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Registration number: 04358752

Glusburn Holdings Limited
Annual Report and Financial Statements
for the Year Ended 31 December 2024

Glusburn Holdings Limited

Contents

Strategic Report | 1
Directors' Report | 2
Statement of Directors' Responsibilities | 3
Independent Auditor's Report | 4 to 6
Profit and Loss Account | 7
Statement of Comprehensive Income | 8
Balance Sheet | 9
Statement of Changes in Equity | 10
Notes to the Financial Statements | 11 to 20

Glusburn Holdings Limited

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 that of a holding company.

Fair review of the business

The company is a holding company for Cirteq Ltd in the UK. The directors report the high energy and raw material prices still impacted the subsidiary in 2024.
The directors continue to monitor the performance of the company and its subsidiary with care, with particular emphasis on mitigation of adverse exchange rate movements and the ongoing high costs.

Principal risks and uncertainties

The subsidiary invoices a significant amount of its turnover in EUR and USD, and therefore there is a risk that prices when converted to GBP are subject to fluctuation.
Global increases in raw material and energy prices are still impacting the subsidiary. The Company’s management team is striving to limit the impact on the business.

Approved and authorised by the Board on 12 May 2025 and signed on its behalf by:

......................................... P Watkins-Burke Director

Glusburn Holdings Limited

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:

P Watkins-Burke

D Leifert (appointed 28 October 2024)

Information included in the Strategic Report

All items required under Sch. 7 of Large and Medium-sized Companies and Groups (Accounts and Reports Regulations) 2008 to be disclosed in the directors’ report are set out in the strategic report in accordance with s.414C(11) CA 2006.

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 Board on 12 May 2025 and signed on its behalf by:

......................................... P Watkins-Burke Director

Glusburn Holdings Limited

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:

• | select suitable accounting policies and apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• | 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.

Glusburn Holdings Limited

Independent Auditor's Report to the Members of Glusburn Holdings Limited

Opinion

We have audited the financial statements of Glusburn Holdings Limited (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, 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 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 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.

Opinion on other matter 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Glusburn Holdings Limited

Independent Auditor's Report to the Members of Glusburn Holdings Limited

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 3], 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.

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:

In planning and designing our audit tests, we identify and assess the risks of material misstatement within the financial statements, whether due to fraud or error. Our assessment of these risks includes consideration of the nature of the industry and sector, the control environment and the business performance along with the results of our enquiries of management, about their own identification and assessment of the risks of irregularities. We are also required to perform specific procedures to respond to the risk of management override.
Following this assessment we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in evaluating the tangible assets.
We also obtained an understanding of the legal and regulatory frameworks that the company operates in, through discussions with directors and other management, and from our commercial knowledge and experience of the sector in which the company operates, to enable us to identify the key laws and regulations applicable to the company. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.

We then performed audit procedures after consideration of the above risks which included the following:

• | evaluating the appropriateness and consistency of the depreciation policies applied;
• | performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

Glusburn Holdings Limited

Independent Auditor's Report to the Members of Glusburn Holdings Limited

• | enquiring of management concerning actual and potential litigation and claims;
• | reviewing correspondence with HMRC, and the company’s legal advisors;
• | reading minutes of meetings of those charged with governance; and
• | in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

All engagement team members were informed of the relevant laws and regulations and potential fraud risks at the planning stage and reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify such items.
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 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.

......................................
Gillian McLoughlin FCA (Senior Statutory Auditor)
For and on behalf of Watson Buckle Limited,
Statutory Auditors & Chartered Accountants
Bradford

12 May 2025

Glusburn Holdings Limited

Profit and Loss Account for the Year Ended 31 December 2024

| Note | 2024 £ | 2023 £
Turnover | 3 | 1,437,397 | 1,331,972
Cost of sales |  | (374,234) | (354,314)
Gross profit |  | 1,063,163 | 977,658
Administrative expenses |  | (145,074) | (101,456)
Operating profit | 4 | 918,089 | 876,202
Other interest receivable and similar income |  | 1,905 | 528
Interest payable and similar expenses | 5 | (309,059) | (306,113)
|  | (307,154) | (305,585)
Profit before tax |  | 610,935 | 570,617
Tax on profit | 8 | (112,736) | (199,832)
Profit for the financial year |  | 498,199 | 370,785

Glusburn Holdings Limited

Statement of Comprehensive Income for the Year Ended 31 December 2024

| 2024 £ | 2023 £
Profit for the year | 498,199 | 370,785
Surplus/deficit on property, plant and equipment revaluation | - | 1,065,225
Total comprehensive income for the year | 498,199 | 1,436,010

Glusburn Holdings Limited

(Registration number: 04358752)
Balance Sheet as at 31 December 2024

| Note | 2024 £ | 2023 £
Fixed assets |  |  |  |  |
Tangible assets | 9 |  | 5,877,081 |  | 5,405,605
Investments | 10 |  | 23,782 |  | 23,782
|  |  | 5,900,863 |  | 5,429,387
Current assets |  |  |  |  |
Debtors | 11 | 349,634 |  | 6,815 |
Cash at bank and in hand |  | 1,352,250 |  | 1,569,490 |
|  | 1,701,884 |  | 1,576,305 |
Creditors: Amounts falling due within one year | 12 | (98,843) |  | (95,859) |
Net current assets |  |  | 1,603,041 |  | 1,480,446
Total assets less current liabilities |  |  | 7,503,904 |  | 6,909,833
Creditors: Amounts falling due after more than one year | 12 |  | (130,444) |  | (186,572)
Provisions for liabilities | 14 |  | (522,000) |  | (370,000)
Net assets |  |  | 6,851,460 |  | 6,353,261
Capital and reserves |  |  |  |  |
Called up share capital |  | 1,990,000 |  | 1,990,000 |
Revaluation reserve | 16 | 1,366,869 |  | 1,366,869 |
Retained earnings | 16 | 3,494,591 |  | 2,996,392 |
Shareholders' funds |  |  | 6,851,460 |  | 6,353,261

Approved and authorised by the Board on 12 May 2025 and signed on its behalf by:

......................................... P Watkins-Burke Director

Glusburn Holdings Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

| Share capital £ | Revaluation reserve £ | Retained earnings £ | Total £
At 1 January 2024 | 1,990,000 | 1,366,869 | 2,996,392 | 6,353,261
Profit for the year | - | - | 498,199 | 498,199
At 31 December 2024 | 1,990,000 | 1,366,869 | 3,494,591 | 6,851,460

| Share capital £ | Revaluation reserve £ | Retained earnings £ | Total £
At 1 January 2023 | 1,990,000 | 301,644 | 2,625,607 | 4,917,251
Profit for the year | - | - | 370,785 | 370,785
Other comprehensive income | - | 1,065,225 | - | 1,065,225
Total comprehensive income | - | 1,065,225 | 370,785 | 1,436,010
At 31 December 2023 | 1,990,000 | 1,366,869 | 2,996,392 | 6,353,261

Glusburn Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Hayfield
Colne Road
Glusburn
Keighley
West Yorkshire
BD20 8QP

These financial statements were authorised for issue by the Board on 12 May 2025.

2 | 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.

The company's functional and presentation currency is pound sterling.

Summary of disclosure exemptions

The company has taken advantage of the exemption under Financial Reporting Standard 102 Section 33 Related Party Disclosures and UK Statutory Instruments, 1 Sch.72 from disclosing transactions and balances with fellow group undertakings that are wholly owned.
The company has taken advantage of the exemption to disclose certain aspects of financial instruments, transactions with key management personnel and the exemption to prepare Statement of Cash Flows in accordance with Financial Reporting Standard 102 Section 1.12.

Group accounts not prepared

Glusburn Holdings Limited is exempt from preparing group financial statements as it is included in the financial statements of a larger group.

Key sources of estimation uncertainty

The annual depreciation charge for tangible assets and their carrying amount is determined by the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually and amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. The carrying amount is £5,877,081 ( 2023 - £5,405,605).

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of rents and service charges.
The company recognises revenue when the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

Glusburn Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Where assets are held under the revaluation model and the fair value can be measured reliably they are carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period.

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:

Asset class | Depreciation method and rate
Freehold buildings | 3% to 10% straight line basis
Plant and machinery | 10% to 33.33% straight line basis

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Glusburn Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.

Financial instruments

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Preference shares, which result in fixed returns to the holder or are mandatorily redeemable on a specific date, are classified as liabilities. The dividends on these preference shares are recognised in the profit and loss account as an interest expense.

Glusburn Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

3 | Turnover

The analysis of the company's turnover for the year from continuing operations is as follows:

| 2024 £ | 2023 £
Rental income from investment property | 1,432,597 | 1,327,172
Commissions received | 4,800 | 4,800
| 1,437,397 | 1,331,972

4 | Operating profit

Arrived at after charging/(crediting)

| 2024 £ | 2023 £
Depreciation expense | 453,097 | 436,291
Foreign exchange losses | 2 | 1
Loss/(profit) on disposal of property, plant and equipment | 4,681 | (1,000)

5 | Interest payable and similar expenses

| 2024 £ | 2023 £
Interest on preference shares | 300,000 | 300,000
Interest on obligations under finance leases and hire purchase contracts | 9,059 | 6,039
Interest expense on other finance liabilities | - | 74
| 309,059 | 306,113

6 | Staff costs

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

| 2024 No. | 2023 No.
Administration and support | 2 | 2
| 2 | 2

7 | Auditors' remuneration

| 2024 £ | 2023 £
Audit of the financial statements | 9,100 | 7,075

Glusburn Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

8 | Taxation

Tax charged/(credited) in the profit and loss account

| 2024 £ | 2023 £
Current taxation |  |
UK corporation tax | - | 119,363
UK corporation tax adjustment to prior periods | (39,264) | (22,531)
| (39,264) | 96,832
Deferred taxation |  |
Arising from origination and reversal of timing differences | 152,000 | 103,000
Tax expense in the income statement | 112,736 | 199,832

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 25% (2023 - 25%).
The differences are reconciled below:

| 2024 £ | 2023 £
Profit before tax | 610,935 | 570,617
Corporation tax at standard rate | 152,734 | 142,654
Decrease in UK and foreign current tax from adjustment for prior periods | (39,264) | (30,039)
Tax increase from effect of capital allowances and depreciation | - | 12,286
Effect of expense not deductible in determining taxable profit (tax loss) | 88,239 | 74,931
Tax decrease arising from group relief | (88,973) | -
Total tax charge | 112,736 | 199,832

Glusburn Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Deferred tax

Deferred tax assets and liabilities

2024 | Asset £ | Liability £
Accelerated capital allowances | - | 522,000
| - | 522,000

2023 | Asset £ | Liability £
Accelerated capital allowances | - | 370,000
| - | 370,000

The amount of the net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period is £(85,394) (2023 - £(126,198)).

9 | Tangible assets

| Land and buildings £ | Plant and machinery £ | Total £
Cost or valuation
At 1 January 2024 | 3,500,000 | 9,566,360 | 13,066,360
Additions | - | 935,259 | 935,259
Disposals | - | (15,450) | (15,450)
At 31 December 2024 | 3,500,000 | 10,486,169 | 13,986,169
Depreciation
At 1 January 2024 | 50,282 | 7,610,473 | 7,660,755
Charge for the year | 54,998 | 398,099 | 453,097
Eliminated on disposal | - | (4,764) | (4,764)
At 31 December 2024 | 105,280 | 8,003,808 | 8,109,088
Carrying amount
At 31 December 2024 | 3,394,720 | 2,482,361 | 5,877,081
At 31 December 2023 | 3,449,718 | 1,955,887 | 5,405,605

The gross book value of freehold land and buildings includes £1,680,000 (2023 - £1,680,000) of non-depreciable assets.

Revaluation

The freehold land and buildings were revalued on 20 February 2018 by Eddisons Commercial Limited, Chartered Surveyors who are external to the company. The basis of this valuation was existing use. Had this class of asset been measured on a historical basis, the carrying amount would have been £707,279 (2023 - £750,575).

Glusburn Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

10 | Investments

| 2024 £ | 2023 £
Investments in subsidiaries | 23,782 | 23,782

Subsidiaries | £
Cost or valuation
At 1 January 2024 | 23,782
Carrying amount
At 31 December 2024 | 23,782
At 31 December 2023 | 23,782

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking |  | Holding | Proportion of voting rights and shares held
|  |  | 2024 | 2023
Subsidiary undertakings
Cirteq Limited |  |
Ordinary
100%
100%
Anderton Circlips Limited* |  |
Ordinary
100%
100%
Ellison Circlips Limited* |  |
Ordinary
100%
100%

* denotes sub-subsidiary

The registered office of the above named subsidiaries is the same as that of Glusburn Holdings Limited.

11 | Debtors

Current | Note | 2024 £ | 2023 £
Other debtors |  | 250,000 | -
Prepayments |  | - | 85
Corporation tax asset | 8 | 99,634 | 6,730
|  | 349,634 | 6,815

12 | Creditors

Glusburn Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

| Note | 2024 £ | 2023 £
Due within one year |  |  |
Loans and borrowings | 13 | 51,619 | 47,109
Social security and other taxes |  | 38,094 | 40,068
Accruals |  | 9,130 | 8,682
|  | 98,843 | 95,859
Due after one year |  |  |
Loans and borrowings | 13 | 130,444 | 186,572

13 | Loans and borrowings

Current loans and borrowings

| 2024 £ | 2023 £
Hire purchase contracts | 51,619 | 47,109

Non-current loans and borrowings

| 2024 £ | 2023 £
Hire purchase contracts | 120,444 | 176,572
Redeemable preference shares | 10,000 | 10,000
| 130,444 | 186,572

Other borrowings

Hire Purchase contracts is denominated in £ with a nominal interest rate of 6.55%. The carrying amount at year end is £172,063 (2023 - £223,681).

Hire purchase contracts are secured on the assets in which they relate.

Included in the loans and borrowings are the following amounts due after more than five years:

| 2024 £ | 2023 £
After more than five years not by instalments | 10,000 | 10,000

| - | -

14 | Provisions for liabilities

| Deferred tax £ | Total £
At 1 January 2024 | 370,000 | 370,000
Increase (decrease) in existing provisions | 152,000 | 152,000
At 31 December 2024 | 522,000 | 522,000

Glusburn Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

15 | Share capital

Allotted, called up and fully paid shares

| 2024 | 2023
| No. | £ | No. | £
Ordinary shares of £1 each | 1,990,000 | 1,990,000 | 1,990,000 | 1,990,000

Redeemable preference shares

The Preference shares are redeemable at the option of the holder. They are redeemable at £1 per share and carry one vote for every share held.

Rights, preferences and restrictions

Redeemable preference shares have the following rights, preferences and restrictions: There are 10,000 cumulative redeemable preference shares of £1 each in issue which are classified as financial liabilities. These are non-equity and carry an entitlement to a dividend at the rate of £7.50 per share per quarter, except when, on the date of payment of the dividend, £1 is worth less than €1.44 in which case the preference dividend shall be increased to a level that is equivalent to €10.80 per preference share. The currency adjustment applies only to holders of preference shares domiciled in a country that has adopted the Euro as its base currency. Ordinary shares have the following rights, preferences and restrictions: All shares rank pari passu for income, capital and voting rights.

16 | Reserves

Share capital

Represents the nominal value of issued shares.

Profit and loss account

Includes all current and prior periods distributable profits and losses.

Revaluation reserve

Includes all revaluations of fixed asset classes recognised at their fair value.

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

| Revaluation reserve £ | Total £
Surplus/deficit on property, plant and equipment revaluation | - | -

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

| Revaluation reserve £ | Total £
Surplus/deficit on property, plant and equipment revaluation | 1,065,225 | 1,065,225

17 | Commitments

Capital commitments

Glusburn Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

The total amount contracted for but not provided in the financial statements was £135,550 ( 2023 - £728,548).

18 | Parent and ultimate parent undertaking

The company's immediate parent is Bakfin Limited, incorporated in England and Wales.
The most senior parent entity producing publicly available financial statements is Titgemeyer Holding GmbH & Co. KG. These financial statements are available upon request from Hannoversche Strasse 97, 49084 Osanbrück, DE.
The ultimate controlling parties are Gerd-Christian Titgemeyer & Manfred Titgemeyer.