paragraph 1AC.35" and has not therefore disclosed transactions and balances with the parent company and fellow subsidiary companies.
The Company is the holder of Subordinated Loan Notes issued by Glenhawk Funding 2 Limited, a Special Purpose Vehicle included within the consolidated financial statements of the immediate parent. The capital outstanding on the Subordinated Loan is £11,260,790 (2023: £11,124,431) with interest outstanding of £2,414,286 (2023: £1,686,748). As at the balance sheet date, included within debtors: amount due after more than one year is an amount of £13,971,610 (2023: £12,129,537) due from Glenhawk Funding 2 Limited in respect of this Subordinated Loan. During the year, total subordinated interest income has been recognised of £3,662,190 (2023: £1,019,109).
|
|
Parent entity and controlling party
|
The immediate parent undertaking is Glenhawk Group Limited, a company incorporated in England and Wales, with a registered office of 2nd Floor, Mutual House, 70 Conduit Street, London, W1S 2GF.
The ultimate parent company of Glenhawk Group Limited is GLEU GHK S.a.r.l, a company incorporated in Luxembourg.
The ultimate controlling party is Marc Lasry by virtue of their controlling interest in the ultimate parent company.
|
GLENHAWK HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The auditors' report on the financial statements for the year ended 30 September 2024 was unqualified.
The audit report was signed on 31 January 2025 by Tasneem Bharmal (FCCA) (Senior Statutory Auditor) on behalf of MHA.
|