IRIS Accounts Production v24.2.0.383 01230498 Board of Directors 1.7.23 30.6.24 30.6.24 Medium entities repair and sale of commercial vehicles. true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. 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REGISTERED NUMBER: 01230498 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

FOR

GLENSIDE COMMERCIALS LIMITED

GLENSIDE COMMERCIALS LIMITED (REGISTERED NUMBER: 01230498)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 14


GLENSIDE COMMERCIALS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: J Lovering
Mrs D Lovering
P V Williams
M D Lovering



SECRETARY: Mrs D Lovering



REGISTERED OFFICE: 18 Greenway
Bedwas House Industrial Estate
Bedwas
Caerphilly
CF83 8DW



REGISTERED NUMBER: 01230498 (England and Wales)



AUDITORS: Xeinadin Audit Limited
(Statutory Auditor)
Court House
Court Road
Bridgend
CF31 1BE



SOLICITORS: Darwin Gray Solicitors
Helmont House
Churchill Way
Cardiff
CF10 2HE

GLENSIDE COMMERCIALS LIMITED (REGISTERED NUMBER: 01230498)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024


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

REVIEW OF BUSINESS
The company's principal activity during the year continued to be sales, service, maintenance and repair of commercial vehicles and transport refrigeration units. The results for the year and the financial position of the company are shown in the annexed financial statement.

The Directors are very pleased with the growth shown across all areas of the business this year, especially after the previous two years restrictions because of the pandemic.

This growth has enabled us to recruit more staff to facilitate the additional demands of the business.

PRINCIPAL RISKS AND UNCERTAINTIES
The company is exposed to low levels of price, credit, liquidity and cash flow risk. The company manages these risks by financing its operations through retained profits, long-term bank and shareholder borrowings where necessary.

The management objectives are to retain sufficient liquid funds to enable it to meet its day to day requirements, minimise the company's exposure to fluctuating customer cash flow, and manage the use of any external borrowings with the future cash flows expected to arise from the company's trading activities.

The company makes little use of financial instruments other than an operational bank account so its exposure to price risk, credit risk, liquidity risk and cash flow risk is not material for the assessment of the assets, liabilities, financial position and profit or loss of the company.

FINANCIAL KEY PERFORMANCE INDICATORS
The Directors consider that the business' key performance indicators are reflected within the financial statements which are detailed below:

2024 2023 2022
Turnover £24,069,193 £19,450,742 £17,635,081
Turnover growth 24% 10.3% 27.2%
Gross profit margin 15.8% 16.9% 16.6%
Profit/(loss) before tax £427,761 £383,368 £378,257



ON BEHALF OF THE BOARD:





M D Lovering - Director


12 February 2025

GLENSIDE COMMERCIALS LIMITED (REGISTERED NUMBER: 01230498)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024


The directors present their report with the financial statements of the company for the year ended 30 June 2024.

DIVIDENDS
No dividends will be distributed for the year ended 30 June 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

J Lovering
Mrs D Lovering
P V Williams
M D Lovering

DISCLOSURES REQUIRED UNDER SCHEDULE 7
Matters in respect of future developments have been outlined in the strategic report on pages 2 and 3.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 company'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 company's auditors are aware of that information.

GLENSIDE COMMERCIALS LIMITED (REGISTERED NUMBER: 01230498)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024


AUDITORS
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



M D Lovering - Director


12 February 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GLENSIDE COMMERCIALS LIMITED


Opinion
We have audited the financial statements of Glenside Commercials Limited (the 'company') for the year ended 30 June 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 30 June 2024 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GLENSIDE COMMERCIALS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 three, 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The audit was planned on the basis that the testing undertaken and procedures carried out would have a reasonable expectation of detecting any instances of irregularity including fraud. The plan involved assessing the risk of the financial statements containing material misstatements taking into account various factors such as the control systems in place, the standard of record keeping and an assessment of the influence and role of the stakeholders involved. The audit plan was followed and benefitted from the audit teams knowledge of the client. They considered how fraud may occur and where the financial statements may be susceptible to error.

Suitable transaction sample testing was made on the high risk areas of the financial statements. Enquiries were made of the company directors for information and explanations as required during the course of the audit and any contentious areas appropriately challenged to ensure that sufficient audit evidence was obtained.

The procedures and testing undertaken as a result of our risk assessments were deemed sufficient to identify material errors for which adjustment was then made in the financial statements. There is however no guarantee that all errors, including those related to fraud, would be identified as part of the audit.

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.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GLENSIDE COMMERCIALS LIMITED


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.




Nigel Williams BCom FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
(Statutory Auditor)
Court House
Court Road
Bridgend
CF31 1BE

12 February 2025

GLENSIDE COMMERCIALS LIMITED (REGISTERED NUMBER: 01230498)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   

TURNOVER 3 24,069,193 19,450,742

Cost of sales 20,258,900 16,159,028
GROSS PROFIT 3,810,293 3,291,714

Administrative expenses 3,232,407 2,804,325
OPERATING PROFIT 5 577,886 487,389

Interest receivable and similar income 1,095 703
578,981 488,092

Interest payable and similar expenses 6 151,219 104,724
PROFIT BEFORE TAXATION 427,762 383,368

Tax on profit 7 130,115 19,762
PROFIT FOR THE FINANCIAL YEAR 297,647 363,606

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

297,647

363,606

GLENSIDE COMMERCIALS LIMITED (REGISTERED NUMBER: 01230498)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 4,368,253 3,929,991

CURRENT ASSETS
Stocks 9 4,943,499 4,295,587
Debtors 10 3,498,626 2,573,161
Cash at bank and in hand 2,733 22,194
8,444,858 6,890,942
CREDITORS
Amounts falling due within one year 11 8,051,967 6,744,886
NET CURRENT ASSETS 392,891 146,056
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,761,144

4,076,047

CREDITORS
Amounts falling due after more than one
year

12

(960,457

)

(711,823

)

PROVISIONS FOR LIABILITIES 16 (344,407 ) (205,591 )
NET ASSETS 3,456,280 3,158,633

CAPITAL AND RESERVES
Called up share capital 17 100 100
Retained earnings 18 3,456,180 3,158,533
SHAREHOLDERS' FUNDS 3,456,280 3,158,633

The financial statements were approved by the Board of Directors and authorised for issue on 12 February 2025 and were signed on its behalf by:





M D Lovering - Director


GLENSIDE COMMERCIALS LIMITED (REGISTERED NUMBER: 01230498)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2022 100 2,794,927 2,795,027

Changes in equity
Total comprehensive income - 363,606 363,606
Balance at 30 June 2023 100 3,158,533 3,158,633

Changes in equity
Total comprehensive income - 297,647 297,647
Balance at 30 June 2024 100 3,456,180 3,456,280

GLENSIDE COMMERCIALS LIMITED (REGISTERED NUMBER: 01230498)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 976,750 5,707
Interest paid (92,203 ) (51,684 )
Interest element of hire purchase
payments paid

-

(4,825

)
Finance costs paid (59,016 ) (48,215 )
Tax paid (78,607 ) (97,140 )
Net cash from operating activities 746,924 (196,157 )

Cash flows from investing activities
Purchase of tangible fixed assets (790,185 ) (167,684 )
Sale of tangible fixed assets 34,174 53,000
Interest received 1,095 703
Net cash from investing activities (754,916 ) (113,981 )

Cash flows from financing activities
Capital repayments in year 560,519 (27,072 )
Amount withdrawn by directors (142,816 ) (43,161 )
Net cash from financing activities 417,703 (70,233 )

Increase/(decrease) in cash and cash equivalents 409,711 (380,371 )
Cash and cash equivalents at
beginning of year

2

(820,793

)

(440,422

)

Cash and cash equivalents at end of
year

2

(411,082

)

(820,793

)

GLENSIDE COMMERCIALS LIMITED (REGISTERED NUMBER: 01230498)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2024 2023
£    £   
Profit before taxation 427,762 383,368
Depreciation charges 317,749 202,778
Profit on disposal of fixed assets - (18,264 )
Finance costs 151,219 104,724
Finance income (1,095 ) (703 )
895,635 671,903
Increase in stocks (647,912 ) (179,656 )
Increase in trade and other debtors (661,675 ) (122,191 )
Increase/(decrease) in trade and other creditors 1,390,702 (364,349 )
Cash generated from operations 976,750 5,707

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 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 2,733 22,194
Bank overdrafts (413,815 ) (842,987 )
(411,082 ) (820,793 )
Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 22,194 14,658
Bank overdrafts (842,987 ) (455,080 )
(820,793 ) (440,422 )


GLENSIDE COMMERCIALS LIMITED (REGISTERED NUMBER: 01230498)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank and in hand 22,194 (19,461 ) 2,733
Bank overdrafts (842,987 ) 429,172 (413,815 )
(820,793 ) 409,711 (411,082 )
Debt
Finance leases (85,961 ) (560,519 ) (646,480 )
Debts falling due within 1 year (631,444 ) 2,228 (629,216 )
Debts falling due after 1 year (661,771 ) 114,353 (547,418 )
(1,379,176 ) (443,938 ) (1,823,114 )
Total (2,199,969 ) (34,227 ) (2,234,196 )

GLENSIDE COMMERCIALS LIMITED (REGISTERED NUMBER: 01230498)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


1. STATUTORY INFORMATION

Glenside Commercials Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The Directors have reviewed and considered relevant information, including the annual budget and future cash flows, in making their assessment of going concern. In response to manufacturer supply of vehicles, inflationary increases, and rising utility costs the Directors have considered possible scenarios brought on by any of these issues and their impacts on the business going forward. Based on these assessments, measures available to mitigate the impact of the current adverse conditions and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the financial statements.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

Turnover is attributable to the service, maintenance, repair and sale of commercial vehicles and transport refrigeration units. Turnover is recognised after completion of the service, maintenance and repair work or when vehicle is made available to customer.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, plus any costs directly attributable to bringing the asset to its working condition for intended use.

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold Property- 2% on cost
Fixtures and fittings- 20% on cost
Motor Vehicles- 25% on cost

The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Stocks
Stocks are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

GLENSIDE COMMERCIALS LIMITED (REGISTERED NUMBER: 01230498)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Deferred taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

Taxation
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.

Hire purchase and leasing commitments
Tangible fixed assets held under leasing arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the balance sheet at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the profit and loss account.

Rentals payable under operating leases are dealt with in the profit and loss account as incurred over the period of the rental agreement.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Amounts recoverable on contracts
Amounts recoverable on contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account.

GLENSIDE COMMERCIALS LIMITED (REGISTERED NUMBER: 01230498)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Vehicle sales 11,474,688 8,340,428
Parts sales 6,812,259 5,800,614
Service sales 5,782,246 5,309,700
24,069,193 19,450,742

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,586,248 3,231,077
Social security costs 406,696 367,398
Other pension costs 77,649 73,266
4,070,593 3,671,741

The average number of employees during the year was as follows:
2024 2023

Administration 43 52
Development 47 35
90 87

The remuneration of the Directors, who are the key management personnel of the company, is set out below.

2024 2023
£    £   
Directors' remuneration 158,771 158,362
Directors' pension contributions to money purchase schemes 36,000 42,500

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

GLENSIDE COMMERCIALS LIMITED (REGISTERED NUMBER: 01230498)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 57,575 43,615
Other operating leases 453,018 507,733
Depreciation - owned assets 317,749 234,557
Profit on disposal of fixed assets - (18,264 )
Auditors' remuneration 12,000 12,000

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 92,203 51,684
Hire purchase - 4,825
Other interest 59,016 48,215
151,219 104,724

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax - 72,745
Prior period adjustment 798 -
Utilisation of tax losses (9,499 ) -
Total current tax (8,701 ) 72,745

Deferred tax 138,816 (52,983 )
Tax on profit 130,115 19,762

GLENSIDE COMMERCIALS LIMITED (REGISTERED NUMBER: 01230498)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 427,762 383,368
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 25%)

106,941

95,842

Effects of:
Expenses not deductible for tax purposes 5,251 5,885
Income not taxable for tax purposes (2,997 ) (4,742 )
Capital allowances in excess of depreciation (118,967 ) -
Depreciation in excess of capital allowances - 23,075
Utilisation of tax losses 9,772 -
Adjustments to tax charge in respect of previous periods 798 -
Deferred tax 138,816 (52,983 )
Adjustment for amounts charged at 19% - (47,315 )
Trading losses carried back (9,499 ) -
Total tax charge 130,115 19,762

8. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1 July 2023 4,168,416 1,076,919 586,733 5,832,068
Additions 19,250 13,018 757,917 790,185
Disposals - - (38,974 ) (38,974 )
At 30 June 2024 4,187,666 1,089,937 1,305,676 6,583,279
DEPRECIATION
At 1 July 2023 640,302 906,559 355,216 1,902,077
Charge for year 86,997 64,297 166,455 317,749
Eliminated on disposal - - (4,800 ) (4,800 )
At 30 June 2024 727,299 970,856 516,871 2,215,026
NET BOOK VALUE
At 30 June 2024 3,460,367 119,081 788,805 4,368,253
At 30 June 2023 3,528,114 170,360 231,517 3,929,991

Included above are assets held under finance leases or hire purchase contracts.The net book value of these assets were £713,649 (2023: £171,643) and the depreciation charges were £136,147 (2023: £42,207).

GLENSIDE COMMERCIALS LIMITED (REGISTERED NUMBER: 01230498)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


9. STOCKS
2024 2023
£    £   
Finished goods 4,943,499 4,295,587

The cost of stock recognised as an expense during the year was £18,551,699 (2023: £12,892,801).

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,282,018 1,616,936
Amounts recoverable on contract 838,021 679,498
Other debtors 92,681 61,940
Directors' current accounts 84,955 17,139
Tax 59,457 22,006
VAT - 17,438
Prepayments and accrued income 141,494 158,204
3,498,626 2,573,161

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 13) 543,031 974,431
Other loans (see note 13) 500,000 500,000
Hire purchase contracts (see note 14) 233,441 35,909
Trade creditors 6,265,316 4,670,028
Tax 22,888 72,745
Social security and other taxes 106,037 110,060
VAT 230,717 -
Other creditors 37,800 115,444
Directors' current accounts - 75,000
Accrued expenses 112,737 191,269
8,051,967 6,744,886

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 13) 547,418 661,771
Hire purchase contracts (see note 14) 413,039 50,052
960,457 711,823

GLENSIDE COMMERCIALS LIMITED (REGISTERED NUMBER: 01230498)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


13. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 413,815 842,987
Bank loans 129,216 131,444
Other loans 500,000 500,000
1,043,031 1,474,431

Amounts falling due between one and two years:
Bank loans - 1-2 years 182,084 131,444

Amounts falling due between two and five years:
Bank loans - 2-5 years 365,334 371,859

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 158,468

Bank loans represent 10 year bank loans from HSBC Bank plc drawn down in 2018.

Loan 1 - £450,000 repayable by 60 payments of £4,377 at a Fixed Rate of 3.15% per annum, followed by 60 payments of £4,222 charged at an interest rate of 1.9% per annum over the Base Rate.

Loan 2 - £758,000 repayable by 120 payments of £7,112 at an interest rate of 1.9% per annum over the Base Rate.

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 233,441 35,909
Between one and five years 413,039 50,052
646,480 85,961

GLENSIDE COMMERCIALS LIMITED (REGISTERED NUMBER: 01230498)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


14. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year 151,858 148,941
Between one and five years 210,531 286,504
In more than five years 517,122 548,922
879,511 984,367

Lease payments recognised as an expense during the year were £148,941 (2023: £146,951).

15. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 413,815 842,987
Bank loans 676,634 793,215
Hire purchase contracts 646,480 85,961
1,736,929 1,722,163

The bank loan and overdraft are secured by a mortgage debenture creating a fixed and floating charge over the assets of the company both present and future. In addition there is a first legal charge over the following:
- 18 Greenway, Bedwas House Industrial Estate, Caerphilly & land on the south side of Unit 18 Greenway.
- Unit 1B, Esperanto Way, Newport, Gwent.

Obligations under hire purchase contracts are secured on the assets to which they relate.

16. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 344,407 205,591

Deferred
tax
£   
Balance at 1 July 2023 205,591
Provided during year 138,816
Balance at 30 June 2024 344,407

GLENSIDE COMMERCIALS LIMITED (REGISTERED NUMBER: 01230498)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

18. RESERVES
Retained
earnings
£   

At 1 July 2023 3,158,533
Profit for the year 297,647
At 30 June 2024 3,456,180

19. 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 are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. Pension costs amounted to £76,887 (2023: £73,482).

Unpaid contributions outstanding at 30 June 2024 amounted to £11,372 (2023: £10,894).

20. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
M D Lovering
Balance outstanding at start of year 17,139 -
Amounts advanced 67,816 17,139
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 84,955 17,139

The loan is repayable on demand. During the year interest of £1,095 (2023: £703) was charged on the loan to M D Lovering at a rate of 2.25%.