ACCOUNTS - Final Accounts preparation

Operating (loss)/profit

The operating (loss)/profit is stated after charging:

Financial Statements

Grosvenor Cleaning Services Limited

For the financial year ended 31 March 2025

Registered number: 02601775


Grosvenor Cleaning Services Limited

Company Information

Directors	Theresa Rita McCauley
	Rita M McCauley
	John Bernard McCauley


Company secretary	John Bernard McCauley


Registered number	02601775


Registered office	Unit 2D
	Barkers Yard
	Skegness
	PE253SR
	England


Independent auditor	Grant Thornton
	Chartered Accountants & Statutory Auditors
	13 - 18 City Quay
	Dublin 2
	Republic of Ireland


Bankers	National Westminster Plc
	13 Market Place
	Reading
	Berkshire
	United Kingdom


	Allied Irish Bank
	1 Adelaide Road
	Dublin
	Republic of Ireland


	Barclays Bank
	1 Stanhope Gate
	Leicester
	United Kingdom


Solicitors	Ward Hardway
	102 Quayside
	Newcastle upon Tyne
	United Kingdom
	NE1 3DX


Grosvenor Cleaning Services Limited

Contents

	Page
Strategic report	1 - 2
Directors' report	3 - 4
Directors' responsibilities statement	5
Independent auditor's report	6 - 9
Statement of comprehensive income	10
Statement of financial position	11
Statement of changes in equity	12
Notes to the financial statements	13 - 26


Grosvenor Cleaning Services Limited

Strategic report

For the financial year ended 31 March 2025

Principal activities

The Company's principal activities during the financial year continued to be the provision of office cleaning to retail, manufacturing and government departments. The business operates throughout Great Britain, Northern Ireland and the Isle of Man.

Business review

During the year the Company saw an increase in turnover of 54% from £12.8m in 2024 to £19.7m in 2025. This increase is as a result of an increase in revenue generated from existing clients and new business won by the commercial team the Company invested in.

Principal risks and uncertainties

The Company has a framework through its policies, procedures and internal controls to identify risks to the business. The board approves all policies and these are reviewed on an ongoing basis by management. Compliance, legal and ethical standards are high priorities of the Company. The board and finance department monitor these important areas.
The principal risks from our cleaning business arise from a number of areas:

∙The operational disruptions in supply chain and service delivery.

∙The dependence on certain major customers and suppliers.

∙The unanticipated expenditure in respect of environmental, health and safety laws.

∙Increased labour laws beyond the company’s control.

∙The performance by customers of their obligations under purchase agreements.

∙The retention of senior management.

∙The impact of external factors on economic market beyond our control.

Financial instrument risk

The Company makes little use of financial instruments other than an operational bank account and so its exposure to price risk, credit risk, liquidity risk and cashflow is not material for the assessment of the assets, liabilities, financial position and profit and loss of the Company.

The board is responsible for ensuring proper internal controls and framework exist and operates effectively in the management of risk to the business.

Page 1


Grosvenor Cleaning Services Limited

Strategic report (continued)

For the financial year ended 31 March 2025

Financial key performance indicators

The management board monitors the progress of the company using the following KPIs:

	2025	2024
Turnover increase	54%	8%
Gross profit margin	15%	20%
Return on capital employed	3%	6%

Staff numbers increased by 24% (2024: 9%).

	2025	2024
Trade Debtors	14 weeks	12 weeks
Net profit before tax	£227,249	£540,798
Net profit margin	1%	4%

Customer satisfaction / Quality audits: the Company is recognised as a leader in the contract cleaning market in the sector it operates.

The Company believes it is important to consolidate its position in its existing markets. The Company continues to provide additional related services.

This report was approved by the board and signed on its behalf.

Rita M McCauley Director	John Bernard McCauley Director

Date: 19 December 2025

Page 2


Grosvenor Cleaning Services Limited

Directors' report

For the financial year ended 31 March 2025

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

Results and dividends

The profit for the year, after taxation, amounted to £131,657 (2024 - £361,910).

Dividends paid during the year amounted to £352,530 (2024: £1,711,093).

Directors

The directors who served during the year were:

Theresa Rita McCauley

Rita M McCauley

John Bernard McCauley

Future developments

The Company plans to continue its current activities.

Political contributions

The company did not make any political contributions during the year.

Branches outside the state

There are no branches of the company outside the UK.

Research and development activities

The Company did not engage in research and development activities during the years ended 31 March 2025 and 2024.

Employment of disabled persons

The policy of the company is to support recruitment and retention of disabled persons, which it does by adapting the physical environment, by making support resources available and through training and career development.
For example, wherever possible and reasonable the group has adapted older buildings with lifts and/or ramps, disabled toilets are installed, and door widths are adequate to enable wheelchair access to all the main areas of the group offices.

Employee involvement

The Company has a recruitment policy to ensure that all applications for employment, including those made by disable persons, are given full and fair consideration in light of the applicant's aptitudes and abilities. There is also an equal opportunities policy to ensure that all employees are treated equally in terms of employment, every effort is made to continue their employment and arrange for appropriate training and support as far as is reasonable practicable.

The company has effective communication channels through which employees' views can be sought on issues which concern them.

Page 3


Grosvenor Cleaning Services Limited

Directors' report (continued)

For the financial year ended 31 March 2025

Matters covered in the strategic report

As permitted by Section 414 (c) (11) of the Companies Act 2006, the directors have elected to disclose information required to be in the directors' report by Schedule 7 of the "Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008", in the Strategic report.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Events since the end of the reporting period

There have been no significant events affecting the company since the year end.

Auditor

The auditor, Grant Thornton, 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.

Rita M McCauley Director	John Bernard McCauley Director

Date: 19 December 2025

Page 4


Grosvenor Cleaning Services Limited

Directors' responsibilities statement

For the financial year ended 31 March 2025

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

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

∙select suitable accounting policies for the company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙state whether applicable UK Accounting Standards have been followed, and note the effect and the reasons for any material departure from those standards;

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

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


Rita M McCauley	John Bernard McCauley
Director	Director

Date: 19 December 2025

Page 5

Independent auditor's report to the members of Grosvenor Cleaning Services Limited

Opinion

We have audited the financial statements of Grosvenor Cleaning Services Limited (the "Company"), which comprise the Statement of comprehensive income, the Statement of financial position and the Statement of changes in equity for the year ended 31 March 2025, and the related notes to the financial statements, 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).

In our opinion, Grosvenor Cleaning Services Limited's financial statements:

∙give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the company as at 31 March 2025 and of its financial performance for the year then ended; 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 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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 company's ability to continue as a going concern for a period of at least twelve months from the date 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.

Page 6

Independent auditor's report to the members of Grosvenor Cleaning Services Limited (continued)

Other information

Other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon, including the Directors' report and the Strategic report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 the audit:

∙the information given in the Directors' report and the Strategic report for the year for which the financial statements are prepared is consistent with the financial statements, and

∙the Directors' report and the Strategic report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the Directors' report and the Strategic report.

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, or returns adequate for our audit have not been received from branches not visited by us; or

∙the 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.

Page 7

Independent auditor's report to the members of Grosvenor Cleaning Services Limited (continued)

Responsibilities of management and those charged with governance for the financial statements

Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 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, management is responsible for assessing the 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 management either intend to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the company's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements

The objectives of an auditor 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 their 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.

A further description of an auditor's 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 auditor's report.

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

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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

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

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with Data Privacy Law, Employment Law and Health & Safety Regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK tax legislation. The Audit engagement partner considered the experience and expertise of the engagement team (including industry specialists, ITGC specialists, valuation experts etc as applicable) to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.

Page 8

Independent auditor's report to the members of Grosvenor Cleaning Services Limited (continued)

Responsibilities of the auditor for the audit of the financial statements (continued)

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

In response to these principal risks, our audit procedures included but were not limited to:

∙inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;

∙inspection of the company’s legal correspondence and review of minutes of directors’ meetings during the year to corroborate inquiries made;

∙gaining an understanding of the internal controls established to mitigate risk related to fraud;

∙discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;

∙identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;

∙designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;

∙challenging assumptions and judgements made by management in their significant accounting estimates, including recognition of deferred tax assets, useful lives of depreciable assets and allowance for impairment on trade debtors; and

∙review of the financial statement disclosures to underlying supporting documentation and inquiries of management.

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.

The purpose of our audit work and to whom we owe our responsibilities

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 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 company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Tracey Sullivan, FCA (Senior Statutory Auditor)

for and on behalf of

Grant Thornton

Chartered Accountants &

Statutory Auditors

Dublin
Republic of Ireland
Date: 22 December 2025

Page 9


Grosvenor Cleaning Services Limited

Statement of comprehensive income

For the financial year ended 31 March 2025

	2025	2024
Note	£	£


Turnover	4	19,746,879	12,794,948
Cost of sales		(16,695,820)	(10,260,370)
Gross profit		3,051,059	2,534,578
Administrative expenses		(3,410,856)	(2,496,563)
Operating (loss)/profit	5	(359,797)	38,015
Interest receivable and similar income	9	587,046	502,783
Profit before tax		227,249	540,798
Tax (expense)/benefit on loss	10	(95,592)	(178,888)
Profit for the financial year		131,657	361,910

All amounts above relate to continuing operations.

There was no other comprehensive income for 2025 (2024: £Nil).

The notes on pages 13 to 26 form part of these financial statements.

Page 10


Grosvenor Cleaning Services Limited Registered number:02601775

Statement of financial position

As at 31 March 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	11		895,428		175,826
			895,428		175,826
Current assets

Debtors: amounts falling due within one year	12	5,996,263		4,211,037
Current asset investments	13	11,519,456		11,871,116
Cash at bank and in hand	14	831,227		508,634
		18,346,946		16,590,787
Current liabilities
Creditors: amounts falling due within one year	15	(10,896,054)		(8,230,518)
Net current assets			7,450,892		8,360,269
Total assets less current liabilities			8,346,320		8,536,095
Provisions for liabilities
Other provision	17	(30,123)		(29,765)
Deferred tax	16	(30,740)		-
			(60,863)		(29,765)
Net assets			8,285,457		8,506,330

Capital and reserves
Called up share capital	18	30,000	30,000
Capital contribution reserve	19	7,417,385	7,769,915
Profit and loss account	19	838,072	706,415
Shareholders' funds		8,285,457	8,506,330

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Rita M McCauley	John Bernard McCauley
Director	Director

Date: 19 December 2025

The notes on pages 13 to 26 form part of these financial statements.

Page 11


Grosvenor Cleaning Services Limited

Statement of changes in equity

For the financial year ended 31 March 2025

	Called up share capital	Capital contribution	Profit and loss account	Total equity
	£	£	£	£
At 1 April 2024	30,000	7,769,915	706,415	8,506,330
Comprehensive income for the year
Profit for the year	-	-	131,657	131,657
Dividends: Equity capital (Note 19)	-	(352,530)	-	(352,530)
Total transactions with owners	-	(352,530)	-	(352,530)
At 31 March 2025	30,000	7,417,385	838,072	8,285,457

Statement of changes in equity

For the financial year ended 31 March 2024

	Called up share capital	Capital contribution	Profit and loss account	Total equity
	£	£	£	£
At 1 April 2023	30,000	9,481,008	344,505	9,855,513
Comprehensive income for the year
Profit for the year	-	-	361,910	361,910
Dividends: Equity capital (Note 19)	-	(1,711,093)	-	(1,711,093)
At 31 March 2024	30,000	7,769,915	706,415	8,506,330

The notes on pages 13 to 26 form part of these financial statements.

Page 12


Grosvenor Cleaning Services Limited

Notes to the financial statements

For the financial year ended 31 March 2025

1.	General information

Grosvenor Cleaning Services Limited is a private company limited by shares, incorporated in England and Wales, with a registered number 02601775 and a registered office at Unit 2D Barkers Yard Skegness, PE253SR, England.

2.Accounting policies

2.1

Basis of preparation of financial statements

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The financial statements are presented in Pounds Sterling (£).

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Heritage Holdings Limited as at 31 March 2025 and these financial statements may be obtained from Companies Registration Office, Dublin 1 and Company's registered address.

2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is Pound Sterling (GBP).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

Page 13


Grosvenor Cleaning Services Limited

Notes to the financial statements

For the financial year ended 31 March 2025

2.Accounting policies (continued)

2.3

Foreign currency translation (continued)

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.5

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 14


Grosvenor Cleaning Services Limited

Notes to the financial statements

For the financial year ended 31 March 2025

2.Accounting policies (continued)

2.8

Pensions

The contributions to employee pension are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Motor vehicles	-	20%
Office equipment	-	15%
Cleaning equipment	-	25%

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.

Page 15


Grosvenor Cleaning Services Limited

Notes to the financial statements

For the financial year ended 31 March 2025

2.Accounting policies (continued)

2.10

Tangible fixed assets (continued)

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Bank deposits that are highly liquid investments that mature within 3 to 12 months are disclosed as investments.

2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.15

Financial instruments

The Company enters into basic financial instrument transactions that result in the recognition of financial asset and liabilities like trade and other debtors and creditors.
Debt instruments (other than those wholly repayable or receivable within one year), including accounts payable and receivable, are initially measured at the transaction price (adjusted for transaction costs) and subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangement constitutes a financing transaction, such as a trade debtor or creditor on extended credit terms, initial measurement is at the present value of future cash flows discounted at a market rate of interest. Subsequent measurement is at amortised cost.

Page 16


Grosvenor Cleaning Services Limited

Notes to the financial statements

For the financial year ended 31 March 2025

2.Accounting policies (continued)

2.15

Financial instruments (continued)

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is identified, an impairment loss is recognised in the statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the carrying amount and the present value of estimated cash flows discounted at the original effective interest rate. If the financial instrument has a variable interest rate, the currently effective rate under the contract is used.
For financial assets measured at cost less impairment, the impairment is measured as the difference between an asset’s carrying value and the best estimate of its recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Offsetting
Financial assets and liabilities are offset, and the net amount reported in the statement of financial position, only when there is a legally enforceable right to set off the recognised amounts and where there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. At present, the Company has not offset any items.

Derecognition
A financial asset is derecognised only when:

∙The contractual rights to the cash flows from the financial asset expire or are settled; or

∙Substantially all of the risks and rewards of ownership of the financial asset have been transferred to another party; or

∙When, despite having retained some, but not substantially all, the risks and rewards of ownership, control of the asset has been transferred to another party, and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer. In this case, the Company derecognises the asset and recognises separately any rights and obligations retained or created in the transfer.

A financial liability is derecognised when the contract that gives rise to it is settled, sold, cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, this is treated as a derecognition of the original liability, such that the difference in the respective carrying amounts together with any costs or fees incurred is recognised in profit or loss.

Page 17


Grosvenor Cleaning Services Limited

Notes to the financial statements

For the financial year ended 31 March 2025

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgments and estimates. The items in the financial statements where these judgments and estimates have been made include:

Recognition of deferred tax assets
The extent to which deferred tax assets can be recognised is based on an assessment of the probability of the Company’s future taxable income against which the deferred tax assets can be utilised.

Useful lives of depreciable assets
The annual depreciation charge depends primarily on the estimated lives of each type of asset and, in certain circumstances, estimates of fair values and residual values. The directors annually review these asset lives and adjust them as necessary to reflect current thinking on remaining lives in light of technological change, prospective economic utilisation and physical condition of the assets concerned. Changes in asset lives can have significant impact on depreciation charges for the period. It is not practical to quantify the impact of changes in asset lives on an overall basis, as asset lives are individually determined, and there are a significant number of asset lives in use. The impact of any change would vary significantly depending on the individual changes in assets and the classes of assets impacted.

Allowance for impairment of debtors
The Company estimates the allowance for doubtful debtors based on assessment of specific accounts where the Company has objective evidence comprising default in payment terms or significant financial difficulty that certain counterparties are unable to meet their financial obligations. In these cases, judgment used was based on the best available facts and circumstances including but not limited to, the length of relationship.

4.	Turnover
		2025	2024
		£	£

	Cleaning services	19,746,879	12,794,948

All turnover arose within the United Kingdom.

Depreciation of tangible fixed assets	149,478	98,655
Exchange differences	557	626
Pension cost	224,571	140,613
Operating leases	75,484	55,643

Page 18


Grosvenor Cleaning Services Limited

Notes to the financial statements

For the financial year ended 31 March 2025

Fees payable to the company's auditor for the audit of the company's financial statements

41,403

37,350

The company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.

Wages and salaries	11,086,406	7,711,211
Social security costs	936,727	607,629
Cost of defined contribution scheme	224,571	140,613
	12,247,704	8,459,453

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Administration	18	16
Directors	3	3
Operations	482	390
Sales	5	3

	508	412

8.	Directors' remuneration
	The directors were not paid remuneration during the financial period (2024: £Nil). The directors are also the key management personnel of the Company.

Page 19


Grosvenor Cleaning Services Limited

Notes to the financial statements

For the financial year ended 31 March 2025

9.	Interest receivable
		2025	2024
		£	£

Bank interest receivable

587,046

502,783

Corporation tax
Current tax on profits for the year	-	178,888

Origination and reversal of timing differences

95,592


	Tax (expense)/benefit on loss	95,592	178,888

Profit on ordinary activities before tax

227,249

540,798

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	56,812	135,200
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	18,654	30,116
Capital allowances for year in excess of depreciation	(179,942)	(15,024)
Non-taxable income	(520)	(6,301)
Unrelieved (utilised) tax losses carried forward	25,199	(13,592)
Group relief utilised	-	(29)
Tax on loan to participators	-	48,518
Accelerated tax depreciation	175,389	-
Total tax charge for the year	95,592	178,888

Page 20


Grosvenor Cleaning Services Limited

Notes to the financial statements

For the financial year ended 31 March 2025

10.Taxation (continued)

Factors that may affect future tax charges

The Company has unrecognised deferred tax asset amounted to €104,996 (2024: €nil) arising from trading losses to be utilised against future profits. The corresponding potential deferred tax asset has not been recognised in the financial statements as its recoverability against future trading profits is uncertain.

There were no factors that may affect future tax charges.

11.	Tangible fixed assets

	Motor vehicles	Office equipment	Cleaning equipment	Total
	£	£	£	£
Cost or valuation
At 1 April 2024	206,791	48,068	1,601,273	1,856,132
Additions	128,836	-	762,528	891,364
Disposals	(56,218)	-	(82,017)	(138,235)
At 31 March 2025	279,409	48,068	2,281,784	2,609,261
Depreciation
At 1 April 2024	157,577	48,068	1,474,661	1,680,306
Charge for the year on owned assets	21,697	-	127,781	149,478
Disposals	(33,934)	-	(82,017)	(115,951)
At 31 March 2025	145,340	48,068	1,520,425	1,713,833
Net book value
At 31 March 2025	134,069	-	761,359	895,428
At 31 March 2024	49,214	-	126,612	175,826

Page 21


Grosvenor Cleaning Services Limited

Notes to the financial statements

For the financial year ended 31 March 2025

12.	Debtors: Amounts falling due within one year

					2025	2024
					£	£


Trade debtors	5,161,283	2,991,271
Amounts owed by group undertakings	480,744	585,821
Amounts owed by related parties	222,437	190,921
Other debtors	-	236
Prepayments and accrued income	75,100	13,707
Deferred taxation	-	64,852
Director loan	56,699	364,229
	5,996,263	4,211,037

Trade debtors are stated net of an impairment charge of £Nil (2024: £Nil).
Amounts owed by group undertakings and related parties are unsecured, interest free and repayable on demand.

13.	Current asset investments
		2025	2024
		£	£

	Unlisted investments	11,519,456	11,871,116

Unlisted investment are current assets with maturities greater than 90 days but less than 12 months.

14.	Cash and cash equivalents
		2025	2024
		£	£

	Cash at bank and in hand	831,227	508,634

Page 22


Grosvenor Cleaning Services Limited

Notes to the financial statements

For the financial year ended 31 March 2025

15.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	1,153,284	597,468
Amounts owed to group undertakings	6,619,507	117,465
Amounts owed to related parties	-	5,621,158
Corporation tax	48,210	129,344
Other taxation and social security	1,711,728	1,046,064
Other creditors	56,540	25,319
Accruals and deferred income	1,306,785	693,700
	10,896,054	8,230,518

Amounts owed to group undertakings are unsecured, interest free and payable on demand.
Amounts owed to related parties are unsecured, interest free and payable on demand.
Corporation tax and other taxes including social insurance are repayable at various dates over the coming months in accordance with the applicable statutory provisions.

					2025	2024
					£	£

Other taxation and social security
PAYE/NI control	584,332	285,837
VAT control	1,127,396	760,227
	1,711,728	1,046,064

Page 23


Grosvenor Cleaning Services Limited

Notes to the financial statements

For the financial year ended 31 March 2025

16.	Deferred taxation

		2025
		£

	At beginning of year	64,852
	Charged to profit or loss	(95,592)
	At end of year	(30,740)

The deferred tax balance is made up as follows:
	2025	2024
	£	£

Accelerated capital allowances and other timing differences

(30,740)

64,852

Comprising:
Asset - due within one year	-	64,852
Liability	(30,740)	-
	(30,740)	64,852

17.	Provisions

		Insurance provision
		£

	At 1 April 2024	29,765
	Charges during the year	30,123
	Released in year	(29,765)
	At 31 March 2025	30,123

A provision has been recognised for insurance claims made against the company for accidents arising in the normal course of business. These claims are handled by the Company's insurers, and are in the process of being settled. Provisions relate to the excess that the Company is liable to pay, and are recognised at the point it becomes more likely than not that the claim will succeed. The directors anticipate that most of this expenditure will be incurred within two years of the reporting date.

Page 24


Grosvenor Cleaning Services Limited

Notes to the financial statements

For the financial year ended 31 March 2025

18.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

30,000 (2024 - 30,000) Ordinary shares of £1.00 each	30,000	30,000

19.

Reserves

Capital contribution

In the current financial year, the Company declared and paid dividends on Ordinary shares of £12.93 per share (2024: £413.52 per share) against capital contributions amounting to £352,530 (2024: £1,711,093).

Profit and loss account

Includes all current and prior period retained profits and losses.

20.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £224,571 (2024: £140,613). Contributions totalling £48,467 (2024: £24,042) were payable to the fund at the reporting date and are included in other creditors.

21.

Related party transactions

The Company has taken advantage of the exemption within FRS 102 not to disclose intra-group related party transactions between subsidiary undertakings where both parties to the transaction are wholly owned by a member of the group.

Non-group related party transactions

The Grosvenor Cleaning Services Unlimited Company (incorporated in Ireland)

As at 31 March 2025, a license fee totalling £868,034 (2024: £596,600) was recharged to the company from The Grosvenor Cleaning Services Unlimited Company, a company under common control. At 31 March 2025, the company owed The Grosvenor Cleaning Services Unlimited Company £5,597,572 (£5,182,058) as disclosed in note 15 of these financial statements.

Grosvenor Facility Services Limited (incorporated in Ireland)

As at 31 March 2025, the Company was owed £Nil (2024: £1,161) from Grosvenor Facility Services Limited as disclosed in note 12 of these financial statements.

Cottesloe Investment Limited (incorporated in United Kingdom)

As at 31 March 2025, the Company was owed £222,437 (2024: £190,921) from Cottesloe Investment Limited as disclosed in note 12 of these financial statements.

Page 25


Grosvenor Cleaning Services Limited

Notes to the financial statements

For the financial year ended 31 March 2025

21.Related party transactions (continued)

Included in debtors is an amount of £56,699 (2024: £364,229) in respect of amounts advanced to Ms. Rita McCauley.

22.	Ultimate parent and controlling party

On 4 February 2025, Grosvenor Integrated Services Holdings Limited, the Company’s immediate parent, issued 506,914 C Ordinary shares for 95% of its equity to The Grosvenor Cleaning Services Unlimited Company. On 25 February 2025, The Grosvenor Cleaning Services Unlimited Company acquired the remaining 5% equity from the minority shareholders of Grosvenor Integrated Services Holdings Limited.

At financial year end, Heritage Integrated Services Holdings Unlimited Company, a company incorporated in the Republic of Ireland and the parent of The Grosvenor Cleaning Services Unlimited Company, is the ultimate controlling party of Company. Heritage Integrated Services Holdings Unlimited Company is the parent company of the smallest and largest group to consolidate the financial statements in Ireland with a registered office at 64C Heather Road, Sandyford, Industrial Estate, Dublin 18.

23.	Events since the end of the financial year

There have been no significant events affecting the Company since the year end.

Page 26