Company registration number SC636916 (Scotland)
GLL (HOLDINGS) LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
GLL (HOLDINGS) LTD
COMPANY INFORMATION
Directors
Mr D B Ross
Mr M C M Gault
Mr A C Fry
Company number
SC636916
Registered office
Blackbyres Road
Barrhead
Glasgow
United Kingdom
G78 1DU
Auditor
Azets Audit Services
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
GLL (HOLDINGS) LTD
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Income statement
10
Group statement of comprehensive income
11
Group statement of financial position
12
Company statement of financial position
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 32
GLL (HOLDINGS) LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present the strategic report for the year ended 31 March 2025.

Review of the business

The principal activity of the group is heavy-civil engineering construction, with a continuing focus on the water, wastewater, power and marine sectors in addition to more general heavy civil engineering work.

 

The Directors are pleased to report ongoing growth in both turnover and profit for the year, supporting the overarching group strategy of focusing on attractive opportunities in core sectors where the group's resources, experience and expertise can add value for our clients. The group’s key measurements of effectiveness are turnover and pre-tax profit. Pre-tax profit for the year was £15,981,000 (2024 - £7,929,000) on turnover of £134,369,000 (2024 - £102,296,000).

 

Investment in the essential plant, machinery and transport required for core operations has continued, with additions to fixed assets over the year amounting to £3,938,000 (2024 - £2,098,000). This investment aligns with the group’s aim to reduce its carbon footprint to net zero emissions with annual investment in our owned plant to ensure we are using the technologies with the lowest emissions. This investment has seen a significant reduction in GHG emissions over a ten-year period, along with various other initiatives including increasing our electric vehicle fleet via the GL Driving Change scheme, using eco-friendly fuels, an ongoing increase in the uptake of the cycle to work scheme, and engaging with Zero Waste Scotland for further advances. The company continues to investigate greener alternatives within site delivery including the utilisation of battery powered hand tools, recyclable aggregates and low carbon steel. The company has an ongoing strategy of digital advancements for continued improvements in both internal processes and site delivery.

 

The civil engineering market in Scotland remains very competitive however, the level of visibility of forward workload remains buoyant, with attractive opportunities in a number of sectors. The group has long-term framework agreements with key clients. The Directors are confident that by continuing to target attractive projects in its core sectors, whilst diversifying our client base in areas where there are synergies with our skillsets, a satisfactory level of profitability can be maintained.

 

The strategy of developing our pipeline of competent, well-trained young people for careers in the construction industry continues to receive external recognition and this bodes well for the future. The group is pleased to acknowledge our success in this area with a number of our graduates gaining their professional qualifications through our accredited Institution of Civil Engineers and Chartered Institution of Civil Engineering Surveyors training schemes. In addition, the group has invested in our Leadership and Management programme. The group also continues to place a significant emphasis on the health and wellbeing of all employees, and remains committed in providing a safe, inclusive, and supportive environment for all of our employees to be successful. As part of this commitment, the group continues to engage with Investors in People to survey all employees across the business to gather their feedback and make positive changes going forward. The group also invests significant resources as part of its Mental Health Charter aimed at reducing the stigma surrounding mental health, which includes providing ongoing training, advice and support, and promoting good health and wellbeing initiatives to all site and head office staff.

 

The group maintains a proactive approach to making a positive contribution within communities where the group works and during the year, considerable contributions were made to worthy causes.

GLL (HOLDINGS) LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Principal risks and uncertainties

The group is subject to the normal competitive risks in its ability to obtain contracts where competitive tender and renewal of longer-term contracts are subject to financial and performance criteria. The group manages these risks by regular review of its tender process and maintaining strong working relationships with its customers.

 

Credit risk is managed by continuing assessment of customer's financial status and payment history. The group has had no significant exposure to credit risk.

 

The group minimises liquidity risk by managing cash generation from its operations and applying cash collection targets. The group is confident that it has minimised any cash flow risk. This view is strengthened by the level of bank balances in a strong balance sheet. Investment is carefully controlled, with authorisation limits operating at different levels up to board level.

 

The group is well placed to manage any ongoing financial uncertainties as noted in the assessment of going concern in the Director's report.

 

Although the group’s policy does permit trading in any financial instruments, its principal financial instruments are those of cash and short-terrn deposits and debtors and creditors arising directly from its trading operations.

 

The group manages its legislative risks by its emphasis on training, particularly, quality, health and safety and environmental areas. The group maintains- ISO 9001 — 2015, ISO45001-2018 and ISO 14001 — 2015 accreditations in relation to quality, health and safety and environmental management systems.

Promoting the success of the group

As part of the Board’s decision-making process, consideration of key stakeholder interests and the potential impact decisions have on each group is vital. This is embedded within GL's values - Passion, Togetherness, Resourceful.

We demonstrate Passion for our people, our work and for the people we serve. We are passionate about what we do and how we do it. Passion is the fuel that drives us to do what we do. It's what makes us want to get up in the morning and deliver. Passion is what makes us want to be the best.

By promoting Togetherness in the workplace, we create a more collaborative environment. Our working environment leads to a better workplace and a happier workforce, enhancing our productivity and promoting better well-being.

Our incredibly Resourceful people are able to do more with less, work each problem as it is encountered and deliver creative solutions in a more efficient way.

Our various engagement processes provide us with a better understanding of what matters to our stakeholders, their views and requirements, and the consequences of any decision, which are then considered in the business decisions made by the Board. The Board also strive to embed this decision-making principal throughout all levels of the group. Our key stakeholder groups are set out below.

 

GLL (HOLDINGS) LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

Promoting the success of the group (continued)

On behalf of the board

Mr D B Ross
Director
26 June 2025
GLL (HOLDINGS) LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the Group continued to be that of heavy-civil engineering construction, with a continuing focus on the water, wastewater, power and marine sectors in addition to more general heavy civil engineering work.

Results and dividends

The profit for the year before taxation amounted to £15,981,000 (2024 – profit of £7,929,000).

During the year dividends of 1,860,000 (2024 – £999,000) were approved by the members. Of this sum, £1,350,000 (2024 – £660,000) was paid to the ordinary shareholders during the year.

Future developments

Future developments are outlined in the Strategic Report on page 1, under principal activity and review of the business.

 

Going concern

The Group’s business activities, a review of the business and a description of the principal risks and uncertainties, together with the Group’s financial risk management processes and narrative regarding its exposure to key financial risks are outlined in the Strategic Report on pages 1 to 3.

 

The Group has considerable financial resources and, as a consequence, the Directors believe that it is well placed to manage its business risks successfully despite the current uncertain economic outlook.

 

Therefore, having made their own assessment of the Group’s financial position, the Directors believe the Group is well placed to manage it’s business risks successfully and meet its liabilities as they fall due for the foreseeable future. Accordingly, the Directors continue to adopt the going concern basis in preparing the financial statements.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr D B Ross
Mr M C M Gault
Mr A C Fry
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

 

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

GLL (HOLDINGS) LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

The Directors are committed to reduce the group’s carbon footprint as detailed in the strategic report on page 1, under principal activity and review of the business. The group’s annual consumption of electricity and gas in the period is 297,516 kWh (2024 - 202,432 kWH) and 173,146 kWh (2024 - 192,552 kWh) respectively. In addition, there was 1,148,377 litres (2024 - 993,924) of diesel and petrol fuel used for transportation and site based activities. This is a total carbon footprint from the total UK energy use of electricity, gas, and transport of 3,158 tonnes of CO2e (2024 - 2,589 tonnes), or 0.023 tonnes of CO2e per £k of sales revenue (2024 - 0.025). The consumption results reported are calculated using the actual spending in the period, and converted using average annual prices in each category and the UK Government’s GHG conversion factors for company reporting.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the fair review of the business (including key performance indicators) and principal risks and uncertainties.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr D B Ross
Director
26 June 2025
GLL (HOLDINGS) LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -

The directors are responsible for preparing the Annual Report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

GLL (HOLDINGS) LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GLL (HOLDINGS) LTD
- 7 -
Opinion

We have audited the financial statements of GLL (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group 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 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:

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 and parent company 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.

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 this gives rise to 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

GLL (HOLDINGS) LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GLL (HOLDINGS) LTD
- 8 -
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 and 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:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 and 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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.

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

GLL (HOLDINGS) LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GLL (HOLDINGS) LTD
- 9 -

Extent to which 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 and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we 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.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

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 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.

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.

Jennifer Spence (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
26 June 2025
Chartered Accountants
Statutory Auditor
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
GLL (HOLDINGS) LTD
GROUP INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
2025
2024
Notes
£'000
£'000
Revenue
3
134,369
102,296
Other operating income
1,076
-
0
Raw materials and consumables
(10,963)
(14,722)
Other external expenses
(72,163)
(53,495)
Staff costs
5
(28,356)
(20,519)
Depreciation and other amounts written off tangible and intangible fixed assets
4
(1,719)
(1,325)
Other operating expenses
(6,951)
(4,667)
Operating profit
4
15,293
7,568
Investment income
9
717
361
Finance costs
8
(29)
-
0
Profit before taxation
15,981
7,929
Tax on profit
10
(4,062)
(1,003)
Profit for the financial year
24
11,919
6,926
Profit for the financial year is all attributable to the owners of the parent company.
GLL (HOLDINGS) LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
2025
2024
£'000
£'000
Profit for the year
11,919
6,926
Other comprehensive income
-
-
Total comprehensive income for the year
11,919
6,926
Total comprehensive income for the year is all attributable to the owners of the parent company.
GLL (HOLDINGS) LTD
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
31 March 2025
- 12 -
2025
2024
Notes
£'000
£'000
£'000
£'000
Non-current assets
Goodwill
12
461
563
Property, plant and equipment
13
6,762
4,617
7,223
5,180
Current assets
Inventories
16
41
263
Trade and other receivables
18
29,286
23,967
Investments
17
12,000
-
0
Cash and cash equivalents
16,262
23,769
57,589
47,999
Current liabilities
19
(37,935)
(35,433)
Net current assets
19,654
12,566
Total assets less current liabilities
26,877
17,746
Provisions for liabilities
Provisions
20
205
181
Deferred tax liability
21
1,085
88
(1,290)
(269)
Net assets
25,587
17,477
Equity
Called up share capital
23
75
100
Share premium account
24
2,550
2,550
Capital redemption reserve
24
25
-
0
Retained earnings
24
22,937
14,827
Total equity
25,587
17,477
The financial statements were approved by the board of directors and authorised for issue on 26 June 2025 and are signed on its behalf by:
26 June 2025
Mr D B Ross
Director
Company registration number SC636916 (Scotland)
GLL (HOLDINGS) LTD
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
31 March 2025
- 13 -
2025
2024
Notes
£'000
£'000
£'000
£'000
Non-current assets
Investments
14
4,656
4,656
Current assets
Trade and other receivables
18
324
2,102
Cash and cash equivalents
30
-
0
354
2,102
Current liabilities
19
(510)
(309)
Net current (liabilities)/assets
(156)
1,793
Net assets
4,500
6,449
Equity
Called up share capital
23
75
100
Share premium account
24
2,550
2,550
Capital redemption reserve
24
25
-
0
Retained earnings
24
1,850
3,799
Total equity
4,500
6,449
The financial statements were approved by the board of directors and authorised for issue on 26 June 2025 and are signed on its behalf by:
26 June 2025
Mr D B Ross
Director
Company registration number SC636916 (Scotland)
GLL (HOLDINGS) LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
Share capital
Share premium account
Capital redemption reserve
Retained earnings
Total
Notes
£'000
£'000
£'000
£'000
£'000
Balance at 1 April 2023
100
2,550
-
0
8,900
11,550
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
-
6,926
6,926
Dividends
11
-
-
-
(999)
(999)
Balance at 31 March 2024
100
2,550
-
0
14,827
17,477
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
-
11,919
11,919
Dividends
11
-
-
-
(1,860)
(1,860)
Redemption of shares
23
(25)
-
25
-
-
0
Reduction of shares
23
-
-
-
(1,949)
(1,949)
Balance at 31 March 2025
75
2,550
25
22,937
25,587
GLL (HOLDINGS) LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
Share capital
Share premium account
Capital redemption reserve
Retained earnings
Total
Notes
£'000
£'000
£'000
£'000
£'000
Balance at 1 April 2023
100
2,550
-
0
3,799
6,449
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
-
999
999
Dividends
11
-
-
-
(999)
(999)
Balance at 31 March 2024
100
2,550
-
0
3,799
6,449
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
-
1,860
1,860
Dividends
11
-
-
-
(1,860)
(1,860)
Redemption of shares
23
(25)
-
25
-
-
0
Reduction of shares
23
-
-
-
(1,949)
(1,949)
Balance at 31 March 2025
75
2,550
25
1,850
4,500
GLL (HOLDINGS) LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
2025
2024
Notes
£'000
£'000
£'000
£'000
Cash flows from operating activities
Cash generated from operations
31
13,190
13,133
Interest paid
(29)
-
0
Income taxes (paid)/refunded
(1,814)
727
Net cash inflow from operating activities
11,347
13,860
Investing activities
Purchase of property, plant and equipment
(3,938)
(2,098)
Proceeds from disposal of property, plant and equipment
176
143
Deposit to current asset investments
(12,000)
-
Interest received
717
361
Net cash used in investing activities
(15,045)
(1,594)
Financing activities
Redemption of shares
(1,949)
-
0
Dividends paid to equity shareholders
(1,860)
(999)
Net cash used in financing activities
(3,809)
(999)
Net (decrease)/increase in cash and cash equivalents
(7,507)
11,267
Cash and cash equivalents at beginning of year
23,769
12,502
Cash and cash equivalents at end of year
16,262
23,769
GLL (HOLDINGS) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
1
Accounting policies
Company information

GLL (Holdings) Limited (“the company”) is a private company limited by shares incorporated in Scotland. The registered office is Blackbyres Road, Barrhead, Glasgow, United Kingdom, G78 1DU.

 

The group consists of GLL (Holdings) Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest £'000.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The company's profit for the year was £1,860,000 (2024 - £999,000 profit).

1.2
Business combinations

Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company, GLL (Holdings) Limited, together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

The group’s business activities, a review of the business and a description of the principal risks and uncertainties, together with the group’s financial risk management processes and narrative regarding its exposure to key financial risks are outlined in the Strategic Report on pages 1 to 3.

 

The group has considerable financial resources and, as a consequence, the directors believe that it is well placed to manage its business risks successfully despite the current uncertain economic outlook.

 

Therefore, having made their own assessment of the group’s financial position, the directors believe the group is well placed to manage it’s business risks successfully and meet its liabilities as they fall due for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

GLL (HOLDINGS) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 18 -
1.5
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Buildings
Over 50 years
Plant and equipment
Over 4 to 20 years
Office Equipment
Over 2 to 4 years
Motor vehicles
Over 5 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.8
Non-current investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

1.9
Impairment of non-current assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

GLL (HOLDINGS) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 19 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

Contract maintenance provision

Provision is made for the cost of remedial work on current contracts and contracts completed at the end of the financial year but still within the contract maintenance period. The provision is based on a percentage of outstanding retention adjusted for known remedial costs.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

GLL (HOLDINGS) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 20 -
1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

GLL (HOLDINGS) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 21 -
Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

1.14
Equity instruments

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

GLL (HOLDINGS) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 22 -
1.16
Provisions

Provisions are recognised when the group has a legal or constructive present obligation 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.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.17
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

A group personal pension scheme is operated for staff engaged after 1 January 1999. Contributions are charged in the income statement as they become payable in accordance with the rules of the scheme.

1.19
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Plant hire rentals payable under operating leases in respect of fixed assets not owned by the group are expensed to the income statement as incurred.

1.20

Research & Development

Costs associated with research and development are expensed to the income statement as incurred.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

GLL (HOLDINGS) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 23 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Contract Valuations and Outcomes

Valuations which include an estimation of cost to complete and remaining revenues are carried out at regular intervals throughout the year. These assessments may include a degree of inherent uncertainty when estimating contract profitability and any impairment provisions that may be required.

3
Revenue

Turnover represents the sales value of work done in the period as valued by internal and external surveyors.

 

Turnover, which is stated net of value added tax, is attributable to one continuing activity, namely civil engineering, and is carried out entirely within the United Kingdom.

 

 

4
Operating profit
2025
2024
£'000
£'000
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned property, plant and equipment
1,695
1,222
Profit on disposal of property, plant and equipment
(78)
(39)
Amortisation of intangible assets
102
103
Operating lease charges
48
37
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Direct
178
123
-
-
Indirect
252
207
-
-
Total
430
330
-
0
-
0
GLL (HOLDINGS) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
5
Employees
(Continued)
- 24 -

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£'000
£'000
£'000
£'000
Wages and salaries
24,189
17,356
-
0
-
0
Social security costs
2,929
2,064
-
-
Pension costs
1,238
1,099
-
0
-
0
28,356
20,519
-
0
-
0
6
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£'000
£'000
For audit services
Audit of the financial statements of the group and company
47
43
For other services
Taxation compliance services
12
12
7
Directors' remuneration
2025
2024
£'000
£'000
Remuneration for qualifying services
688
66
Company pension contributions to defined contribution schemes
139
180
827
246
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£'000
£'000
Remuneration for qualifying services
209
22
Company pension contributions to defined contribution schemes
15
60

The number of directors for whom retirement benefits were accruing under defined contribution schemes amounted to 6 (2024 - 3).

 

The directors of George Leslie Limited are also considered to be key management personnel of the group. Employer national insurance contributions on behalf of key management personnel in the year were £65,000 (2024 - £1,000).

GLL (HOLDINGS) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 25 -
8
Finance costs
2025
2024
£'000
£'000
Other finance costs:
Other interest
29
-
9
Investment income
2025
2024
£'000
£'000
Interest income
Interest on bank deposits
717
361
10
Taxation
2025
2024
£'000
£'000
Current tax
UK corporation tax on profits for the current period
3,065
-
0
Deferred tax
Origination and reversal of timing differences
997
1,003
Total tax charge
4,062
1,003

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£'000
£'000
Profit before taxation
15,981
7,929
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
3,995
1,982
Tax effect of expenses that are not deductible in determining taxable profit
27
1
Amortisation on assets not qualifying for tax allowances
25
26
Fixed asset differences
15
-
0
Movement in deferred tax not recognised
-
0
163
Other tax credit
-
(1,169)
Taxation charge
4,062
1,003
GLL (HOLDINGS) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
11
Dividends
2025
2024
Recognised as distributions to equity holders:
£'000
£'000
Dividends
1,860
999
Two interim dividends were paid during the year at 480p and 1,320p respectively. A final dividend was paid during the year at 680p per share.
12
Intangible fixed assets
Group
Goodwill
£'000
Cost
At 1 April 2024 and 31 March 2025
1,025
Amortisation and impairment
At 1 April 2024
462
Amortisation charged for the year
102
At 31 March 2025
564
Carrying amount
At 31 March 2025
461
At 31 March 2024
563
The company had no intangible fixed assets at 31 March 2025 or 31 March 2024.
GLL (HOLDINGS) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 27 -
13
Property, plant and equipment
Group
Buildings
Plant and equipment
Office Equipment
Motor vehicles
Total
£'000
£'000
£'000
£'000
£'000
Cost
At 1 April 2024
593
5,430
808
4,120
10,951
Additions
-
0
2,327
67
1,544
3,938
Disposals
-
0
(252)
-
0
(443)
(695)
At 31 March 2025
593
7,505
875
5,221
14,194
Depreciation and impairment
At 1 April 2024
239
3,579
510
2,006
6,334
Depreciation charged in the year
9
804
122
760
1,695
Eliminated in respect of disposals
-
0
(167)
-
0
(430)
(597)
At 31 March 2025
248
4,216
632
2,336
7,432
Carrying amount
At 31 March 2025
345
3,289
243
2,885
6,762
At 31 March 2024
354
1,851
298
2,114
4,617
The company had no property, plant and equipment at 31 March 2025 or 31 March 2024.

Within the land and buildings cost figure, there is land of £47,000 (2024: £47,000) that is not depreciated.

14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£'000
£'000
£'000
£'000
Investments in subsidiaries
15
-
0
-
0
4,656
4,656
15
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
George Leslie Limited
Scotland
Ordinary
100.00
-
George Leslie Plant Limited
Scotland
Ordinary
0
100.00
Ashmoon Limited
Scotland
Ordinary
0
100.00

George Leslie Limited's principal activity is heavy civil engineering construction. Both George Leslie Plant Limited and Ashmoon Limited are dormant subsidiaries of George Leslie Limited. The Registered Office of all subsidiary companies is Blackbyres Road, Barrhead, Glasgow, G78 1DU.

GLL (HOLDINGS) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 28 -
16
Inventories
Group
Company
2025
2024
2025
2024
£'000
£'000
£'000
£'000
Raw materials and consumables
41
263
-
-
17
Current asset investments
Group
Company
2025
2024
2025
2024
£'000
£'000
£'000
£'000
Fixed term deposits
12,000
-
-
-
18
Trade and other receivables
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£'000
£'000
£'000
£'000
Trade receivables
18,896
16,538
-
0
-
0
Amounts recoverable on contracts
2,732
1,692
-
0
-
0
Corporation tax recoverable
140
130
-
0
-
0
Amounts owed by group undertakings
-
-
324
2,102
Other receivables
395
531
-
0
-
0
Prepayments and accrued income
6,244
4,820
-
0
-
0
28,407
23,711
324
2,102
Amounts falling due after more than one year:
Trade receivables
879
256
-
0
-
0
Total debtors
29,286
23,967
324
2,102
GLL (HOLDINGS) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 29 -
19
Current liabilities
Group
Company
2025
2024
2025
2024
£'000
£'000
£'000
£'000
Trade payables
10,810
15,135
-
0
-
0
Payments on account on contracts
11,893
10,799
-
0
-
0
Corporation tax payable
1,989
728
-
0
-
0
Other taxation and social security
3,375
3,239
-
-
Other payables
9,868
5,532
510
309
37,935
35,433
510
309
20
Provisions for liabilities
Group
Company
2025
2024
2025
2024
£'000
£'000
£'000
£'000
Maintenance Provision
205
181
-
-
Movements on provisions:
Maintenance Provision
Group
£'000
At 1 April 2024
181
Additional provisions in the year
151
Reversal of provision
(127)
At 31 March 2025
205
21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024
Group
£'000
£'000
Fixed asset timing differences
1,129
664
Short term timing differences
(44)
(28)
Losses and other deductions
-
(548)
1,085
88
The company has no deferred tax assets or liabilities.
GLL (HOLDINGS) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
21
Deferred taxation
(Continued)
- 30 -
Group
Company
2025
2025
Movements in the year:
£'000
£'000
Liability at 1 April 2024
88
-
Charge to profit or loss
997
-
Liability at 31 March 2025
1,085
-
22
Retirement benefit schemes
2025
2024
Defined contribution schemes
£'000
£'000
Charge to profit or loss in respect of defined contribution schemes
1,238
1,099

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. Included within other creditors is £271,000 (2024 - £263,000) in respect of contributions to the group personal pension scheme.

23
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£'000
£'000
Issued and fully paid
Ordinary shares of £1 each
100,000
100,000
75
100
Redemption of shares of £1 each
25,000
-
-
-
75,000
100,000
75
100
Preferred ordinary shares of £1 each
200
300
-
-
200
300
-
-

The ordinary shareholders are entitled to dividends and shares rank equally for voting rights.

 

The Preferred Ordinary Shares carry no voting rights.

 

On a winding up the holders of Preferred Ordinary Shares shall be entitled to receive the redemption price as specified in the company's Articles of Association in priority to a Holder of any other class of Shares.

 

During the year, 25,000 ordinary shares were bought back by the company for £1,949,000. These shares were subsequently cancelled.

GLL (HOLDINGS) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 31 -
24
Reserves
Capital redemption reserve

This reserve relates to the nominal value of shares repurchased by the company.

 

Profit and loss account

 

The retained earnings account includes all current and prior year retained profits or losses less dividends paid.

Share premium account

The share premium account represents the value of shares issued over the nominal value of shares issued.

25
Financial commitments, guarantees and contingent liabilities

The group’s only contingent liabilities are those which arise in the ordinary course of business in connection with the completion of contracts in accordance with specification. The group has granted its bankers a bond and floating charge as security.

26
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£'000
£'000
£'000
£'000
Within one year
13
13
-
-
Between two and five years
18
31
-
-
31
44
-
-
27
Capital commitments

The group had £6,000 contracted capital commitments at 31 March 2025 (2024 — £78,000).

28
Related party transactions

The group entered into an interest free loan agreement of £130,275 on 11 September 2013 with N Doherty, a former director. This amount was fully repaid in the year ended 31 March 2025.

29
Directors' transactions

The group entered into interest free loan agreements of £130,275 each with D Ross on 11 September 2013, and with M Gault and T Fry on 8 December 2015 and 17 September 2019 respectively to enable them to acquire existing shares in the group. These amounts remain outstanding at 31 March 2025.

GLL (HOLDINGS) LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 32 -
30
Controlling party

There is no ultimate controlling party.

31
Cash generated from group operations
2025
2024
£'000
£'000
Profit for the year after tax
11,919
6,926
Adjustments for:
Taxation charged
4,062
1,003
Finance costs
29
-
0
Investment income
(717)
(361)
Gain on disposal of property, plant and equipment
(78)
(39)
Amortisation and impairment of intangible assets
102
103
Depreciation and impairment of property, plant and equipment
1,695
1,222
Increase/(decrease) in provisions
24
(75)
Movements in working capital:
Decrease/(increase) in inventories
222
(40)
Increase in trade and other receivables
(5,309)
(6,112)
Increase in trade and other payables
1,241
10,506
Cash generated from operations
13,190
13,133
32
Analysis of changes in net funds - group
1 April 2024
Cash flows
31 March 2025
£'000
£'000
£'000
Cash at bank and in hand
23,769
(7,507)
16,262
2025-03-312024-04-01falsefalseCCH SoftwareCCH Accounts Production 2025.100Mr D B RossMr M C M GaultMr A C 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