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Financial Statements
Gleelation UK Limited
For the year ended 31 December 2024
Registered number: 08083436
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Company Information
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Eoin Goulding (resigned 1 January 2024)
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Chartered Accountants & Statutory Auditors
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CMS Cameron McKenna Nabarro Olswang LLP
Cannon Place
78 Cannon Street
London
EC4N 6AF
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Contents
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Statement of Financial Position
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Notes to the Financial Statements
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Gleelation UK Limited
Registered number: 08083436
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Statement of Financial Position
As at 31 December 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 2 to 7 form part of these financial statements.
Page 1
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Notes to the Financial Statements
For the year ended 31 December 2024
Gleelation UK Limited (the "Company") is a private limited company incorporated in England. The registered office of the Company is Unit 4 Horizon Trade Park, Ring Way, Bounds Green, London, United Kingdom, N11 2NW, and the registered no. is 08083436.
From 31 December 2023, with certain assets and contracts transferred to Integrity360 Limited (UK), the Company is no longer trading directly with its customers. During the year, the principal activity is intercompany transactions where certain customers/suppliers have invoiced/paid to the Company rather than Integrity360 Limited. The Directors expect these transactions to be wound down over time and the Company to continue to exist in the background similar to other non-trading companies within the Group.
The financial statements have been prepared in accordance with Financial Reporting Standard 102 "Financial Reporting Standard Applicable in the UK and Republic of Ireland" ("FRS 102"), applying Section 1A of that Standard and the Companies Act 2006.
3.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 4).
The Company reported a profit after taxation in the financial year amounting to £20,505 (2023: loss £1,305,476) and a net current liability position of £2,967,961 (2023: £2,988,465). With certain assets and contracts transferred to Integrity360 Limited, the Company is no longer trading directly with its customers. The Directors expect these transactions to be wound down over time and the Company to continue to exist in the background similar to other non-trading companies in the Group.
The ultimate parent company, Milo Topco Limited, has provided a letter of comfort in relation to non-recall of significant intercompany balances until the Company is in a financial position to do so. This commitment covers a period of at least twelve months from the date of approval of these financial statements. On this basis, and based on the strong performance of the trading subsidiaries, the Directors are satisfied that it is appropriate to prepare the financial statements on a going concern basis.
Page 2
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Notes to the Financial Statements
For the year ended 31 December 2024
3.Accounting policies (continued)
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Consolidated financial statements
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The ultimate parent company and parent company of both the largest and smallest group that prepares group financial statements at 31 December 2024 that consolidate the Company is Milo Topco Limited (incorporated in the United Kingdom, registered office address Unit 4, Horizon Trade Park, Ringway, Bounds Green, London, N11 2NW, United Kingdom). Financial statements for Milo Topco Limited are publicly available from Companies House.
In accordance with the exemptions available under section 400 of the Companies Act 2006, the Company has not prepared consolidated accounts as it is consolidated into its ultimate parent entity, Milo Topco Limited. Therefore, these financial statements reflect the results of the Company only for the year ended 31 December 2024.
The following principal accounting policies have been applied:
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable and amounts owed by group undertakings are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Page 3
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Notes to the Financial Statements
For the year ended 31 December 2024
3.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans and amounts owed to group undertakings are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Ordinary share capital is classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options are recognised as a deduction from equity.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The Company made judgements, estimates and assumptions about the carrying amounts of assets and liabilities that were not readily apparent from other sources in the application of the Company’s accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors that are considered to be reasonable under the circumstances. Actual results may differ from the estimates.
Critical judgments made in applying the Company's accounting policies
In the process of applying the Company's accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognised in the financial statements:
Impairment of investments
At the end of each financial period, an assessment is made on whether there are indicators that the Company’s investments are impaired. Where necessary, the Company’s assessments are based on the of the value-in-use of the assets defined in FRS 102 Section 27 Impairment of Assets. See Note 8 for the carrying amount of investments. The investments held are fully impaired as subsidiaries are dormant companies.
Key sources of estimation uncertainty
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:
Impairment and recoverability of trade, amounts owed by group undertakings and other debtors
The Company makes an estimate of the recoverable value of trade, amounts owed by group undertakings and other debtors. When assessing impairment of trade and other debtors, management considers factors including the credit rating of the receivable, the ageing profile or receivables and historical experience. During the year, the Company recorded a provision for impairment loss amounting to £Nil (2023: £1,192,927).
Page 4
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Notes to the Financial Statements
For the year ended 31 December 2024
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The Company has no employees other than the Directors, who did not receive any remuneration (2023 - £NIL).
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Investments in subsidiary company
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Amounts owed by group undertakings
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The amounts owed by group undertakings are unsecured, interest free and repayable on demand.
The provision on impairment loss recognised during the year is £Nil (2023: £1,229,387)
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Page 5
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Notes to the Financial Statements
For the year ended 31 December 2024
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Cash and cash equivalents
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Less: bank overdrafts (Note 11)
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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The amounts owed to group undertakings are unsecured, interest free and repayable on demand.
Payables and accruals were written off during the year amounting to £134,313 (2023: £113,241).
As at year end, GLAS Trust Corporation Limited held a deed of accession covering all the property and undertaking of the Company.
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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Allotted, called up and fully paid
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1,000 (2023 - 1,000) Ordinary shares shares of £1.00 each
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Profit and loss account
The profit and loss account represents the cumulative gains and losses recognised in the statement of comprehensive income, net of transfers to/from other reserves and dividends paid.
Page 6
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Notes to the Financial Statements
For the year ended 31 December 2024
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Related party transactions
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The Company has availed of the exemption under FRS 102 Section 33 Related Party Disclosures from disclosing transactions with members of the same group that are wholly owned.
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Post balance sheet events
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There were no significant events affecting the Company after the year end date.
The ultimate parent company is Milo Topco Limited, a company registered in the United Kingdom, and the ultimate controlling party is August Equity LLP. The immediate parent company is Milo Bidco Ire Limited, a company registered in the Republic of Ireland.
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Approval of financial statements
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The Board of Directors approved these financial statements for issue on 23 December 2025.
The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.
The audit report was signed on 23 September 2025 by Dan Holland (Senior Statutory Auditor) on behalf of Grant Thornton.
Page 7
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