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REGISTERED NUMBER: 10913094 (England and Wales)















GLOSSBROOK HOLDINGS LIMITED

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025






GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


GLOSSBROOK HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2025







DIRECTORS: Mr M Allner
Mr N D Dunkerton
Mr R T Fooks
Mr M A McGowan





REGISTERED OFFICE: 2A Oswald Road
Bournemouth
Dorset
BH9 2TQ





REGISTERED NUMBER: 10913094 (England and Wales)





AUDITORS: Rothmans Audit LLP
Statutory Auditors
Chartered Accountants
Fryern House
125 Winchester Road
Chandlers Ford
Hampshire
SO53 2DR

GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2025


The directors present their report with the financial statements of the Company and the Group for the year ended 28 February 2025.

BACKGROUND
Glossbrook Holdings Limited ("GHL") was incorporated in August 2017 with the intention of acquiring Glossbrook Builders Limited ("GBL") as part of a management buyout which completed at the end of October 2017.

REVIEW OF BUSINESS
The Group is a renowned local builder of houses, flats and commercial buildings for a range of developers, housing associations and private clients.

Projects undertaken range from groups of small or medium sized houses to single large houses, and from small single blocks of flats, some having integral commercial units, through to multiple multi-storey blocks of flats. Although the majority are for construction of new buildings from the ground up, the Group also works on conversions of existing structures.

Contract sizes are usually between £1m and £6m, although recently the Group has worked on contracts either side of this range.

Recent commercial projects have involved the construction of new buildings, alterations of existing structures and refurbishment. These have ranged from small factories or workshops, through to industrial developments with several units. In the past, we have also constructed office blocks with finished buildings having a variety of uses.

Following a challenging Covid and immediate post-Covid era, where the Group honoured fixed price contracts despite high cost inflation and was resultantly loss-making, performance has markedly improved. This is evidenced by the return of the Group to profitability in the last two years with a turnover in the year ended 28 February 2025 of £17.8m (2024: £17.0m) and a net profit before tax of £318k (2024: £163k).

The Group has recently been operating at a lower level of turnover compared to previous years, but on a more profitable basis. This increased margin has resulted from the Group's investment in its management and systems, leading to better project management and thus improved profitability. The gross profit margin in the year to 28 February 2025 increased to 12.0% (2024: 9.6%).

The Group has an extensive list of potential projects which should start in the next twelve months. Together with the existing active projects, this should result in at least similar levels of turnover in the current year. These potential projects have been priced and negotiated with a settled supply chain, devoid of post-Covid inflation. This allows the Group to look forward to managing the delivery of these projects which will include some of the largest projects the Group has undertaken.

Housing demand remains strong in the area and produces a flow of enquiries and prospective new work, with the Group currently in discussion with new and existing clients, negotiating prices on a number of projects.

The reputation of the Group for quality work and good working relationships established in the past and maintained during the turmoil of the post Covid years continues to attract new clients largely because of recommendation as well as repeat business from existing clients.

There are potential short and medium term risks to housing demand resulting from the current economic circumstances, but the long term housing market fundamentals should continue to be strong while there is a continuing housing shortage. Demand looks as if it will remain greater than supply for the foreseeable future.

The construction industry in the UK and locally remains competitive and margins continue to be tight. The Group is aware that any plans for the future development of the business may be subject to unforeseen future events outside its control.


GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2025

PRINCIPAL RISKS AND UNCERTAINTIES
Significant price inflation because of the Coronavirus pandemic and the conflict in Ukraine had an impact on the profitability of the business in the past few years. Whilst material and labour availability and cost pressures have stabilised there are still price increases but at the levels seen in the period before the Coronavirus pandemic; inflationary pressure on material and labour availability continues to provide a risk arising from cost uncertainty when working on fixed price contracts. The Group recognises this risk and has adopted a pricing strategy which accounts for this risk. In addition, securing fixed priced supply through early procurement wherever possible provides a degree of price security. The Group's purchasing team continue to work hard in establishing additional supply chain options to mitigate availability and cost risk.

Construction activities have the potential risk to cause injury to employees, sub-contract staff, site visitors and the public. The Group is committed to minimising these risks through continual review of its Health & Safety (H&S) Policy, providing ongoing mandatory H&S training for all Site Staff and education of sub-contractor staff working on site. The Group has experienced external H&S advisors who are involved in project planning and carry out monthly or twice monthly visits to sites reporting to Site and Contract Managers.

The business is reliant on the performance of its employees in the successful execution of its business activities and, over the last few years, the Group has strengthened its management team and also introduced a quality assurance system. The additional management resources have also enabled the Group to embrace new Building and Environmental Regulations.

The Group is acutely aware of the skills shortage within the industry at all levels which is exacerbated when there is growth within the industry and so the Group strives to create a rewarding environment for all its employees. Training remains a priority and Site and Contract Managers and Supervisors are encouraged to undertake NVQ, degree and post graduate training at the appropriate level with some Managers achieving membership of the Chartered Institute of Building.

In the last few years as the Group and the construction industry in general went through a period of growth, there was greater competition for limited sub-contractor resource. The Group has always recognised the importance of fostering long-term relationships with its materials suppliers and sub-contractors, usually local to its operating area, and a key element of these relationships is based on good payment terms. These relationships help to maintain the levels of resource to meet the Group's objectives of quality of work and completion to programme.

Construction is a barometer of the broader economy and is affected by adverse economic conditions as well as government policies, and these both will have an impact on construction activity. The Group continues to develop the sources of its work ensuring a spread of projects across several sectors to provide a degree of flexibility to react to economic change and avoid exposure to declining work in any sector.

KEY PERFORMANCE INDICATORS
The Group's key performance indicators are considered to be turnover, gross profit and net profit. These have been considered within the Review of Business above.

ON BEHALF OF THE BOARD:





Mr R T Fooks - Director


5 August 2025

GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 28 FEBRUARY 2025


The directors present their report with the financial statements of the company and the group for the year ended 28 February 2025.

DIVIDENDS
No interim dividend was paid in the year. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 28 February 2025 will be £nil.

RESEARCH AND DEVELOPMENT
The Group's projects are usually for bespoke housing developments each of which brings its own challenges in the pre-contract and early stages of the projects which allows the Group's management to review value engineering opportunities to confirm or increase the project viability for the client and also to overcome any physical or logistical difficulties in delivery of the project.

This project planning stage also allows the review of the use of low carbon construction and the latest renewable energy systems available in the market.

FUTURE DEVELOPMENTS
During the past two years ended 28 February 2025 the Group traded in a more stable environment than during the previous financial year ended 28 February 2023, which was the most difficult experienced by the Group since its establishment. This period of trading in a more stable environment has enabled the Group to manage and develop the business in a more measured manner, replenishing the resources used in trading through the turbulent times.

The Group will continue to focus on strengthening existing longstanding customer relationships which have contributed significant repeat business and underpinned the results of the Group over the years. The Group will also develop new relationships already established with other developers and project providers as well as seeking new clients from identified categories of developers.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 March 2024 to the date of this report.

Mr M Allner
Mr N D Dunkerton
Mr R T Fooks
Mr M A McGowan

FINANCIAL INSTRUMENTS RISKS
The Group's principal financial instruments comprise bank balances, trade creditors, trade debtors, payments on account and hire purchase agreements. The main purpose of these instruments is to raise funds and finance the Group's operations.

Payments on account are a key part of funding work in progress on the Group's contracts and are managed by ensuring that contract valuations are prepared monthly and that invoices are raised accordingly.

Due to the nature of the financial instruments used by the Group there is no exposure to price risk. The Group's approach to managing other risks applicable to the financial instruments concerned is summarised below.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

The Group is a lessee in respect of hire purchased and leased assets. The liquidity risk in respect of these is managed in the same way as trade creditors above.


GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 28 FEBRUARY 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group 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;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Rothmans Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr R T Fooks - Director


5 August 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GLOSSBROOK HOLDINGS LIMITED


Opinion
We have audited the financial statements of Glossbrook Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 February 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 28 February 2025 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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 the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GLOSSBROOK HOLDINGS LIMITED


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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GLOSSBROOK HOLDINGS LIMITED


Auditors' 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 a Report of the Auditors 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 obtained an understanding of the legal and regulatory framework that the Group operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on the operations of the Group. The key laws and regulations we considered in this context included the UK Companies Act and Health & Safety regulations.

Discussions were held within the engagement team regarding how and where fraud might occur in the Financial Statements and any potential indicators of fraud. As part of this discussion, we identified potential risk areas such as revenue cut-off, the correct application of contract accounting and provisions for any potential losses on contracts. Audit procedures were designed to ensure all of the risks were addressed.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- enquiring of management as to actual and potential litigation and claims; and
- reviewing any correspondence with regulators and the Group's legal advisors.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions; and
- assessed whether judgements and assumptions contained any indication of potential bias.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

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




Kevin Richards (Senior Statutory Auditor)
for and on behalf of Rothmans Audit LLP
Statutory Auditors
Chartered Accountants
Fryern House
125 Winchester Road
Chandlers Ford
Hampshire
SO53 2DR

5 August 2025

GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2025

2025 2024
Notes £ £

TURNOVER 3 17,808,951 16,985,217

Cost of sales 15,680,537 15,359,046
GROSS PROFIT 2,128,414 1,626,171

Administrative expenses 1,808,930 1,484,198
319,484 141,973

Other operating income 14,287 29,007
OPERATING PROFIT 5 333,771 170,980

Interest receivable and similar income 451 1,806
334,222 172,786

Interest payable and similar expenses 6 16,692 9,971
PROFIT BEFORE TAXATION 317,530 162,815

Tax on profit 7 (10,664 ) (130,833 )
PROFIT FOR THE FINANCIAL YEAR 328,194 293,648
Profit attributable to:
Owners of the parent 328,194 293,648

GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2025

2025 2024
Notes £ £

PROFIT FOR THE YEAR 328,194 293,648


OTHER COMPREHENSIVE INCOME
Revaluation of property - 95,000
Income tax relating to other comprehensive
income

-

(23,750

)
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

-

71,250
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

328,194

364,898

Total comprehensive income attributable to:
Owners of the parent 328,194 364,898

GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094)

CONSOLIDATED BALANCE SHEET
28 FEBRUARY 2025

2025 2024
Notes £ £ £ £
FIXED ASSETS
Intangible assets 9 145,371 199,887
Tangible assets 10 618,647 632,018
Investments 11 - -
764,018 831,905

CURRENT ASSETS
Stocks 12 354,296 11,084
Debtors: amounts falling due within one year 13 1,716,598 1,994,816
Debtors: amounts falling due after more than
one year

13

240,428

170,838
Cash at bank 353,808 97,423
2,665,130 2,274,161
CREDITORS
Amounts falling due within one year 14 3,348,942 3,340,954
NET CURRENT LIABILITIES (683,812 ) (1,066,793 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

80,206

(234,888

)

CREDITORS
Amounts falling due after more than one
year

15

(36,234

)

(39,565

)

PROVISIONS FOR LIABILITIES 18 (146,339 ) (156,108 )
NET LIABILITIES (102,367 ) (430,561 )

CAPITAL AND RESERVES
Called up share capital 19 1,250 1,250
Revaluation reserve 20 71,250 71,250
Retained earnings 20 (174,867 ) (503,061 )
SHAREHOLDERS' FUNDS (102,367 ) (430,561 )

The financial statements were approved by the Board of Directors and authorised for issue on 5 August 2025 and were signed on its behalf by:





Mr R T Fooks - Director


GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094)

COMPANY BALANCE SHEET
28 FEBRUARY 2025

2025 2024
Notes £ £ £ £
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 400,000 400,000
Investments 11 1,284,478 1,284,478
1,684,478 1,684,478

CURRENT ASSETS
Cash at bank 113 113

CREDITORS
Amounts falling due within one year 14 1,570,560 1,570,560
NET CURRENT LIABILITIES (1,570,447 ) (1,570,447 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

114,031

114,031

PROVISIONS FOR LIABILITIES 18 23,750 23,750
NET ASSETS 90,281 90,281

CAPITAL AND RESERVES
Called up share capital 19 1,250 1,250
Revaluation reserve 20 71,250 71,250
Retained earnings 20 17,781 17,781
SHAREHOLDERS' FUNDS 90,281 90,281

Company's profit for the financial year - -

The financial statements were approved by the Board of Directors and authorised for issue on 5 August 2025 and were signed on its behalf by:





Mr R T Fooks - Director


GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2025

Called up
share Retained Revaluation Total
capital earnings reserve equity
£ £ £ £
Balance at 1 March 2023 1,250 (796,709 ) - (795,459 )

Changes in equity
Total comprehensive income - 293,648 71,250 364,898
Balance at 29 February 2024 1,250 (503,061 ) 71,250 (430,561 )

Changes in equity
Total comprehensive income - 328,194 - 328,194
Balance at 28 February 2025 1,250 (174,867 ) 71,250 (102,367 )

GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2025

Called up
share Retained Revaluation Total
capital earnings reserve equity
£ £ £ £
Balance at 1 March 2023 1,250 17,781 - 19,031

Changes in equity
Total comprehensive income - - 71,250 71,250
Balance at 29 February 2024 1,250 17,781 71,250 90,281

Changes in equity
Balance at 28 February 2025 1,250 17,781 71,250 90,281

GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2025

2025 2024
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 301,024 (121,369 )
Interest paid (9,098 ) (3,652 )
Interest element of hire purchase payments
paid

(7,594

)

(6,319

)
Tax refund 33,547 191,256
Net cash from operating activities 317,879 59,916

Cash flows from investing activities
Sale of tangible fixed assets 11,395 65,880
Interest received 451 1,806
Net cash from investing activities 11,846 67,686

Cash flows from financing activities
Capital repayments in year (73,340 ) (77,005 )
Net cash from financing activities (73,340 ) (77,005 )

Increase in cash and cash equivalents 256,385 50,597
Cash and cash equivalents at beginning
of year

2

97,423

46,826

Cash and cash equivalents at end of year 2 353,808 97,423

GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2025


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025 2024
£ £
Profit before taxation 317,530 162,815
Depreciation charges 65,828 68,270
Profit on disposal of fixed assets (8,337 ) (26,169 )
Movement in provision (9,769 ) (150,389 )
Amortisation charges 54,516 54,516
Finance costs 16,692 9,971
Finance income (451 ) (1,806 )
436,009 117,208
(Increase)/decrease in stocks (343,212 ) 36,640
Decrease in trade and other debtors 185,744 895,393
Increase/(decrease) in trade and other creditors 22,483 (1,170,610 )
Cash generated from operations 301,024 (121,369 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 28 February 2025
28/2/25 1/3/24
£ £
Cash and cash equivalents 353,808 97,423
Year ended 29 February 2024
29/2/24 1/3/23
£ £
Cash and cash equivalents 97,423 46,826


3. ANALYSIS OF CHANGES IN NET FUNDS

Other
non-cash
At 1/3/24 Cash flow changes At 28/2/25
£ £ £ £
Net cash
Cash at bank 97,423 256,385 353,808
97,423 256,385 353,808
Debt
Finance leases (97,166 ) 73,340 (55,515 ) (79,341 )
(97,166 ) 73,340 (55,515 ) (79,341 )
Total 257 329,725 (55,515 ) 274,467

GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025


1. COMPANY INFORMATION

Glossbrook Holdings Limited was incorporated on 14 August 2017 under the Companies Act 2006, as a private limited company and is registered in England and Wales. The principal activity of Glossbrook Holdings Limited is that of a holding company. The principal activity of the Group is that of building and construction of houses, flats and commercial buildings. The address of its head office and registered office is 2A Oswald Road, Bournemouth, Dorset, BH9 2TQ.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentation currency is £ sterling.

Going Concern
The Group has produced detailed budgets and projections which the Directors have reviewed. They have concluded that there is a reasonable expectation that the Group, having an adequate pipeline of prospective contracts and sufficient resources, will continue in operation for the foreseeable future. The Directors have therefore adopted the going concern basis in preparing the financial statements.

Financial reporting standard 102 - reduced disclosure exemptions
The parent company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirement of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f),
11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirement of Section 33 Related Party Disclosures paragraph 33.7.

Basis of consolidation
The consolidated financial statements consolidate the financial statements of Glossbrook Holdings Limited and all its subsidiary undertakings. These financial statements are made up to 28 February 2025.

Unless otherwise stated, the acquisition method of accounting has been adopted. Under this method the results of the subsidiary companies acquired or disposed of in the year are included in the Consolidated Income Statement from the date of acquisition or up to the date of disposal.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Investments in subsidiaries
Investments are initially recognised at cost and subsequently carried at cost less accumulated impairment losses.

GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2025


2. ACCOUNTING POLICIES - continued

Turnover and profits
Turnover is the total amount receivable by the Group for services provided under long-term contracts, excluding value added tax and trade discounts.

Long-term contracts are assessed on a contract by contract basis and are reflected in the Consolidated Income Statement by recording turnover and related costs as contract activity progresses based on the percentage completed. Where the outcome of each long-term contract can be assessed with reasonable certainty before its conclusion, the attributable profit is recognised in the Consolidated Income Statement as the difference between the reported turnover and related costs for that contract. When losses are expected on contracts, these are recognised in full and included in the future loss provision.

The completion stage of a contract is determined by reference to costs incurred compared to total estimated costs of the contract.

Intangible fixed assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of 10 years.

Tangible fixed assets
The cost of fixed assets initially recognised includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in a manner intended by management.

Fixed assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the Consolidated Income Statement.

Depreciation is provided at rates calculated to write off the cost or valuation less residual value of each asset over its expected useful life, as follows:

Plant and machinery- 25% reducing balance
Fixtures and equipment- 25% reducing balance
Motor vehicles- 25% reducing balance

The Group has adopted a policy of revaluation for its freehold property which will be revalued periodically. Consequently, depreciation is not provided in respect of this property. This policy represents a departure from statutory accounting principles, which require depreciation to be provided on all fixed assets. The directors consider that this policy is necessary in order that the financial statements may give a true and fair view because current values and changes in current values are of prime importance rather than the calculation of systemic annual depreciation. Depreciation is only one of many factors reflected in the valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

It is the Group's policy to maintain the property continually in a state of sound repair and to make improvements from time to time, and accordingly, the directors consider that the life of the property is so long and the residual value so high that depreciation is not significant.

Stocks and work in progress
Work in progress is valued at the lower of cost and net realisable value. Net realisable value is the estimated sales price less costs to completion.

Work in progress is shown net of relevant payments on account.

Financial instruments
The Group only has financial assets and liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and debt instruments are subsequently measured at amortised cost.


GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2025


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Consolidated Income Statement so as to produce constant periodic rates of charge on the net obligations outstanding in each period.

Rentals payable under operating leases are charged to the Consolidated Income Statement on a straight line basis over the lease term.

Pension costs
The pension costs charged in the financial statements represent the contributions payable by the Group during the year.

Long term contracts
Amounts recoverable on long term contracts, which are included in debtors are stated at the net sales value of work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account.

GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2025


2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:

1) Revenue recognition
Revenue is recognised in relation to the value of work carried out which is based on the project as a whole. Judgements are made on the timing of revenue recognition based on the stage of completion percentage of the work and the expected outcome of the contract.

2) Revaluations
The directors assess the value of the freehold property which is subject to estimation. In considering this the directors review market conditions and external professional valuations.

Other key sources of estimation uncertainty:

1) Future loss provision
Progress on contracts is continually reviewed to assess performance. Where losses are expected on contracts these are recognised in full and included in the future loss provision.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

All of the group's turnover is derived from work on contracts carried out in the UK.

4. EMPLOYEES AND DIRECTORS
2025 2024
£ £
Wages and salaries 2,005,861 2,003,091
Social security costs 227,665 230,139
Other pension costs 151,545 119,480
2,385,071 2,352,710

The average number of employees during the year was as follows:
2025 2024

Site Staff 30 35
Administration 16 15
46 50

2025 2024
£ £
Directors' remuneration 220,470 218,622
Directors' pension contributions to money purchase schemes 103,071 66,034

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2025


4. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
2025 2024
£ £
Emoluments etc 89,897 85,333
Pension contributions to money purchase schemes 63,333 39,996

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025 2024
£ £
Depreciation - owned assets 24,478 33,939
Depreciation - assets on hire purchase contracts 41,350 34,331
Profit on disposal of fixed assets (8,337 ) (26,169 )
Goodwill amortisation 54,516 54,516

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2025 2024
£ £
Loans and other interest payable 9,098 3,652
Hire purchase and finance lease charges 7,594 6,319
16,692 9,971

7. TAXATION

Analysis of the tax credit
The tax credit on the profit for the year was as follows:
2025 2024
£ £
Current tax:
Over/under provision in prior
year (10,664 ) -
R&D tax credit - prior year - (33,546 )
R&D tax credit - current year - (97,287 )

Tax on profit (10,664 ) (130,833 )

GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2025


7. TAXATION - continued

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2025 2024
£ £
Profit before tax 317,530 162,815
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2024 - 25 %)

79,383

40,704

Effects of:
Expenses not deductible for tax purposes 14,256 14,114
Adjustments to tax charge in respect of previous periods (10,664 ) -
Movement in deferred tax unprovided (96,289 ) 20,726
Other short term timing differences 2,650 (10,500 )
R&D tax credit - prior year - (33,546 )
R&D tax enhanced deduction - (303,489 )
Difference in tax rate on R&D claim - 141,158
Total tax credit (10,664 ) (130,833 )

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 28 February 2025.

2024
Gross Tax Net
£ £ £
Revaluation of property 95,000 (23,750 ) 71,250

The Group has estimated tax losses carried forward of £1.33m (2024: £1.77m).

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£
COST
At 1 March 2024
and 28 February 2025 545,155
AMORTISATION
At 1 March 2024 345,268
Amortisation for year 54,516
At 28 February 2025 399,784
NET BOOK VALUE
At 28 February 2025 145,371
At 29 February 2024 199,887

GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2025


10. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£ £ £ £ £
COST
At 1 March 2024 400,000 238,832 39,884 152,503 831,219
Additions - - - 55,515 55,515
Disposals - - - (52,301 ) (52,301 )
At 28 February 2025 400,000 238,832 39,884 155,717 834,433
DEPRECIATION
At 1 March 2024 - 126,454 23,718 49,029 199,201
Charge for year - 28,097 6,430 31,301 65,828
Eliminated on disposal - - - (49,243 ) (49,243 )
At 28 February 2025 - 154,551 30,148 31,087 215,786
NET BOOK VALUE
At 28 February 2025 400,000 84,281 9,736 124,630 618,647
At 29 February 2024 400,000 112,378 16,166 103,474 632,018

Freehold land and buildings, included at valuation would have been included on a historical cost basis at £244,903 (2024: £244,903).

The net book value of tangible fixed assets includes £129,192 (2024: £131,693) in respect of assets held under hire purchase contracts and finance leases.

Company
Freehold
property
£
COST
At 1 March 2024
and 28 February 2025 400,000
NET BOOK VALUE
At 28 February 2025 400,000
At 29 February 2024 400,000

Freehold land and buildings, included at valuation would have been included on a historical cost basis at £305,000 (2024: £305,000).

GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2025


11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£
COST
At 1 March 2024
and 28 February 2025 1,284,478
NET BOOK VALUE
At 28 February 2025 1,284,478
At 29 February 2024 1,284,478

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Glossbrook Builders Limited
Registered office: 2A Oswald Road, Bournemouth, BH9 2TQ
Nature of business: Construction of houses and commercial buildings
%
Class of shares: holding
Ordinary 100.00

Glossbrook Construction Limited
Registered office: 2A Oswald Road, Bournemouth, BH9 2TQ
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Glossbrook Developments Limited
Registered office: 2A Oswald Road, Bournemouth, BH9 2TQ
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Glossbrook Homes Limited
Registered office: 2A Oswald Road, Bournemouth, BH9 2TQ
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Glossbrook (Sussex) Limited
Registered office: 2A Oswald Road, Bournemouth, BH9 2TQ
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00


GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2025


12. STOCKS

Group
2025 2024
£ £
Work-in-progress 690,870 97,186
Payments on account (336,574 ) (86,102 )
354,296 11,084

13. DEBTORS

Group
2025 2024
£ £
Amounts falling due within one year:
Trade debtors 849,087 1,132,004
Amounts recoverable on contracts 517,882 558,593
Other debtors 143,868 10,299
Corporation tax 107,955 130,838
VAT - 92,945
Prepayments and accrued income 97,806 70,137
1,716,598 1,994,816

Amounts falling due after more than one year:
Trade debtors 240,428 170,838

Aggregate amounts 1,957,026 2,165,654

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2025 2024 2025 2024
£ £ £ £
Hire purchase contracts (see note 16) 43,107 57,601 - -
Payments on account 1,969,604 2,045,729 - -
Trade creditors 845,424 875,513 - -
Amounts owed to group undertakings - - 1,570,560 1,570,560
Social security and other taxes 54,198 58,554 - -
VAT 23,277 - - -
Other creditors 92,603 73,559 - -
Accruals and deferred income 320,729 229,998 - -
3,348,942 3,340,954 1,570,560 1,570,560

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2025 2024
£ £
Hire purchase contracts (see note 16) 36,234 39,565

GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2025


16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:


Hire purchase contracts
2025 2024
£ £
Net obligations repayable:
Within one year 43,107 57,601
Between one and five years 36,324 39,565
79,431 97,166



Non-cancellable operating
leases
2025 2024
£ £
Within one year - 7,720
Between one and five years - -
- 7,720

17. SECURED DEBTS

The following secured debts are included within creditors:

Group
2025 2024
£ £
Hire purchase contracts 79,341 97,166

The hire purchase contracts are secured over the assets to which they relate.

GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2025


18. PROVISIONS FOR LIABILITIES

2025 2024
£ £
Deferred tax 23,750 23,750
Remedial provision - 972
Future loss provision 122,589 131,386
146,339 156,108


Deferred Remedial Future loss Total
tax provisions provision
£ £ £ £
Balance at 1 March 2024 23,750 972 131,386 156,108
Provided/(utilised) during period - (972 ) (8,797 (9,769 )
Balance at 28 February 2025 23,750 - 122,589 146,339

The deferred tax provision is split as follows:
2025 2024
£ £
Accelerated capital allowances 54,662 57,917
Tax losses carried forward (54,662 (57,917 )
Deferred tax on revaluation 23,750 23,750
23,750 23,750

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2025 2024
value: £ £
1,250 Ordinary £1 1,250 1,250

The ordinary shares are not redeemable and rank equally in respect of voting rights and dividends declared and shall entitle the holder to full participation in respect of the entity and in the event of winding up the company.

20. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£ £ £

At 1 March 2024 (503,061 ) 71,250 (431,811 )
Profit for the year 328,194 - 328,194
At 28 February 2025 (174,867 ) 71,250 (103,617 )

GLOSSBROOK HOLDINGS LIMITED (REGISTERED NUMBER: 10913094)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2025


20. RESERVES - continued

Company
Retained Revaluation
earnings reserve Totals
£ £ £

At 1 March 2024 17,781 71,250 89,031
Profit for the year - - -
At 28 February 2025 17,781 71,250 89,031

Retained earnings includes all current and prior period retained profits and losses.

The revaluation reserve represents unrealised gains on the revaluation of the freehold property.

21. PENSION COMMITMENTS

The Group operates defined contribution pension schemes for all its employees. The schemes and their assets are held by independent managers. The pension charge represents contributions due from the Group and amounted to £151,545 (2024: £119,480).

22. RELATED PARTY DISCLOSURES

During the year, a total of key management personnel compensation of £ 587,110 (2024 - £ 390,089 ) was paid.

23. ULTIMATE CONTROLLING PARTY

The directors do not consider any one party to have ultimate control of the company.