ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Consolidated Financial Statements

Grosvenor Integrated Services Holdings Limited

For the financial year ended 31 March 2024

Registered number: 09490571


Grosvenor Integrated Services Holdings Limited

Company Information

Director	John Bernard McCauley


Registered number	09490571


Registered office	Unit 2d Bakers Yard
	Heather Road
	Skegness
	PE25 3SR
	England


Independent auditor	Grant Thornton
	Chartered Accountants & Statutory Auditors
	13 - 18 City Quay
	Dublin 2
	Republic of Ireland


Bankers	National Westminister Plc
	13 Market Place
	Reading
	Berkshire
	United Kingdom


	Allied Irish Bank
	1 Adelaide Road
	Dublin
	Republic of Ireland
	Barclays Bank 1 Stanhope Gate Leicester United Kingdom

Solicitors	Ward Hadaway
	Sandgate House
	102 Quayside
	Newcastle upon Tyne
	NE1 3DX
	United Kingdom


Grosvenor Integrated Services Holdings Limited

Contents

	Page
Group strategic report	1 - 2
Director's report	3 - 4
Director's responsibilities statement	5
Independent auditor's report	6 - 9
Consolidated statement of comprehensive income	10
Consolidated statement of financial position	11
Company statement of financial position	12
Consolidated statement of changes in equity	13
Company statement of changes in equity	14
Consolidated statement of cash flows	15
Consolidated analysis of net debt	16
Notes to the financial statements	17 - 32


Grosvenor Integrated Services Holdings Limited

Group strategic report

For the financial year ended 31 March 2024

Introduction

Grosvenor Integrated Services Holdings Limited acts as a holding company for the Group and did not trade during the year.

Business review

The Group operates in a number of different sectors. Grosvenor Cleaning Services Limited and GCS Facility Services Limited provides cleaning services to offices, retail, manufacturing and government departments. The principal activity of Grosvenor Facility Services Limited is the provision of facilities management for both soft and hard services. The Group is also involved in the provision of manned guarding and a comprehensive range of other security related services including the creation and installation of security systems via the security arm of the business which includes Grosvenor Corporate Security Limited, Grosvenor CS Limited and GC2 Associates Limited. Grosvenor Technology Services Limited, Grosvenor Corporate Security Limited, Grosvenor Concierge Limited (formerly GCS Facility Services Limited, Grosvenor CS Limited and GC2 Associates Limited did not trade during the year.
The director aims to present a balanced and comprehensive review of the development and performance of the business during the period and its position at the period end. The director's review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties faced.
The director has considered the key performance indicators and are detailed further below.

As with many business of this Group's size, the business environment in which the Group operates continues to be challenging. With this in mind, the director is aware that any plans for the future development of the business may be subject to unforeseen future events outside of control.

The director is satisfied with the results for the year.

Principal risks and uncertainties

The Group has a framework through its policies, procedures and internal controls to identify risks to the business.
The board approves all policies which are reviewed on an ongoing basis by management. Compliance, legal and ethical standards is a high priority of the Group. The board and finance department monitor this important area.
The principal risks from the group business arise from a number of areas.

∙The operational disruptions in supply chain and service delivery

∙The dependence on certain major customers and suppliers

∙The unanticipated expenditure in respect of environmental health and safety laws

∙Increased labour laws beyond the Group's control

∙The performance by customers of their obligations under purchase agreements

∙The retention of senior management

∙The impact of external factors on economic markets beyond our control

Financial instrument risk

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

Page 1


Grosvenor Integrated Services Holdings Limited

Group strategic report (continued)

For the financial year ended 31 March 2024

Financial key performance indicators

The management board monitors the progress of the Group using the following KPIs:

Financial key performance indicators	2024	2023
Gross profit margin	19.1%	16.3%
Trade debtors (in relation to turnover, in weeks)	11.9	9.1
Net profit before tax	518,156	205,533
Net profit margin	2.4%	1.3%

Other key performance indicators

Customer satisfaction/quality audits
The group companies are recognised as leaders in the markets in which they operate, being contract cleaning, manned guarding, facilities management and security systems.
The Group believes it is important to consolidate its position in its existing markets. The Group continues to provide additional related services and is responding well to increased demands for bundled services for its clients.

This report was approved by the board and signed on its behalf.

John Bernard McCauley

Director

Date: 21 February 2025

Page 2


Grosvenor Integrated Services Holdings Limited

Director's report

For the financial year ended 31 March 2024

The director presents his report and the financial statements for the financial year ended 31 March 2024.

Results and dividends

The profit for the financial year, after taxation, amounted to £410,254 (2023 - £205,358).

The net assets of the Group totalled to £8.6m (2023: £9.9m).

The directors have declared a dividend of £1,711,093 (2023: £1,626,698).

Director

The director who served during the financial year was:

John Bernard McCauley

Future developments

The Group will continue to concentrate it's efforts on achieving its maximum growth in its existing markets. The director plans to improve the efficiency in all areas of operations through strategic goals of client focus and management, pricing structures, high performance culture by investing in people, improved procurement, financial and IT processes to maximise value and improved brand and market its positioning. Customer service remains the main priority.
The Group plans to enhance market share through continued quality service in its existing markets. The Group will continue to develop a high performance culture.

Disabled employees

The policy of the group is to support recruitment and retention of disabled persons, which it does by adapting the physical environment, by making support resources available and through training and career development.
For example, wherever possible and reasonable the Group has adapted older buildings with lifts and/or ramps, disabled toilets are installed, and door widths are adequate to enable wheelchair access to all the main areas of the Group offices.

Research and development activities

The Group did not engage in research and development activities during the years ended 31 March 2024 and 2023.

Engagement with employees

The Group has effective communication channels through which employees' views can be sought on issues which concern them.

Employees

The Group has a recruitment policy to ensure that all applications for employment, including those made by disable persons, are given full and fair consideration in light of the applicant's aptitudes and abilities. There is also an equal opportunities policy to ensure that all employees are treated equally in terms of employment, training, career progression and promotion. Where employees develop a disability during their employment, every effort is made to continue their employment and arrange for appropriate training and support as far as is reasonably practicable.

Page 3


Grosvenor Integrated Services Holdings Limited

Director's report (continued)

For the financial year ended 31 March 2024

Disclosure of information to auditor

The director at the time when this Director's report is approved has confirmed that:

∙so far as he is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

∙he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Events since the end of the financial year

On 4 February 2025, Heritage Integrated Services Holdings Unlimited Company, a related party, subscribed for 506,914 C Ordinary shares in Grosvenor Integrated Services Holdings Limited.

Auditor

The auditor, Grant Thornton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

John Bernard McCauley

Director

Date: 21 February 2025

Page 4


Grosvenor Integrated Services Holdings Limited

Director's responsibilities statement

For the financial year ended 31 March 2024

The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to:

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Group and Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and Company and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Group and Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

John Bernard McCauley

Director

Date: 21 February 2025

Page 5

Independent auditor's report to the members of Grosvenor Integrated Services Holdings Limited

Opinion

We have audited the financial statements of Grosvenor Integrated Services Holdings Limited (the 'Company') and its subsidiaries (the 'Group'), which comprise the Consolidated Statement of comprehensive income, the Consolidated and Company Statements of financial position, the Consolidated Statement of cash flows, the Consolidated and Company Statement of changes in equity for the financial year ended 31 March 2024, and the related notes to the financial statements, including a summary of significant accounting policies.

The financial reporting framework that has been applied in the 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, Grosvenor Integrated Services Holdings Limited's financial statements:

∙give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Group and the Company as at 31 March 2024 and of the Group financial performance and cash flows for the financial year then ended; 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 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Group and Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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 director's 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 or the Company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.

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

Page 6

Independent auditor's report to the members of Grosvenor Integrated Services Holdings Limited (continued)

Other information

Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon, including the Director's report and the Strategic Report. The director is responsible for the other information. Our opinion on the financial statements does not cover the 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 in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 Director's report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements, and

∙the Director's report and the Strategic Report 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 company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the Director's report and the Strategic Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙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 director's remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Page 7

Independent auditor's report to the members of Grosvenor Integrated Services Holdings Limited (continued)

Responsibilities of management and those charged with governance for the financial statements

Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS 102, and for such internal control as the director determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Group and 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 management either intend to liquidate the Group and Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Group and Company's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements

The objectives of an auditor are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes their 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.

A further description of an auditor's 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 auditor's report.

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 material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

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

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with Data Privacy Law, Employment Law and Health & Safety Regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK tax legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.

Page 8

Independent auditor's report to the members of Grosvenor Integrated Services Holdings Limited (continued)

Responsibilities of the auditor for the audit of the financial statements (continued)

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)

In response to these principal risks, our audit procedures included but were not limited to:

∙inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;

∙inspection of the company’s legal correspondence and review of minutes of directors’ meetings during the year to corroborate inquiries made;

∙gaining an understanding of the internal controls established to mitigate risk related to fraud;

∙discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;

∙identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;

∙designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;

∙challenging assumptions and judgements made by management in their significant accounting estimates, including recognition of deferred tax assets, useful lives of depreciable assets and allowance for impairment on trade debtors; and

∙review of the financial statement disclosures to underlying supporting documentation and inquiries of management.

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.

The purpose of our audit work and to whom we owe our responsibilities

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 an auditor’s report 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.

Tracey Sullivan FCA (Senior statutory auditor)

for and on behalf of

Grant Thornton

Chartered Accountants

& Statutory Auditors

Dublin
Republic of Ireland
Date: 21 February 2025

Page 9


Grosvenor Integrated Services Holdings Limited

Consolidated statement of comprehensive income

For the financial year ended 31 March 2024

	2024	2023
Note	£	£


Turnover	4	17,014,812	15,898,799
Cost of sales		(13,765,582)	(13,302,680)
Gross profit		3,249,230	2,596,119
Administrative expenses		(3,233,857)	(2,587,495)
Other operating income	5	-	78,145
Operating profit	6	15,373	86,769
Interest receivable and similar income	10	502,783	118,764
Profit before taxation		518,156	205,533
Tax on profit	11	(107,902)	(175)
Profit for the financial year		410,254	205,358

Profit for the financial year attributable to:
Owners of the parent Company		410,254	205,358

All amounts relate to continuing operations.

There was no other comprehensive income for 2024 (2023: £Nil).

The notes on pages 17 to 32 form part of these financial statements.

Page 10


Grosvenor Integrated Services Holdings Limited Registered number:09490571

Consolidated statement of financial position

As at 31 March 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	14		228,411		326,084
			228,411		326,084
Current assets
Investments	16	11,871,116		11,300,000
Debtors: Amounts falling due within one year	17	4,930,660		4,122,018
Cash at bank and in hand	18	606,217		1,327,323
		17,407,993		16,749,341
Current liabilities
Creditors: amounts falling due within one year	19	(9,018,944)		(7,099,566)
Net current assets			8,389,049		9,649,775
Provisions for liabilities
Other provision	21	(29,765)		(87,325)
			(29,765)		(87,325)
Net assets			8,587,695		9,888,534

Capital and reserves
Called up share capital	22	40,901	40,901
Share premium account	23	1,248,365	1,248,365
Capital contribution	23	6,816,915	8,528,008
Profit and loss account	23	481,514	71,260
Shareholder's equity		8,587,695	9,888,534

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

John Bernard McCauley

Director

Date: 21 February 2025

The notes on pages 17 to 32 form part of these financial statements.

Page 11


Grosvenor Integrated Services Holdings Limited Registered number:09490571

Company statement of financial position

As at 31 March 2024

		2024		2023
Note		£		£

Fixed assets
Investments	15		41,001		41,001
			41,001		41,001
Current liabilities
Creditors: amounts falling due within one year	19	(100)		(100)
Net current liabilities			(100)		(100)
Net assets			40,901		40,901

Capital and reserves
Called up share capital	22	40,901	40,901
		40,901	40,901

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £1,711,093 (2023: £1,626,698).
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

John Bernard McCauley

Director

Date: 21 February 2025

The notes on pages 17 to 32 form part of these financial statements.

Page 12


Grosvenor Integrated Services Holdings Limited

Consolidated statement of changes in equity

For the financial year ended 31 March 2024

	Called up share capital	Share premium account	Capital contribution	Profit and loss account	Total equity
	£	£	£	£	£
At 1 April 2023	40,901	1,248,365	8,528,008	71,260	9,888,534
Comprehensive income for the financial year
Profit for the financial year	-	-	-	410,254	410,254
Distributions to owners
Dividends: Equity capital (note 13)	-	-	(1,711,093)	-	(1,711,093)
At 31 March 2024	40,901	1,248,365	6,816,915	481,514	8,587,695

Consolidated statement of changes in equity

For the financial year ended 31 March 2023

	Called up share capital	Share premium account	Capital contribution	Profit and loss account	Total equity
	£	£	£	£	£
At 1 April 2022	40,901	1,248,365	154,706	(134,098)	1,309,874
Shareholder's equity
Profit for the financial year	-	-	-	205,358	205,358
Distributions to owners
Dividends: Equity capital (note 13)	-	-	(1,626,698)	-	(1,626,698)
Capital contributions received (note 23)	-	-	10,000,000	-	10,000,000
At 31 March 2023	40,901	1,248,365	8,528,008	71,260	9,888,534

The notes on pages 17 to 32 form part of these financial statements.

Page 13


Grosvenor Integrated Services Holdings Limited

Company statement of changes in equity

For the financial year ended 31 March 2024

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 April 2023	40,901	-	40,901
Comprehensive income for the financial year
Profit for the financial year	-	1,711,093	1,711,093
Dividends paid	-	(1,711,093)	(1,711,093)
At 31 March 2024	40,901	-	40,901

Company statement of changes in equity

For the financial year ended 31 March 2023

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 April 2022	40,901	-	40,901
Comprehensive income for the financial year
Profit for the financial year	-	1,626,698	1,626,698
Dividends paid	-	(1,626,698)	(1,626,698)
At 31 March 2023	40,901	-	40,901

The notes on pages 17 to 32 form part of these financial statements.

Page 14


Grosvenor Integrated Services Holdings Limited

Consolidated statement of cash flows

For the financial year ended 31 March 2024

				2024	2023
			Note	£	£

Cash flows from operating activities
Profit for the financial year		410,254	205,358
Adjustments for:
Depreciation of tangible assets	14	128,578	107,142
Interest received	10	(502,783)	(118,764)
Taxation charge	11	107,914	175
Decrease in stocks		-	109,291
Increase in debtors		(808,642)	(666,516)
Increase/(decrease) in creditors		1,946,482	(9,140,372)
Decrease in provisions	21	(57,560)	(317,773)
Corporation tax paid		(135,018)	(149,881)
Net cash generated from/(used in) operating activities		1,089,225	(9,971,340)

Cash flows from investing activities
Purchase of tangible fixed assets	14	(37,483)	(288,463)
Sale of tangible fixed assets	14	6,578	3,491
Interest received	10	502,783	118,764
Increase in short-term investments	16	(571,116)	(11,300,000)
Net cash used in investing activities		(99,238)	(11,466,208)
Cash flows from financing activities
Dividends paid	13	(1,711,093)	(1,626,698)
Capital contributions received	23	-	10,000,000
Net cash (used in)/ generated from financing activities		(1,711,093)	8,373,302
Net decrease in cash and cash equivalents		(721,106)	(13,064,246)
Cash and cash equivalents at beginning of financial year	18	1,327,323	14,391,569
Cash and cash equivalents at the end of financial year		606,217	1,327,323

Cash and cash equivalents at the end of financial year comprise:
Cash at bank and in hand	18	606,217	1,327,323

The notes on pages 17 to 32 form part of these financial statements.

Page 15


Grosvenor Integrated Services Holdings Limited

Consolidated analysis of net debt

For the financial year ended 31 March 2024


At the start of year	Cash movement	At end of year
£	£	£

Cash and cash equivalents	1,327,323	(721,106)	606,217
Short term investments	11,300,000	571,116	11,871,116
Total	12,627,323	(149,990)	12,477,333

The notes on pages 17 to 32 form part of these financial statements.

Page 16


Grosvenor Integrated Services Holdings Limited

Notes to the financial statements

For the financial year ended 31 March 2024

1.	General information

Grosvenor Integrated Services Holdings Limited (the company) is a private limited company limited by shares, incorporated in the United Kingdom. The registered office is Unit 2d Barkers Yard, Heather Road, Skegness, PE25 3SR, England.
The Group operates in a number of different sectors. Grosvenor Cleaning Services Limited and GCS Facility Services Limited provides cleaning services to offices, retail, manufacturing and government departments. The principal activity of Grosvenor Facility Services Limited is the provision of facilities management for both soft and hard services. The Group is also involved in the provision of manned guarding and a comprehensive range of other security related services including the creation and installation of security systems via the security arm of the business which includes Grosvenor Corporate Security Limited, Grosvenor CS Limited and GC2 Associates Limited. Grosvenor Technology Services Limited, Grosvenor Corporate Security Limited, Grosvenor Concierge Limited (formerly GCS Facility Services Limited, Grosvenor CS Limited and GC2 Associates Limited did not trade during the year.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom 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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b), 11.48(c), 12.26 (in relation to those cross-referenced paragraphs from which a disclosure exemption is available), 12.27, 12.29(a),12.29(b), 12.29A and 12.30

The following principal accounting policies have been applied:

Page 17


Grosvenor Integrated Services Holdings Limited

Notes to the financial statements

For the financial year ended 31 March 2024

2.Accounting policies (continued)

2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group 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.

2.4

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.

Page 18


Grosvenor Integrated Services Holdings Limited

Notes to the financial statements

For the financial year ended 31 March 2024

2.Accounting policies (continued)

2.4

Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Long-term leasehold property	-	2%	straight-line
Plant and machinery	-	25%	straight-line
Motor vehicles	-	20%	straight-line
Fixtures and fittings	-	15%	reducing balance

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.

2.5

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the consolidated statement of comprehensive income.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the consolidated statement of comprehensive income.

2.6

Investments in subsidiaries

Investments in subsidiaries are measured at cost less accumulated impairment.

2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each reporting date, stocks are assessed for impairment. If stock is 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.

2.8

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.

Page 19


Grosvenor Integrated Services Holdings Limited

Notes to the financial statements

For the financial year ended 31 March 2024

2.Accounting policies (continued)

2.9

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Bank deposits that are highly liquid investments that mature within 3 to 12 months are disclosed as investments.

2.10

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the reporting date.

2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 20


Grosvenor Integrated Services Holdings Limited

Notes to the financial statements

For the financial year ended 31 March 2024

2.Accounting policies (continued)

2.12

Defined contribution pension plan

The Group operates a defined contribution 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 Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

2.13

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Pound Sterling ("GBP").

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

2.14

Operating leases: the Group 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.

Page 21


Grosvenor Integrated Services Holdings Limited

Notes to the financial statements

For the financial year ended 31 March 2024

2.Accounting policies (continued)

2.15

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting.

2.16

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.18

Current and deferred taxation

The tax expense for the financial year comprises current and deferred tax. 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 reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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 Group 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 reporting date.

Page 22


Grosvenor Integrated Services Holdings Limited

Notes to the financial statements

For the financial year ended 31 March 2024

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements require management to make judgments, estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The judgments, estimates and assumptions used in the financial statements are based upon management's evaluation of the relevant facts and circumstances as of the date of the financial statements. Actual results could differ from these estimates, and the effect of any change in estimates will be adjusted in the financial statements when they become reasonably determinable.
Judgments, estimates and assumptions are continually, evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under these circumstances.

Recognition of deferred tax assets

The extent to which deferred tax assets can be recognised is based on an assessment of the probability of the Group’s future taxable income against which the deferred tax assets can be utilised.

Useful lives of depreciable assets
The annual depreciation charge depends primarily on the estimated lives of each type of asset and, in certain circumstances, estimates of fair values and residual values. The directors annually review these asset lives and adjust them as necessary to reflect current thinking on remaining lives in light of technological change, prospective economic utilisation and physical condition of the assets concerned. Changes in asset lives can have significant impact on depreciation charges for the period. It is not practical to quantify the impact of changes in asset lives on an overall basis, as asset lives are individually determined, and there are a significant number of asset lives in use. The impact of any change would vary significantly depending on the individual changes in assets and the classes of assets impacted.

Impairment of trade and other receivables.
The Group reviews its trade and other debtors to assess whether impairment should be recorded in the Consolidated statement of comprehensive income. In particular management is required to estimate the amount and timing of future cash flows in order to determine the amount of impairment required. Such estimates are based on judgments about a number of factors and therefore actual impairment losses may differ. The carrying amounts of debtors at 31 March 2024 is £3,882,297 (2023: £2,770,979). The provision for doubtful debts recognised in 2024 is £Nil (2023: £Nil).

Cleaning services	12,794,948	11,940,528
Security services	4,219,864	3,958,271
	17,014,812	15,898,799

All turnover arose within the United Kingdom.

Page 23


Grosvenor Integrated Services Holdings Limited

Notes to the financial statements

For the financial year ended 31 March 2024

5.	Other operating income
		2024	2023
		£	£

	Other operating income	-	78,145

Depreciation	128,578	107,142
Defined contribution pension cost	195,721	185,205
Operating lease	68,792	52,534
Foreign exchange loss	489	3,439

	Fees payable to the Group's auditor and its associates for the audit of the Group's annual financial statements	48,247	45,495
	Fees payable to the company's auditor for other services	13,895	6,000

8.	Employees
		Group	Group
		2024	2023
		£	£


Wages and salaries	10,656,810	10,088,679
Social security costs	867,184	836,537
Cost of defined contribution scheme	195,715	185,205
	11,719,709	11,110,421

The directors of the Group have not received a remuneration during the year (2023: €Nil).

Page 24


Grosvenor Integrated Services Holdings Limited

Notes to the financial statements

For the financial year ended 31 March 2024

8.	Employees (continued)

The average monthly number of employees, including the director, during the financial year was as follows:

	2024	2023
	No.	No.

Directors	1	1
Administration	16	14
Sales	3	3
Operations	390	368
Security guards	99	109

	509	495

9.	Director's remuneration

During the financial year no retirement benefits were accruing to the director (2023: £Nil) in respect of defined contribution pension schemes.
The director did not receive remuneration in the current financial year (2023: £Nil).
The director is also a key management personnel of the Group.

10.	Interest receivable and similar income
		2024	2023
		£	£

Other interest receivable

502,783

118,764

Corporation tax
Current tax on profits for the year	107,902	175


	Taxation on profit on ordinary activities	107,902	175

Page 25


Grosvenor Integrated Services Holdings Limited

Notes to the financial statements

For the financial year ended 31 March 2024

11.Taxation (continued)

Profit on ordinary activities before tax

518,156

205,533

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)	129,539	39,051
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	31,905	2,304
Capital allowances for financial year in excess of depreciation	(8,753)	(23,506)
Unrelieved tax losses carried forward	19	11,124
Prior year tax adjustment losses	(72,955)	-
Non-taxable income	(6,301)	(27,365)
Tax on loan to participators	48,518	-
Other timing difference	(478)	-
Utilisation of tax losses	(13,592)	(1,433)
Total tax charge for the financial year	107,902	175

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

12.	Parent company profit for the year

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent company for the year was £1,711,093 (2023: £1,626,698).

13.	Dividends
	Dividends paid on equity capital in 2024: £41.83 per share (2023: £39.77 per share) amounting to £1,711,093 (2023: £1,626,698).

Page 26


Grosvenor Integrated Services Holdings Limited

Notes to the financial statements

For the financial year ended 31 March 2024

14.	Tangible fixed assets
	Group

	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£
Cost or valuation
At 1 April 2023	1,614,341	359,055	251,733	2,225,129
Additions	16,175	6,578	14,730	37,483
Disposals	-	(32,038)	-	(32,038)
At 31 March 2024	1,630,516	333,595	266,463	2,230,574
Depreciation
At 1 April 2023	1,424,015	223,297	251,733	1,899,045
Charge for the financial year on owned assets	79,889	46,484	2,205	128,578
Disposals	-	(25,460)	-	(25,460)
At 31 March 2024	1,503,904	244,321	253,938	2,002,163
Net book value
At 31 March 2024	126,612	89,274	12,525	228,411
At 31 March 2023	190,326	135,758	-	326,084

Page 27


Grosvenor Integrated Services Holdings Limited

Notes to the financial statements

For the financial year ended 31 March 2024

15.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 April 2023	41,001
	At 31 March 2024	41,001

	Net book value
	At 31 March 2024	41,001
	At 31 March 2023	41,001

Direct subsidiary undertakings
The following were direct subsidiary undertakings of the Company:
Name	Principal activity	Class of shares	Holding

Grosvenor Cleaning Services Limited	Cleaning services	Ordinary	100%
Grosvenor Facility Services Limited	Facility services	Ordinary	100%
Grosvenor CS Limited	Security services	Ordinary	100%
Grosvenor Technology Systems Limited	Technology services	Ordinary	100%
Grosvenor Concierge Limited (formerly GCS Facility Services Limited	Cleaning services	Ordinary	100%

Indirect subsidiary undertakings
The following were indirect subsidiary undertakings of the Company:
Name	Principal activity	Class of shares	Holding

	Grosvenor Corporate Security Limited	Security services	Ordinary	100%
	GC2 Associates Limited	Security services	Ordinary	100%

The registered address of all direct and indirect subsidiary undertakings are that of Unit 2d Bakers Yard, Heather Road, Skegness, PE25 3SR, England.

Page 28


Grosvenor Integrated Services Holdings Limited

Notes to the financial statements

For the financial year ended 31 March 2024

16.	Current asset investments
		Group	Group
		2024	2023
		£	£

	Short-term investments	11,871,116	11,300,000

Bank deposits include highly liquid instruments with a maturity of 3-12 months.

17.	Debtors: Amounts falling due within one year

Group	Group	Company	Company
2024	2023	2024	2023
£	£	£	£


Trade debtors	3,882,297	2,770,979	-	-
Amounts owed by related parties (note 25)	539,521	516,809	-	-
Other debtors	10,382	346	-	-
Directors loans (note 25)	364,229	606,568	-	-
Prepayments and accrued income	70,755	163,840	-	-
Deferred taxation	63,476	63,476	-	-
	4,930,660	4,122,018	-	-

Trade debtors are stated net of an impairment charge of £Nil (2023: £Nil).

Amounts owed by related parties are unsecured, interest free and repayable on demand.

Directors loans are interest-free, unsecured and repayable on demand.

18.	Cash and cash equivalents
		Group	Group
		2024	2023
		£	£

	Cash at bank and in hand	606,217	1,327,323

Page 29


Grosvenor Integrated Services Holdings Limited

Notes to the financial statements

For the financial year ended 31 March 2024

19.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Trade creditors	745,650	716,383	-	-
Amounts owed to group undertakings	-	-	100	100
Amounts owed to related parties (note 25)	5,859,859	4,233,897	-	-
Corporation tax payable	132,503	159,606	-	-
Other taxation and social security	1,339,060	1,074,710	-	-
Other creditors	232,682	270,720	-	-
Accruals	709,190	637,632	-	-
Deferred income	-	6,618	-	-
	9,018,944	7,099,566	100	100

Amounts owed to group undertakings and related parties are unsecured, interest free and payable on demand.

		Group	Group
		2024	2023
		£	£


National insurance	423,723	380,392
VAT	915,337	694,318
	1,339,060	1,074,710

20.	Deferred taxation
	Group

	2024	2023
	£	£

At beginning of year	63,476	63,476
At end of year	63,476	63,476

The deferred tax asset is made up as follows:
	Group	Group
	2024	2023
	£	£

Accelerated capital allowances

63,476

Page 30


Grosvenor Integrated Services Holdings Limited

Notes to the financial statements

For the financial year ended 31 March 2024

21.	Provisions
	Group

		Insurance claims
		£

	At 1 April 2023	87,325
	Released in financial year	(57,560)
	At 31 March 2024	29,765

A provision has been recognised for insurance claims made against the company for accidents arising in the normal course of business. These claims are handled by the Group's insurers, and are in the process of being settled. Provisions relate to the excess that the Group is liable to pay, and are recognised at the point it becomes more likely than not that the claim will succeed. The directors anticipate that most of this expenditure will be incurred within two years of the reporting date.

22.	Share capital
		2024	2023
		£	£

Authorised, allotted, called up and fully paid

40,901 (2023 - 40,901) Ordinary shares of £1.00 each	40,901	40,901

23.

Reserves

Share premium account

Includes any premiums received on issued share capital. Any transaction costs associated with issuing the shares are deducted from share premiums. The shares were issued during a share for share exchange, with the excess of consideration over the nominal value of ordinary shares recognised as a share premium account.

Capital contribution

During the financial period ended 31 March 2023, the Group received an irrevocable capital contribution of £10,000,000 from The Grosvenor Cleaning Services Unlimited Company, an Irish registered related party.

Dividends paid are deducted from these capital contributions received.

Profit and loss account

Include all current and prior year retained profits.

Page 31


Grosvenor Integrated Services Holdings Limited

Notes to the financial statements

For the financial year ended 31 March 2024

24.	Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently admisistered fund. The pension cost charge represents contribtuions payable by the Group to the fund and amounted to £195,721 (2023: £170,521). Contributions totalling £42,082 (2023: £45,314) were payable to the fund at the reporting date.

25.

Related party transactions

The Group has availed of the exemptions in FRS102 Section 33, Paragraph 33.1A which allows non disclosure transactions between two or more wholly owned members of a group.
Non-group related party transactions
The Grosvenor Cleaning Services Unlimited Company (incorporated in the Republic of Ireland)
During the year a license fee totalling £761,004 (2023: £710,639) was recharged to the Group from The Grosvenor Cleaning Services Unlimited Company, a company under common control. At 31 March 2024 the Group owed The Grosvenor Cleaning Services Unlimited Company £5,175,458 (2023: £4,233,897) and was owed by £310,000 (2023; £310,000) as disclosed as per note 19 and 17 of these financial statements.
Grosvenor Facility Services Limited (incorporated in the Republic of Ireland)
During the year, expenses amounted to £Nil (2023: £Nil) has been recharged to the Group from Grosvenor Facility Services Limited, a company under common control. There was also an amount receivable from Grosvenor Facility Services Limited at 31 March 2024 of £Nil (2023: £1,161) as disclosed as per note 17 of these financial statements.
Grosvenor Corporate Security Limited (incorporated in the Republic of Ireland)
During the year, expenses amounted to £Nil (2023: £Nil) has been recharged to the Group from Grosvenor Corporate Security Limited, a company under common control. As at 31 March 2024 the Group was owed £38,600 (2023: £38,600) by Grosvenor Corporate Security Limited as disclosed as per note 17 of these financial statements.
Cottesloe Investment Limited (incorporated in United Kingdom)
During the year, expenses amounted to £Nil (2023: £Nil) has been recharged to the Group from Cottesloe Investment Limited, a company under common control. As at 31 March 2024, the Group was due £190,921 (2023: £167,050) from Cottesloe Investment Limited as disclosed as per note 19 of these financial statements.
Monterone Holdings Limited (incorporated in the Republic of Ireland)
As of 31 March 2024, the Group owed Monterone Holdings Limited £445,700 (2023: £Nil).
At 31 March 2024, the Group was owed an amount of £364,229 (2023: £606,568) in respect of amounts advanced to Ms. Rita McCauley a director of a group as disclosed in note 17 of these financial statements.

26.	Events since the end of the financial year

On 4 February 2025, Heritage Integrated Services Holdings Unlimited Company, a related party, subscribed for 506,914 C Ordinary shares in Grosvenor Integrated Services Holdings Limited.

27.	Controlling party

The ultimate controlling party of the Group is Mrs R. M. McCauley by virtue of her majority shareholding.

Page 32