Glendale Stores Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: NI053032

GLENDALE STORES LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

30 September 2025

GLENDALE STORES LIMITED

STATEMENT OF FINANCIAL POSITION

30 September 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	6	50,313	37,078
Investments	7	201,536	195,536
		---------	---------
		251,849	232,614

Current assets

Stocks	8	63,014	67,424
Debtors	9	426,964	437,635
Cash at bank and in hand		116,921	185,507
		---------	---------
		606,899	690,566

Creditors: amounts falling due within one year	10	557,556		517,219
		---------		---------
Net current assets			49,343	173,347
			---------	---------
Total assets less current liabilities			301,192	405,961

Creditors: amounts falling due after more than one year	11		–	19,624

Provisions

Taxation including deferred tax	5,249	8,523
	---------	---------
Net assets	295,943	377,814
	---------	---------

Capital and reserves

Called up share capital	14	10	10
Profit and loss account	15	295,933	377,804
		---------	---------
Shareholders funds		295,943	377,814
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 September 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

GLENDALE STORES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

30 September 2025

These financial statements were approved by the board of directors and authorised for issue on 21 May 2026 , and are signed on behalf of the board by:

Mr M Quinn
Director

Company registration number: NI053032

GLENDALE STORES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2025

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is c/o FEB Chartered Accountants, Linenhall Exchange, 26 Linenhall Street, Belfast, BT2 8BG.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Deferred tax assets are recognised to the extent that they are regarded as recoverable. Deferred tax assets are regarded as recoverable to the extent that, on the basis of all available evidence, it can be be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax assets and liabilities recognised have not been discounted.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	25% straight line
Motor vehicles	-	20% reducing balance
Equipment	-	33% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Staff costs

The average number of persons employed by the company during the year, including the director, amounted to:

	2025	2024
	No.	No.
Production staff	20	19
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2025	2024
	£	£
Wages and salaries	346,780	324,921
Social security costs	30,731	21,096
Other pension costs	5,571	6,180
	---------	---------
	383,082	352,197
	---------	---------

5. Intangible assets

	Goodwill
	£
Cost
At 1 October 2024 and 30 September 2025	117,784
	---------
Amortisation
At 1 October 2024 and 30 September 2025	117,784
	---------
Carrying amount
At 30 September 2025	–
	---------
At 30 September 2024	–
	---------

6. Tangible assets

	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 October 2024	695,534	43,048	39,447	778,029
Additions	–	40,131	–	40,131
Disposals	–	( 34,548)	–	( 34,548)
	---------	--------	--------	---------
At 30 September 2025	695,534	48,631	39,447	783,612
	---------	--------	--------	---------
Depreciation
At 1 October 2024	679,184	22,320	39,447	740,951
Charge for the year	5,610	6,891	–	12,501
Disposals	–	( 20,153)	–	( 20,153)
	---------	--------	--------	---------
At 30 September 2025	684,794	9,058	39,447	733,299
	---------	--------	--------	---------
Carrying amount
At 30 September 2025	10,740	39,573	–	50,313
	---------	--------	--------	---------
At 30 September 2024	16,350	20,728	–	37,078
	---------	--------	--------	---------

7. Investments

	Other investments other than loans
	£
Cost
At 1 October 2024	195,536
Additions	6,000
	---------
At 30 September 2025	201,536
	---------
Impairment
At 1 October 2024 and 30 September 2025	–
	---------

Carrying amount
At 30 September 2025	201,536
	---------
At 30 September 2024	195,536
	---------

8. Stocks

	2025	2024
	£	£
Finished goods and goods for resale	63,014	67,424
	--------	--------

9. Debtors

	2025	2024
	£	£
Amounts owed by group and related undertakings	383,967	424,217
Other debtors	42,997	13,418
	---------	---------
	426,964	437,635
	---------	---------

10. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	14,743	13,785
Trade creditors	44,968	21,007
Amounts owed to group and related undertakings	421,175	380,190
Corporation tax	–	1,941
Social security and other taxes	26,367	17,588
Other creditors	50,303	82,708
	---------	---------
	557,556	517,219
	---------	---------

11. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	–	7,875
Other creditors	–	11,749
	----	--------
	–	19,624
	----	--------

12. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2025	2024
	£	£
Included in provisions	5,249	8,523
	-------	-------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
	£	£
Accelerated capital allowances	5,249	8,523
	-------	-------

13. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 5,571 (2024: £ 6,180 ).

14. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	10	10	10	10
	----	----	----	----

15. Reserves

The profit and loss reserve records retained earnings and accumulated losses.

16. Director's advances, credits and guarantees

During the year, the company repaid net loans of £1,908 to Mr M Quinn (2024: £7,514 loan received from director). At the balance sheet date £5,554 was owed from the company to the director (2024: £7,462).

17. Related party transactions

The company was under the control of Meadowvale Retail Limited throughout the current and previous year. Mr Michael Quinn is the managing director and majority shareholder through his shareholding in Meadowvale Retail Limited. Meadowvale Trading Limited is also a 100% subsidiary of Meadowvale Retail Limited. During the year, Glendale Stores Limited received net loan repayments from Meadowvale Retail Limited of £40,250 (2024: received net loans from Meadowvale Retail Limited £7,000). At the year end the amount owed to Glendale Stores Limited from Meadowvale Retail Limited was £424,217 (2024: £424,217). During the year, the company received net loans from Meadowvale Trading Limited of £40,985 (2024: £137,295). At the year end the amount outstanding to Meadowvale Trading Limited was £421,175 (2024: £380,190).

18. Controlling party

The company's immediate and ultimate holding company is Meadowvale Retail Limited, a company incorporated in Northern Ireland, with its registered office c/o FEB Chartered Accountants, Linenhall Exchange, 26 Linenhall Street, Belfast, BT2 8BG. The ultimate controlling parties are the shareholders of Meadowvale Retail Limited.