Caseware UK (AP4) 2023.0.135 2023.0.135 2024-09-302024-09-30truefalse2023-10-01Mortgage finance companies4645truefalse 10962610 2023-10-01 2024-09-30 10962610 2022-10-01 2023-09-30 10962610 2024-09-30 10962610 2023-09-30 10962610 c:Director1 2023-10-01 2024-09-30 10962610 d:FurnitureFittings 2023-10-01 2024-09-30 10962610 d:FurnitureFittings 2024-09-30 10962610 d:FurnitureFittings 2023-09-30 10962610 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 10962610 d:OfficeEquipment 2023-10-01 2024-09-30 10962610 d:OfficeEquipment 2024-09-30 10962610 d:OfficeEquipment 2023-09-30 10962610 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 10962610 d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 10962610 d:ComputerSoftware 2024-09-30 10962610 d:ComputerSoftware 2023-09-30 10962610 d:CurrentFinancialInstruments 2024-09-30 10962610 d:CurrentFinancialInstruments 2023-09-30 10962610 d:Non-currentFinancialInstruments 2024-09-30 10962610 d:Non-currentFinancialInstruments 2023-09-30 10962610 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 10962610 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 10962610 d:Non-currentFinancialInstruments d:AfterOneYear 2024-09-30 10962610 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 10962610 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-09-30 10962610 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-09-30 10962610 d:ShareCapital 2024-09-30 10962610 d:ShareCapital 2023-09-30 10962610 d:RetainedEarningsAccumulatedLosses 2024-09-30 10962610 d:RetainedEarningsAccumulatedLosses 2023-09-30 10962610 c:FRS102 2023-10-01 2024-09-30 10962610 c:Audited 2023-10-01 2024-09-30 10962610 c:FullAccounts 2023-10-01 2024-09-30 10962610 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 10962610 c:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 10962610 4 2023-10-01 2024-09-30 10962610 6 2023-10-01 2024-09-30 10962610 e:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure

Registered number: 10962610










GLENHAWK FINANCIAL SERVICES LIMITED










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
GLENHAWK FINANCIAL SERVICES LIMITED
REGISTERED NUMBER: 10962610

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 6 
58,496
67,455

Investments
 7 
150,002
337,116

  
208,498
404,571

Current assets
  

Debtors: amounts falling due within one year
 8 
5,609,571
3,964,636

Cash at bank and in hand
 9 
993,523
1,009,223

  
6,603,094
4,973,859

Creditors: amounts falling due within one year
 10 
(30,795,443)
(33,675,490)

Net current liabilities
  
 
 
(24,192,349)
 
 
(28,701,631)

Debtors: amounts falling due after more than one year
 8 
15,841,839
10,846,700

Total assets less current liabilities
  
(8,142,012)
(17,450,360)

Creditors: amounts falling due after more than one year
 11 
(10,000,000)
(5,000,000)

  

Net liabilities
  
(18,142,012)
(22,450,360)


Capital and reserves
  

Called up share capital 
  
200
200

Profit and loss account
  
(18,142,212)
(22,450,560)

  
(18,142,012)
(22,450,360)


Page 1

 
GLENHAWK FINANCIAL SERVICES LIMITED
REGISTERED NUMBER: 10962610
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

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
Director

Date: 30 January 2025

The notes on pages 3 to 15 form part of these financial statements.

Page 2

 
GLENHAWK FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Glenhawk Financial Services Limited is a private company, limited by shares, and incorporated in England and Wales. The company registration number is 10962610 and the registered office is 2nd Floor, Mutual House, 70 Conduit Street, London, W1S 2GF.
The principal activity of the company is to act as a service provider for other group entities and arrange drawdown of new loans for its sister subsidiaries in the short term bridging finance market secured against UK properties.

2.Accounting policies

 
2.1

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared in the functional currency, pounds sterling, rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

Glenhawk Financial Services Limited is a parent company. Group accounts for the company are not prepared as the company is also a subsidiary of Glenhawk Group Limited, and is included in the group accounts of that company. These are the accounts of the company, not of the group.

 
2.3

Going concern

At the balance sheet date there are net current liabilities of £24,192,349 (2023: £28,701,631) and total net liabilities of £18,142,012 (2023: £22,450,360). 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.

Page 3

 
GLENHAWK FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.
 
Arrangement fees
Arrangement fees are received and recognised in the statement of comprehensive income upon the completion of new loans.
 
 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
GLENHAWK FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution pension plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Taxation

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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.


 
2.11

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 5

 
GLENHAWK FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.12

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Website development costs are capitalised when they are separately identifiable and externally purchased. They are amortised on a straight line basis over their estimated economic useful life of 3 years.

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
3 years straight line
Office equipment
-
3 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.15

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

Page 6

 
GLENHAWK FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.16

Debtors

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.

 
2.17

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.

 
2.18

Creditors

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.

 
2.19

Financial instruments

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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors 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
Page 7

 
GLENHAWK FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)

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

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

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.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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
Page 8

 
GLENHAWK FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)

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 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 46 (2023: 45).


4.


Gain on financial asset cash flow revision

2024
2023
£
£



Gain on financial asset cash flow revision
-
2,325,306

Included within Debtors: amounts falling due after more than one year is an amount of £15,765,186 (2023: £10,846,700) representing a subordinated loan provided to Glenhawk Funding 3 Limited (2023: provided to Glenhawk Funding 1 Limited, which has since ceased trading), a fellow group company. See note 16 for more detail.
During the year to 30 September 2023, the cash flows expected to be received from the loan were revised following an amendment whereby the loan began accruing interest at market rate. Under the effective interest rate as calculated at the commencement of the financial instuement, the carrying amount was increased by £2,325,306 giving rise to an equivalent gain on the statement of comprehensive income in the year to 30 September 2023. No revisions were noted in 2024.

Page 9

 
GLENHAWK FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Intangible assets




Website development costs

£



Cost


At 1 October 2023
88,183



At 30 September 2024

88,183



Amortisation


At 1 October 2023
88,183



At 30 September 2024

88,183



Net book value



At 30 September 2024
-



At 30 September 2023
-



Page 10

 
GLENHAWK FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 October 2023
323,099
130,037
453,136


Additions
5,256
50,977
56,233



At 30 September 2024

328,355
181,014
509,369



Depreciation


At 1 October 2023
279,409
106,272
385,681


Charge for the year
41,658
23,534
65,192



At 30 September 2024

321,067
129,806
450,873



Net book value



At 30 September 2024
7,288
51,208
58,496



At 30 September 2023
43,690
23,765
67,455

Page 11

 
GLENHAWK FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Fixed asset investments





Investments in subsidiary companies
Investments in associates
Capital contributions to subsidiaries
Total

£
£
£
£



Cost or valuation


At 1 October 2023
150,002
20
4,870,381
5,020,403


Disposals
-
(20)
-
(20)



At 30 September 2024

150,002
-
4,870,381
5,020,383



Impairment


At 1 October 2023
-
-
4,683,287
4,683,287


Charge for the period
-
-
187,094
187,094



At 30 September 2024

-
-
4,870,381
4,870,381



Net book value



At 30 September 2024
150,002
-
-
150,002



At 30 September 2023
150,002
20
187,094
337,116

Capital contributions to subsidiaries represented funds transferred to Glenhawk Funding 1 Limited, a Special Purpose Vehicle included within the consolidated financial statements of the immediate parent, of £11,033,792. This balance contained a debt component of £10,846,698 and an equity component of £187,094, which had been reflected as an investment in this entity.
The Company has subsequently recognised impairment on the capital contribution such that the aggregate amount of the net book value and the corresponding debtor is equal to the expected receipt of £Nil (2023: £11,033,794). This is because Glenhawk Funding 1 has sold its trade to a new SPV, Glenhawk Funding 3.

Page 12

 
GLENHAWK FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


Debtors

2024
2023
£
£

Due after more than one year

Subordinated loan
15,765,186
10,846,700

Other debtors
76,653
-

15,841,839
10,846,700


2024
2023
£
£

Due within one year

Amounts owed by related companies
5,126,055
2,950,619

Other debtors
15,058
91,178

Prepayments and accrued income
468,458
922,839

5,609,571
3,964,636



9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
993,523
1,009,223



10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
-
307,073

Trade creditors
202,431
289,873

Amounts owed to group undertakings
28,720,317
31,921,257

Other taxation and social security
161,602
138,400

Other creditors
11,531
42,286

Accruals and deferred income
1,699,562
976,601

30,795,443
33,675,490


Other loans comprises of invoices being paid on finance. These are unsecured and repayable within 12 months of the balance sheet date.

Page 13

 
GLENHAWK FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
10,000,000
5,000,000


The bank loan is secured by performance guarantees over Glenhawk Group Limited, Glenhawk Holdings Ltd, GFS 1 Ltd and Glenhawk Property Finance Ltd.


12.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Other loans
-
307,073


Amounts falling due 2-5 years

Bank loans
10,000,000
5,000,000


10,000,000
5,307,073



13.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £9,711 were outstanding at 30 September 2024 (2023: £14,121) and are included in creditors.

Page 14

 
GLENHAWK FINANCIAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14.


Related party transactions

Glenhawk Financial Services Limited is a subsidiary company and included in the group financial statements of Glenhawk Group Limited. Glenhawk Financial Services 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.
During the year, the Company has provided £15,765,186 to Glenhawk Funding 3 Limited  (2023: £11,033,794 to Glenhawk Funding 1 Limited), a Special Purpose Vehicle included within the consolidated financial statements of the immediate parent, as a Subordinated Loan. During the year to 30 September 2024, the company was repaid £10,846,700 that was owed by Glenhawk Funding 1 Limited. As at the balance sheet date, the debt component of the balance owed is held within debtors at £15,765,186 (2023: £10,846,700). The equity investment component of the balance owed is treated as a capital contribution within fixed asset investments and is held at £nil (2023: £187,094).
Following other net movements during the year of £136,229 (2023: £nil), included within amounts owed by related companies due within one year is an amount of £136,229 (2023: £nil) due from Glenhawk Funding 3 Limited.
Following other net movements during the year of £36,015 (2023: £nil), included within amounts owed by related companies due within one year is an amount of £36,015 (2023: £nil) due from Glenhawk Funding 2 Limited.

Following net repayments during the year of £Nil (2023: £2,519 repayments) included within debtors:  amounts falling due within one year is £10,000 (2023: £10,000) due from Mr G Harrington, a director of the Company. The loan is unsecured, interest free and repayable on demand.

During the year, the Company incurred £nil (2023: £49,000) of consultancy costs from Fort AC Limited, a company controlled by Mr G Harrington, a director. The nature of these costs related to marketing and the sourcing of funding.


15.


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.


16.


Auditors' information

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.

 
Page 15