REGISTERED NUMBER: 02632226 (England and Wales)

Financial Statements for the Year Ended 31st December 2024

for

Glasshouse Group Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

D R H Bixer

D J Nicholson

L E H Bixer

SECRETARIES:

D R H Bixer

D J Nicholson

R E Hawkins

REGISTERED OFFICE:

Flat 14

37 Charlotte Road

London

EC2A 3PG

REGISTERED NUMBER:

02632226 (England and Wales)

ACCOUNTANTS:

Beak Kemmenoe

Chartered Accountants

1-3 Manor Road

Chatham

Kent

ME4 6AE

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Glasshouse Group Limited for the year ended 31st December 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Glasshouse Group Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Glasshouse Group Limited and state those matters that we have agreed to state to the Board of Directors of Glasshouse Group Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Glasshouse Group Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Glasshouse Group Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Glasshouse Group Limited. You consider that Glasshouse Group Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Glasshouse Group Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Beak Kemmenoe

Chartered Accountants

1-3 Manor Road

Chatham

Kent

ME4 6AE

26th September 2025

FIXED ASSETS

Tangible assets

4

41,387

48,931

Investments

5

32,912,254

32,766,015

32,953,641

32,814,946

CURRENT ASSETS

Debtors

6

30,924,945

30,575,226

Cash at bank

1,726,341

1,903,931

32,651,286

32,479,157

CREDITORS

Amounts falling due within one year

7

7,552,921

7,763,740

NET CURRENT ASSETS

25,098,365

24,715,417

TOTAL ASSETS LESS CURRENT LIABILITIES

58,052,006

57,530,363

CREDITORS

Amounts falling due after more than one year

8

(25,000,000

)

(25,000,000

)

PROVISIONS FOR LIABILITIES

10

(10,347

)

-

NET ASSETS

33,041,659

32,530,363

CAPITAL AND RESERVES

Called up share capital

800

800

Fair value reserve

31,212,149

31,065,910

Retained earnings

1,828,710

1,463,653

SHAREHOLDERS' FUNDS

33,041,659

32,530,363

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

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

The directors acknowledge their 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26th September 2025 and were signed on its behalf by:

L E H Bixer - Director

1.	STATUTORY INFORMATION

Glasshouse Group 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

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements

The financial statements contain information about Glasshouse Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

In preparing the financial statements the directors have made the following judgements:

The directors have concluded that the fair value of the company's subsidiaries continues to be equal to their net assets at the reporting date as their properties are stated at revalued amounts.

Turnover

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

Tangible fixed assets

Tangible fixed assets are stated in the balance sheet at cost less accumulated depreciation. The cost of tangible fixed assets includes directly attributable costs incurred in their acquisition and installation.

Depreciation

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

Plant and machinery is depreciated at 15% - 25% on a reducing balance basis.

Investments in subsidiaries

Investment in subsidiary undertakings are shown at fair value based on the net assets of the companies. Fair value gains and losses are recognised in the Income Statement.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Debt instruments that comply with all of the conditions of paragraph 11.9 of FRS 102 are classified as 'basic'. For debt instruments that do not meet the conditions of FRS 102.11.9, the company considers whether the debt instrument is consistent with the principle in paragraph 11.9A of FRS 102 in order to determine whether it can be classified as basic. Instruments classified as 'basic' financial instruments are measured subsequently at amortised cost using the effective interest method. Debt instruments that have no stated interest rate (and do not constitute financing transaction) and are classified as payable or receivable within one year are initially measured at an undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

With the exception of some hedging instruments, other debt instruments not meeting conditions of being 'basic' financial instruments are measured at fair value through profit or loss.

Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st January 2024

and 31st December 2024

55,454

DEPRECIATION

At 1st January 2024

6,523

Charge for year

7,544

At 31st December 2024

14,067

NET BOOK VALUE

At 31st December 2024

41,387

At 31st December 2023

48,931

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST OR VALUATION

At 1st January 2024

32,766,015

Revaluations

146,239

At 31st December 2024

32,912,254

NET BOOK VALUE

At 31st December 2024

32,912,254

At 31st December 2023

32,766,015

Cost or valuation at 31st December 2024 is represented by:

Shares in

group

undertakings

£

Valuation in 2015

31,915,460

Valuation in 2016

4,305,132

Valuation in 2017

23,698,663

Valuation in 2018

326,070

Valuation in 2019

661,811

Valuation in 2020

2,945

Valuation in 2021

6,581

Valuation in 2022

(4,346,646

)

Valuation in 2023

(25,084,323

)

Valuation in 2024

146,239

Cost

1,280,322

32,912,254

6.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Trade debtors

336,631

259,159

Amounts owed by group undertakings

26,763,208

27,018,254

Other debtors and prepayments

315,714

357,120

Deferred tax asset

-

58,175

27,415,553

27,692,708

Amounts falling due after more than one year:

Amounts owed by group undertakings

3,509,392

2,882,518

Aggregate amounts

30,924,945

30,575,226

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

149,776

174,690

Amounts owed to group undertakings

4,989,680

4,956,855

Social security and other taxes

146,180

114,974

Other creditors and accruals

2,267,285

2,517,221

7,552,921

7,763,740

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

25,000,000

25,000,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

25,000,000

25,000,000

The bank loans are secured by a guarantee and debenture over the assets of the company and its subsidiaries.

10.	PROVISIONS FOR LIABILITIES

2024

£

Deferred tax

10,347

Deferred

tax

£

Balance at 1st January 2024

(58,175

)

Provided during the year

68,522

Balance at 31st December 2024

10,347

11.	ULTIMATE CONTROLLING PARTY

The company is controlled by the directors.