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Registration number: 05656788

Prepared for the registrar

Glenfrome Engineering Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2024

 

Glenfrome Engineering Limited

(Registration number: 05656788)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

4

98

98

Current assets

 

Debtors

5

718,871

714,353

Cash at bank and in hand

 

2,729,557

2,048,864

 

3,448,428

2,763,217

Creditors: Amounts falling due within one year

6

(35,392)

(10,356)

Net current assets

 

3,413,036

2,752,861

Net assets

 

3,413,134

2,752,959

Capital and reserves

 

Called up share capital

100

100

Retained earnings

3,413,034

2,752,859

Shareholders' funds

 

3,413,134

2,752,959

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 April 2025 and signed on its behalf by:
 

Mrs C A Jefferson
Director

   
     
 

Glenfrome Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Lakeside House
Lakeside Business Park
South Cerney
Cirencester
GL7 5XL

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Group accounts not prepared

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small group.

Judgements and key sources of estimation uncertainty

No significant judgements or key sources of estimation uncertainty have been made by management in preparing these financial statements.

Tax

The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 operates and generates taxable income.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Glenfrome Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.


Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.


Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Glenfrome Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

 

4

Investments

2024
£

2023
£

Investments in subsidiaries

98

98

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Powerful UK Limited

Lakeside House
Lakeside Business Park
South Cerney
Cirencester
GL7 5XL

England

A and B Ordinary shares

100%

100%

The aggregate amount of capital and reserves of Powerful UK Limited at the end of the period was £1,584,745.

 

5

Debtors

2024
£

2023
£

Receivables from related parties

669,839

670,000

Other debtors

49,032

44,353

718,871

714,353

 

6

Creditors

2024
£

2023
£

Due within one year

Taxation and social security

34,242

9,251

Accruals and deferred income

1,150

1,105

35,392

10,356

 

Glenfrome Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

 

7

Related party transactions

Summary of transactions with other related parties

At 31 October 2024, Powerful UK Investments SSAS owed Glenfrome Engineering Limited £669,839 (2023: £670,000) in the form of a loan. Interest is charged at 3% over the Bank of England base rate and is repayable by December 2024.