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Registered number: 05519005
GLEEDS ENERGY LIMITED
UNAUDITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CONTENTS
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Statement of Comprehensive Income
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Statement of Changes in Equity
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Notes to the Financial Statements
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COMPANY INFORMATION
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P Baston (resigned 1 December 2024)
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A J Cork (resigned 1 December 2024)
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G Duckworth (resigned 1 December 2024)
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A J Ellis (resigned 1 December 2024)
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A D Irving (resigned 1 December 2024)
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G Miller (resigned 1 December 2024)
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G H Mills (resigned 1 December 2024)
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M B Smalley (resigned 1 December 2024)
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L I Turner (resigned 1 December 2024)
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B W Whitworth (resigned 1 December 2024)
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Page 1
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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' responsibilities statement
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The directors are responsible for preparing the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙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 to 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.
The principal activities of the company during the financial year were the provision of quantity surveying and cost engineering services in the energy sector.
The directors who served during the year were:
P Baston (resigned 1 December 2024)
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A J Cork (resigned 1 December 2024)
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G Duckworth (resigned 1 December 2024)
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A J Ellis (resigned 1 December 2024)
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A D Irving (resigned 1 December 2024)
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G Miller (resigned 1 December 2024)
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G H Mills (resigned 1 December 2024)
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M B Smalley (resigned 1 December 2024)
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L I Turner (resigned 1 December 2024)
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B W Whitworth (resigned 1 December 2024)
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Post balance sheet events
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On 1 January 2025, ownership of Gleeds Energy Limited was transferred from Gleeds UK to Gleeds LLP, following which the shares, trade and assets of Gleeds Energy Limited were acquired by Gleeds Cost Management Limited from Gleeds LLP.
Page 2
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
Page 3
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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Interest receivable and similar income
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Interest payable and similar expenses
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Profit for the financial year
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Other comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 8 to 15 form part of these financial statements.
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Page 4
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GLEEDS ENERGY LIMITED
REGISTERED NUMBER:05519005
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BALANCE SHEET
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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The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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 were approved and authorised for issue by the board and were signed on its behalf on 30 September 2025.
The notes on pages 8 to 15 form part of these financial statements.
Page 5
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Capitalisation/bonus issue
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Shares issued during the year
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Total transactions with owners
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The notes on pages 8 to 15 form part of these financial statements.
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Page 6
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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Comprehensive income for the year
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The notes on pages 8 to 15 form part of these financial statements.
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Page 7
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Gleeds Energy Limited (the "company") was engaged in the provision of quantity surveying and cost engineering services in the energy sector.
The Company is a private company limited by shares and is incorporated and domiciled in the United Kingdom and registered in England and Wales. The address of its registered office is Aurora, Finzels Reach, Counterslip, Bristol, BS1 6BX.
2.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 judgement in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The financial statements have been prepared on a basis other than going concern. The directors have determined that the going concern basis is no longer appropriate due to the decision to move assets and trading to another Gleeds entity and following that enter voluntary liquidation.
As a result, the financial statements have been prepared on a break-up basis, which includes the following adjustments:
- Fixed assets have been reclassified as current assets and are stated at the lower of carrying amount and net realisable value.
- Long term liabilities have been reclassified as current liabilities, and any costs associated with early settlement have been recognised.
- Provisions have been made for any expected costs associated with the winding-up of the company.
- Impairments have been recognised where necessary to reflect the recoverable value of assets.
Page 8
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from the provision of services is recognised in the period in which the services are provided when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the company will receive the consideration due;
∙ the costs incurred can be measured reliably.
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Operating leases: the company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Interest income is recognised in profit or loss using the effective interest method.
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.
Page 9
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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 balance sheet date in the countries where the company operates and generates income.
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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.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Trade debtor provisions
Management provides for debts based on a combination of age and other known factors which might affect the recoverability of the debtor. Management continues to chase all debts unless there is a legal reason that a debt cannot be recovered.
Revenue for professional services
When calculating fee revenue for professional services management may be required to make specific estimates as to the progress towards satisfaction of performance obligations. A different assessment of the outrun on a contract may result in a different value being determined for revenue.
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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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The average monthly number of employees, including directors, during the year was 0 (2023 - 0).
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The remuneration for employee directors is paid by one of the Gleeds Employment Services companies, which is then recharged to Gleeds UK. Gleeds UK subsequently makes a recharge for these costs and other expenses to the applicable trading companies, however, no specific allocation for the company's share of an individual directors' remuneration is made.
In respect of the directors who are also equity partners of Gleeds UK, the company bears a share of the notional charge which is recharged from Gleeds UK to the company, however, it is not possible to make an accurate apportionment of the emoluments in respect of each individual director.
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Page 10
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Other interest receivable
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Interest payable and similar expenses
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Current tax on profits for the year
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Adjustments in respect of previous periods
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Foreign tax on income for the year
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Page 11
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
8.Taxation (continued)
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Factors affecting tax charge for the year
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The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of25% (2023 - 23.5%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
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Adjustments to tax charge in respect of prior periods
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Total tax charge for the year
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Long-term leasehold property
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Charge for the year on owned assets
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Page 12
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Financial assets measured at amortised cost
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Financial liabilities measured at amortised cost
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Financial assets measured at amortised cost comprise trade debtors and amounts owed by group undertakings.
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Financial liabilities measured at amortised cost comprise bank loans and overdrafts, trade creditors, amounts owed to group undertakings, accruals and other creditors.
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Page 13
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Allotted, called up and fully paid
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0 (2023 - 200,000) Ordinary shares of £1.00 each
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3,525,061 (2023 - ) Ordinary shares of £- each
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On 23 December 2024, the Company issued 3,325,061 ordinary shares of £1.00 each. On 24 December 2024, following approval of a capital reduction, the nominal value of all 3,525,061 issued ordinary shares was reduced, resulting in an aggregate nominal value of £0.35.
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Profit and loss account
The profit and loss account represents the accumulated profits, losses and distributions of the company.
The company has given an unlimited cross guarantee for the overdrafts of certain other Gleeds companies. The directors are of the opinion that no liability will arise as a result of these guarantees.
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Commitments under operating leases
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At 31 December 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Page 14
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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 acquires services from the Gleeds UK partnership and a number of Gleeds companies to enable it to provide services to its customers.
The parties to these transactions are all under the common control of the Gleeds partners and the nature of the transactions are similar.
The total of services acquired from the Gleeds UK partnership and companies during the financial year was £21,313,574 (2023: £16,807,610).
The total of services sold to the Gleeds UK partnership and companies during the financial year was £6,994,613 (2023: £5,036,179).
At the year end the company owed £85,235 (2023: £15,606) to the Gleeds UK partnership and companies.
At the year end the company was owed £732,563 (2023: £nil) from the Gleeds UK partnership and companies.
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Post balance sheet events
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On 1 January 2025, ownership of Gleeds Energy Limited was transferred from Gleeds UK to Gleeds LLP, following which the shares, trade and assets of Gleeds Energy Limited were acquired by Gleeds Cost Management Limited from Gleeds LLP.
The ultimate controlling party was the partnership listed below which owns the entire total issued share capital of the company:
Gleeds UK
Aurora
Finzels Reach
Counterslip
Bristol
BS1 6BX
Page 15
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