Company registration number 12302240 (England and Wales)
GLANVILLE FUTURES LIMITED (CONSOLIDATED)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
GLANVILLE FUTURES LIMITED (CONSOLIDATED)
COMPANY INFORMATION
Directors
J G Birch
T P Foxall
H P Gell
H B George
J A Hanlon
A P Smith
J Farooq
Company number
12302240
Registered office
3 Grovelands Business Centre
Boundary Way
Hemel Hempstead
Hertfordshire
HP2 7TE
Auditor
Mercer & Hole LLP
21 Lombard Street
London
EC3V 9AH
GLANVILLE FUTURES LIMITED (CONSOLIDATED)
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 29
GLANVILLE FUTURES LIMITED (CONSOLIDATED)
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present the strategic report for the year ended 31 March 2025.

Review of the business

All trading in the group is in Glanville Consultants Limited, the subsidiary of Glanville Holding Limited which is a subsid i ary of Glanville Futures Limited. As Glanville Futures Limited is solely a holding company with loans the Directors consider the performance of the Group, rather than that of Glanville Holding Limited as an individual entity, for the purposes of this report. All trade is carried out in Glanville Consultants Limited.

The results for the period were considered satisfactory by the Directors.

The trading turnover for Glanville Consultants Limited for the year to 31 March 202 5 is £12,779,196 (20 24: £10,779,305), an increase of 19%. The increase reflects the continuing growth in the construction industry.

Other income for Glanville Consultants Limited of £25,045 (202 4: £25,135) consists principally of rent from the sub-lease of part of one of the company's sites.

The directors are satisfied with the balance sheet results at the year end.

Principal risks and uncertainties

Liquidity risk

The Group manages its cash requirements so as to maximise interest income and minimise interest expense. All the Group's cash balances and funding are with financial institutions that have credit ratings that meet the Board's criteria.

Credit risk

The Group regularly performs credit checks on clients. Trade debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary.

Business risk

The Group has appropriate disaster recovery plans in place in the event that one of its sites is not available for an extended period of time.

Key performance indicators

The Directors monitor the company's performance using the following KPI's.

Gross Margin - 41% (2024: 31%)

Debtor Days - 66 (2024: 87)

Turnover per employee - £125k (2024: £115k)

Amounts recoverable on contracts at the year as a percentage of turnover - 5% (2024: 7%)

Amounts recoverable on contracts are reviewed on a regular basis for recoverability as in line with the accounting policy detailed in the Notes to the Financial Statements and provisions made when necessary.

On behalf of the board

H P Gell
Director
1 December 2025
GLANVILLE FUTURES LIMITED (CONSOLIDATED)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the company continued to be that of a holding company.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J G Birch
T P Foxall
H P Gell
H B George
J A Hanlon
A P Smith
J Farooq
Auditor

During the year, Mercer & Hole were appointed as the Company’s statutory auditors and have expressed their willingness to continue in office.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the exemptions of the medium-sized companies regime.

On behalf of the board
H P Gell
Director
1 December 2025
GLANVILLE FUTURES LIMITED (CONSOLIDATED)
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and parent company, and of the profit or loss of the group for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company, and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

GLANVILLE FUTURES LIMITED (CONSOLIDATED)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GLANVILLE FUTURES LIMITED (CONSOLIDATED)
- 4 -
Opinion

We have audited the financial statements of Glanville Futures Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2025 and of the group's profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

GLANVILLE FUTURES LIMITED (CONSOLIDATED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GLANVILLE FUTURES LIMITED (CONSOLIDATED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates and considered the risk of acts by the Company that were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, the Companies Act 2006, employment law, and tax legislation.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure, and management bias.

Audit procedures performed by the engagement team included:

- discussions with management, including considerations of known or suspected instances of non-compliance with laws and regulations and fraud;

- gaining an understanding of management's controls designed to prevent and detect irregularities; and

- identifying and testing journal entries.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expected to detect non-compliance with all laws and regulations.

GLANVILLE FUTURES LIMITED (CONSOLIDATED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GLANVILLE FUTURES LIMITED (CONSOLIDATED)
- 6 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

The financial statements for the year ended 31 March 2024 were audited by another auditor who expressed an unmodified opinion on those statements on 12 December 2024. As part of our audit of the financial statements for the year ended 31 March 2025, we have not audited the comparative information included therein. Accordingly, we do not express an opinion on the prior year figures.

Use of our report

This report is made solely to the parent company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Turner (Senior Statutory Auditor)
For and on behalf of Mercer & Hole LLP, Statutory Auditor
Chartered Accountants
21 Lombard Street
London
EC3V 9AH
2 December 2025
GLANVILLE FUTURES LIMITED (CONSOLIDATED)
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
12,799,196
10,779,305
Cost of sales
(7,510,248)
(7,390,266)
Gross profit
5,288,948
3,389,039
Administrative expenses
(3,785,965)
(2,495,142)
Other operating income
25,045
25,135
Operating profit
4
1,528,028
919,032
Interest receivable and similar income
8
24,986
12,954
Interest payable and similar expenses
9
(294,741)
(326,928)
Profit before taxation
1,258,273
605,058
Tax on profit
10
(421,178)
(163,366)
Profit for the financial year
25
837,095
441,692
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
GLANVILLE FUTURES LIMITED (CONSOLIDATED)
GROUP BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
11
1,865,568
2,262,792
Tangible assets
12
349,529
245,336
2,215,097
2,508,128
Current assets
Debtors
15
3,340,110
3,768,727
Cash at bank and in hand
1,389,893
626,068
4,730,003
4,394,795
Creditors: amounts falling due within one year
16
(2,530,743)
(5,320,416)
Net current assets/(liabilities)
2,199,260
(925,621)
Total assets less current liabilities
4,414,357
1,582,507
Creditors: amounts falling due after more than one year
17
(2,011,285)
(54,960)
Provisions for liabilities
Deferred tax liability
20
65,534
20,536
(65,534)
(20,536)
Net assets
2,337,538
1,507,011
Capital and reserves
Called up share capital
22
539,808
539,808
Share premium account
23
20,064
20,064
Other reserves
23
-
0
6,568
Profit and loss reserves
25
1,777,666
940,571
Total equity
2,337,538
1,507,011

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 1 December 2025 and are signed on its behalf by:
01 December 2025
H P Gell
Director
Company registration number 12302240 (England and Wales)
GLANVILLE FUTURES LIMITED (CONSOLIDATED)
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
13
10,320,930
10,320,930
10,320,930
10,320,930
Current assets
Debtors
15
139
23,922
Cash at bank and in hand
123,005
152,082
123,144
176,004
Creditors: amounts falling due within one year
16
(1,034,035)
(11,167,849)
Net current liabilities
(910,891)
(10,991,845)
Total assets less current liabilities
9,410,039
(670,915)
Creditors: amounts falling due after more than one year
17
(1,891,500)
(40,000)
Net assets/(liabilities)
7,518,539
(710,915)
Capital and reserves
Called up share capital
22
539,808
539,808
Share premium account
23
20,064
20,064
Other reserves
23
-
0
6,568
Profit and loss reserves
25
6,958,667
(1,277,355)
Total equity
7,518,539
(710,915)

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £8,236,022 (2024 - £207,998 loss).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 1 December 2025 and are signed on its behalf by:
01 December 2025
H P Gell
Director
Company registration number 12302240 (England and Wales)
GLANVILLE FUTURES LIMITED (CONSOLIDATED)
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2023
479,872
-
0
78,983
438,134
996,989
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
-
441,692
441,692
Issue of share capital
22
59,936
20,064
-
-
80,000
Transfers
-
-
(60,745)
60,745
-
Discounted loans
-
-
(11,670)
-
(11,670)
Balance at 31 March 2024
539,808
20,064
6,568
940,571
1,507,011
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
-
837,095
837,095
Discounted loans
-
-
(6,568)
-
(6,568)
Balance at 31 March 2025
539,808
20,064
-
1,777,666
2,337,538
GLANVILLE FUTURES LIMITED (CONSOLIDATED)
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2023
479,872
-
0
78,983
(1,130,102)
(571,247)
Year ended 31 March 2024:
Loss and total comprehensive income for the year
-
-
-
(207,998)
(207,998)
Issue of share capital
22
59,936
20,064
-
-
80,000
Transfers
-
-
(60,745)
60,745
-
Discounted loans
-
-
(11,670)
-
(11,670)
Balance at 31 March 2024
539,808
20,064
6,568
(1,277,355)
(710,915)
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
-
8,236,022
8,236,022
Discounted loans
-
-
(6,568)
-
(6,568)
Balance at 31 March 2025
539,808
20,064
-
6,958,667
7,518,539
GLANVILLE FUTURES LIMITED (CONSOLIDATED)
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
2,266,200
1,146,660
Income taxes paid
(213,491)
(347,943)
Net cash inflow from operating activities
2,052,709
798,717
Investing activities
Purchase of tangible fixed assets
(271,442)
(81,905)
Proceeds from disposal of tangible fixed assets
23,095
13,300
Interest received
24,986
12,954
Net cash used in investing activities
(223,361)
(55,651)
Financing activities
Proceeds from issue of shares
-
80,000
Proceeds from borrowings
293,905
307,849
Other loans (repaid)/issued
(302,271)
-
Proceeds from new bank loans
2,600,000
-
Repayment of bank loans
(3,490,339)
(1,392,772)
Issue/(Payment) of finance lease obligations
127,923
(7,769)
Interest paid
(294,741)
(326,928)
Net cash used in financing activities
(1,065,523)
(1,339,620)
Net increase/(decrease) in cash and cash equivalents
763,825
(596,554)
Cash and cash equivalents at beginning of year
626,068
1,222,622
Cash and cash equivalents at end of year
1,389,893
626,068
GLANVILLE FUTURES LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
1
Accounting policies
Company information

Glanville Futures Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 3 Grovelands Business Centre, Boundary Way, Hemel Hempstead, Hertfordshire, HP2 7TE.

The group consists of Glanville Futures Limited and all of its subsidiaries.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

GLANVILLE FUTURES LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Glanville Futures Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

A t the time of approving the financial statements, t he directors have a reasonable expectation that the group and parent company ha ve adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Revenue

Revenue comprises of services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

Revenue from contracts for the provision of professional services is recognised by reference to the estimated percentage of work completed against the agreed work and fees.

GLANVILLE FUTURES LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% straight line
Fixtures and fittings
20% straight line
Computers
33.3% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

GLANVILLE FUTURES LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

GLANVILLE FUTURES LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -
1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group 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 asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 group after deducting all of its liabilities.

GLANVILLE FUTURES LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 18 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

GLANVILLE FUTURES LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 19 -

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

GLANVILLE FUTURES LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 20 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Goodwill useful estimated life

The directors have estimated the period over which goodwill arising from the acquisition of subsidiaries is amortised.

Discount rate on interest free loans

The directors have estimated the discount rate applied to interest free loans.

Amounts owed by contract customers

The directors have made estimates in identifying the stage of completion of projects, which are used to calculate the amounts recoverable on contracts included within debtors.

3
Turnover
2025
2024
£
£
Turnover analysed by class of business
Sale of Services
12,799,196
10,779,305
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
12,631,696
10,736,859
Europe
167,500
42,446
12,799,196
10,779,305
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
2,500
6,700
Depreciation of tangible fixed assets
149,908
130,102
Profit on disposal of tangible fixed assets
(5,754)
(12,619)
Amortisation of intangible assets
397,224
397,224
Operating lease charges
184,672
212,873
GLANVILLE FUTURES LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
2,500
6,700
Audit of the financial statements of the company's subsidiaries
19,500
13,600
22,000
20,300
For other services
All other non-audit services
8,200
8,110
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Directors
9
7
7
7
Technical consultants
83
77
-
-
Administration
10
10
-
-
Total
102
94
7
7

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
5,136,116
4,569,798
728,812
666,554
Social security costs
583,916
514,548
97,042
86,148
Pension costs
734,013
656,320
259,000
240,967
6,454,045
5,740,666
1,084,854
993,669
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
728,812
666,554
Pension costs
259,000
240,967
987,812
907,521
GLANVILLE FUTURES LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
7
Directors' remuneration
(Continued)
- 22 -

During the year retirement benefits were accruing to 7 directors (202 4 - 7) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £141,925 (202 4 - £138,572).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £12,023 (202 4 - £11,332).

8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
17,475
12,954
Other interest income
7,511
-
Total income
24,986
12,954
9
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
267,442
311,899
Interest on finance leases and hire purchase contracts
12,549
1,700
Other interest
14,750
13,329
Total finance costs
294,741
326,928
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
376,180
180,491
Deferred tax
Origination and reversal of timing differences
44,998
(17,125)
Total tax charge
421,178
163,366
GLANVILLE FUTURES LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
10
Taxation
(Continued)
- 23 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
1,258,273
605,058
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
314,568
151,265
Tax effect of expenses that are not deductible in determining taxable profit
7,668
16,055
Group relief
-
0
(130,474)
Permanent capital allowances in excess of depreciation
(364)
10,089
Other non-reversing timing differences
-
0
17,125
Amortisation of goodwill
99,306
99,306
Taxation charge
421,178
163,366
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2024 and 31 March 2025
3,972,235
Amortisation and impairment
At 1 April 2024
1,709,443
Amortisation charged for the year
397,224
At 31 March 2025
2,106,667
Carrying amount
At 31 March 2025
1,865,568
At 31 March 2024
2,262,792
The company had no intangible fixed assets at 31 March 2025 or 31 March 2024.
GLANVILLE FUTURES LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
12
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2024
417,790
408,170
604,045
165,039
1,595,044
Additions
202,144
11,166
37,145
20,987
271,442
Disposals
(71,050)
(10,879)
(8,685)
(40,190)
(130,804)
At 31 March 2025
548,884
408,457
632,505
145,836
1,735,682
Depreciation and impairment
At 1 April 2024
348,214
390,170
518,599
92,725
1,349,708
Depreciation charged in the year
62,989
7,337
61,974
17,608
149,908
Eliminated in respect of disposals
(71,050)
(10,879)
(8,452)
(23,082)
(113,463)
At 31 March 2025
340,153
386,628
572,121
87,251
1,386,153
Carrying amount
At 31 March 2025
208,731
21,829
60,384
58,585
349,529
At 31 March 2024
69,576
18,000
85,446
72,314
245,336
The company had no tangible fixed assets at 31 March 2025 or 31 March 2024.

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Plant and equipment
140,633
16,084
-
0
-
0
13
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
10,320,930
10,320,930
GLANVILLE FUTURES LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
13
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024 and 31 March 2025
10,320,930
Carrying amount
At 31 March 2025
10,320,930
At 31 March 2024
10,320,930
14
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Glanville Holding Limited
3 Grovelands Business
Centre, Boundary Way,
Hemel Hempstead,
Hertfordshire, HP2 7TE
Ordinary
100.00
Glanville Consultants Limited - subsidiary of Glanville Holding Limited
3 Grovelands Business
Centre, Boundary Way,
Hemel Hempstead,
Hertfordshire, HP2 7TE
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Glanville Holding Limited
3,696,885
4,500,000
Glanville Consultants Limited - subsidiary of Glanville Holding Limited
3,273,861
1,421,018
15
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,324,354
2,582,919
-
0
-
0
Gross amounts owed by contract customers
655,242
802,278
-
0
-
0
Other debtors
1,875
2,833
-
0
-
0
Prepayments and accrued income
358,639
380,697
139
23,922
3,340,110
3,768,727
139
23,922
GLANVILLE FUTURES LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
16
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
18
504,400
3,286,239
504,400
3,286,239
Obligations under finance leases
19
31,362
8,264
-
0
-
0
Other borrowings
18
176,343
184,709
-
0
-
0
Trade creditors
282,712
503,921
1,748
17
Amounts owed to group undertakings
-
0
-
0
389,855
7,759,737
Corporation tax payable
258,180
95,491
-
0
-
0
Other taxation and social security
676,039
657,917
76,477
81,741
Other creditors
40,000
71,349
40,000
15,345
Accruals and deferred income
561,707
512,526
21,555
24,770
2,530,743
5,320,416
1,034,035
11,167,849
17
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
18
1,891,500
-
0
1,891,500
-
0
Obligations under finance leases
19
119,785
14,960
-
0
-
0
Other creditors
-
0
40,000
-
0
40,000
2,011,285
54,960
1,891,500
40,000
18
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
2,395,900
3,286,239
2,395,900
3,286,239
Other loans
176,343
184,709
-
0
-
0
2,572,243
3,470,948
2,395,900
3,286,239
Payable within one year
680,743
3,470,948
504,400
3,286,239
Payable after one year
1,891,500
-
0
1,891,500
-
0

Loans taken out by the company amounting to £2,470,000 (2024: £2,585,129) at the year end date, are secured by fixed and floating charges over all assets and undertakings of the group, including those of Glanville Consultants Limited.

GLANVILLE FUTURES LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 27 -
19
Hire purchase and finance leases
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
31,362
8,264
-
0
-
0
In two to five years
119,785
14,960
-
0
-
0
151,147
23,224
-
-

The hire purchase agreement is secured over the assets it relates to.

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024
Group
£
£
Fixed asset timing differences
65,794
35,147
Short term timing differences
(260)
(14,611)
65,534
20,536
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 April 2024
20,536
-
Charge to profit or loss
44,998
-
Liability at 31 March 2025
65,534
-

T he deferred tax liability set out above is expected to reverse within 36 months and relates to accelerated capital allowances that are expected to mature within the same period.

21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
734,013
656,320
GLANVILLE FUTURES LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
21
Retirement benefit schemes
(Continued)
- 28 -

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

22
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
539,808
539,808
539,808
539,808

In the prior year, 59,936 ordinary shares of £1 were issued at a premium of £0.3347571 per share.

23
Share premium account

The s hare p remium account relates to the excess paid on the share options exercised.

24
Other reserves

Other reserves r elate to the discount on the interest free loans when discounted to present value and the fair value movement on the share options. These reserves cannot be distributed.

25
Profit and loss reserves

The profit and loss account represents the distributable res e rves available.

26
Financial commitments, guarantees and contingent liabilities

The directors have accrued for costs based on their best estimate of known claims, investigations and legal actions in progress. The Company takes legal advice as to the potential outcomes of claims and actions and no provision is made where the directors consider, based on that advice, that the action is unlikely to succeed, or that the Company cannot make a sufficiently reliable estimate of the potential obligation.

27
Operating lease commitments
As lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within 1 year
467,702
218,851
-
-
Years 2-5
1,104,970
674,240
-
-
After 5 years
138,038
136,019
-
-
1,710,710
1,029,110
-
-
GLANVILLE FUTURES LIMITED (CONSOLIDATED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
27
Operating lease commitments
(Continued)
- 29 -

The future minimum lease payments above represent amounts payable under operating leases on two premises and other assets. These leases run until April 2031 and April 2028 and have break clauses at April 2026 and at one year's notice respectively.

28
Controlling party

There is no ultimate controlling party.

29
Cash generated from group operations
2025
2024
£
£
Profit after taxation
837,095
441,692
Adjustments for:
Taxation charged
421,178
163,366
Finance costs
294,741
326,928
Investment income
(24,986)
(12,954)
Gain on disposal of tangible fixed assets
(5,754)
(12,619)
Amortisation and impairment of intangible assets
397,224
397,224
Depreciation and impairment of tangible fixed assets
149,908
130,102
Movements in working capital:
Decrease/(increase) in debtors
428,617
(704,852)
(Decrease)/increase in creditors
(231,823)
417,774
Cash generated from operations
2,266,200
1,146,661
30
Analysis of changes in net debt - group
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
626,068
763,825
1,389,893
Borrowings excluding overdrafts
(3,470,948)
898,705
(2,572,243)
Obligations under finance leases
(23,224)
(127,923)
(151,147)
(2,868,104)
1,534,607
(1,333,497)
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