Company registration number 15172558 (England and Wales)
GLENMUIR & SUNDERLAND LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
GLENMUIR & SUNDERLAND LTD
COMPANY INFORMATION
Directors
Mr A S Ruia
Mr M Ruia
Company number
15172558
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 & SUNDERLAND LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 32
GLENMUIR & SUNDERLAND LTD
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the period 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 with sales amounting to £13.5m.
Management have focused on managing costs efficiently and fundamentally this has been achieved despite significant global cost increases.
Gross margin is 48.95%, given the challenging trading conditions, the directors are satisfied with this achievement.
The directors are pleased to report profits before tax of £1.17m and have a strong net asset position of £0.5m.
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 & SUNDERLAND LTD
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD 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
Gross margin 48.95%
EBITDA £2.94m
Net current liabilities £12.2m
Net assets £0.5m
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.
Mr M Ruia
Director
4 July 2025
GLENMUIR & SUNDERLAND LTD
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 3 -
The directors present their annual report and financial statements for the period ended 31 December 2024.
Principal activities
The company was incorporated on 28 September 2023 with the principal activity being that of a holding company.
The principal activities of the group are the supply of Glenmuir and Sunderland branded golf clothing and leisurewear.
Results and dividends
The results for the period are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
Mr A S Ruia
Mr M Ruia
Auditor
Sumer Auditco Limited was appointed as auditor to the company in the year end and is 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 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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
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.
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.
GLENMUIR & SUNDERLAND LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 4 -
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
Mr M Ruia
Director
4 July 2025
GLENMUIR & SUNDERLAND LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GLENMUIR & SUNDERLAND LTD
- 5 -
Opinion
We have audited the financial statements of Glenmuir & Sunderland Ltd (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 December 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company 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:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2024 and of the group's profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
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:
The information given in the strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
GLENMUIR & SUNDERLAND LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GLENMUIR & SUNDERLAND LTD
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
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 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 parent 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 & SUNDERLAND LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GLENMUIR & SUNDERLAND LTD
- 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:
Matters are discussed amongst the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud
Identifying and assessing the design and effectiveness of controls that management have in place to prevent and detect fraud
Detecting and responding to the risks of fraud following discussions with management and enquiring as to whether management have knowledge of any actual, suspected or alleged 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.
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.
Alex Hesketh (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited, Statutory Auditor
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
4 July 2025
GLENMUIR & SUNDERLAND LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 8 -
Period
ended
31 December
2024
Notes
£
Turnover
3
13,511,273
Cost of sales
(6,897,962)
Gross profit
6,613,311
Distribution costs
(368,036)
Administrative expenses
(4,912,510)
Operating profit
4
1,332,765
Interest receivable and similar income
7
379,591
Interest payable and similar expenses
8
(541,268)
Amounts written off investments
9
(54,492)
Profit before taxation
1,116,596
Tax on profit
10
(615,114)
Profit for the financial period
501,482
Profit for the financial period is all attributable to the owners of the parent company.
Total comprehensive income for the period is all attributable to the owners of the parent company.
GLENMUIR & SUNDERLAND LTD
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
Notes
£
£
Fixed assets
Goodwill
11
5,764,635
Tangible assets
12
1,383,196
Investments
13
5,821,847
12,969,678
Current assets
Stocks
15
5,187,068
Debtors
16
3,905,534
Cash at bank and in hand
889,813
9,982,415
Creditors: amounts falling due within one year
17
(22,208,775)
Net current liabilities
(12,226,360)
Total assets less current liabilities
743,318
Provisions for liabilities
Deferred tax liability
18
231,836
(231,836)
Net assets
511,482
Capital and reserves
Called up share capital
20
10,000
Profit and loss reserves
501,482
Total equity
511,482
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved by the board of directors and authorised for issue on 4 July 2025 and are signed on its behalf by:
04 July 2025
Mr M Ruia
Director
Company registration number 15172558 (England and Wales)
GLENMUIR & SUNDERLAND LTD
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
Notes
£
£
Fixed assets
Investments
13
24,120,005
Current assets
Debtors
16
2,750,000
Cash at bank and in hand
77,389
2,827,389
Creditors: amounts falling due within one year
17
(20,955,464)
Net current liabilities
(18,128,075)
Net assets
5,991,930
Capital and reserves
Called up share capital
20
10,000
Profit and loss reserves
5,981,930
Total equity
5,991,930
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £5,981,930.
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 4 July 2025 and are signed on its behalf by:
04 July 2025
Mr M Ruia
Director
Company registration number 15172558 (England and Wales)
GLENMUIR & SUNDERLAND LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 28 September 2023
-
-
-
Period ended 31 December 2024:
Profit and total comprehensive income
-
501,482
501,482
Issue of share capital
20
10,000
-
10,000
Balance at 31 December 2024
10,000
501,482
511,482
GLENMUIR & SUNDERLAND LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 28 September 2023
-
-
-
Period ended 31 December 2024:
Profit and total comprehensive income
-
5,981,930
5,981,930
Issue of share capital
20
10,000
-
10,000
Balance at 31 December 2024
10,000
5,981,930
5,991,930
GLENMUIR & SUNDERLAND LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 13 -
2024
Notes
£
£
Cash flows from operating activities
Cash generated from operations
25
10,248,707
Interest paid
(541,268)
Income taxes paid
(685,790)
Net cash inflow from operating activities
9,021,649
Investing activities
Purchase of tangible fixed assets
(477,105)
Proceeds from disposal of tangible fixed assets
15,899
Purchase of subsidiaries, net of cash acquired
(4,098,782)
Loss on disposal of investments
(211,439)
Interest received
161,684
Dividends received
217,907
Net cash used in investing activities
(4,391,836)
Financing activities
Proceeds from issue of shares
10,000
Repayment of loan notes
(3,750,000)
Net cash used in financing activities
(3,740,000)
Net increase in cash and cash equivalents
889,813
Cash and cash equivalents at beginning of period
-
Cash and cash equivalents at end of period
889,813
GLENMUIR & SUNDERLAND LTD
COMPANY STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 14 -
2024
Notes
£
£
Cash flows from operating activities
Cash generated from operations
26
3,165,319
Interest paid
(540,000)
Net cash inflow from operating activities
2,625,319
Investing activities
Purchase of subsidiaries
(5,370,005)
Interest received
62,075
Dividends received
6,500,000
Net cash generated from investing activities
1,192,070
Financing activities
Proceeds from issue of shares
10,000
Repayment of loan notes
(3,750,000)
Net cash used in financing activities
(3,740,000)
Net increase in cash and cash equivalents
77,389
Cash and cash equivalents at beginning of period
-
Cash and cash equivalents at end of period
77,389
GLENMUIR & SUNDERLAND LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 15 -
1
Accounting policies
Company information
Glenmuir & Sunderland Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .
The group consists of Glenmuir & Sunderland Ltd and all of its subsidiaries.
1.1
Reporting period
These financial statements have been prepared for the fifteen-month period ended 31 December 2024.
1.2
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 under the historical cost convention, modified to include the revaluation of freehold properties, investments and to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.3
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
1.4
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Glenmuir & Sunderland Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2024. 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.
GLENMUIR & SUNDERLAND LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.5
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.
1.6
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue 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.
1.7
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 5 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.
1.8
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 equipment
5 to 10 years (10-20% per annum)
Fixtures and fittings
5 to 10 years (10-20% per annum)
IT software
5 years (20% per annum)
Motor vehicles
5 years (20% per annum)
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 profit and loss account.
GLENMUIR & SUNDERLAND LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.9
Fixed asset 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 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.
1.10
Impairment of fixed 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.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
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.
1.11
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
GLENMUIR & SUNDERLAND LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
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.
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 balance sheet 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 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.
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.
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.
GLENMUIR & SUNDERLAND LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
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.
Basic financial liabilities
Basic financial liabilities, including creditors, 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 creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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 group's contractual obligations expire or are discharged or cancelled.
1.14
Equity instruments
Equity instruments issued by the group 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 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 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
GLENMUIR & SUNDERLAND LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
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 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.
1.16
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.
1.17
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.18
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.
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.
GLENMUIR & SUNDERLAND LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 21 -
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
At the start of the year in December 2023 the valuation of the Freehold land and buildings was updated with reference to local property indices which 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
2024
£
Turnover analysed by class of business
Sale of golf clothing and accessories
13,511,273
2024
£
Turnover analysed by geographical market
United Kingdom
10,538,926
Europe
2,496,052
Rest of the world
476,295
13,511,273
2024
£
Other revenue
Interest income
161,684
Dividends received
217,907
GLENMUIR & SUNDERLAND LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 22 -
4
Operating profit
2024
£
Operating profit for the period is stated after charging/(crediting):
Exchange gains
(129,893)
Fees payable to the group's auditor for the audit of the group's financial statements
-
Depreciation of owned tangible fixed assets
167,811
Profit on disposal of tangible fixed assets
(12,898)
Amortisation of intangible assets
1,441,159
Operating lease charges
104,134
5
Employees
The average monthly number of persons (including directors) employed by the group and company during the period was:
Group
Company
2024
2024
Number
Number
Operations
39
-
Sales and administration
42
-
Directors
2
2
Total
83
2
Their aggregate remuneration comprised:
Group
Company
2024
2024
£
£
Wages and salaries
2,203,260
Social security costs
213,227
-
Pension costs
82,770
2,499,257
6
Directors' remuneration
2024
£
Remuneration for qualifying services
134,143
GLENMUIR & SUNDERLAND LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 23 -
7
Interest receivable and similar income
2024
£
Interest income
Other interest income
161,684
Other income from investments
Dividends received
217,907
Total income
379,591
2024
Investment income includes the following:
£
Dividends from financial assets measured at fair value through profit or loss
217,907
8
Interest payable and similar expenses
2024
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
500
Other finance costs:
Other interest
540,768
Total finance costs
541,268
9
Amounts written off investments
2024
£
Fair value gains/(losses) on financial instruments
Loss on financial assets held at fair value through profit or loss
(182,120)
Other gains/(losses)
Gain on disposal of financial assets held at fair value through profit or loss
127,628
(54,492)
10
Taxation
2024
£
Current tax
UK corporation tax on profits for the current period
552,830
Deferred tax
Origination and reversal of timing differences
62,284
Total tax charge
615,114
GLENMUIR & SUNDERLAND LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
10
Taxation
(Continued)
- 24 -
The actual charge for the period can be reconciled to the expected charge/(credit) for the period based on the profit or loss and the standard rate of tax as follows:
2024
£
Profit before taxation
1,116,596
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00%
279,149
Tax effect of expenses that are not deductible in determining taxable profit
10,305
Group relief
(480)
Permanent capital allowances in excess of depreciation
(64,173)
Depreciation on assets not qualifying for tax allowances
1,546
Dividend income
(42,100)
Unrealised (gain)/ losses on FV adjustment on investments
13,624
Consolidation adjustments
354,959
Movement in deferred tax
62,284
Taxation charge
615,114
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 28 September 2023
Additions - business combinations
7,205,794
At 31 December 2024
7,205,794
Amortisation and impairment
At 28 September 2023
Amortisation charged for the period
1,441,159
At 31 December 2024
1,441,159
Carrying amount
At 31 December 2024
5,764,635
The company had no intangible fixed assets at 31 December 2024.
More information on impairment movements in the period is given in note .
GLENMUIR & SUNDERLAND LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 25 -
12
Tangible fixed assets
Group
Freehold land and buildings
Freehold improvements
Plant and equipment
Fixtures and fittings
IT software
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 28 September 2023
Additions
90,114
143,147
50,731
71,728
121,385
477,105
Business combinations
582,988
319,132
174,783
1,076,903
Disposals
(60,000)
(3,200)
(63,200)
At 31 December 2024
582,988
90,114
402,279
222,314
71,728
121,385
1,490,808
Depreciation and impairment
At 28 September 2023
Depreciation charged in the period
6,183
6,501
76,312
47,505
7,033
24,277
167,811
Eliminated in respect of disposals
(60,000)
(199)
(60,199)
At 31 December 2024
6,183
6,501
16,312
47,306
7,033
24,277
107,612
Carrying amount
At 31 December 2024
576,805
83,613
385,967
175,008
64,695
97,108
1,383,196
The company had no tangible fixed assets at 31 December 2024.
GLENMUIR & SUNDERLAND LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
12
Tangible fixed assets
(Continued)
- 26 -
At the start of the year in December 2023 the valuation of the Freehold land and buildings was updated with reference to local property indices which resulted in a carrying value of £582,988.
The directors consider this represents the fair value at 31 December 2024.
13
Fixed asset investments
Group
Company
2024
2024
Notes
£
£
Investments in subsidiaries
14
24,120,005
Listed investments
5,571,847
Unlisted investments
250,000
5,821,847
24,120,005
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 28 September 2023
-
Additions
8,148,920
Valuation changes
(54,492)
Other movements
31,634
Disposals
(2,304,215)
At 31 December 2024
5,821,847
Carrying amount
At 31 December 2024
5,821,847
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 28 September 2023
-
Additions
24,120,005
At 31 December 2024
24,120,005
Carrying amount
At 31 December 2024
24,120,005
14
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
GLENMUIR & SUNDERLAND LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
14
Subsidiaries
(Continued)
- 27 -
Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
Glenmuir Holdings Ltd
1
Ordinary
100.00
-
Glenmuir Ltd
1
Ordinary
0
100.00
Registered office addresses (all UK unless otherwise indicated):
1
Dove Mill, Dove Road, Off Deane Church Lane, Deane, Bolton, BL3 4ET
15
Stocks
Group
Company
2024
2024
£
£
Work in progress
749,801
-
Finished goods and goods for resale
4,437,267
5,187,068
-
16
Debtors
Group
Company
2024
2024
Amounts falling due within one year:
£
£
Trade debtors
936,215
Corporation tax recoverable
446
Other debtors
2,817,935
2,750,000
Prepayments and accrued income
150,938
3,905,534
2,750,000
17
Creditors: amounts falling due within one year
Group
Company
2024
2024
£
£
Trade creditors
554,472
Corporation tax payable
169,106
15,464
Other taxation and social security
178,678
-
Other creditors
21,022,962
20,940,000
Accruals and deferred income
283,557
22,208,775
20,955,464
GLENMUIR & SUNDERLAND LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 28 -
18
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
2024
Group
£
Accelerated capital allowances
190,877
Revaluations
47,350
Short term timing differences
(6,391)
231,836
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the period:
£
£
Asset at 28 September 2023
-
-
Charge to profit or loss
62,284
-
Other
169,552
-
Liability at 31 December 2024
231,836
-
19
Retirement benefit schemes
2024
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
82,770
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.
GLENMUIR & SUNDERLAND LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 29 -
20
Share capital
Group and company
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
A1 Ordinary shares of £1 each
700
700
A2 Ordinary shares of £1 each
700
700
A3 Ordinary shares of £1 each
700
700
A4 Ordinary shares of £1 each
700
700
V1 Ordinary shares of £1 each
1,100
1,100
V2 Ordinary shares of £1 each
3,300
3,300
S1 Ordinary shares of £1 each
1,101
1,101
S2 Ordinary shares of £1 each
1,699
1,699
10,000
10,000
On incorporation 1 V2 ordinary share of £1 was issued at par value.
On 11 December 2023, the company issued the following shares at par value:
700 A1 Ordinary of £1 each
700 A2 Ordinary of £1 each
700 A3 Ordinary of £1 each
700 A4 Ordinary of £1 each
1,101 S1 Ordinary of £1 each
1,699 S2 Ordinary of £1 each
1,100 V1 Ordinary of £1 each
3,299 V2 Ordinary of £1 each
21
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).
22
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
2024
2024
£
£
Within one year
41,768
-
Between two and five years
43,886
-
85,654
-
GLENMUIR & SUNDERLAND LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 30 -
23
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 £156,537 was received in the year (2023: £40,110). The amount owing to Glenmuir limited at the year end was £2.75m (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.
24
Controlling party
There is not considered to be an ultimate controlling party.
GLENMUIR & SUNDERLAND LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 31 -
25
Cash generated from group operations
2024
£
Profit after taxation
501,482
Adjustments for:
Taxation charged
615,114
Finance costs
541,268
Investment income
(379,591)
Gain on disposal of tangible fixed assets
(12,898)
Amortisation and impairment of intangible assets
1,441,159
Depreciation and impairment of tangible fixed assets
167,811
Other gains and losses
54,492
Movements in working capital:
Decrease in stocks
1,204,070
Increase in debtors
(205,721)
Increase in creditors
6,321,521
Cash generated from operations
10,248,707
26
Cash generated from operations - company
2024
£
Profit after taxation
5,981,930
Adjustments for:
Taxation charged
15,464
Finance costs
540,000
Investment income
(6,562,075)
Movements in working capital:
Increase in debtors
(2,750,000)
Increase in creditors
5,940,000
Cash generated from operations
3,165,319
27
Analysis of changes in net funds - group
28 September 2023
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
-
889,813
889,813
GLENMUIR & SUNDERLAND LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 32 -
28
Analysis of changes in net funds - company
28 September 2023
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
-
77,389
77,389
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