Registration number:
Glusburn Holdings Limited
for the Year Ended 31 December 2025
Glusburn Holdings Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Statement of Income and Retained Earnings |
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Balance Sheet |
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Notes to the Financial Statements |
Glusburn Holdings Limited
Company Information
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Directors |
Dietrich Leifert James Hart |
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Registered office |
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Auditors |
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Glusburn Holdings Limited
Strategic Report for the Year Ended 31 December 2025
The directors present their strategic report for the year ended 31 December 2025.
Principal activity
The principal activity of the company is is that of a holding company.
Fair review of the business
The company is a holding company for Cirteq Ltd in the UK. The directors report the high energy and raw material prices still impacted the subsidiary in 2025.
The directors determine the key performance indicators of this company to be operating profit and net assets. These are disclosed on pages 8 and 9 of the financial statements.
The directors continue to monitor the performance of the company and its subsidiary with care, with particular emphasis on mitigation of adverse exchange rate movements and the ongoing high costs.
Principal risks and uncertainties
The subsidiary invoices a significant amount of its turnover in EUR and USD, and therefore there is a risk that prices when converted to GBP are subject to fluctuation.
Global increases in raw material and energy prices are still impacting the subsidiary. The Company’s management team is striving to limit the impact on the business.
Approved and authorised by the
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Glusburn Holdings Limited
Directors' Report for the Year Ended 31 December 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
Directors of the company
The directors who held office during the year were as follows:
The following director was appointed after the year end:
Disclosure of information to the auditors
Each director of the company who held office at the date of the approval of this Annual Report, as set out above, confirms that:
• so far as they are aware, there is no relevant audit information (information needed by the company's auditors in connection with preparing their report) of which the company's auditors are unaware, and
• they have taken all the steps they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Reappointment of auditors
The auditors Hawsons Chartered Accountants are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved and authorised by the
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Glusburn Holdings Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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 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.
Glusburn Holdings Limited
Independent Auditor's Report to the Members of Glusburn Holdings Limited
Opinion
We have audited the financial statements of Glusburn Holdings Limited (the 'company') for the year ended 31 December 2025, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, and 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, the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Glusburn Holdings Limited
Independent Auditor's Report to the Members of Glusburn Holdings Limited (continued)
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' 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. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Glusburn Holdings Limited
Independent Auditor's Report to the Members of Glusburn Holdings Limited (continued)
The company is subject to laws and regulations that directly and indirectly affect the financial statements. Based on our understanding of the company and the environment it operates within, we determined that the laws and regulations which were most significant included FRS 102, Companies Act 2006 and Health and Safety regulations, and Data Protection regulations.
We considered the extent to which non-compliance with these laws and regulations might have a material effect on the financial statements, including how fraud might occur. 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 the posting of inappropriate journal entries to improve the company’s result for the period, and management bias in key accounting estimates such as depreciation rates.
Audit procedures performed by the engagement team included:
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Discussions with management and those responsible for legal compliance procedures within the company to obtain an understanding of the legal and regulatory framework applicable to the company and how the company complies with that framework, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud; |
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Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud and non-compliance with laws and regulations; |
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Challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to depreciation; |
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Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or posted by senior management. |
There are inherent limitations in the audit procedures described above and the more removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
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.
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For and on behalf of
Pegasus House
463a Glossop Road
South Yorkshire
S10 2QD
Glusburn Holdings Limited
Statement of Income and Retained Earnings for the Year Ended 31 December 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
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Other interest receivable and similar income |
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Interest payable and similar charges |
( |
( |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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Retained earnings brought forward |
3,494,591 |
2,996,392 |
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Retained earnings carried forward |
3,638,392 |
3,494,591 |
Glusburn Holdings Limited
(Registration number: 04358752)
Balance Sheet as at 31 December 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Retained earnings |
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Shareholders' funds |
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Approved and authorised by the
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Glusburn Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
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Accounting policies |
Statutory information
Glusburn Holdings Limited is a private company, limited by shares, domiciled in England and Wales, company number 04358752. The registered office is at Hayfield Colne Road, Glusburn, Keighley, BD20 8QP.
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.
Summary of disclosure exemptions
The company has taken advantage of the following reduced 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 4 Statement of Financial Position; the requirements of section 7 Statement of Cash Flows; the requirements of section 11 Financial Instruments; the requirements of section 12 Other Financial Instruments paragraphs; and the requirements of section 33 Related Party Disclosures..
Name of parent of group
These financial statements are consolidated in the financial statements of Titgemeyer Holdings GmbH & Co. KG.
The financial statements of Titgemeyer Holdings GmbH & Co. KG may be obtained from Hannoversche Strasse 97, 49084 Osnabrück, DE.
Going concern
After due consideration of all relevant factors, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.
Exemption from preparing group accounts
The financial statements contain information about Glusburn Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group.
The company is exempt under section 401 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Titgemeyer Holding GmbH & Co., a company incorporated in Germany.
Glusburn Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
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1 |
Accounting policies (continued) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable in respect to rents and service charges. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amounts of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Freehold buildings |
3% to 10% straight line basis |
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Freehold land |
Not depreciated |
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Plant and machinery |
10% to 33.33% straight line basis |
Glusburn Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
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1 |
Accounting policies (continued) |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Financial instruments
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Turnover |
The analysis of the company's turnover, all of which is in relation to trade undertaken in the UK, for the year from continuing operations is as follows:
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2025 |
2024 |
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Rental income from investment property |
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Commissions received |
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Glusburn Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
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Operating profit |
Arrived at after charging:
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2025 |
2024 |
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Depreciation expense - owned assets |
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Loss on disposal of property, plant and equipment |
- |
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Depreciation expense - leased assets |
28,677 |
28,677 |
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Auditors remuneration |
3,500 |
9,100 |
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Other interest receivable and similar income |
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2025 |
2024 |
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Other finance income |
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Interest payable and similar expenses |
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2025 |
2024 |
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Interest on preference shares |
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Interest on obligations under finance leases and hire purchase contracts |
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Staff costs |
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
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2025 |
2024 |
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Administration and support |
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No directors or employees were remunerated through the company in the period.
Glusburn Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
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Taxation |
Tax charged/(credited) in the profit and loss account:
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2025 |
2024 |
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Current taxation |
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UK corporation tax adjustment to prior periods |
- |
( |
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Deferred taxation |
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Arising from origination and reversal of timing differences |
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Tax expense in the income statement |
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The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
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2025 |
2024 |
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Profit before tax |
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Corporation tax at standard rate |
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Decrease in UK and foreign current tax from adjustment for prior periods |
- |
( |
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Effect of expense not deductible in determining taxable profit |
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Tax decrease arising from group relief |
( |
( |
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Total tax charge |
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Deferred tax
Deferred tax assets and liabilities
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2025 |
Liability |
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Accelerated capital allowances |
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2024 |
Liability |
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Accelerated capital allowances |
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Glusburn Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
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Tangible assets |
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Land and buildings |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 January 2025 |
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Additions |
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At 31 December 2025 |
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Depreciation |
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At 1 January 2025 |
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Charge for the year |
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At 31 December 2025 |
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Carrying amount |
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At 31 December 2025 |
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At 31 December 2024 |
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Included within freehold land and buildings is £1,680,000 (2024 - £1,680,000) in respect to land which is not depreciated.
Revaluation
The freehold land and buildings were revalued on 26 April 2023 by Eddisons Commercial Limited, Chartered Surveyors who are external to the company. The basis of this valuation was existing use. Had this class of assets been measured on a historical cost basis, the carrying amount would have been £663,983 (2024 - £707,279). The directors believe this valuation to be a fair representation of the value of the asset at the year end.
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
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2025 |
2024 |
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Plant and machinery |
205,519 |
234,196 |
Glusburn Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
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Investments |
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2025 |
2024 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
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Cost or valuation |
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At 1 January 2025 |
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At 31 December 2025 |
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Carrying amount |
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At 31 December 2025 |
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At 31 December 2024 |
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Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2025 |
2024 |
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Subsidiary undertakings |
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England and Wales |
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England and Wales |
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England and Wales |
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Subsidiary undertakings |
* investments in dormant companies held indirectly.
The registered office of the above named subsidiaries is the same as that of Glusburn Holdings Limited.
Glusburn Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
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Debtors |
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Note |
2025 |
2024 |
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Amounts owed by group undertakings |
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Corporation tax asset |
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Creditors |
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Note |
2025 |
2024 |
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Due within one year |
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HP and finance lease liabilities |
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Social security and other taxes |
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Accruals |
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Due after one year |
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HP and finance lease liabilities |
68,763 |
120,444 |
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Redeemable preference shares |
10,000 |
10,000 |
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HP and finance lease liabilities are secured against the assets to which they relate.
Redeemable preference shares represent 10,000 shares of £1 each in issue which are classified as financial liabilities. These are non-equity and carry an entitlement to a dividend at the rate of £7.50 per share per quarter, except when, on a date of payment of the dividend, £1 is worth less than €1.44 in which case the preference dividend shall be increased to a level that is equivalent to €10.80 per preference share. The currency adjustment applies only to holders of preference shares domiciled in a country that has adopted the Euro as its base currency. Redeemable preference shares are payable in more than 5 years.
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Provisions for liabilities |
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Deferred tax |
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At 1 January 2025 |
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Additional provisions |
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At 31 December 2025 |
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Glusburn Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)
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Share capital |
Allotted, called up and fully paid shares
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2025 |
2024 |
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No. |
£ |
No. |
£ |
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Ordinary shares of £1 each |
1,990,000 |
1,990,000 |
1,990,000 |
1,990,000 |
Ordinary shares rank pari passu in respect to income, capital and voting rights.
Redeemable preference shares have been defined as a liability per as the creditors note of these financial statements.
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Commitments |
Capital commitments
The total amount contracted for but not provided in the financial statements was £nil (2024 - £135,550) .
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Parent and ultimate parent undertaking |
The company's immediate parent is Bakfin Limited, incorporated in England and Wales.
The most senior parent entity producing publicly avaliable financial statements is Titgemeyer Holdings GmbH & Co. KG.These financial statements are avaliable upon request from Hannoversche Strasse 97, 49084 Osnabrück, DE.
The ultimate controlling parties are Gerd-Christian Titgemeyer & Manfred Titgemeyer.