REGISTERED NUMBER: 09175422 (England and Wales)

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

GLAINE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J A Blackwell

K Gorman

R O Lincoln

SECRETARY:

R O Lincoln

REGISTERED OFFICE:

Unit 18 Kingsland Grange

Woolston

Warrington

Cheshire

WA1 4RW

REGISTERED NUMBER:

09175422 (England and Wales)

AUDITORS:

D.R.E. & Co. (Audit) Limited

7 Lower Brook Street

Oswestry

Shropshire

SY11 2HG

FIXED ASSETS

Tangible assets

5

2,650,000

2,110,238

Investments

6

732

1,863,451

2,650,732

3,973,689

CURRENT ASSETS

Debtors

7

2,089,019

2,814,338

Cash at bank

1,511,951

6,127,323

3,600,970

8,941,661

CREDITORS

Amounts falling due within one year

8

1,547,843

148,709

NET CURRENT ASSETS

2,053,127

8,792,952

TOTAL ASSETS LESS CURRENT LIABILITIES

4,703,859

12,766,641

PROVISIONS FOR LIABILITIES

134,941

-

NET ASSETS

4,568,918

12,766,641

CAPITAL AND RESERVES

Called up share capital

9

406

300

Retained earnings

10

4,568,512

12,766,341

4,568,918

12,766,641

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 September 2025 and were signed on its behalf by:

R O Lincoln - Director

1.	STATUTORY INFORMATION

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

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The presentation currency is sterling (£) rounded to the nearest £1.

The financial statements are for the individual entity.

Preparation of consolidated financial statements

The financial statements contain information about Glaine Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Safevent Holdings Limited, Unit 18, Kingsland Grange, Woolston, Warrington, Cheshire, WA1 4RW.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Land and buildings

-

in accordance with the property

Investments in subsidiaries

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses.

Other investments

Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

Financial instruments

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs, and then subsequently measured at amortised cost. Financial assets classified as receivable within one year are not amortised. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the assets has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities, including creditors and loans, 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. Financial liabilities classified as payable within one year are not amortised. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

4.	EMPLOYEES AND DIRECTORS

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

5.	TANGIBLE FIXED ASSETS

Land and

buildings

£

COST OR VALUATION

At 1 January 2024

2,110,238

Revaluations

539,762

At 31 December 2024

2,650,000

NET BOOK VALUE

At 31 December 2024

2,650,000

At 31 December 2023

2,110,238

Cost or valuation at 31 December 2024 is represented by:

Land and

buildings

£

Valuation in 2024

539,762

Cost

2,110,238

2,650,000

The property was revalued in the year by Read Property Associates on an open market basis.

6.	FIXED ASSET INVESTMENTS

Shares in

group

Unlisted

undertakings

investments

Totals

£

£

£

COST

At 1 January 2024

114

1,863,337

1,863,451

Additions

-

136,371

136,371

Disposals

-

(1,999,090

)

(1,999,090

)

At 31 December 2024

114

618

732

NET BOOK VALUE

At 31 December 2024

114

618

732

At 31 December 2023

114

1,863,337

1,863,451

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

Associated companies

Zavanda Holdings Limited

Registered office: Registered in United Kingdom

Nature of business: Holding Company

%

Class of shares:

holding

Ordinary E

100.00

31.12.24

31.12.23

£

£

Aggregate capital and reserves

714,947

714,947

Profit for the year

300,000

1,499,999

Glaine Ltd own 100% of the Ordinary E shares in Zavanda Holdings Ltd, amounting to 26% of the shareholding in total.

Britplas Holdings Limited

Registered office: Registered in United Kingdom

Nature of business: Holding Company

%

Class of shares:

holding

Ordinary E

100.00

31.12.24

31.12.23

£

£

Aggregate capital and reserves

(1,583,434

)

6,174,361

(Loss)/profit for the year

(5,041,795

)

2,579,998

Glaine Ltd own 100% of the Ordinary E shares in Britplas Holdings Ltd, amounting to 26% of the shareholding in total.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

(Unaudited)

£

£

Amounts owed by group undertakings

2,084,848

2,080,000

Other debtors

-

730,748

Prepayments and accrued income

4,171

3,590

2,089,019

2,814,338

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

(Unaudited)

£

£

Amounts owed to group undertakings

1,401,911

-

Tax

130,213

70,382

Social security and other taxes

3,380

12,062

Other creditors

-

2,015

Accruals and deferred income

12,339

64,250

1,547,843

148,709

9.	CALLED UP SHARE CAPITAL

Alloted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

15150

Ordinary A

0.01

152

152

5050

Ordinary B

0.01

51

51

15150

Ordinary C

0.01

151

151

5050

Ordinary D

0.01

50

50

404

404

10.

RESERVES

Retained

earnings

£

At 1 January 2024

12,766,341

Profit for the year

1,027,171

Dividends

(9,225,000

)

At 31 December 2024

4,568,512

Included within retained earnings is £404,821 of profits which are not available for distribution as they are unrealised.

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Francis Nock FCCA (Senior Statutory Auditor)

for and on behalf of D.R.E. & Co. (Audit) Limited

12.	RELATED PARTY DISCLOSURES

During the year to 31 December 2024, the parent entity, Safevent Holdings Limited underwent a restructure. As part of this restructure, the shares in Glaine Limited were sold via a share for share exchange to Safevent Holdings Limited. Glaine Limited and all of its associates are now wholly owned subsidiaries within the group.

During the year, the company made total purchases of £NIL to related parties. The balance owed to the related parties at the year-end totalled £1,401,911.

During the year, the company made total sales of £254,979 to related parties. The balance owed from the related parties at the year-end totalled £2,084,848.

13.	ULTIMATE CONTROLLING PARTY

The parent company is Safevent Holdings Ltd, registered in England and Wales, by virtue of their 100% shareholding. The registered office is at Unit 18 Kingsland Grange, Woolston, Warrington, England, WA1 4RW.

The ultimate controlling party is Safevent Employee Ownership Trust after they acquired 100% of the shares of Safevent Holdings Ltd. The company is registered at Unit 18 Kingsland Grange, Woolston, Warrington, England, WA1 4RW.