Company Registration Number: SC223952
FOR THE YEAR ENDED 31 DECEMBER 2024
GLENERROL LIMITED
REGISTERED NUMBER: SC223952
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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GLENERROL LIMITED
REGISTERED NUMBER: SC223952
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
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 income and retained earnings 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 3 to 11 form part of these financial statements.
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GLENERROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Glenerrol Limited is a private company, limited by shares, registered in Scotland. The Company's registration number is SC223952 and registered office address is 11 Royal Exchange Square, Glasgow, G1 3AJ.
The principal activity of the Company in the period under review was that of a multiple leisure venue operator and property rental company.
These financial statements have been prepared in pounds sterling, rounded to the nearest pound, as this is the currency of the primary economic environment in which the Company operates.
2.Accounting policies
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 following principal accounting policies have been applied:
In preparing of these financial statements, the Directors of the Company have given careful consideration to current and anticipated future solvency requirements of the Company and its ability to continue as a going concern for at least twelve months from the date of issue of these financial statements.
The Directors have prepared the financial statements on a going concern basis, notwithstanding the impact of hybrid working in the post COVID-19 era, net current liabilities of £9,620,832 (2023 - £9,666,013) as at 31 December 2024, a profit excluding property revaluations for the 12 month period then ended of £48,336 (2023 - £131,871) for the following reasons.
As at the date of this report and opinion, there continues to be the residual impact of hybrid working on the economic performance of Glasgow and the city centre, however there are currently signs of an increase in office occupation with a number of large employers reducing hybrid working which should have a positive impact on the estate.
Looking to the future, the Ediston RES Limited Group contains significant high quality real estate assets. The redevelopment post Covid of these assets has commenced. Citation Wedding and Events is in its third full year of trading and continues to progress. The letting of 23-29 Royal Exchange Square / 74 Buchanan Street is now delivering rental receipts which underpin the value of the asset. The Directors expect the further development of the estate to occur in 2025-26 which will allow the Ediston (RES) Limited Group to meet its objective of achieving the most economically efficient and profitable way forward.
The Directors have prepared the financial statements on a going concern basis, notwithstanding the impact of hybrid working in the post COVID-19 era, net current liabilities of £9,620,832 (2023 - £9,666,013) as at 31 December 2024, a profit excluding property revaluations for the 12 month period then ended of £48,336 (2023 - £131,871) for the following reasons.
As at the date of this report and opinion, there continues to be the residual impact of hybrid working on the economic performance of Glasgow and the city centre, however there are currently signs of an increase in office occupation with a number of large employers reducing hybrid working which should have a positive impact on the estate.
Looking to the future, the Ediston RES Limited Group contains significant high quality real estate assets. The redevelopment post Covid of these assets has commenced. Citation Wedding and Events is in its third full year of trading and continues to progress. The letting of 23-29 Royal Exchange Square / 74 Buchanan Street is now delivering rental receipts which underpin the value of the asset. The Directors expect the further development of the estate to occur in 2025-26 which will allow the Ediston (RES) Limited Group to meet its objective of achieving the most economically efficient and profitable way forward.
As with any company placing reliance on other group entities for financial support, the Directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. Whilst the Directors cannot envisage all possible circumstances that may impact the Company in the future, they believe that taking account of the forecasts, available cash resources and including the financial support from the groups owners and funders, the Company will have sufficient resources to meet all ongoing working capital and committed capital expenditure requirements as they fall due.
Based on the above, the Directors believe that at the date of signing these financial statements that it remains appropriate to prepare the financial statements on a going concern basis. However, these circumstances represent a material uncertainty that may cast significant doubt upon the Company’s
Based on the above, the Directors believe that at the date of signing these financial statements that it remains appropriate to prepare the financial statements on a going concern basis. However, these circumstances represent a material uncertainty that may cast significant doubt upon the Company’s
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GLENERROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
ability to continue as a going concern and, therefore, to continue realising its assets and discharging its liabilities in the normal course of business. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.
Income from food and beverages is recognised at the point of sale and payment is received on the same day.
Rental Income is recognised to the extent that it is probable that the economic benefits will flow to the Company and the income can be reliably measured over the period of the lease. Income is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Income is recognised in the period in which the rental service is provided, when the income and the associated costs can be measured reliably and it is probable that consideration will be received in respect of the rental service provided.
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GLENERROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Tangible fixed assets under the cost model, other than investment properties and freehold properties, are stated at historical cost less accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Freehold property is held under the revaluation model and is stated at fair value less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
In the prior period the entity reclassified all of its freehold property as Investment property upon the commencement of it being leased to a third party. At the commencement of the lease the freehold property was transferred to investment property at its net book value at that date.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Freehold property is held under the revaluation model and is stated at fair value less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
In the prior period the entity reclassified all of its freehold property as Investment property upon the commencement of it being leased to a third party. At the commencement of the lease the freehold property was transferred to investment property at its net book value at that date.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investment properties are carried at fair value determined annually by the Directors with reference to external values and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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GLENERROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
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 is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the
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GLENERROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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GLENERROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The preparation of these financial statements require management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.
Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. 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:
Investment properties
Investment property values within the accounts are assessed annually by the Directors. Valuations are based on external valuations derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. There is a degree of judgement involved in that the value of the estate will ultimately be determined by the market.
Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. 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:
Investment properties
Investment property values within the accounts are assessed annually by the Directors. Valuations are based on external valuations derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. There is a degree of judgement involved in that the value of the estate will ultimately be determined by the market.
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GLENERROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The 2024 valuations were made by the Directors, on an open market value for existing use basis.
The most recent valuations of the properties held by the Company were carried out in March 2023 by Jones Lang LaSalle Limited. Investment property is carried at fair value determined annually by the Directors with reference to external valuations and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. This appraisal provides an indicative value that supports the carrying value of the investment properties presented within the financial statements. The Directors therefore believe the values presented to be an accurate reflection of the fair value of the investment properties as at 31 December 2024.
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GLENERROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Profit and loss account
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GLENERROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £3,467 (2023 - £41,321 ). Contributions totalling £1,914 (2023 - £1,754 ) were payable to the fund at the reporting date and are included in creditors.
The Company has taken advantage of exemption, under the terms of FRS 102 not to disclose related party transactions with wholly owned subsidiaries within the group.
The company acquired the rights to a loan payable by acompany under common directorship in 2021. As at 31 December 2023 the value of the loan receivable was £98,463 (2023 - £98,463 ). The loan is not currently accruing interest and is repayable on demand.
As at 31 December 2024 acompany under common directorship owed Glenerrol a loan balance of £199,987 (2023: £199,987 ). The loan is not currently accruing interest and is repayable on demand.
The company acquired the rights to a loan payable by a
As at 31 December 2024 a
The Company's parent undertaking at the balance sheet date was Lynnet Leisure (Properties) Limited. The Company's ultimate parent undertaking at the balance sheet date was Ediston (RES) Limited , a company incorporated in Scotland.
The Company's results are included within the consolidated accounts ofEdiston (RES) Limited and these can be found on www.companieshouse.gov.uk. Their registered address is 1 St. Andrew Square, Edinburgh, Scotland, EH2 2BD .
The ultimate controlling party at the date the accounts were issued wasDaniel O'Neill .
The Company's results are included within the consolidated accounts of
The ultimate controlling party at the date the accounts were issued was
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