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Registered number:
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BLUGILT HOLDINGS LTD
Company Information
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BLUGILT HOLDINGS LTD
Contents
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BLUGILT HOLDINGS LTD
Group strategic report
For the year ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
The principal activity of the Company during the year was that of an investment holding company. The principal activity of the companies within the Group continues to be the manufacture of plastic blow moulded components predominantly for the automotive, medical and construction industries. The Group’s business strategy is to work in partnership with our major customers to ensure we continue to offer high level components, technical support, and manufacturing facilities in line with the needs of the industry and to ensure that our manufacturing processes remain aligned with the market we serve.
The Company does not trade.
The Company's principal trading subsidiaries are Bolton Plastic Components Limited and Bettix Limited. Bolton Plastic Components Limited Our automotive components are supplied directly to OEMs and major system suppliers at both Tier 1 and Tier 2 levels. The year to 31 December 2024 remained challenging, as supply chains continued to stabilise and demand patterns normalised with a number of manufactuers launching new hybrid models and others delaying launch of full EV models following a relaxation of the rules allowing hybrid sales until 2035. Many customers carried excess stock in H1, leading to a period of destocking, while wider supply chain disruptions - though easing - are expected to result in a steady first quarter, with production growth anticipated to accelerate through the remainder of 2025. Despite these headwinds, global demand for our largest customer’s vehicles has remained resilient. Looking ahead to 2025, customers continue to request that suppliers prepare for increased volumes, particularly on higher-value models. In addition we have seen production of the smaller volumes of some of the older models completely cease, making our manufacturing process inherently more efficient as we need to make less tool changes. The Company remains committed to minimising its environmental impact and is actively pursuing initiatives to reduce carbon consumption, including energy reduction projects and the implementation of energy tracking systems. In addition, the business is investing in the upgrade of its Enterprise Resource Planning (ERP) system to strengthen production planning, improve stock control and enhance management reporting, ensuring greater efficiency and responsiveness to customer needs. The company is proud to have been able to make a donation of £165,000 during the year to The Puri Foundation (charity number 327854), whose principal activity is to provide education and training to children and young people both in the UK and India. The Company experienced a reduction in turnover during 2024; however, through the successful delivery of several efficiency programmes, it was able to offset rising costs and workflow instability, achieving a positive profit before tax for the year. The Company continues to maintain a strong balance sheet, with a year-end net asset value of £3.9m. The company uses several key performance indicators to track business performance, which can be referenced in full within the attached financial statements. The main KPI drivers will show that turnover including tooling for the year was £12.456m (2023: £14.661m). Gross profit for the year of £1.809m (2023: £1.582m) and the corresponding profit before tax was £188k (2023: loss £208k). As such the Directors are very pleased with the improvements in financial performance.
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BLUGILT HOLDINGS LTD
Group strategic report (continued)
For the year ended 31 December 2024
Bettix Limited
The Company's principal trading activity continues to be manufacture of other plastic products including specialist bottles, containers and biothermal panels. The Company's manufacturing operations have continued to operate well albeit sales into the medical sector have taken time to find the ‘new normal’ level after COVID and as a result sales have fallen at Bettix for a second year to £6.3m (2023: £7.7m). Despite this, the Company still made operating profit of £367k (2023: £330k) after a charitable donation of £240k (as such trading profit is actually up on a smaller turnover). The Company is proud to have been able to make a donation of £240,000 during the year to The Puri Foundation (charity number 327854) whose principal activity is to provide education and training to children and young people both in the UK and India. The site remains fully committed to the reduction of its carbon footprint and any impact it may have on the environment, with the business actively working towards reducing its carbon consumption through a range of energy reduction activities and energy tracking. Disposal Company (Richborough) Limited The principal activity of the Company is the treatment and disposal of domestic and commercial sewerage. The Company capped off its facility during the year and ceased to trade. Post balance sheet the Company sold its assets at fair market value and will use the surplus cash it received from these sales to clear all current liabilities with a view to liquidating the company solvently at some point in the near future.
The challenges we face as we move through the coming year will in the main revolve around the speed of adoption of EV’s and hybrid vehicles and associated regulations, the cost of living crisis following global instability, particularly around international tariffs and as such the recovery of consumer confidence in buying new motor vehicles. Our largest customer remains highly optimistic regarding vehicle sales in the coming year having introduced new models in the premium sector that continue to sell well across the world.
Other risks include cost movements in the price of energy and logistics costs; whilst prices remain high compared to pre-crisis levels, energy costs are expected to gradually decline as markets stabilise and the UK transitions to more renewable energy sources. Varying polymer pricing, which is overall shaped by economic condition but is fundamentally driven by the world pricing of oil and could also affect our cost base. In the Automotive sector we have a niche product range and have been reasonably successful in passing cost variances on and anticipate a similar level of success next year.
The company uses several key performance indicators to track business performance, which can be referenced in full within the attached financial statements. As stated above, the main KPI drivers will show that turnover including tooling for the year will have decreased but profitability will have significantly improved after adjusting for charitable donations made.
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BLUGILT HOLDINGS LTD
Group strategic report (continued)
For the year ended 31 December 2024
This report was approved by the board and signed on its behalf.
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BLUGILT HOLDINGS LTD
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.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments 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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £174,106 (2023 - £2,324,620).
The directors did not recommend the payment of any dividends during the year (2023: £nil).
The directors who served during the year were:
The Group continue to drive through cost savings and consolidate production into less energy consuming machines. Sales are expected to remain stable and as such profitability will very much depend on the issues related to our largest customer and whether compensation for lost profits will be met.
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BLUGILT HOLDINGS LTD
Directors' report (continued)
For the year ended 31 December 2024
Our major customer experienced a cyber attack in September 2025 and as a result production of their vehicles, and by association our own business, has been significantly affected. We continue to work with the customer and our staff to minimise the financial impact of this event for our business but it will without doubt have a negative impact on the financial performance of the company in 2025.
The auditors, PKF Smith Cooper Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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BLUGILT HOLDINGS LTD
Independent auditors' report to the members of Blugilt Holdings Ltd
We have audited the financial statements of Blugilt Holdings Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Group Statement of comprehensive income, the Group and Company Balance sheets, the Group Statement of cash flows, the Group and Company Statement of changes in equity and the related notes, including a summary of 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).
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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 or the 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
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BLUGILT HOLDINGS LTD
Independent auditors' report to the members of Blugilt Holdings Ltd (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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BLUGILT HOLDINGS LTD
Independent auditors' report to the members of Blugilt Holdings Ltd (continued)
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 Auditors' 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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identified that the principal risk of fraud or non-compliance with laws and regulations related to:
∙management bias in respect of accounting estimates and judgements made;
∙management override of control;
∙posting of unusual journals or transactions.
We focussed on those areas that could give rise to a material misstatement in the Group financial statements. Our procedures included, but were not limited to:
∙enquiry of management and those charged with governance around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud;
∙reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud;
∙reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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BLUGILT HOLDINGS LTD
Independent auditors' report to the members of Blugilt Holdings Ltd (continued)
This report is made solely to the 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 Company's members those matters we are required to state to them in an Auditors' 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 Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditors
2 Lace Market Square
NG1 1PB
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BLUGILT HOLDINGS LTD
Consolidated statement of comprehensive income
For the year ended 31 December 2024
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BLUGILT HOLDINGS LTD
Registered number: 00321419
Consolidated balance sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 34 form part of these financial statements.
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BLUGILT HOLDINGS LTD
Registered number: 00321419
Company balance sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 34 form part of these financial statements.
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BLUGILT HOLDINGS LTD
Consolidated statement of changes in equity
For the year ended 31 December 2024
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BLUGILT HOLDINGS LTD
Company statement of changes in equity
For the year ended 31 December 2024
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BLUGILT HOLDINGS LTD
Consolidated statement of cash flows
For the year ended 31 December 2024
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BLUGILT HOLDINGS LTD
Consolidated Analysis of Net Debt
For the year ended 31 December 2024
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BLUGILT HOLDINGS LTD
Notes to the financial statements
For the year ended 31 December 2024
Blugilt Holdings Limited is a private company limited by shares, incorporated in England and Wales, United Kingdom. The address of the registered office and the company registration number can be found in the Company Information page of these financial statements. The principal activity of the Company and the Group can be found in the Strategic Report.
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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are presented in sterling which is the functional currency of the Group and are rounded to the nearest £1.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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BLUGILT HOLDINGS LTD
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
The financial statements are prepared on the going concern basis. The directors of the two main trading subsidiaries have prepared cash flow forecasts up to December 2026. Group cashflows have also been considered by the directors as part of the forecast process, and they have concluded that, taking these into account and the bank facilities in place, the going concern basis is appropriate and no material uncertainty exists.
In reviewing the adoption of the going concern basis in the preparation of these financial statements, the directors have considered the following: Mr N R Puri has confirmed that he has no intention to demand of accrued preference dividends of £4,509,966 and redeemable preference shares of £5,216,000 due to him as at 31 December 2024 for a period of at least 12 months from the date of these financial statements. Disposal Company (Richborough) Limited It is the directors intention for the Company to be liquidated at an indeterminate date in the near future. Therefore these financial statements for this company have been prepared on a basis other than that of the going concern basis. This basis includes, where applicable, writing the Company's assets down to net realisable value. Provisions have also been made in respect of contracts which have become onerous at the reporting date. No provision has been made for the future costs of terminating the business such as costs of winding down the business (e.g. liquidation fees) unless such costs were committed at the reporting date such as the costs of redundancies as a constructive obligation was created at the reporting date. The impact of the above is not material to the Group financial statements.
Functional and presentation currency
Transactions and balances
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BLUGILT HOLDINGS LTD
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Sale of goods Revenue from the sale of plastic blow moulded components is recognised when the following conditions are satisfied: This is usually on despatch of goods. Tooling and development The Group recognises tooling activity at the point of commissioning. Amounts recoverable on contracts, included within work in progress, comprises any excess costs for an individual tool which has not been commission at the balance sheet date.
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BLUGILT HOLDINGS LTD
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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BLUGILT HOLDINGS LTD
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
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.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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BLUGILT HOLDINGS LTD
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Judgements in applying accounting policies The directors must judge whether all of the conditions required have been met for revenues to be recognised in profit and loss for the financial year as set out in note 2.5. Sources of estimation uncertainty
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BLUGILT HOLDINGS LTD
Notes to the financial statements
For the year ended 31 December 2024
Analysis of turnover by country of destination:
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BLUGILT HOLDINGS LTD
Notes to the financial statements
For the year ended 31 December 2024
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BLUGILT HOLDINGS LTD
Notes to the financial statements
For the year ended 31 December 2024
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BLUGILT HOLDINGS LTD
Notes to the financial statements
For the year ended 31 December 2024
12.Taxation (continued)
There were no factors that may affect future tax charges.
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BLUGILT HOLDINGS LTD
Notes to the financial statements
For the year ended 31 December 2024
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BLUGILT HOLDINGS LTD
Notes to the financial statements
For the year ended 31 December 2024
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BLUGILT HOLDINGS LTD
Notes to the financial statements
For the year ended 31 December 2024
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BLUGILT HOLDINGS LTD
Notes to the financial statements
For the year ended 31 December 2024
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BLUGILT HOLDINGS LTD
Notes to the financial statements
For the year ended 31 December 2024
Accrued dividends on the preference shares of £nil (2023: £156,480) are shown within the interest charge for the year (note 11). During the year ended 31 December 2023 accrued dividends of £2,413,715 were written off as part of the reduction in preference share capital and this was shown as a credit within the interest charge. Total accrued dividends carried forward as at 31 December 2024 are £4,353,126 (2023: £4,353,126).
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BLUGILT HOLDINGS LTD
Notes to the financial statements
For the year ended 31 December 2024
The 3% Redeemable Preference shares are classified as creditors as required per FRS 102.
The Company may at any time redeem all or any multiple of the 3% Redeemable Preference shares, at par or out of distributable profits or the proceeds of a fresh issue of shares made for the purpose of redemption, by giving three months' notice to the holders of the shares. The Company was bound to redeem 5% of the preference shares on 31 December 2005 and on 31 December in each subsequent year until all the redeemable preference shares have been redeemed. However, all of the redeemable preference shares remain unredeemed as at 31 December 2024 as the holder of the shares had not made a demand as the Company is not in a position to meet its obligation. During the year ended 31 December 2023 the Company assigned loans of £3,000,000 due to the Company from group and related undertakings to Mr N Puri (the holder of the redeemable preference shares), in exchange for an equivalent reduction in preference share capital. As a result 30,000 preference shares were cancelled with the unpaid cumulative dividends on these preference shares of £2,413,715 being written off. The redeemable preference shares carry a fixed cumulative preferential dividend at the rate of 3% per annum. Dividends accrue on a daily basis and are payable half yearly on the 15 July in respect of the period 1 January to 30 June and on 15 January in respect of the period 1 July to 31 December. Dividends unpaid to date total £4,353,126 (2023: £4,353,126). The holder of the shares has not made a demand for payment of these dividends as the Company is not in a position to repay the liability. On a winding up or repayment of capital the holders of the preference share capital are entitled to a repayment of the capital paid up on those shares in priority to any payment to the holders of the ordinary shares, but shall not entitle the holders to any further or other participation in the profits or assets of the company. The redeemable preference shares carry no rights to vote at any general meeting of the Company unless either: a) at the date of the notice convening the meeting the dividend on the redeemable preference shares is one year or more in arrears; or b) the business of the meeting includes the consideration of a resolution for the winding up of the Company.
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BLUGILT HOLDINGS LTD
Notes to the financial statements
For the year ended 31 December 2024
Revaluation reserve
Capital redemption reserve
Profit and loss account
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £277,104 (2023: £242,885). Contributions totalling £nil (2023: £3,335) were payable to the fund at the balance sheet date and are included in creditors.
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BLUGILT HOLDINGS LTD
Notes to the financial statements
For the year ended 31 December 2024
The immediate and ultimate parent company is Clary Limited, a company incorporated in the Isle of Man.
The ultimate controlling party is Mr N Puri.
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