Caseware UK (AP4) 2023.0.135 2023.0.135 2024-09-302025-05-022025-05-062024-09-302024-09-302025-05-02152023-10-01falseholding company14falsefalsefalse 02502019 2023-10-01 2024-09-30 02502019 2022-10-01 2023-09-30 02502019 2024-09-30 02502019 2023-09-30 02502019 2022-10-01 02502019 c:CompanySecretary1 2023-10-01 2024-09-30 02502019 c:Director1 2023-10-01 2024-09-30 02502019 c:Director2 2023-10-01 2024-09-30 02502019 c:RegisteredOffice 2023-10-01 2024-09-30 02502019 d:FurnitureFittings 2023-10-01 2024-09-30 02502019 d:OfficeEquipment 2023-10-01 2024-09-30 02502019 d:ComputerEquipment 2023-10-01 2024-09-30 02502019 d:CurrentFinancialInstruments 2024-09-30 02502019 d:CurrentFinancialInstruments 2023-09-30 02502019 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 02502019 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 02502019 d:ShareCapital 2023-10-01 2024-09-30 02502019 d:ShareCapital 2024-09-30 02502019 d:ShareCapital 2022-10-01 2023-09-30 02502019 d:ShareCapital 2023-09-30 02502019 d:ShareCapital 2022-10-01 02502019 d:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 02502019 d:RetainedEarningsAccumulatedLosses 2024-09-30 02502019 d:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 02502019 d:RetainedEarningsAccumulatedLosses 2023-09-30 02502019 d:RetainedEarningsAccumulatedLosses 2022-10-01 02502019 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-09-30 02502019 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-09-30 02502019 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2024-09-30 02502019 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2023-09-30 02502019 d:AcceleratedTaxDepreciationDeferredTax 2024-09-30 02502019 d:AcceleratedTaxDepreciationDeferredTax 2023-09-30 02502019 c:OrdinaryShareClass1 2023-10-01 2024-09-30 02502019 c:OrdinaryShareClass1 2024-09-30 02502019 c:OrdinaryShareClass1 2023-09-30 02502019 c:FRS102 2023-10-01 2024-09-30 02502019 c:Audited 2023-10-01 2024-09-30 02502019 c:FullAccounts 2023-10-01 2024-09-30 02502019 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 02502019 d:Subsidiary1 2023-10-01 2024-09-30 02502019 d:Subsidiary1 1 2023-10-01 2024-09-30 02502019 d:Subsidiary2 2023-10-01 2024-09-30 02502019 d:Subsidiary2 1 2023-10-01 2024-09-30 02502019 c:Consolidated 2024-09-30 02502019 c:ConsolidatedGroupCompanyAccounts 2023-10-01 2024-09-30 02502019 2 2023-10-01 2024-09-30 02502019 6 2023-10-01 2024-09-30 02502019 e:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 02502019









GLANWITH LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
GLANWITH LIMITED
 
 
COMPANY INFORMATION


Directors
Simon Gordon Shaw 
Maria Rosaria Shaw 




Company secretary
Sarah Elizabeth Dott



Registered number
02502019



Registered office
4 Allied Business Centre
Coldharbour Lane

Harpenden

Hertfordshire

AL5 4UT




Independent auditors
Moore Kingston Smith LLP
Chartered Accountants and Statutory Auditors

4 Victoria Square

St Albans

Hertfordshire

AL1 3TF





 
GLANWITH LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 10
Consolidated Statement of Comprehensive Income
11
Consolidated Balance Sheet
12
Company Balance Sheet
13
Consolidated Statement of Changes in Equity
14
Company Statement of Changes in Equity
15
Consolidated Statement of Cash Flows
16
Notes to the Financial Statements
17 - 36


 
GLANWITH LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The directors present their strategic report on the group for the year ended 30 September 2024. 
Glanwith Limited (the “Company”)  is the holding company of Boxer Systems Limited. Boxer Systems Limited is a leading, independent reseller, distributer and systems integrator of products and services in the broadcast, postproduction, film and AV markets.

Business review
 
The results of Glanwith Limited Group are set out on page 9 and show turnover for the year-ended 30 September 2024 amounted to £9,393,310 and a profit before tax of £82,999. As at 30 September 2024 the Group has net assets amounting to £3,375,568.                                                                                               
                                                                                                                                                                             
This year has been a challenging year based on several market factors including further delays in major UK and US productions and a lack of confidence during the UK change of government which delayed spending that had significant impact on UK-based productions and corporate spending. Confidence is high that this will improve next year.                                                                                                                                                                    
The Group’s strategic focus is to continue diversifying into additional vertical markets through both divisions. As ever we continue to seek new suppliers and product lines to represent which will help this expansion into different markets. We are actively looking to increase our business in the AV and Enterprise spaces as we feel these markets offer significant potential for growth.

Principal risks and uncertainties
 
As part of adhering to the ISO9000 quality standard, our management team regularly review potential risks to the business and implement mitigation strategies as required. This procedure is also regularly assessed externally.
                                                                                                                                                                                 
In recent times we experienced delays in some product lines shipping due to post-Covid logistics issues and global parts shortage that caused us to hold a higher than usual stock value to minimise disruption for our customers. Also the UK continues to experience challenging times with exchange rate fluctuations, trading costs and uncertainty as a legacy of Brexit and the time it has taken to come into new arrangements for import export with our EU trading partners. Specifically related to currency we protect our position with hedging and forward buying and we continually keep in close contact with financial advisors, suppliers and customers to maintain a balanced view of our market and supply chain.

Financial key performance indicators
 
The directors monitor relevant financial KPIs as key performance indicators of the group. One of the business’ key focuses is on sales performance against agreed targets. 
                                                                                                                                                                           Stock days decreased by 19 days from 59 days at 30 September 2023 to 40 days at 30 September 2024 reflecting our hugely successful efforts to rebalance the stock holding post Covid. 
                                                                                                                                                                         
Debtor days decreased by 7 days from 36 days at 30 September 2023 to 29 days at 30 September 2024, which is a small change and under 30 days is still exceptionally good in our industry.

Page 1

 
GLANWITH LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024


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



Simon Gordon Shaw
Director

Date: 2 May 2025

Page 2

 
GLANWITH LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 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 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are 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;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £60,132 (2023 - £561,379).

Dividends of £200,000 (2023: £215,000) were paid out in the year.

Directors

The directors who served during the year were:

Simon Gordon Shaw 
Maria Rosaria Shaw 

Future developments

The group intends to operate as usual with no significant future developments.

Page 3

 
GLANWITH LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director 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 auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsMoore Kingston Smith LLPwill 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.
 





Simon Gordon Shaw
Director

Date: 2 May 2025

Page 4

 
GLANWITH LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLANWITH LIMITED
 

Opinion


We have audited the financial statements of Glanwith Limited (the ‘parent company’) and its subsidiaries (the ’group’) for the year ended 30 September 2024 which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 group’s and of the parent company’s affairs as at 30 September 2024 and of the group’s profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 
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 Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group’s and parent 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.


Page 5

 
GLANWITH LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLANWITH LIMITED (CONTINUED)


Other information


The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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. 
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 course of 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 there is 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.


Opinion 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 directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors’ 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 group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report. 


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 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 directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 6

 
GLANWITH LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLANWITH LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the directors’ responsibilities statement set out on page 2, 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 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, the directors are responsible for assessing the group’s and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. 


Page 7

 
GLANWITH LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLANWITH LIMITED (CONTINUED)


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 an auditor’s report 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
         error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is 
         sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material 
         misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve 
         collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that 
         are appropriate in the circumstances, but not for the purposes of expressing an opinion on the 
         effectiveness of the group’s internal control. 
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting    
          estimates and related disclosures made by the directors. 
• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, 
          based on the audit evidence obtained, whether a material uncertainty exists related to events or 
          conditions that may cast significant doubt on the group’s or the parent company’s ability to continue as a
          going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our 
          auditor’s report to the related disclosures in the financial statements or, if such disclosures are 
          inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the 
          date of our auditor’s report. However, future events or conditions may cause the group or the parent 
          company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the 
         disclosures, and whether the financial statements represent the underlying transactions and events in a 
         manner that achieves fair presentation. 
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business 
          activities within the group to express an opinion on the consolidated financial statements. We are 
          responsible for the direction, supervision and performance of the group audit. We remain solely 
          responsible for our audit opinion. 
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 
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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 
Page 8

 
GLANWITH LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLANWITH LIMITED (CONTINUED)


The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:
• We obtained an understanding of the legal and regulatory requirements applicable to the company and 
          considered that the most significant are the Companies Act 2006, UK financial reporting standards as 
          issued by the Financial Reporting Council, UK taxation legislation, Employment Laws, Data Protection, 
          Health & Safety Legislation and ISO9001.
• We obtained an understanding of how the company complies with these requirements by discussions 
          with management and those charged with governance.
• We assessed the risk of material misstatement of the financial statements, including the risk of material 
          misstatement due to fraud and how it might occur, by holding discussions with management and those 
          charged with governance.
• We inquired of management and those charged with governance as to any known instances of non-
          compliance or suspected non-compliance with laws and regulations.
• Based on this understanding, we designed specific appropriate audit procedures to identify instances of 
         non-compliance with laws and regulations. This included making enquiries of management and those 
         charged with governance and obtaining additional corroborative evidence as required.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our
Page 9

 
GLANWITH LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLANWITH LIMITED (CONTINUED)


opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statementsWe are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


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 for no purpose other than to draw to the attention of the company’s members those matters which we are required to include in an auditor’s report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the company and company’s members as a body, for our work, for this report, or for the opinions we have formed.





Elizabeth Wicks (Senior Statutory Auditor)
  
for and on behalf of
Moore Kingston Smith LLP
 
Chartered Accountants and Statutory Auditors
  
4 Victoria Square
St Albans
Hertfordshire
AL1 3TF

6 May 2025
Page 10

 
GLANWITH LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
  
9,393,310
11,274,312

Cost of sales
  
(7,300,438)
(8,640,596)

Gross profit
  
2,092,872
2,633,716

Administrative expenses
  
(2,021,364)
(1,902,314)

Operating profit
  
71,508
731,402

Interest receivable and similar income
  
25,657
11,415

Interest payable and similar expenses
  
(14,166)
(27,520)

Profit before tax
  
82,999
715,297

Tax on profit
  
(22,867)
(153,918)

Profit for the financial year
  
60,132
561,379

Other comprehensive income for the year
  

Total comprehensive income for the year
  
60,132
561,379

Profit for the year attributable to:
  

Owners of the parent company
  
(60,132)
(561,379)

  
(60,132)
(561,379)

Total comprehensive income attributable to:
  

The notes on pages 17 to 36 form part of these financial statements.

Page 11

 
GLANWITH LIMITED
REGISTERED NUMBER: 02502019

CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
  
26,981
59,137

Tangible assets
  
47,404
73,791

  
74,385
132,928

Current assets
  

Stocks
  
790,022
1,404,327

Debtors: amounts falling due within one year
 17 
996,585
1,574,213

Cash at bank and in hand
 18 
2,429,830
2,396,353

  
4,216,437
5,374,893

Creditors: amounts falling due within one year
  
(915,254)
(1,726,552)

Net current assets
  
 
 
3,301,183
 
 
3,648,341

Total assets less current liabilities
  
3,375,568
3,781,269

Creditors: amounts falling due after more than one year
  
-
(265,833)

  

Net assets
  
3,375,568
3,515,436


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
3,375,468
3,515,336

  
3,375,568
3,515,436


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




Simon Gordon Shaw
Director

Date: 2 May 2025

The notes on pages 17 to 36 form part of these financial statements.

Page 12

 
GLANWITH LIMITED
REGISTERED NUMBER: 02502019

COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 15 
200
200

  
200
200

Current assets
  

Debtors: amounts falling due within one year
 17 
855,830
1,174,837

Cash at bank and in hand
 18 
178,344
171,661

  
1,034,174
1,346,498

Creditors: amounts falling due within one year
  
(109,419)
(204,666)

Net current assets
  
 
 
924,755
 
 
1,141,832

Total assets less current liabilities
  
924,955
1,142,032

  

  

Net assets excluding pension asset
  
924,955
1,142,032

Net assets
  
924,955
1,142,032


Capital and reserves
  

Called up share capital 
 24 
100
100

Profit and loss account brought forward
  
1,141,932
774,593

Loss/(profit) for the year
  
(17,077)
582,339

Other changes in the profit and loss account

  

(200,000)
(215,000)

Profit and loss account carried forward
  
924,855
1,141,932

  
924,955
1,142,032


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


Simon Gordon Shaw
Director

Date: 2 May 2025

The notes on pages 17 to 36 form part of these financial statements.

Page 13

 
GLANWITH LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£


At 1 October 2022
100
3,168,957
3,169,057
3,169,057


Comprehensive income for the year

Profit for the year

-
561,379
561,379
561,379


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
561,379
561,379
561,379


Contributions by and distributions to owners

Dividends: Equity capital
-
(215,000)
(215,000)
(215,000)


Total transactions with owners
-
(215,000)
(215,000)
(215,000)



At 1 October 2023
100
3,515,336
3,515,436
3,515,436


Comprehensive income for the year

Profit for the year

-
60,132
60,132
60,132


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
60,132
60,132
60,132


Contributions by and distributions to owners

Dividends: Equity capital
-
(200,000)
(200,000)
(200,000)


Total transactions with owners
-
(200,000)
(200,000)
(200,000)


At 30 September 2024
100
3,375,468
3,375,568
3,375,568


The notes on pages 17 to 36 form part of these financial statements.

Page 14

 
GLANWITH LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 October 2022
100
774,593
774,693


Comprehensive income for the year

Profit for the year

-
582,339
582,339


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
582,339
582,339


Contributions by and distributions to owners

Dividends: Equity capital
-
(215,000)
(215,000)


Total transactions with owners
-
(215,000)
(215,000)



At 1 October 2023
100
1,141,932
1,142,032


Comprehensive income for the year

Loss for the year

-
(17,077)
(17,077)


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
(17,077)
(17,077)


Contributions by and distributions to owners

Dividends: Equity capital
-
(200,000)
(200,000)


Total transactions with owners
-
(200,000)
(200,000)


At 30 September 2024
100
924,855
924,955


The notes on pages 17 to 36 form part of these financial statements.

Page 15

 
GLANWITH LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
60,132
561,379

Adjustments for:

Amortisation of intangible assets
32,156
32,155

Depreciation of tangible assets
36,125
45,691

Interest paid
14,166
27,520

Interest received
(25,657)
(11,415)

Taxation charge
22,867
153,918

Decrease in stocks
614,305
188,421

Decrease in debtors
577,628
230,491

(Decrease) in creditors
(698,312)
(164,955)

Corporation tax received/(paid)
9,147
(192,460)

Net cash generated from operating activities

642,557
870,745


Cash flows from investing activities

Purchase of tangible fixed assets
(9,738)
(29,544)

Interest received
25,657
11,415

Net cash from investing activities

15,919
(18,129)

Cash flows from financing activities

Repayment of loans
(410,833)
(145,000)

Dividends paid
(200,000)
(215,000)

Interest paid
(14,166)
(27,520)

Net cash used in financing activities
(624,999)
(387,520)

Net increase in cash and cash equivalents
33,477
465,096

Cash and cash equivalents at beginning of year
2,396,353
1,931,257

Cash and cash equivalents at the end of year
2,429,830
2,396,353


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,429,830
2,396,353

2,429,830
2,396,353


Page 16

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

1.


General information

Glanwith Limited is a Company incorporated in England and Wales under the Companies Act 2006. The Company was incorporated on 15 May 1990. The address of the registered office is given on the Company Information page. The nature of the Company's operations and its principal activity is that of a holding company for Boxer Systems Limited.

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 UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires 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 following principal accounting policies have been applied:

 
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 Balance Sheet, 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.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being .

 
2.3

Going concern

The financial statements are prepared on the going concern basis.

Page 17

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

2.Accounting policies (continued)

 
2.4

Revenue

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

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

 
2.5

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.

 
2.6

Interest income

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

 
2.7

Finance costs

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

Page 18

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

2.Accounting policies (continued)

 
2.8

Borrowing costs

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

 
2.9

Pensions

Defined contribution pension plan

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

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

 
2.10

Current and deferred taxation

The tax expense for the 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 balance sheet 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 balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the 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 balance sheet date.

Page 19

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

2.Accounting policies (continued)

 
2.11

Intangible assets

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

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

Amortisation of intangible assets is included within administrative expenses.

 
2.12

Tangible fixed assets

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

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

Depreciation is provided on the following basis:

Fixtures and fittings
-
Straight line over 4 years
Office equipment
-
Straight line over 4 years
Computer equipment
-
Straight line over 4 years

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.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

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 weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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.

Page 20

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

2.Accounting policies (continued)

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

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.

 
2.17

Creditors

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

 
2.18

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.

 
2.19

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried
Page 21

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

2.Accounting policies (continued)


2.19
Financial instruments (continued)

at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Page 22

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

2.Accounting policies (continued)


2.19
Financial instruments (continued)


Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.20

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means the actual outcomes could differ from those estimates.
The material estimations and judgments made in the preparation of the accounts include:
Provision for slow-moving and obsolete stock
Provisions for stock are made when the directors consider there is a reasonable expectation that the sales price achievable for a certain stock line will not be realised. All stock over one year of age has been provided for in full.

Page 23

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

4.


Turnover

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


2024
2023
£
£

Media equipment sales
9,393,310
11,274,312

9,393,310
11,274,312


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
8,824,336
10,849,910

Rest of Europe
566,319
420,471

Rest of the world
2,655
3,931

9,393,310
11,274,312



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
26,177
174,610

Other operating lease rentals
115,553
104,755


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
21,000
20,950


Fees payable to the Company's auditors for other services provided
8,460
11,060

Page 24

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

7.


Employees

Staff costs, including directors' remuneration, were as follows:


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


Wages and salaries
1,081,652
1,021,072
434,695
468,673

Social security costs
120,853
121,364
43,629
57,171

Cost of defined contribution scheme
85,371
107,966
73,969
98,209

1,287,876
1,250,402
552,293
624,053


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Directors
2
2
2
2



Employees
25
23
12
13

27
25
14
15


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
70,750
70,750

Directors pension costs - defined contrib'n sch.
58,000
28,000

128,750
98,750


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

During the year, payments made to key management personnel other than the directors totalled £129,164 (2023: £127,950).

Page 25

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

9.


Interest receivable

2024
2023
£
£


Other interest receivable
25,657
11,415

25,657
11,415


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
14,166
27,520

14,166
27,520


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
32,015
163,024

Adjustments in respect of previous periods
(9,148)
(9,106)


22,867
153,918


Total current tax
22,867
153,918

Deferred tax

Total deferred tax
-
-


Tax on profit
22,867
153,918
Page 26

 
GLANWITH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 22%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
82,999
715,300


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22%)
20,750
157,366

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,454
818

Capital allowances for year in excess of depreciation
6,911
2,580

Short-term timing difference leading to an increase (decrease) in taxation
2,900
2,260

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
(9,148)
(9,106)

Total tax charge for the year
22,867
153,918


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Dividends analysis
200,000
215,000

200,000
215,000

Page 27

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

13.


Intangible assets

Group and Company





Computer software

£



Cost


At 1 October 2023
130,390



At 30 September 2024

130,390



Amortisation


At 1 October 2023
71,253


Charge for the year on owned assets
32,156



At 30 September 2024

103,409



Net book value



At 30 September 2024
26,981



At 30 September 2023
59,137



Page 28

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

14.


Tangible fixed assets

Group






Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 October 2023
41,466
28,016
206,396
275,878


Additions
2,028
299
7,411
9,738



At 30 September 2024

43,494
28,315
213,807
285,616



Depreciation


At 1 October 2023
29,445
20,435
152,207
202,087


Charge for the year on owned assets
4,551
4,103
27,471
36,125



At 30 September 2024

33,996
24,538
179,678
238,212



Net book value



At 30 September 2024
9,498
3,777
34,129
47,404



At 30 September 2023
12,021
7,581
54,189
73,791


15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2023
200



At 30 September 2024
200




Page 29

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

16.


Stocks

Group
2024
Group
2023
£
£

Finished goods and goods for resale
790,022
1,404,327

790,022
1,404,327



17.


Debtors

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


Trade debtors
884,575
1,340,769
1,923
1,080

Amounts owed by group undertakings
-
-
810,716
1,129,566

Other debtors
9,043
146,358
8,000
4,950

Prepayments and accrued income
91,359
75,478
23,583
27,633

Deferred taxation
11,608
11,608
11,608
11,608

996,585
1,574,213
855,830
1,174,837



18.


Cash and cash equivalents

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

Cash at bank and in hand
2,429,830
2,396,353
178,344
171,661

2,429,830
2,396,353
178,344
171,661


Page 30

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

19.


Creditors: Amounts falling due within one year

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

Bank loans
-
145,000
-
-

Trade creditors
443,094
647,219
13,374
18,406

Corporation tax
32,014
135,525
-
50,340

Other taxation and social security
206,686
384,576
12,428
13,398

Other creditors
78,499
73,044
5,660
7,245

Accruals and deferred income
154,961
341,188
77,957
115,277

915,254
1,726,552
109,419
204,666



20.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Bank loans
-
265,833

-
265,833


Amounts included in bank loans relate to a CBILS loan, secured by an unlimited debenture from the company. Interest on the loan is charged at Base Rate +1.71%. The loan was paid off in full during the year.


21.


Loans

Group 2024
Group 2023
£
£

Bank loans 1-2 yrs
-
145,000

Bank loans 2-5 yrs
-
120,833

Bank loans
-
265,833


Page 31

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

22.


Financial instruments

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

Financial assets

Financial assets that are debt instruments measured at amortised cost
3,314,405
3,737,122
990,983
1,302,307


Financial liabilities

Financial liabilities measured at amortised cost
(443,094)
(1,058,052)
(13,374)
(18,406)


Financial assets that are debt instruments measured at amortised cost consist of trade debtors, cash and amounts owed by group companies.


Financial liabilities measured at amortised cost consist of trade creditors, bank loans and amounts owed to group companies.


23.


Deferred taxation


Group





2024


£






At beginning of year
11,608



At end of year
11,608

Page 32

 
GLANWITH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
23.Deferred taxation (continued)

Company




2024


£






At beginning of year
11,608



At end of year
11,608

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

Accelerated capital allowances
11,608
11,608
11,608
11,608

11,608
11,608
11,608
11,608

Page 33

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

24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100

All allotted, called up and fully paid share capital relates to the same class of Ordinary shares, which carry no restrictions on the distribution of dividends or repayment of capital.


25.


Analysis of net debt




At 1 October 2023
Cash flows
At 30 September 2024
£

£

£

Cash at bank and in hand

2,396,353

33,477

2,429,830

Debt due after 1 year

(265,833)

265,833

-

Debt due within 1 year

(152,245)

146,585

(5,660)


1,978,275
445,895
2,424,170


26.


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 administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £85,371 (2023 - £107,966). Contributions totalling £60,428 (2023 - £46,431) were payable to the fund at the balance sheet date and are included in creditors.

Page 34

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

27.


Commitments under operating leases

At 30 September 2024 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
Group
£
£


Not later than 1 year
77,500
77,500

Later than 1 year and not later than 5 years
310,000
310,000

Later than 5 years
174,375
250,973

561,875
638,473

During the year, lease payments of £115,553 (2023: £104,755) were recognised as an expense.


28.


Related party transactions

Boxer Systems Limited is a wholly owned subsidiary of Glanwith Limited and hence a related party. At the year end, Glanwith Ltd was owed £810,716 (2023: £1,129,566) by Boxer Systems Ltd. There is no interest payable on this loan. During the year, management charges of £583,926 (2023: £938,079) were payable from Boxer Systems Limited to Glanwith Limited.
During the year, the group made rental payments to the directors of the group under an operating lease for the group's main trading address totalling £77,500 (2023: £77,500). During the year, the directors paid expenses on behalf of the group totalling £4,440 (2023:46,702) and expenses were paid by the group on behalf of the directors totalling £Nil (£2023: £10,622). At the balance sheet date, the directors were owed £5,660 (2023: £7,243).
Related party transactions are at arm's length where those terms can be substantiated.


29.


Controlling party

The ultimate controlling party and majority shareholder of Glanwith Limited is S G Shaw.


30.



Subsidiary undertakings





The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Boxer Systems Limited
Ordinary
100%
Digi-Box.co.uk Limited
Ordinary
100%

Page 35

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

30.Subsidiary undertakings (continued)

 (continued)

The aggregate of the share capital and reserves as at 30 September 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Boxer Systems Limited
100
77,206

Digi-Box.co.uk Limited
100
-

The results of both subsidiary undertakings are consolidated within the financial statements. The registered office of both subsidiaries 4 Allied Business Centre, Coldharbour Lane, Harpenden, Hertfordshire, AL5 4UT.

 
Page 36