ACCOUNTS - Final Accounts preparation

CREDITORS: Amounts falling due within one year

Registered number: 04637013

GLENMERE LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 JUNE 2025

GLENMERE LIMITED

REGISTERED NUMBER: 04637013

BALANCE SHEET

AS AT 30 JUNE 2025

	30 June	31 December
	2025	2023
Note	£	£

Fixed assets
Investments	4		-		2
Current assets
Debtors		1,345,272		2,225,605
Cash at bank and in hand		3,172,099		2,227,748
		4,517,371		4,453,353
Creditors: amounts falling due within one year	5	(5,046,772)		(5,630,248)
Net current liabilities			(529,401)		(1,176,895)

Net liabilities			(529,401)		(1,176,893)

Capital and reserves
Called up share capital	6	12,500	12,500
Profit and loss account		(541,901)	(1,189,393)
		(529,401)	(1,176,893)

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GLENMERE LIMITED

REGISTERED NUMBER: 04637013

BALANCE SHEET (CONTINUED)

AS AT 30 JUNE 2025

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

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

R L Shah

Director

Date: 25 June 2026

The notes on pages 3 to 7 form part of these financial statements.

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GLENMERE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2025

1.	GENERAL INFORMATION

Glenmere Limited is a private company, limited by shares, and incorporated in England and Wales. The address of its registered office is 3rd Floor, 24 Old Bond Street, London, W1S 4BH.

The financial statements are presented in sterling which is the functional currency of the company.

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 disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

GOING CONCERN

The company's financial statements have been prepared on a going concern basis which assumes that the company will continue to operate for the foreseeable future. This is on the basis that ongoing support will continue to be available from the company’s material shareholder in the form that the present loans and other advances provided to the company shall continue to be made available.

However, there is uncertainty surrounding the continuance of the ongoing support from the company’s major shareholder, which would have a material impact on the company’s ability to continue operating as a going concern. The material shareholder has called on the repayment of the present loans advanced and other advances to be repaid and the directors continue in discussions with them. In the event that they do not continue to make the funds available to the company the directors would face significant challenges in meeting the financial obligations and continuing operations.

As a result, there is a material uncertainty regarding the company’s ability to continue operating as a going concern though the directors consider at the present time, despite this uncertainty, the company remains a going concern.

Based upon this conclusion the financial statements have been prepared on the going concern basis and the financial statements do not include any adjustments should this basis not be appropriate.

2.3

REPORTING PERIOD

The financial statements disclose figures for the 18 month period from 1 January 2024 to 30 June 2025, where the Company has extended its accounting reference date. The comparative figures are for the year ended 31 December 2023. The comparative figures are therefore not entirely comparable.

2.4

EXEMPTION FROM PREPARING CONSOLIDATED FINANCIAL STATEMENTS

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

2.5

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

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GLENMERE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.6

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.

2.7

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial

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GLENMERE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.7

FINANCIAL INSTRUMENTS (continued)

measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

2.8

INTEREST INCOME

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

2.9

TAXATION

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 balance sheet date in the countries where the Company operates and generates income.

2.10

EXCEPTIONAL ITEMS

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

EMPLOYEES

The average monthly number of employees, including directors, during the period was 3 (2023 - 3).

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GLENMERE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2025

4.	FIXED ASSET INVESTMENTS

		Investments in subsidiary company
		£
	COST
	At 1 January 2024	2
	Disposals	(2)
	At 30 June 2025	-

Trade creditors	2,685,890	2,683,449
Corporation tax	317,755	124
Other creditors	2,038,590	2,942,217
Accruals and deferred income	4,537	4,458
	5,046,772	5,630,248

Allotted, called up and partly paid

50,000 Ordinary shares of £1 each	12,500	12,500

The company has 50,000 ordinary shares of £1 each in issue of which 25 pence per share has been paid.

7.	TRANSACTIONS WITH DIRECTORS

During the period the company advanced £22,200 (2023: £nil) to the directors, of which £10,800 (2023: £7,200) was repaid by the directors.

At the period end the directors owed the company £1,773 (2023: owed to directors £9,627).

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GLENMERE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2025

8.	RELATED PARTY TRANSACTIONS
	At the balance sheet date the following balances were (owed to)/ owed by the related parties stated:
		30 June	31 December
		2025	2023
		£	£

Material shareholder of the company	(4,647,090)	(4,847,090)
Companies in which a material shareholder of the company has a material interest	(51,231)	(521,850)
Companies in which a material shareholder of the company has a material interest	461,801	1,067,722
Companies in which directors have a material interest	1,166,788	1,135,288
Companies which are subject to common influence	-	(225,000)

An impairment provision of £305,000 has been recognised in respect of the sums receivable in which a material shareholder of the company has a material intrest.

During the year transactions took place between related parties as stated below:

		30 June	31 December
		2025	2023
		£	£

Management fees and professional fees payable to a company in which a director has a material interest	6,420	6,420
Loan interest receivable from a company in which directors have a material interest	31,500	21,000
Fees payable to directors	15,000	-

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