Company registration number 04533812 (England and Wales)
GLENMUIR LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
GLENMUIR LIMITED
COMPANY INFORMATION
Directors
V Ruia
M Ruia
F Barclay
A S Ruia
Secretary
F Barclay
Company number
04533812
Registered office
Dove Mill
Dove Road
Off Deane Church Lane
Deane
Bolton
BL3 4ET
Auditor
Sumer Auditco Limited
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
GLENMUIR LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 26
GLENMUIR LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Review of the business

Since Glenmuir’s beginnings in 1891, the brand continues to develop its world-renowned reputation as one of the

leading golf brands in the industry.

 

The company has had a successful year despite sales decreasing by £1.37m to £13.5m. Post the Coronavirus

Pandemic, the company has benefited from the return of retail market demand and online sales have been

fundamentally maintained. Management have continued to focus on managing costs efficiently and fundamentally

this has been achieved despite significant global cost increases. Gross margin has increased slightly from 47.34% to 48.95%, given the challenging trading conditions, the directors are satisfied with this achievement.

 

The directors are pleased to report profits before tax of £2.9m (2023: £3.09m).

 

A dividend of £6.5m has been paid during the year but the company has maintained a strong balance sheet position with net assets at the year end holding a balance of £7.3m (2023: £11.5m) demonstrating the strong financial stability of the company.

Principal risks and uncertainties

The company uses various financial instruments including loans and various other items, such as debtors and

creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance

for the company’s operations.


The existence of these financial instruments exposes the company to a number of financial risks, which are

described in more detail below. The directors review and agree policies for managing these risks. These policies

have remained unchanged from previous years.

 

Foreign currency exchange

The company regularly monitors risk policies and systems including short, medium and long term exchange rates.

 

Product procurement, availability and pricing

Conscious efforts are made to maintain strong relationships with long term suppliers and re-negotiate more

competitive prices wherever possible.

 

Credit risk

The company aims to maintain close relationship with customers as well as agreeing and closely managing credit terms.

 

Liquidity risk

The company manages liquidity risk by maintaining adequate reserves and by monitoring forecasts and actual cash

flows.

 

The directors are satisfied that these risks have been adequately managed throughout the period.

GLENMUIR LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Key performance indicators

The company reviews and monitors its performance against a number of key performance indicators both financial and non-financial. The principal measures include sales growth, improvements in gross margin and reducing costs, supported by robust cash flow monitoring and working capital management. These are reviewed by the management team and reported to the Board on a monthly basis.

The Directors have and will continue to monitor all of the KPI’s and daily operating controls and maintain a strong focus on increasing performance in all aspects of the business.

The main KPI’s and corresponding results are as follows:

 

2024        2023

Sales growth     -10.16%     -1.30%

Gross margin     49.08%     47.33%

EBITDA         £2.97m     £3.2m

Net current assets £5.9m     £10.3m

Net assets      £7.3m     £11.5m

 

The company continues to be profitable, as illustrated by a relatively stable EBITDA.

The increased net current asset position evidences improved liquidity.

 

The increased net assets demonstrates the improved and strong financial position of the company, as a result of retained profits for the year.

Future Developments

The directors are optimistic about the company's potential for both revenue and profit growth over the coming years. The directors expect that the company will benefit from the development of a broader product range and an increased focus on online and end user sales.

On behalf of the board

F Barclay
Director
9 July 2025
GLENMUIR LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company continued to be the supply of Glenmuir and Sunderland branded golf clothing and leisurewear.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £6,500,000. The directors do not recommend payment of a further dividend.

Directors

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

V Ruia
M Ruia
F Barclay
A S Ruia
Future developments

The strategic report contains details of future developments.

Auditor

The auditors, Sumer Auditco Limited, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

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 company and of the profit or loss of the company 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

GLENMUIR LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
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 company’s auditor 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 company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
F Barclay
Director
9 July 2025
GLENMUIR LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF GLENMUIR LIMITED
- 5 -
Opinion

We have audited the financial statements of Glenmuir Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 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 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:

GLENMUIR LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF GLENMUIR LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the 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 or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which 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 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 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussions with the directors (as required by auditing standards) and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines. We identified the following areas as those most likely to have such an effect: Health and Safety at Work Act, Company Law and Employment Law.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any. Through these procedures we did not become aware of any actual or suspected non-compliance.

GLENMUIR LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF GLENMUIR LIMITED (CONTINUED)
- 7 -

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

We design procedures in line with our responsibilities, outlined below to detect material misstatement due to fraud:

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.

Use of our report

This report is made solely to the company's member 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 member 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 member for our audit work, for this report, or for the opinions we have formed.

Alex Hesketh (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited, Statutory Auditor
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
9 July 2025
GLENMUIR LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
13,511,273
14,884,331
Cost of sales
(6,897,962)
(7,838,528)
Gross profit
6,613,311
7,045,803
Distribution costs
(368,036)
(372,567)
Administrative expenses
(3,444,117)
(3,616,997)
Operating profit
4
2,801,158
3,056,239
Interest receivable and similar income
7
98,312
43,665
Interest payable and similar expenses
8
(1,249)
-
0
Profit before taxation
2,898,221
3,099,904
Tax on profit
9
(593,369)
(736,523)
Profit for the financial year
2,304,852
2,363,381
Other comprehensive income
Fair value adjustments reclassified to profit or loss
-
0
232,448
Tax relating to other comprehensive income
-
0
(47,350)
Total comprehensive income for the year
2,304,852
2,548,479

The profit and loss account has been prepared on the basis that all operations are continuing operations.

GLENMUIR LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,383,196
1,076,903
Investments
13
250,000
250,000
1,633,196
1,326,903
Current assets
Stocks
14
5,187,068
6,391,138
Debtors
15
1,155,088
3,699,367
Cash at bank and in hand
796,617
1,253,621
7,138,773
11,344,126
Creditors: amounts falling due within one year
16
(1,252,849)
(1,019,045)
Net current assets
5,885,924
10,325,081
Total assets less current liabilities
7,519,120
11,651,984
Provisions for liabilities
Deferred tax liability
17
231,836
169,552
(231,836)
(169,552)
Net assets
7,287,284
11,482,432
Capital and reserves
Called up share capital
19
1,660,000
1,660,000
Revaluation reserve
20
409,291
409,291
Capital redemption reserve
21
656,160
656,160
Profit and loss reserves
4,561,833
8,756,981
Total equity
7,287,284
11,482,432

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 9 July 2025 and are signed on its behalf by:
F Barclay
Director
Company registration number 04533812 (England and Wales)
GLENMUIR LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
1,660,000
224,193
656,160
6,393,600
8,933,953
Year ended 31 December 2023:
Profit
-
-
-
2,363,381
2,363,381
Other comprehensive income:
Gains reclassified to profit or loss
-
232,448
-
-
232,448
Tax relating to other comprehensive income
-
(47,350)
-
-
0
(47,350)
Total comprehensive income
-
185,098
-
2,363,381
2,548,479
Balance at 31 December 2023
1,660,000
409,291
656,160
8,756,981
11,482,432
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
2,304,852
2,304,852
Dividends
10
-
-
-
(6,500,000)
(6,500,000)
Balance at 31 December 2024
1,660,000
409,291
656,160
4,561,833
7,287,284
GLENMUIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Company information

Glenmuir Limited is a private company limited by shares incorporated in England and Wales. The registered office is Dove Mill, Dove Road Off Deane Church Lane, Deane, Bolton, BL3 4ET.

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 company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The results of Glenmuir Limited are included in the consolidated financial statements of Glenmuir & Sunderland Ltd. These consolidated financial statements are available on request from the group's registered office: Dove Mill, Deane Church Lane, Deane, Bolton, Lancashire, BL3 4ET.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover 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.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

GLENMUIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Licences
10 years straight line
1.5
Tangible fixed assets

Tangible fixed assets 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:

Freehold land and buildings
25 years (4% per annum)
Freehold improvements
10 years (10% per annum)
Plant and machinery
5 to 10 years (10-20% per annum)
Fixtures, fittings & equipment
5 to 10 years (10-20% per annum)
IT software
5 years (20% per annum)
Motor vehicles
5 years (20% per annum)

Freehold land is not depreciated.

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 credited or charged to profit or loss.

1.6
Fixed asset investments

Investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the company 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.

GLENMUIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -

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.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks 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.

1.9
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.

1.10
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets

Basic financial assets, which include debtors 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.

GLENMUIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

 

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

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 company 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 company after deducting all of its liabilities.

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.

 

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. Accounts 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.

GLENMUIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
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 profit and loss account 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 company’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 profit and loss account, 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 when the company has 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.

GLENMUIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.13
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 fixed 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 company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

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

1.15
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 leases asset are consumed.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
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 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.

GLENMUIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 17 -
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.

Tangible Fixed Assets

The useful economic life of tangible fixed assets had to be estimated by the directors of the Company to ensure an appropriate depreciation charge is recognised in the year.

Property valuation

Land and buildings were professionally valued at £400,000 on 20th November 2015 by Shepherd Chartered Surveyors, independent valuers not connected with the company, on the basis of market value. The valuation uplift has been solely attributed to the land held, as such historic depreciation incurred on the building of £80,381 remains in both cost and accumulated depreciation.

 

At the year ended 31 December 2023 the valuation was updated further with reference to local property indices which has resulted in a carrying value of £582,988.

 

The directors consider this represents the fair value at 31 December 2024.

Fixed Asset Investments

Fixed asset investments are currently held at their cost of £250,000. The directors believe this represents the fair value at 31 December 2024.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Sale of golf clothing and accessories
13,511,273
14,884,331
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
10,538,926
10,706,221
Europe
2,496,052
3,314,758
Rest of the world
476,295
863,352
13,511,273
14,884,331
2024
2023
£
£
Other revenue
Interest income
98,312
43,665
GLENMUIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(129,893)
(13,579)
Fees payable to the company's auditor for the audit of the company's financial statements
16,208
16,400
Depreciation of owned tangible fixed assets
167,811
107,547
Profit on disposal of tangible fixed assets
(12,898)
(3,986)
Operating lease charges
104,134
109,351

 

5
Employees

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

2024
2023
Number
Number
Operations
39
39
Sales and administration
42
38
Total
81
77

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,203,260
2,231,937
Social security costs
213,227
191,281
Pension costs
82,770
55,106
2,499,257
2,478,324

 

6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
216,494
232,174
Company pension contributions to defined contribution schemes
4,071
3,768
220,565
235,942

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

GLENMUIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Directors' remuneration
(Continued)
- 19 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
105,624
114,586
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
98,312
43,665
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
500
-
Other finance costs:
Other interest
749
-
0
1,249
-
0
GLENMUIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
531,085
736,120
Deferred tax
Origination and reversal of timing differences
62,284
403
Total tax charge
593,369
736,523

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:

2024
2023
£
£
Profit before taxation
2,898,221
3,099,904
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
724,555
774,976
Tax effect of expenses that are not deductible in determining taxable profit
4,157
8,222
Group relief
(135,000)
-
0
Permanent capital allowances in excess of depreciation
(64,173)
(648)
Depreciation on assets not qualifying for tax allowances
1,546
1,546
Deferred tax charge on revaluation of property
-
0
(47,350)
Rounding
-
0
(223)
Movement in deferred tax
62,284
-
0
Taxation charge for the year
593,369
736,523

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
-
47,350
10
Dividends
2024
2023
£
£
Final paid
6,500,000
-
0
GLENMUIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
11
Intangible fixed assets
Licences
£
Cost
At 1 January 2024 and 31 December 2024
1
Amortisation and impairment
At 1 January 2024 and 31 December 2024
1
Carrying amount
At 31 December 2024
-
0
At 31 December 2023
-
0
GLENMUIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
12
Tangible fixed assets
Freehold land and buildings
Freehold improvements
Plant and machinery
Fixtures, fittings & equipment
IT software
Motor vehicles
Total
£
£
£
£
£
£
£
Cost or valuation
At 1 January 2024
712,829
-
0
881,777
540,359
-
0
15,460
2,150,425
Additions
-
0
90,114
143,147
50,731
71,728
121,385
477,105
Disposals
-
0
-
0
(60,000)
(3,200)
-
0
-
0
(63,200)
At 31 December 2024
712,829
90,114
964,924
587,890
71,728
136,845
2,564,330
Depreciation and impairment
At 1 January 2024
129,841
-
0
562,645
365,576
-
0
15,460
1,073,522
Depreciation charged in the year
6,183
6,501
76,312
47,505
7,033
24,277
167,811
Eliminated in respect of disposals
-
0
-
0
(60,000)
(199)
-
0
-
0
(60,199)
At 31 December 2024
136,024
6,501
578,957
412,882
7,033
39,737
1,181,134
Carrying amount
At 31 December 2024
576,805
83,613
385,967
175,008
64,695
97,108
1,383,196
At 31 December 2023
582,988
-
0
319,132
174,783
-
0
-
0
1,076,903
GLENMUIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -

Land and buildings were professionally valued at £400,000 on 20th November 2015 by Shepherd Chartered Surveyors, independent valuers not connected with the company, on the basis of market value. The valuation uplift has been solely attributed to the land held, as such historic depreciation incurred on the building of £80,381 remains in accumulated depreciation.

 

This was further updated by the Directors at 31st December 2023 by reference to local property indices, which has resulted in a carrying value of £582,988 at the year end.

 

The revaluation surplus is disclosed in note 20.

If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

Freehold land and buildings
2024
2023
£
£
Cost
254,585
254,585
Accumulated depreciation
(136,024)
(129,841)
Carrying value
118,561
124,744
13
Fixed asset investments
2024
2023
£
£
Unlisted investments
250,000
250,000
14
Stocks
2024
2023
£
£
Work in progress
749,801
225,480
Finished goods and goods for resale
4,437,267
6,165,658
5,187,068
6,391,138
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
936,215
888,862
Other debtors
67,935
2,645,004
Prepayments and accrued income
150,938
165,501
1,155,088
3,699,367
GLENMUIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
16
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
554,472
230,942
Corporation tax
153,642
300,897
Other taxation and social security
178,678
51,512
Other creditors
82,500
102,067
Accruals and deferred income
283,557
333,627
1,252,849
1,019,045
17
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
ACAs
190,877
123,479
Revaluations
47,350
47,350
Short term timing differences
(6,391)
(1,277)
231,836
169,552
2024
Movements in the year:
£
Liability at 1 January 2024
169,552
Charge to profit or loss
62,284
Liability at 31 December 2024
231,836

The deferred tax liability set out above is expected to reverse and relates to accelerated capital allowances that are expected to mature within the same period.

18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
82,770
55,106

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

GLENMUIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,660,000
1,660,000
1,660,000
1,660,000
20
Revaluation reserve

The cumulative gains and losses in respect of certain categories of tangible fixed assets, except revaluation gains and losses recognised in profit and loss.

21
Capital redemption reserve

This reserve includes the nominal value of shares which have been redeemed by the company.

22
Financial commitments, guarantees and contingent liabilities

The company has provided guarantees in respect of letters of credit to a supplier and other guarantees to the bank and HM Revenue and Customs VAT amounting to £196,406 (2023: £167,661).

23
Operating lease commitments
Lessee

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

2024
2023
£
£
Within one year
20,884
31,827
Between two and five years
21,943
25,804
42,827
57,631
GLENMUIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
24
Related party transactions

Ruia Group Limited has provided a guarantee in respect of the company's bank overdraft. The amount of the overdraft at the year end was £Nil (2023: £Nil)

 

Glenmuir provided loans totalling £Nil to Ruia Group Limited (2023: £Nil). Interest of £94,462 was received in the year (2023: £40,110). The amount owing to Glenmuir limited at the year end was £Nil (2023: £2.5m)

 

The Company supplied goods and services to Drew Brady Limited T/A Sock Shop amounting to £Nil(2023: £Nil). The amount owed by Drew Brady Limited T/A Sock Shop at the year end was £Nil (2023: £Nil)

 

Drew Brady Limited supplied goods to the company amounting to £16,200 (2023: £6,615). The amount owed to Drew Brady at the year end was £Nil (2023: £Nil)

 

Ruia Group Limited supplied goods to the company amounting to £49,000 (2023: £21,277). The amount due to Ruia Group Limited at the year end was £Nil (2023: £653)

 

Kearsley Manufacturing Limited recharged the Company to the sum of £Nil (2023 : £17,933). The amount due to Kearsley Manufacturing Limited at the year end was £Nil (2023: £1,289)

 

Osan Limited supplied goods to the company amounting to £Nil (2023 : £3,354). The amount due to Osan Limited at the year end was £Nil (2023: £Nil)

 

The Company supplied goods and services to Osan Limited amounting to £Nil (2023: £621). The amount owed by Osan Limited at the year end was £nil (2023: £Nil)

 

Richard Haworth supplied goods to the Company amounting to £2,000 (2023: £91). The amount owed by Richard Haworth at the year end was £Nil (2023: £Nil)

 

During the year donations of £Nil (2023: £Nil) were made to the BHIM Ruia Foundation a charity with common control.

 

25
Ultimate controlling party

The ultimate parent company is Glenmuir & Sunderland Ltd, a company incorporated in England and Wales.

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