Registration number:
Glen Group Ltd
for the Year Ended 31 December 2024
Glen Group Ltd
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Glen Group Ltd
Company Information
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Directors |
D J Seaton R J J Barnes |
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Company secretary |
M P James |
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Registered office |
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Auditors |
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Glen Group Ltd
Strategic Report for the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the company is the provision of cleaning services in the United Kingdom to both public sector and commercial clients.
Fair review of the business
We aim to present a balanced, comprehensive review of the development and performance of the business during the year and the position at the year end. Our review is written to reflect the context and nature of the risks the company is exposed to and explain the actions taken to mitigate them.
The company continues to provide cleaning services, primarily on a long-term contract basis to a range of clients including: schools, county councils, police constabularies and a variety of commercial clients. It predominantly operates is the Southwest of England, along the M4 corridor towards London, South Wales and the Midlands.
Our Key Financial Performance Indictors are those of turnover, gross margin and Profit before tax.
Turnover in the year was £20,899,087 (2023: £18,469,572) with a Gross Margin of 12.90% (2023: 14.48%) being achieved. Profit before taxation amounted to £4,031 (2023: £43,500) and interim dividends of £150,000 (2023: £186,000) were paid in the period.
The directors are satisfied with the results for the year and are confident that the company's results will improve in the medium to longer term as a result of the increasing breadth of our client base both in the public and commercial sectors. It is acknowledged that the general business environment remains highly competitive, but the directors remain confident that the business' reputation within the industry, the long-term nature of its contracts and its consistent focus on service delivery and productivity will see it prosper despite market conditions.
Principal risks and uncertainties
The future growth of the company is dependent on the competitiveness and reputation of the company in relation to the industry and the wider economy in general.
The main risks arising from the company's financial instruments are interest rate fluctuations and covenant compliance resulting in liquidity risk. To mitigate these risks the company regularly reviews its cashflows, has negotiated favourable terms with its lenders and always retains access to adequate cash for its needs. The directors believe the business operates within an acceptable level of risk exposure.
Approved and authorised by the
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Glen Group Ltd
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors of the company
The directors who held office during the year were as follows:
Information included in the Strategic Report
In accordance with section 414C(11) of the Companies Act 2006 and schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 the company has elected to present the business review and details of the principal risks and uncertainties within the strategic report.
Financial instruments
Objectives and policies
The company undertakes continual investment in new plant and equipment combined with staff development and welfare to achieve efficient, effective and productive services to customers.
Price risk, credit risk, liquidity risk and cash flow risk
The key risks of the company's financial instruments are detailed in the strategic report, together wtih the strategies applied by the company to mitigate these risks.
Employment of disabled persons
The company gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled, it is the company's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.
Employee involvement
During the year the policy of providing employees with information about the company has been continued through internal media methods in which employees have also been encouraged to present their suggestions and views on the company's performance. Regular meetings are held between local management and employees to allow a free flow of information and ideas.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
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Glen Group Ltd
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Glen Group Ltd
Independent Auditor's Report to the Members of Glen Group Ltd
Opinion
We have audited the financial statements of Glen Group Ltd (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and 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 company's affairs as at 31 December 2024 and of its loss 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Glen Group Ltd
Independent Auditor's Report to the Members of Glen Group Ltd (continued)
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the 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 Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
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Our audit procedures were designed to respond to identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to: |
Glen Group Ltd
Independent Auditor's Report to the Members of Glen Group Ltd (continued)
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Discussing with the directors and management their policies and procedures regarding compliance with laws and regulations; |
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Communicating identified laws and regulations throughout our engagement team and remaining alert to any indications of non-compliance throughout our audit; and |
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Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud |
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Our audit procedures in relation to fraud included but were not limited to: |
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Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud; |
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Gaining an understanding of the internal controls established to mitigate risks related to fraud; |
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Discussing amongst the engagement team the risks of fraud; and |
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Addressing the risks of fraud through management override of controls by performing journal entry testing. |
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A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s 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.
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For and on behalf of
Chipping Sodbury
Bristol
BS37 6AH
Glen Group Ltd
Profit and Loss Account for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
371,709 |
426,283 |
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Interest payable and similar expenses |
( |
( |
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Profit before tax |
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Tax on profit |
( |
( |
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Loss for the financial year |
( |
( |
The above results were derived from continuing operations.
Glen Group Ltd
Statement of Comprehensive Income for the Year Ended 31 December 2024
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2024 |
2023 |
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Loss for the year |
( |
( |
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Surplus on revaluation of other assets |
|
- |
|
Remeasurement loss on defined benefit pension schemes |
( |
( |
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149,069 |
(7,500) |
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Total comprehensive income for the year |
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( |
Glen Group Ltd
(Registration number: 01582924)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
|||
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Stocks |
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Debtors |
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Cash at bank and in hand |
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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|
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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|
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Capital and reserves |
|||
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Called up share capital |
100 |
100 |
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Revaluation reserve |
156,569 |
- |
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Retained earnings |
48,672 |
235,432 |
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Shareholders' funds |
205,341 |
235,532 |
Approved and authorised by the
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Glen Group Ltd
Statement of Changes in Equity for the Year Ended 31 December 2024
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Share capital |
Revaluation reserve |
Retained earnings |
Total |
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At 1 January 2024 |
|
- |
|
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Loss for the year |
- |
- |
( |
( |
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Other comprehensive income |
- |
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( |
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Total comprehensive income |
- |
|
( |
|
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Dividends |
- |
- |
( |
( |
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Transfers |
- |
- |
52,190 |
52,190 |
|
At 31 December 2024 |
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|
|
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Share capital |
Retained earnings |
Total |
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|
At 1 January 2023 |
|
|
|
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Loss for the year |
- |
( |
( |
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Other comprehensive income |
- |
( |
( |
|
Total comprehensive income |
- |
( |
( |
|
Dividends |
- |
( |
( |
|
At 31 December 2023 |
100 |
235,432 |
235,532 |
Glen Group Ltd
Statement of Cash Flows for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
|
|
Cash flows from operating activities |
|||
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Loss for the year |
( |
( |
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Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
|
|
|
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Profit on disposal of tangible assets |
( |
( |
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|
Finance costs |
|
|
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|
Income tax expense |
|
|
|
|
|
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||
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Working capital adjustments |
|||
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Decrease/(increase) in stocks |
|
( |
|
|
Increase in trade debtors |
( |
( |
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Increase in trade creditors |
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|
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|
Decrease in retirement benefit obligation net of actuarial changes |
( |
( |
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Cash generated from operations |
|
|
|
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Income taxes paid |
( |
- |
|
|
Net cash flow from operating activities |
|
|
|
|
Cash flows from investing activities |
|||
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
|
|
|
|
Net cash flows from investing activities |
( |
( |
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Cash flows from financing activities |
|||
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Interest paid |
( |
( |
|
|
Proceeds from bank borrowing draw downs |
( |
( |
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Repayment of other borrowing |
|
|
|
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Payments to finance lease creditors |
( |
|
|
|
Dividends paid |
( |
( |
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Net cash flows from financing activities |
( |
( |
|
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
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Cash and cash equivalents at 1 January |
|
|
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Cash and cash equivalents at 31 December |
130,973 |
16,987 |
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Glen Group Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Name of parent of group
These financial statements are consolidated in the financial statements of Merak UK Holdings Limited.
The financial statements of Merak UK Holdings Limited may be obtained from Companies House https://find-and-update.company-information.service.gov.uk/company/14506197.
Group accounts not prepared
Glen Group Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
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Accounting policies (continued) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
During the year the carrying values of vehicles within the motor fleet were identified as being significantly below their fair market value. The decision was taken to recognise the vehicles at market value within the accounts with valuation reviews to be undertaken on the current fleet each year. No vehicles were revalued in excess of their original cost values.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Plant and machinery |
25% straight line |
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Motor vehicles |
Market value |
Glen Group Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
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2 |
Accounting policies (continued) |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Glen Group Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
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2 |
Accounting policies (continued) |
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
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2024 |
2023 |
|
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Rendering of services |
|
|
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Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
|
2024 |
2023 |
|
|
Gain on disposal of Tangible assets |
|
|
Glen Group Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
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Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Profit on disposal of property, plant and equipment |
( |
( |
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
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Other finance costs |
|
|
|
|
|
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
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2024 |
2023 |
|
|
Wages and salaries |
|
|
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Social security costs |
|
|
|
Other short-term employee benefits |
|
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Pension costs, defined contribution scheme |
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The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
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2024 |
2023 |
|
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Production |
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Administration and support |
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Glen Group Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
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Directors' remuneration |
The directors' remuneration for the year was as follows:
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2024 |
2023 |
|
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Remuneration |
|
|
In respect of the highest paid director:
|
2024 |
2023 |
|
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Remuneration |
|
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Auditors' remuneration |
|
2024 |
2023 |
|
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Audit of the financial statements |
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Taxation |
Tax charged/(credited) in the profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
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UK corporation tax |
- |
|
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Deferred taxation |
||
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Arising from origination and reversal of timing differences |
|
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Tax expense in the income statement |
|
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Glen Group Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
10 |
Taxation (continued) |
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax decrease from effect of capital allowances and depreciation |
( |
( |
|
Increase from effect of different UK tax rates on some earnings |
- |
|
|
Tax increase from other short-term timing differences |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
( |
|
|
Tax increase from effect of unrelieved tax losses carried forward |
|
- |
|
Tax increase/(decrease) arising from group relief |
|
( |
|
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
|
2024 |
Asset |
Liability |
|
Origination and reversal of timing differences |
- |
|
|
- |
|
|
2023 |
Asset |
Liability |
|
Origination and reversal of timing differences |
- |
|
|
- |
|
Glen Group Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
Tangible assets |
|
Plant and machinery |
Motor vehicles |
Total |
|
|
Cost or valuation |
|||
|
At 1 January 2024 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
- |
( |
( |
|
Transfers |
|
( |
- |
|
At 31 December 2024 |
|
|
|
|
Depreciation |
|||
|
At 1 January 2024 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
( |
( |
|
Valuation |
- |
( |
( |
|
Transfers |
|
( |
- |
|
At 31 December 2024 |
|
|
|
|
Carrying amount |
|||
|
At 31 December 2024 |
|
|
|
|
At 31 December 2023 |
|
|
|
Valuation
During the year it was identified that the carrying values of motor vehicles within the company fleet were well below their resale market value. The directors therefore took the decision to revalue the carrying values of vehicles to more closely reflect the fair value of the underlying assets.
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2024 |
2023 |
|
|
Motor vehicles |
367,920 |
158,942 |
Glen Group Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
Investments |
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2024 |
2023 |
|||
|
Subsidiary undertakings |
||||
|
|
9 Deer Walk, Aberdeen, Scotland, AB15 8FW Scotland |
|
|
|
|
Subsidiary undertakings |
|
Glen Group Benefits Limited (SC735751) Its financial period end is 30 June. |
Glen Group Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
Stocks |
|
2024 |
2023 |
|
|
Consumables |
|
|
|
Debtors |
|
Current |
Note |
2024 |
2023 |
|
Trade debtors |
|
|
|
|
Amounts owed by related parties |
|
|
|
|
Prepayments |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
2024 |
2023 |
|
|
Cash at bank |
|
|
Glen Group Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
|
|
|
|
Social security and other taxes |
|
|
|
|
Other payables |
- |
|
|
|
Accruals |
|
|
|
|
Income tax liability |
- |
24,122 |
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 January 2024 |
|
|
|
Increase (decrease) in existing provisions |
|
|
|
At 31 December 2024 |
|
|
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Defined benefit pension schemes
Assets of the defined benefit scheme are held in trust funds separately from those of the company. The contributions are recommended by a qualified actuary, XPS Group, on the basis of triennial valuations for funding purposes using the projected unit method.
Glen Group Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
18 |
Pension and other schemes (continued) |
Reconciliation of scheme assets and liabilities to assets and liabilities recognised
The amounts recognised in the balance sheet are as follows:
|
2024 |
2023 |
|
|
Fair value of scheme assets |
|
|
|
Present value of defined benefit obligation |
( |
( |
|
101,000 |
77,000 |
|
|
Effect of asset ceiling |
(101,000) |
(77,000) |
|
Defined benefit pension scheme surplus/(deficit) |
- |
- |
Defined benefit obligation
Changes in the defined benefit obligation are as follows:
|
2024 |
|
|
Present value at start of year |
|
|
Interest cost |
|
|
Actuarial gains and losses |
( |
|
Benefits paid |
( |
|
Present value at end of year |
|
Fair value of scheme assets
Changes in the fair value of scheme assets are as follows:
|
2024 |
|
|
Fair value at start of year |
|
|
Interest income |
|
|
Return on plan assets, excluding amounts included in interest income/(expense) |
|
|
Employer contributions |
|
|
Benefits paid |
( |
|
Fair value at end of year |
|
Glen Group Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
18 |
Pension and other schemes (continued) |
Analysis of assets
The major categories of scheme assets are as follows:
|
2024 |
2023 |
|
|
Cash and cash equivalents |
|
|
|
Equity instruments |
|
|
|
Property |
|
|
|
13 |
14 |
|
|
Corporate bonds |
9 |
9 |
|
Gilt bonds |
- |
4 |
|
100 |
100 |
Return on scheme assets
|
2024 |
2023 |
|
|
Return on scheme assets |
|
|
The pension scheme has not invested in any of the company's own financial instruments or in properties or other assets used by the company.
Principal actuarial assumptions
The principal actuarial assumptions at the balance sheet date are as follows:
|
2024 |
2023 |
|
|
Mortality rate |
1.25 |
1.25 |
|
Discount rate |
|
|
|
Future pension increases |
|
|
|
Inflation |
|
|
Glen Group Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
18 |
Pension and other schemes (continued) |
Post retirement mortality assumptions
|
2024 |
2023 |
|
|
Current UK pensioners at retirement age - male |
19.00 |
20.00 |
|
Current UK pensioners at retirement age - female |
23.00 |
22.00 |
|
Future UK pensioners at retirement age - male |
20.00 |
21.00 |
|
Future UK pensioners at retirement age - female |
25.00 |
23.00 |
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
100 |
|
100 |
|
Reserves |
Profit and loss account
This reserve records retained earnings and accumulated losses.
Revaluation reserve
This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income.
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
|
Revaluation reserve |
Retained earnings |
Total |
|
|
Surplus/deficit on revaluation of other assets |
|
- |
|
|
Remeasurement gain/loss on defined benefit pension schemes |
- |
( |
( |
|
|
( |
|
|
|
|
|||
The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
|
Retained earnings |
Total |
|
|
Remeasurement gain/loss on defined benefit pension schemes |
( |
( |
|
|
||
Glen Group Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
Loans and borrowings |
Non-current loans and borrowings
|
2024 |
2023 |
|
|
Bank borrowings |
|
|
|
Hire purchase contracts |
|
|
|
|
|
|
Current loans and borrowings
|
2024 |
2023 |
|
|
Bank borrowings |
|
|
|
Hire purchase contracts |
|
|
|
Other borrowings |
|
|
|
|
|
|
Hire purchase contracts are secured against the underlying assets to which they relate.
Other borrowings are secured against the trade debtor book of the company.
Bank borrowings
|
The bank loan is secured by way of fixed and floating charges over the assets of the company. |
|
Obligations under leases and hire purchase contracts |
Finance leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
Glen Group Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
22 |
Obligations under leases and hire purchase contracts (continued) |
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
|
Dividends |
Interim dividends paid
|
2024 |
2023 |
|||
|
Interim dividend of £ |
|
|
||
|
Related party transactions |
Advantage has been taken of the exemption under FRS102 Paragraph 33.1A from disclosing any intercompany transactions as the company is a 100% subsidiary of the ultimate parent company, Merak UK Holdings Limited.
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The parent of the largest group in which these financial statements are consolidated is
The address of Merak UK Holdings Limited is:
Merchants Road,
Hotwells,
Bristol,
BS8 4QD