1.
General Information
Glassington Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
08435016
. The registered office is 25 St. Matthews Road, Bristol, BS6 5TT.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2.
Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 30 April 2025. The group was formed through a share-for-share exchange with Glass Boat Co. Ltd. (The) on 5 March 2014. As this transaction constituted a group restructuring under FRS 102, the financial statements for the group have been prepared using merger accounting principles, presenting the group as if it had existed since the incorporation of its constituent entities.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group 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. The results of associates are accounted for using the equity method of accounting.
Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.
Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.
Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.
Glassington Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 April 2025
2.3.
Business Combinations
Business combinations are accounted for by applying the purchase method.
The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.
Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.
2.4.
Significant judgements and estimations
In the application of the group's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The key judgement which has a significant effect on the financial statements of the group is in respect of going concern, as described in the accounting policy above.
The key estimate that has a significant effect on the amounts recognised in the financial statements of the group is in respect of tangible fixed assets. Tangible fixed assets are carried at cost, less accumulated depreciation and any subsequent accumulated impairment loss. This requires an estimation in the depreciation rates used as well as assessment of the ongoing economic contribution of the assets of the group as to whether an indicator of impairment has occurred. The carrying amount is £5,447,801 (2024 - £5,619,961).
There is a level of uncertainty in relation to the recoverability of debtors from group undertakings. The board has reviewed the financial statements of each individual company, and have determined that based on these together with current and anticipated future performance, no impairment is required.
Glassington Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 April 2025
2.5.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods e.g ordered at the bar/restuarants.
Rendering of services
Turnover is recognised at the time of provision of the goods and services to the customer. This policy gives rise to a deferred income balance in respect of advances sale of services, vouchers and deposits for future events, which is shown on the face of the balance sheet.
2.6.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill represents the excess of the cost of a business combination over the fair value of the group’s share of the identifiable net assets, liabilities and contingent liabilities acquired.
Goodwill arising on the acquisition of subsidiaries is included in Intangible Assets. Goodwill arising on the acquisition of associates and joint ventures is included in the related equity accounted investment value.
Goodwill is amortised over its expected useful life which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the profit and loss account. No reversals of impairment are recognised.
2.7.
Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are computer software. It is amortised to the profit and loss account using 15% and 20% reducing balance method.
2.8.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Freehold |
|
| Leasehold |
|
| Plant and Equipment |
|
| Motor Vehicles |
|
| Fixtures & Fittings |
|
| Computer Equipment |
|
2.9.
Investments
Investments in associate undertakings are recognised at cost.
Glassington Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 April 2025
2.10.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method (FIFO). Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.11.
Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.12.
Financial Instruments
The company holds the following financial instruments:
o Short term trade and other debtors and creditors;
o Short term loans from private investors;
o Bank loans; and
o Cash and bank balances.
All financial instruments are classified as basic.
2.13.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
Glassington Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 April 2025
2.14.
Pensions
The group operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.15.
Going concern
Notwithstanding the consolidated net current liabilities of £1,819,863 (2024: £2,222,097), the directors,
having made all necessary enquiries, are satisfied that it remains appropriate to continue to adopt the
going concern basis of preparation.
In making this assessment, the directors have considered the group’s financial position, cash flow
projections, and other relevant factors that may impact the group’s ability to continue as a going
concern. In reaching this conclusion, the Board has considered the following:
1. Improvement in trading conditions:
The group has experienced sustained improvements in trading conditions across its markets, driven by
robust consumer demand and an uptick in business activity. This trend is expected to continue into the
next financial year.
2. Operational resilience:
The group has taken steps to strengthen its operational resilience by implementing cost-saving
measures, renegotiating key supplier agreements, and improving efficiency across all subsidiary
businesses. These actions have contributed to maintaining healthy operating margins.
3. Access to financing:
Included within creditors due within one year are investor loans totalling £1,411,627 (2024:
£1,558,379). The directors are confident that loan repayments will continue to be made each year.
This aligns with agreements made with investors, who have expressed continued support for the
group’s long-term strategy.
4. Positive cash flow projections:
Cash flow projections, which have been reviewed and stress-tested, indicate that the group will
generate sufficient cash to meet its liabilities as they fall due. The management accounts for the
post-year-end period also reflect strong profitability and cash flow generation.
5. Strategic growth opportunities:
The directors have identified strategic opportunities to further grow the group’s revenue streams,
which are expected to contribute positively to the group’s financial position in the medium term.
Based on the directors’ assessment and consideration of the factors outlined above, they have a
reasonable expectation that the group has adequate resources to continue its operations for the
foreseeable future. Therefore, the financial statements have been prepared on a going concern basis.
Glassington Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 April 2025
3.
Turnover
Analysis of turnover by class of business is as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Food and Beverage | 6,300,791 | 6,033,234 | |
| Leisure and Spa | 4,753,842 | 4,227,742 | |
| 11,054,633 | 10,260,976 | ||
Analysis of turnover by geographical market is as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| United Kingdom |
|
|
|
| 11,054,633 | 10,260,976 | ||
4.
Operating Profit
The operating profit is stated after charging:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bad debts | - | 20,014 | |
| Depreciation of tangible fixed assets |
|
|
|
| Amortisation of intangible fixed assets |
|
|
|
5.
Auditor's Remuneration
Remuneration received by the group's auditors and their associates during the year was as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Audit Services | |||
| Audit of the company's financial statements |
|
|
|
Glassington Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 April 2025
6.
Staff Costs
Staff costs, including directors' remuneration, were as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Wages and salaries |
|
|
|
| Social security costs |
|
|
|
| Other pension costs |
|
|
|
|
|
|
||
7.
Average Number of Employees
Group
Average number of employees, including directors, during the year was as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| Office and administration |
|
|
|
| Resturant |
|
|
|
| Spa |
|
|
|
| Other |
|
|
|
|
|
|
||
Company
Average number of employees, including directors, during the year was: NIL (2024: )
8.
Directors' remuneration
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Emoluments |
|
|
|
The number of directors to whom retirement benefits were accruing was as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| Money purchase pension schemes |
|
|
|
Information regarding the highest paid director was as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Emoluments |
|
|
|
Glassington Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 April 2025
9.
Interest Receivable and Similar Income
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Interest on short term deposits |
|
|
|
10.
Tax on Profit
|
The tax charge on the profit for the year was as follows:
|
|||
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Current tax | |||
| UK Corporation Tax |
|
|
|
| Deferred Tax | |||
| Deferred taxation |
|
|
|
| Total tax charge for the period |
|
|
|
|
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
|
|||
| 2025 | 2024 | ||
| £ | £ | ||
| Profit before tax | 998,143 | 1,260,294 | |
| Tax on profit at 25% (UK standard rate) |
|
|
|
| Goodwill/depreciation not allowed for tax |
|
|
|
| Expenses not deductible for tax purposes |
|
|
|
| Tax losses utilised |
( |
( |
|
| Capital allowances |
( |
( |
|
| Short term timing differences |
|
|
|
| Difference in tax rates |
( |
|
|
| Revenue exempt from taxation |
( |
( |
|
| Group relief |
|
( |
|
| Total tax charge for the period | 246,400 | 120,122 | |
Glassington Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 April 2025
11.
Intangible Assets
Group
Company
| Goodwill | Computer software | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Cost | |||
| As at 1 May 2024 |
|
|
|
| Additions |
|
|
|
| As at 30 April 2025 |
|
|
|
| Amortisation | |||
| As at 1 May 2024 |
|
|
|
| Provided during the period |
|
|
|
| As at 30 April 2025 |
|
|
|
| Net Book Value | |||
| As at 30 April 2025 |
|
|
|
| As at 1 May 2024 |
|
|
|
| Computer software | |||
|---|---|---|---|
| £ | |||
| Cost | |||
| As at 1 May 2024 |
|
||
| As at 30 April 2025 |
|
||
| Amortisation | |||
| As at 1 May 2024 |
|
||
| Provided during the period |
|
||
| As at 30 April 2025 |
|
||
| Net Book Value | |||
| As at 30 April 2025 |
|
||
| As at 1 May 2024 |
|
||
Glassington Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 April 2025
12.
Tangible Assets
Group
Company
| Land & Property | ||||
|---|---|---|---|---|
| Freehold | Leasehold | Plant and Equipment | Motor Vehicles | |
| £ | £ | £ | £ | |
| Cost | ||||
| As at 1 May 2024 |
|
|
|
|
| Additions |
|
|
|
|
| Disposals |
|
|
( |
|
| As at 30 April 2025 |
|
|
|
|
| Depreciation | ||||
| As at 1 May 2024 |
|
|
|
|
| Provided during the period |
|
|
|
|
| Disposals |
|
|
( |
|
| As at 30 April 2025 |
|
|
|
|
| Net Book Value | ||||
| As at 30 April 2025 |
|
|
|
|
| As at 1 May 2024 |
|
|
|
|
| Fixtures & Fittings | Computer Equipment | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Cost | |||
| As at 1 May 2024 |
|
|
|
| Additions |
|
|
|
| Disposals |
|
|
( |
| As at 30 April 2025 |
|
|
|
| Depreciation | |||
| As at 1 May 2024 |
|
|
|
| Provided during the period |
|
|
|
| Disposals |
|
|
( |
| As at 30 April 2025 |
|
|
|
| Net Book Value | |||
| As at 30 April 2025 |
|
|
|
| As at 1 May 2024 |
|
|
|
Glassington Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 April 2025
| Land & Property | ||||
|---|---|---|---|---|
| Freehold | Plant and Equipment | Fixtures & Fittings | Total | |
| £ | £ | £ | £ | |
| Cost | ||||
| As at 1 May 2024 |
|
|
|
|
| Additions |
|
|
|
|
| As at 30 April 2025 |
|
|
|
|
| Depreciation | ||||
| As at 1 May 2024 |
|
|
|
|
| Provided during the period |
|
|
|
|
| As at 30 April 2025 |
|
|
|
|
| Net Book Value | ||||
| As at 30 April 2025 |
|
|
|
|
| As at 1 May 2024 |
|
|
|
|
13.
Investments
Group
Company
| Unlisted | |
|---|---|
| £ | |
| Cost or Valuation | |
| As at 1 May 2024 |
|
| As at 30 April 2025 |
|
| Provision | |
| As at 1 May 2024 |
|
| As at 30 April 2025 |
|
| Net Book Value | |
| As at 30 April 2025 |
|
| As at 1 May 2024 |
|
Group
Investments (neither listed nor unlisted) were as follows:
Glassington Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 April 2025
|
2025
|
2024
|
||
|
£
|
£
|
||
|
Reading Hydro CBS Ltd
|
1,000
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|
1,000
|
|
|
|
|
||
|
|
|
| Subsidiaries | |
|---|---|
| £ | |
| Cost or Valuation | |
| As at 1 May 2024 |
|
| As at 30 April 2025 |
|
| Provision | |
| As at 1 May 2024 |
|
| As at 30 April 2025 |
|
| Net Book Value | |
| As at 30 April 2025 |
|
| As at 1 May 2024 |
|
Subsidiaries
Details of the group's subsidiaries as at 30 April 2025 are as follows:
| Name of undertaking | Registered Office | Class of shares held | Direct holding | Indirect holding |
|---|---|---|---|---|
|
|
Oakfield Place, Clifton, Bristol, BS8 2BJ |
|
|
- |
|
|
25 St Matthews Road, Bristol, BS6 5TT |
|
|
- |
|
|
Napier Road, Reading, RG1 8FR |
|
|
- |
Subsidiary undertakings
The principal activity of Clifton Lido Limited is that of a subscription pool for members and the
public, with restaurant and spa facilities.
The principal activity of Bristol Bridge Company Limited is the operation of a restaurant in Bristol.
The principal activity of Thames Lido Limited is that of a subscription pool for members and the
public,with restaurant and spa facilities.The group owns 47.38% (2024 - 47.38%) of the ordinary £1
shares.The company is operationally controlled by the group and its directors and therefore, it is
concluded that the company be accounted for as a subsidiary on this basis.
Glassington Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 April 2025
14.
Stocks
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Stock |
|
|
|
15.
Debtors
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||||
| £ | £ | £ | £ | ||||
| Due within one year | |||||||
| Trade debtors |
|
|
|
|
|||
| Amounts owed by group undertakings | - | - | 1,183,708 | 1,346,956 | |||
| Other debtors | 183,355 | 128,398 | 11,646 | 15,499 | |||
|
|
|
|
|
||||
16.
Creditors: Amounts Falling Due Within One Year
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||||
| £ | £ | £ | £ | ||||
| Trade creditors |
|
|
|
|
|||
| Other loans |
|
|
|
|
|||
| Amounts owed to group undertakings | - | - |
|
|
|||
| Other creditors | 182,466 | 116,161 | 9,512 | 9,512 | |||
| Corporation tax |
|
|
|
|
|||
| Taxation and social security | 569,806 | 493,841 | - | - | |||
| Accruals and deferred income | 1,973,738 | 1,949,357 | 3,000 | 3,000 | |||
|
|
|
|
|
||||
17.
Loans
An analysis of the maturity of loans is given below:
| Group | ||||
|---|---|---|---|---|
| 2025 | 2024 | |||
| £ | £ | |||
| Amounts falling due within one year or on demand: | ||||
| Other loans |
|
|
||
Glassington Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 April 2025
Other loans
The Investor loan is denominated in sterling with a nominal interest rate of nil%. The carrying amount at year end is £1,411,627 (2024 - £1,558,379).
The loan is due for repayment when the company has the funds to do so, however there is no specific agreement or timeframe for this.
18.
Deferred Taxation
The provision for deferred tax is made up as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Other timing differences | 97,780 | 73,837 | |
19.
Provisions for Liabilities
| Group | ||
|---|---|---|
| Deferred Tax | Total | |
| £ | £ | |
| As at 1 May 2024 |
|
73,837 |
| Additions |
|
28,672 |
| Utilised |
( |
(4,729) |
| Balance at 30 April 2025 |
|
97,780 |
21.
Pension Commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the year the charge to the profit and loss account in respect of defined contribution schemes was £98,641 (2024: £92,383).
At the balance sheet date contributions of £24,275 (2024: £22,440) were due to the fund and are included in creditors.
Glassington Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 April 2025
22.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
| As at 1 May 2024 | Amounts advanced | Amounts repaid | Amounts written off | As at 30 April 2025 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Mr Niles Ringner |
|
|
( |
- |
|
The above loan is unsecured and repayable on demand. Interest is charged at HMRC's official rate.
23.
Dividends
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| On equity shares: | |||
| Interim dividend paid | - |
|
|
| Final dividend paid |
|
|
|
| 460,000 | 565,396 | ||
24.
Related Party Disclosures
Group
|
Key management compensation:
|
2025
|
2024
|
|
|
£
|
£
|
||
|
Salaries and other short term employee benefits
|
299,252
|
209,706
|
Summary of transactions with associates
The balance owed to the company at the year end was £0 (2024; £0). The loan is made interest free and repayable on demand.
Company
Summdary of transactions with subsidiaries
Non wholly owned subsidiaries
The balance owed to the company at the year end was £1,183,708 (2024: £1,346,956). The loan is made interest free and repayable on demand.
25.
Controlling Parties
The group is controlled by the directors, who collectively hold a majority shareholding in the company.
Glassington Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 April 2025
26.
Exceptional Items
|
2025
|
2024
|
||
|
£
|
£
|
||
|
Profit on sale of operations
|
-
|
496,715
|
|
|
|
|
||
|
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On 20 June 2023, the group disposed of its entire interest in Glass Boat Co. Ltd. which was previously a wholly-owned subsidiary.
The results of Glass Boat Co. Ltd. were included in the group's consolidated financial statements until the disposal date. After the disposal, the subsidiary ceased to be included in the group.
No material liabilities or contingent liabilities have arrisen in relation to the disposal.