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Registration number: 04490451

Brookmead Holdings Limited

Annual Report and Consolidated Financial Statements

for the Period from 1 July 2023 to 30 September 2024

 

Brookmead Holdings Limited
(formerly Glevum Holdings Limited)

Contents

Company Information

1

Strategic Report

2

Director's Report

3

Statement of Director's Responsibilities

4

Independent Auditor's Report

5 to 7

Consolidated Profit and Loss Account

8

Consolidated Balance Sheet

9

Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Statement of Changes in Equity

12

Consolidated Statement of Cash Flows

13

Notes to the Financial Statements

14 to 27

 

Brookmead Holdings Limited
(formerly Glevum Holdings Limited)

Company Information

Director

G Jones

Registered office

Staverton Court
Staverton
Cheltenham
Gloucestershire
GL51 0UX

Auditors

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Brookmead Holdings Limited
(formerly Glevum Holdings Limited)

Strategic Report for the period from 1 July 2023 to 30 September 2024

The director presents his strategic report for the period from 1 July 2023 to 30 September 2024.

Principal activity

The principal activity of the group is that of installing double glazed windows and conservatories.

Fair review of the business

The results for the period which are set out in the profit and loss account show turnover of £15,306,834 (2023 - £12,587,213) and an operating profit of £746,749 (2023 - £892,348). At 30 September 2024 the group had net assets of £3,268,495 (2023 - £2,886,958). The director considers the performance for the year and the financial position at the period end to be satisfactory.


Key performance indicators
Given the nature of the business, the group's director is of the opinion that key performance indicators are important. The group uses a number of indicators to monitor and improve the development, performance and position of the business. Indicators are reviewed and altered to meet changes in the internal and external environments.

Future developments

On 5th December 2024, Brookmead Holdings Limited sold its trading subsidiaries (Glevum Windows Limited and Glevum Design & Build Limited). Brookmead Holdings Limited is now an investment company holding commercial property.

Principal risks and uncertainties

The group does not actively use financial instruments as part of its financial risk management. It is exposed to the usual credit risk and cash flow risk associated with offering credit and holding retentions. The nature of its financial instruments means that they are not subject to price or liquidity risk.

Financial instruments

The group does not actively use financial instruments as part of its financial risk management. It is exposed to the usual credit risk and cash flow risk associated with offering credit and holding retentions. The nature of its financial instruments means that they are not subject to price or liquidity risk.

Approved by the director on 21 June 2025 and signed on its behalf by:


G Jones
Director

 

Brookmead Holdings Limited
(formerly Glevum Holdings Limited)

Director's Report for the Period from 1 July 2023 to 30 September 2024

The director presents his report and the for the period from 1 July 2023 to 30 September 2024.

Change of company name

The company changed its name from Glevum Holdings Limited to Brookmead Holdings Limited effective from 13 December 2024.

Director of the company

The director who held office during the period was as follows:

G Jones

Disclosure of information to the auditor

The director has taken the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditor is unaware.

Approved by the director on 21 June 2025 and signed on its behalf by:


G Jones
Director

 

Brookmead Holdings Limited
(formerly Glevum Holdings Limited)

Statement of Director's Responsibilities

The director is responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial period. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the 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 group and company 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 and apply them consistently;

make judgements 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; and

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

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and 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 the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Brookmead Holdings Limited
(formerly Glevum Holdings Limited)

Independent Auditor's Report to the Members of Brookmead Holdings Limited

Opinion

We have audited the financial statements of Brookmead Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period from 1 July 2023 to 30 September 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 30 September 2024 and of the group's profit for the period then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor 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 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.

Other information

The director are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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.

Opinion on other matter 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 Director's Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.

 

Brookmead Holdings Limited
(formerly Glevum Holdings Limited)

Independent Auditor's Report to the Members of Brookmead Holdings Limited

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Director's 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 director's remuneration specified by law are not made; or

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

Responsibilities of the director

As explained more fully in the Statement of Director's Responsibilities set out on page 4, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

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

In identifying and assessing risks of material misstatement in respect of fraud, including irregularities and non-compliance with laws and regulations, our procedures included the following:

• We obtained an understanding of the legal and regulatory frameworks applicable to the group and parent company financial statements or that had a fundamental effect on the operations of the group and parent company. We determined that the most significant laws and regulations included United Kingdom Generally Accepted Accounting Practice, UK Companies Act 2006 and taxation laws;

• We understood how the group and parent company is complying with those legal and regulatory frameworks by making enquiries of the management and those responsible for legal and compliance procedures.

• We assessed the susceptibility of the group's and parent company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;

understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

challenging assumptions and judgements made by management in its significant accounting estimates; and

identifying and testing journal entries, in particular any journal entries with unusual characteristics.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Brookmead Holdings Limited
(formerly Glevum Holdings Limited)

Independent Auditor's Report to the Members of Brookmead Holdings Limited

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in 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.





Scott Lawrence (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Staverton Court
Staverton
Cheltenham
GL51 0UX

23 June 2025

 

Brookmead Holdings Limited
(formerly Glevum Holdings Limited)

Consolidated Profit and Loss Account for the Period from 1 July 2023 to 30 September 2024

Note

2024
£

2023
£

Turnover

3

15,306,834

12,587,213

Cost of sales

 

(11,055,021)

(9,219,099)

Gross profit

 

4,251,813

3,368,114

Administrative expenses

 

(3,505,064)

(2,475,766)

Operating profit

4

746,749

892,348

Other interest receivable and similar income

5

39,164

33,143

Interest payable and similar expenses

6

(66,966)

(63,325)

   

(27,802)

(30,182)

Profit before tax

 

718,947

862,166

Tax on profit

10

(198,660)

(207,305)

Profit for the financial period

 

520,287

654,861

Profit/(loss) attributable to:

 

Owners of the company

 

520,287

654,861

The above results were derived from continuing operations.

The group has no recognised gains or losses for the period other than the results above.

 

Brookmead Holdings Limited
(formerly Glevum Holdings Limited)

(Registration number: 04490451)
Consolidated Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

11

384,463

384,463

Tangible assets

12

1,668,013

1,579,130

 

2,052,476

1,963,593

Current assets

 

Stocks

14

505,869

648,552

Debtors

15

2,391,073

3,247,658

Cash at bank and in hand

 

1,105,391

948,215

 

4,002,333

4,844,425

Creditors: Amounts falling due within one year

17

(1,729,174)

(3,025,431)

Net current assets

 

2,273,159

1,818,994

Total assets less current liabilities

 

4,325,635

3,782,587

Creditors: Amounts falling due after more than one year

17

(278,581)

(547,602)

Provisions for liabilities

19

(778,559)

(348,027)

Net assets

 

3,268,495

2,886,958

Capital and reserves

 

Called up share capital

21

38,000

38,000

Capital redemption reserve

2,001

2,001

Revaluation reserve

304,857

313,143

Retained earnings

2,923,637

2,533,814

Equity attributable to owners of the company

 

3,268,495

2,886,958

Shareholders' funds

 

3,268,495

2,886,958

Approved and authorised by the director on 21 June 2025
 

G Jones
Director

 

Brookmead Holdings Limited
(formerly Glevum Holdings Limited)

(Registration number: 04490451)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

11

384,463

384,463

Tangible assets

12

1,190,550

1,187,318

Investments

13

40,003

40,003

 

1,615,016

1,611,784

Current assets

 

Debtors

15

69,974

45,997

Cash at bank and in hand

 

52,005

127,453

 

121,979

173,450

Creditors: Amounts falling due within one year

17

(153,778)

(81,958)

Net current (liabilities)/assets

 

(31,799)

91,492

Total assets less current liabilities

 

1,583,217

1,703,276

Creditors: Amounts falling due after more than one year

17

(116,757)

(152,879)

Provisions for liabilities

19

(135,944)

(134,970)

Net assets

 

1,330,516

1,415,427

Capital and reserves

 

Called up share capital

21

38,000

38,000

Capital redemption reserve

2,001

2,001

Revaluation reserve

304,857

313,143

Retained earnings

985,658

1,062,283

Shareholders' funds

 

1,330,516

1,415,427

The company made a profit after tax for the financial period of £53,839 (2023 - profit of £356,308).

Approved and authorised by the director on 21 June 2025
 

G Jones
Director

 

Brookmead Holdings Limited
(formerly Glevum Holdings Limited)

Consolidated Statement of Changes in Equity for the Period from 1 July 2023 to 30 September 2024
Equity attributable to the parent company

Share capital
£

Capital redemption reserve
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 July 2023

38,000

2,001

313,143

2,533,814

2,886,958

Profit for the period

-

-

-

520,287

520,287

Dividends

-

-

-

(138,750)

(138,750)

Transfers

-

-

(8,286)

8,286

-

At 30 September 2024

38,000

2,001

304,857

2,923,637

3,268,495

Share capital
£

Capital redemption reserve
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 July 2022

38,000

2,001

321,429

2,012,327

2,373,757

Profit for the period

-

-

-

654,861

654,861

Dividends

-

-

-

(141,660)

(141,660)

Transfers

-

-

(8,286)

8,286

-

At 30 June 2023

38,000

2,001

313,143

2,533,814

2,886,958

 

Brookmead Holdings Limited
(formerly Glevum Holdings Limited)

Statement of Changes in Equity for the Period from 1 July 2023 to 30 September 2024

Share capital
£

Capital redemption reserve
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 July 2023

38,000

2,001

313,143

1,062,283

1,415,427

Profit for the period

-

-

-

53,839

53,839

Dividends

-

-

-

(138,750)

(138,750)

Transfers

-

-

(8,286)

8,286

-

At 30 September 2024

38,000

2,001

304,857

985,658

1,330,516

Share capital
£

Capital redemption reserve
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 July 2022

38,000

2,001

321,429

839,349

1,200,779

Profit for the period

-

-

-

356,308

356,308

Dividends

-

-

-

(141,660)

(141,660)

Transfers

-

-

(8,286)

8,286

-

At 30 June 2023

38,000

2,001

313,143

1,062,283

1,415,427

 

Brookmead Holdings Limited
(formerly Glevum Holdings Limited)

Consolidated Statement of Cash Flows for the Period from 1 July 2023 to 30 September 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the period

 

520,287

654,861

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

180,591

110,054

Profit on disposal of tangible assets

(12,841)

(4,375)

Profit on disposal of intangible assets

-

(478,081)

Finance income

5

(39,164)

(33,143)

Finance costs

6

66,966

63,325

Income tax expense

10

198,660

207,305

 

914,499

519,946

Working capital adjustments

 

Decrease/(increase) in stocks

14

142,683

(37,521)

Decrease/(increase) in trade debtors

15

856,585

(587,128)

(Decrease)/increase in trade creditors

17

(1,308,978)

401,238

Increase in provisions

19

418,685

1,851

(Decrease)/increase in deferred income, including government grants

 

(4,165)

4,165

Cash generated from operations

 

1,019,309

302,551

Income taxes paid

10

(161,101)

(126,045)

Net cash flow from operating activities

 

858,208

176,506

Cash flows from investing activities

 

Interest received

39,164

33,143

Acquisitions of tangible assets

(269,474)

(140,610)

Proceeds from sale of tangible assets

 

12,841

9,167

Proceeds from sale of intangible assets

 

-

575,177

Net cash flows from investing activities

 

(217,469)

476,877

Cash flows from financing activities

 

Interest paid

6

(66,966)

(63,325)

Repayment of bank borrowings

 

(211,122)

(196,272)

Repayment of other borrowings

 

-

(142,087)

Payments to finance lease creditors

 

(66,725)

(51,311)

Dividends paid

(138,750)

(141,660)

Net cash flows from financing activities

 

(483,563)

(594,655)

Net increase in cash and cash equivalents

 

157,176

58,728

Cash and cash equivalents at 1 July

 

948,215

889,487

Cash and cash equivalents at 30 September

 

1,105,391

948,215

 

Brookmead Holdings Limited
(formerly Glevum Holdings Limited)

Notes to the Financial Statements for the Period from 1 July 2023 to 30 September 2024

 

1

General information

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

The company was formerly known as Glevum Holdings Limited.

The address of its registered office is:
Staverton Court
Staverton
Cheltenham
Gloucestershire
GL51 0UX

The principal place of business is:
Broadoak
Newnham on Severn
Gloucestershire
GL14 1JF

 

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 periods presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

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.

Summary of disclosure exemptions

The Company has taken the available exemptions from disclosing the following as its financial statements are included in this set of consolidated financial statements: preparation of cashflow statement; preparation of statement of comprehensive income; and fair value measurement disclosures (other than as required as a result of financial instruments measured at fair value).

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 September 2024.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the period are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

 

Brookmead Holdings Limited
(formerly Glevum Holdings Limited)

Notes to the Financial Statements for the Period from 1 July 2023 to 30 September 2024

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Disclosure of long or short period

The financial statements have been prepared for a period longer than the standard 12 months. This extended reporting period is due to a change in the company's financial year-end. Consequently, the financial statements cover a period from 1 July 2023 to 30 September 2024, totalling 15 months.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources.

The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.

The main areas of accounting estimates are:
- Warranty provision.
- Recoverability of trade debtors and retentions.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Rental income from investment properties, including those on operating leases (net of any incentives given to the lessees), is recognised on a straight-line basis over the lease term.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred 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 corporation 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.

 

Brookmead Holdings Limited
(formerly Glevum Holdings Limited)

Notes to the Financial Statements for the Period from 1 July 2023 to 30 September 2024

Deferred corporation tax is recognised on temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the
company. Deferred corporation tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land and buildings

Buildings over 50 years, no depreciation on land

Intangible assets

The cryptocurrency acquired is recognised as an intangible asset and is measured at cost.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

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.

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Brookmead Holdings Limited
(formerly Glevum Holdings Limited)

Notes to the Financial Statements for the Period from 1 July 2023 to 30 September 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Brookmead Holdings Limited
(formerly Glevum Holdings Limited)

Notes to the Financial Statements for the Period from 1 July 2023 to 30 September 2024

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 as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Turnover

The analysis of the group's Turnover for the period from continuing operations is as follows:

2024
£

2023
£

Rendering of services

15,218,064

12,439,307

Other revenue

88,770

147,906

15,306,834

12,587,213

 

Brookmead Holdings Limited
(formerly Glevum Holdings Limited)

Notes to the Financial Statements for the Period from 1 July 2023 to 30 September 2024

The analysis of the group's Turnover for the period by market is as follows:

2024
£

2023
£

UK

15,306,834

12,587,213

The total turnover of the company has been derived from its principal activity wholly undertaken in the United Kingdom.

 

4

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

180,591

110,054

Operating lease expense - property

35,880

68,021

Profit on disposal of property, plant and equipment

(12,841)

(4,375)

Profit on disposal of intangible assets

-

(478,081)

 

5

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

39,164

33,143

 

6

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

54,458

54,507

Interest on obligations under finance leases and hire purchase contracts

12,508

8,818

66,966

63,325

 

7

Staff costs

The aggregate payroll costs (including director's remuneration) were as follows:

2024
£

2023
£

Wages and salaries

2,196,674

1,471,296

Social security costs

216,198

138,865

Pension costs, defined contribution scheme

52,625

338,148

2,465,497

1,948,309

The average number of persons employed by the group (including the director) during the period, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

52

52

52

52

 

Brookmead Holdings Limited
(formerly Glevum Holdings Limited)

Notes to the Financial Statements for the Period from 1 July 2023 to 30 September 2024

 

8

Director's remuneration

The director's remuneration for the period was as follows:

2024
£

2023
£

Remuneration

22,740

8,928

Contributions paid to money purchase schemes

-

300,000

22,740

308,928

 

9

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

28,250

-

Other fees to auditors

All other non-audit services

5,400

-


 

 

10

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

186,813

161,101

Deferred taxation

Arising from origination and reversal of timing differences

11,847

46,204

Tax expense in the income statement

198,660

207,305

The tax on profit before tax for the period is the same as the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 20.5%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

718,947

862,166

Corporation tax at standard rate

179,737

176,744

Increase in UK and foreign current tax from adjustment for prior periods

-

3,624

Tax increase/(decrease) from effect of capital allowances and depreciation

9,990

(70,632)

Effect of revenues exempt from taxation

(8,980)

-

Effect of expense not deductible in determining taxable profit (tax loss)

17,913

29,032

Tax increase arising from group relief

-

4,700

Tax increase from effect of indexation allowance on capital gains

-

63,799

Tax increase from other tax effects

-

38

Total tax charge

198,660

207,305

 

Brookmead Holdings Limited
(formerly Glevum Holdings Limited)

Notes to the Financial Statements for the Period from 1 July 2023 to 30 September 2024

Deferred tax

Group

Deferred tax assets and liabilities

2024

Liability
£

Fixed asset timing differences

107,391

Deferred tax on revaluation of land and buildings

132,011

Short term timing differences

(755)

238,647

2023

Liability
£

Fixed asset timing differences

95,651

Deferred tax on revaluation of land and buildings

132,012

Short term timing differences

(863)

226,800

Company

Deferred tax assets and liabilities

2024

Liability
£

Fixed asset timing differences

3,933

Deferred tax on revaluation of land and buildings

132,011

135,944

2023

Liability
£

Fixed asset timing differences

2,958

Deferred tax on revaluation of land and buildings

132,012

134,970

 

11

Intangible assets

Group and Company

Other intangible assets
 £

Cost or valuation

At 1 July 2023 and at 30 September 2024

384,463

Carrying amount

At 30 September 2024

384,463

At 30 June 2023

384,463

 

Brookmead Holdings Limited
(formerly Glevum Holdings Limited)

Notes to the Financial Statements for the Period from 1 July 2023 to 30 September 2024

 

12

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2023

1,734,275

214,656

553,177

28,632

2,530,740

Additions

92,296

9,507

163,621

4,050

269,474

Disposals

-

(4,850)

(86,351)

(26,437)

(117,638)

At 30 September 2024

1,826,571

219,313

630,447

6,245

2,682,576

Depreciation

At 1 July 2023

486,619

118,423

319,692

26,876

951,610

Charge for the period

44,860

34,867

100,045

819

180,591

Eliminated on disposal

-

(4,850)

(86,351)

(26,437)

(117,638)

At 30 September 2024

531,479

148,440

333,386

1,258

1,014,563

Carrying amount

At 30 September 2024

1,295,092

70,873

297,061

4,987

1,668,013

At 30 June 2023

1,247,656

96,233

233,485

1,756

1,579,130

Included within the net book value of land and buildings above is £1,295,092 (2023 - £1,247,656) in respect of freehold land and buildings.
 

Company

Land and buildings
£

Cost or valuation

At 1 July 2023

1,483,231

Additions

28,623

At 30 September 2024

1,511,854

Depreciation

At 1 July 2023

295,913

Charge for the period

25,391

At 30 September 2024

321,304

Carrying amount

At 30 September 2024

1,190,550

At 30 June 2023

1,187,318

Included within the net book value of land and buildings above is £1,190,550 (2023 - £1,187,318) in respect of freehold land and buildings.
 

 

Brookmead Holdings Limited
(formerly Glevum Holdings Limited)

Notes to the Financial Statements for the Period from 1 July 2023 to 30 September 2024


Revaluation
The freehold land and buildings class of fixed assets was revalued on 30 June 2006 by Messrs Kevin J Toombs, Chartered Surveyors who is external to the company. The basis of this valuation was open market value. This class of assets has a current revalued cost of £1,511,854 (2023 - £1,483,231) and a carrying amount at historical cost of £923,614 (2023 - £894,992). The depreciation on this historical cost is £197,015 (2023 - £179,910).

The directors are of the opinion that there has been no change in the carrying value of the freehold land and buildings.

 

13

Investments

Company

2024
£

2023
£

Investments in subsidiaries

40,003

40,003

Details of undertakings

Details of the investments 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

Glevum Windows Limited

England and Wales

Ordinary shares

100%

100%

Glevum Design and Build Limited

England and Wales

Ordinary shares

100%

100%

Subsidiary undertakings

Glevum Windows Limited

The principal activity of Glevum Windows Limited is supply and installation of double glazed windows and conservatories.

Glevum Design and Build Limited

The principal activity of Glevum Design and Build Limited is supply and installation of double glazed windows and conservatories.

 

14

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Work in progress

505,869

648,552

-

-

 

Brookmead Holdings Limited
(formerly Glevum Holdings Limited)

Notes to the Financial Statements for the Period from 1 July 2023 to 30 September 2024

 

15

Debtors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

2,120,641

2,990,350

660

660

Amounts owed by related parties

24

-

-

58,676

45,337

Other debtors

 

141,191

119,207

10,638

-

Prepayments

 

129,241

138,101

-

-

 

2,391,073

3,247,658

69,974

45,997

Included in trade debtors is £609,140 due after more than one year.

 

16

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash on hand

25,098

25,098

25,098

25,098

Cash at bank

1,080,293

923,117

26,907

102,355

1,105,391

948,215

52,005

127,453

 

17

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

18

206,196

215,022

21,772

21,772

Trade creditors

 

889,579

2,248,355

25,938

5,475

Social security and other taxes

 

81,014

85,721

23,587

14,880

Outstanding defined contribution pension costs

 

7,578

1,056

-

-

Other payables

 

99,241

3,464

-

-

Accruals

 

258,753

306,547

25,415

3,250

Corporation tax liability

10

186,813

161,101

57,066

32,416

Deferred income

 

-

4,165

-

4,165

 

1,729,174

3,025,431

153,778

81,958

Due after one year

 

Loans and borrowings

18

278,581

547,602

116,757

152,879

 

Brookmead Holdings Limited
(formerly Glevum Holdings Limited)

Notes to the Financial Statements for the Period from 1 July 2023 to 30 September 2024

 

18

Loans and borrowings

Current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

155,004

155,012

15,000

15,000

Hire purchase contracts

44,420

53,238

-

-

Other borrowings

6,772

6,772

6,772

6,772

206,196

215,022

21,772

21,772

Non-current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

210,061

421,175

116,757

152,879

Hire purchase contracts

68,520

126,427

-

-

278,581

547,602

116,757

152,879


Bank borrowings
Bank borrowings are secured against a fixed and floating charge over the assets of the company.

Finance lease liabilities
The finance lease liabilities are secured against the assets to which they relate.

 

19

Provisions for liabilities

Group

Deferred tax
£

Other provisions
£

Total
£

At 1 July 2023

226,800

121,227

348,027

Additional provisions

-

418,685

418,685

Increase (decrease) in existing provisions

11,847

-

11,847

At 30 September 2024

238,647

539,912

778,559

Company

Deferred tax
£

Total
£

At 1 July 2023

134,970

134,970

Increase (decrease) in existing provisions

974

974

At 30 September 2024

135,944

135,944

The group gives a 2 year labour warranty and a 10 year product warranty.

 

Brookmead Holdings Limited
(formerly Glevum Holdings Limited)

Notes to the Financial Statements for the Period from 1 July 2023 to 30 September 2024

 

20

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the group to the scheme and amounted to £52,625 (2023 - £338,148).

Contributions totalling £7,578 (2023 - £1,056) were payable to the scheme at the end of the period and are included in creditors.

 

21

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

A Ordinary shares of £1 each

38,000

38,000

38,000

38,000

       
 

22

Dividends

30 September 2024
 £

30 June 2023
 £

Dividends paid

138,750

141,660

 

23

Analysis of changes in net debt

Group

At 1 July 2023
£

Cash flows
£

At 30 September 2024
£

Cash and cash equivalents

Cash

948,215

157,176

1,105,391

Borrowings

Bank borrowings

(576,187)

211,122

(365,065)

Hire purchase contracts

(179,665)

66,725

(112,940)

Other borrowings

(6,772)

-

(6,772)

(762,624)

277,847

(484,777)

 

185,591

435,023

620,614

 

Brookmead Holdings Limited
(formerly Glevum Holdings Limited)

Notes to the Financial Statements for the Period from 1 July 2023 to 30 September 2024

 

24

Related party transactions

Company

Summary of transactions with key management

Key management personnel are considered to be the directors of the company and key management personnel compensation is disclosed in note 8 to the financial statements.
 

Summary of transactions with directors

At the balance sheet date the amount due to the director of the company was £6,772 (2023 - £6,772). There are no fixed repayment terms and no interest is charged on the outstanding balance.

Intercompany balances

The Company has taken advantage of the exemption under FRS 102 section 33 not to disclose transactions between wholly-owned members of the Group headed by Brookmead Holdings Limited (Formerly Glevum Holdings Limited), on the grounds that the consolidated accounts are publicly available.

 

25

Non adjusting events after the financial period

On 5th December 2024, Brookmead Holdings Limited sold its trading subsidiaries (Glevum Windows Limited and Glevum Design & Build Limited). Brookmead Holdings Limited is now an investment company holding commercial property.

 

26

Parent and ultimate parent undertaking

The ultimate controlling party is Mr G Jones.