REGISTERED NUMBER: 12502562 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Glenullin Limited

Trading as

Glenullin Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

B Mullan

REGISTERED OFFICE:

Unit 1 The Cam Centre

Wilbury Way

Hitchin

Hertfordshire

SG4 0TW

REGISTERED NUMBER:

12502562 (England and Wales)

FIXED ASSETS

Tangible assets

4

168,561

53,514

CURRENT ASSETS

Stocks

1,440,334

1,379,121

Debtors

5

393,181

268,833

Cash at bank

-

1,026

1,833,515

1,648,980

CREDITORS

Amounts falling due within one year

6

(1,826,676

)

(1,528,614

)

NET CURRENT ASSETS

6,839

120,366

TOTAL ASSETS LESS CURRENT LIABILITIES

175,400

173,880

CREDITORS

Amounts falling due after more than one year

7

(65,050

)

(16,914

)

PROVISIONS FOR LIABILITIES

(765

)

(12,298

)

NET ASSETS

109,585

144,668

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

109,485

144,568

SHAREHOLDERS' FUNDS

109,585

144,668

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Profit and Loss and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 10 June 2025 and were signed by:

B Mullan - Director

1.	STATUTORY INFORMATION

Glenullin Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the smallcompanies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

10% on reducing balance

Motor vehicles

-

20% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Profit and Loss and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

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 at the transaction price.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2024

55,845

-

55,845

Additions

8,249

117,900

126,149

At 31 December 2024

64,094

117,900

181,994

DEPRECIATION

At 1 January 2024

2,331

-

2,331

Charge for year

5,720

5,382

11,102

At 31 December 2024

8,051

5,382

13,433

NET BOOK VALUE

At 31 December 2024

56,043

112,518

168,561

At 31 December 2023

53,514

-

53,514

The above assets include assets held on hire purchase contracts. These are secured on the assets concerned. The total net book value of assets held on hire purchase is £143,245 (2023: £27,381). The total depreciation charged in the year in respect of these assets was £7,661 (2023: £464l).

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Amounts owed by group undertakings

363,944

257,945

Other debtors

29,237

10,888

393,181

268,833

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

396,367

356,438

Hire purchase contracts

46,113

7,556

Trade creditors

27,774

44,089

Amounts owed to group undertakings

1,117,652

1,117,652

Taxation and social security

(12,717

)

-

Other creditors

251,487

2,879

1,826,676

1,528,614

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £46,313 (2023 - £7,556). Hire purchase obligations are secured on the assets concerned.

Creditors include other borrowings of £372,481 (2022 - £356,438) secured by a charge held in favour of Together Commercial Finance Limited and is secured over the land held at Water End Road, Maulden.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Hire purchase contracts

65,050

16,914

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £65,050 (2023 - £16,914).

Hire purchase obligations of £111,363 are secured on the assets concerned.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary share class 1

1

100

100

9.	ULTIMATE CONTROLLING PARTY

The controlling party is Nallum Holdings.

The ultimate controlling party is B Mullan.

Summary of transactions with other related parties

At the balance sheet date the company owed £1,117,652 (2023: £1,117,652) to Nallum Holdings Limited (the holding company). This amount is repayable on demand and carries no right to interest.

At the balance sheet date the company was owed £359,945 (2023: £257,945) from Mullan Groundworks & Civil Engineering Limited ( a company under common control). The amount is repayable on demand and carries no right to interest.

At the balance sheet date the company was owed £3,999 (2023: £nil) from H&E Homes Limited ( a company under common control). The amount is repayable on demand and carries no right to interest.

At the balance sheet date the company was owed £495 (2023 - £495) by the director Mr B Mullan. The amount is repayable on demand and carries no right to interest.