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Registration number: 05404013

Prepared for the registrar

Glevum Design and Build Limited

Annual Report and Financial Statements

for the Period from 1 July 2023 to 30 September 2024

 

Glevum Design and Build Limited

Contents

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Financial Statements

4 to 11

 

Glevum Design and Build Limited

Company Information

Director

M I Donaldson

Registered office

Staverton Court
Staverton
Cheltenham
Gloucestershire
GL51 0UX

Auditors

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Glevum Design and Build Limited

(Registration number: 05404013)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

291,277

231,520

Current assets

 

Stocks

7

477,363

611,029

Debtors

8

2,061,458

2,948,723

Cash at bank and in hand

 

1,000,016

620,919

 

3,538,837

4,180,671

Creditors: Amounts falling due within one year

9

(1,313,877)

(2,565,208)

Net current assets

 

2,224,960

1,615,463

Total assets less current liabilities

 

2,516,237

1,846,983

Creditors: Amounts falling due after more than one year

9

(119,445)

(325,258)

Provisions

11

(448,602)

(105,171)

Deferred tax liabilities

5

(67,017)

(57,625)

Provisions for liabilities

(515,619)

(162,796)

Net assets

 

1,881,173

1,358,929

Capital and reserves

 

Called up share capital

12

1

1

Retained earnings

1,881,172

1,358,928

Shareholders' funds

 

1,881,173

1,358,929

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

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

Approved and authorised by the director on 19 June 2025
 

.........................................
M I Donaldson
Director

   
     
 

Glevum Design and Build Limited

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

Share capital
£

Retained earnings
£

Total
£

At 1 July 2023

1

1,358,928

1,358,929

Profit for the period

-

537,244

537,244

Dividends

-

(15,000)

(15,000)

At 30 September 2024

1

1,881,172

1,881,173

Share capital
£

Retained earnings
£

Total
£

At 1 July 2022

1

1,022,820

1,022,821

Profit for the period

-

595,138

595,138

Dividends

-

(259,030)

(259,030)

At 30 June 2023

1

1,358,928

1,358,929

 

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

Basis of preparation

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

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

Going concern

After reviewing the company's forecasts and projections, the director has 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 director is 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 ongoing 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 the revision and future periods if the revision affects both current and future periods.
 

 

Glevum Design and Build Limited

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

Judgements

Significant judgements have been made by management in these financial statements in the preparation of the company's warranty provision. The company gives warranties on certain products sold. The warranty cost is calculated by management and based on available past historical data and levels of repairs and replacements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

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. 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.

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

Plant and machinery

20% - 50% of cost per annum

Office equipment

33% - 50% of cost per annum

Motor vehicles

20% of cost per annum

Leasehold improvements

33% of cost per annum

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.

 

Glevum Design and Build Limited

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

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company 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 company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company 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.

Dividends

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

 

Glevum Design and Build 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.

 

Glevum Design and Build Limited

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

 

3

Staff numbers

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

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

103,485

56,586

 

5

Taxation

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

2024
£

2023
£

Current taxation

UK corporation tax

129,747

128,685

Deferred taxation

Arising from origination and reversal of timing differences

9,392

26,086

Tax expense in the income statement

139,139

154,771

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Difference between accumulated depreciation, amortisation and capital allowances

67,631

Short term timing differences

(614)

67,017

2023

Liability
£

Difference between accumulated depreciation, amortisation and capital allowances

57,625

57,625

 

Glevum Design and Build Limited

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

 

6

Tangible assets

Leasehold improvements
£

Plant and machinery
 £

Office equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 July 2023

8,079

112,634

2,034

288,421

411,168

Additions

29,159

5,200

1,388

127,495

163,242

Disposals

-

-

-

(55,595)

(55,595)

At 30 September 2024

37,238

117,834

3,422

360,321

518,815

Depreciation

At 1 July 2023

1,355

21,291

2,034

154,968

179,648

Charge for the period

9,152

29,219

925

64,189

103,485

Eliminated on disposal

-

-

-

(55,595)

(55,595)

At 30 September 2024

10,507

50,510

2,959

163,562

227,538

Carrying amount

At 30 September 2024

26,731

67,324

463

196,759

291,277

At 30 June 2023

6,724

91,343

-

133,453

231,520

 

7

Stocks

2024
£

2023
£

Work in progress

477,363

611,029

 

8

Debtors

Current

2024
£

2023
£

Trade debtors

1,802,227

2,743,741

Prepayments

49,180

46,473

Other debtors

210,051

158,509

 

2,061,458

2,948,723

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

 

9

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

163,510

168,560

Trade creditors

 

618,799

1,954,923

Amounts due to related parties

 

188,486

179,988

Social security and other taxes

 

42,042

53,899

Outstanding defined contribution pension costs

 

6,201

-

Other creditors

 

96,919

2,377

Accruals and deferred income

 

68,173

76,776

Corporation tax liability

 

129,747

128,685

 

1,313,877

2,565,208

 

Glevum Design and Build Limited

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

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

119,445

325,258

 

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

140,004

140,012

HP and finance lease liabilities

23,506

28,548

163,510

168,560

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

93,304

268,296

HP and finance lease liabilities

26,141

56,962

119,445

325,258


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.

 

11

Provisions

Warranties
£

At 1 July 2023

105,171

Additional provisions

343,431

At 30 September 2024

448,602

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

 

12

Share capital

Allotted, called up and fully paid shares

 

30 September 2024

30 June 2023

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         
 

13

Financial commitments, guarantees and contingencies

The company had no capital or other commitments at the balance sheet date.

 

Glevum Design and Build Limited

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

 

14

Related party transactions

The company has taken advantage of the exemption from disclosing transactions with other members of the group where there is 100% ownership.

 

15

Parent and ultimate parent undertaking

The ultimate controlling party was Brookmead Holdings Limited (Formerly Glevum Holdings Limited) at the period end.

 

16

Non adjusting events after the financial period

On 5th December 2024, the company experienced a change in ownership through a management buyout (MBO). This event is classified as a non-adjusting event as it does not reflect conditions existing at the balance sheet date.

 

17

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 19 June 2025 was Scott Lawrence, who signed for and on behalf of Hazlewoods LLP.