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Registration number: 01582924

Glen Group Ltd
Annual Report and Financial Statements
for the Year Ended 31 December 2025

Glen Group Ltd

Contents

Company Information | 1
Strategic Report | 2
Directors' Report | 3
Statement of Directors' Responsibilities | 4
Independent Auditor's Report | 5 to 7
Profit and Loss Account | 8
Statement of Comprehensive Income | 9
Balance Sheet | 10
Statement of Changes in Equity | 11
Statement of Cash Flows | 12
Notes to the Financial Statements | 13 to 29

Glen Group Ltd

Company Information

Directors | D J Seaton R J J Barnes

Company secretary | M P James

Registered office | Merak House Unit A1 Fourth Way Bristol England BS11 8DX

Auditors | Roberts & Co (Bristol) Limited Chartered Certified Accountants & Statutory Auditors24 High Street Chipping Sodbury Bristol BS37 6AH

Glen Group Ltd

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 the provision of cleaning services in the United Kingdom to both public sector and commercial clients.

Fair review of the business

We aim to present a balanced, comprehensive review of the development and performance of the business during the year and the position at the year end. Our review is written to reflect the context and nature of the risks the company is exposed to and explain the actions taken to mitigate them.
The company continues to provide cleaning services, primarily on a long-term contract basis to a range of clients including: schools, county councils, police constabularies and a variety of commercial clients. It predominantly operates is the Southwest of England, along the M4 corridor towards London, South Wales and the Midlands.
Our Key Financial Performance Indictors are those of turnover, gross margin and Profit before tax.
Turnover in the year was £28,810,522 (2024: £20,899,087) with a Gross Margin of 13.99% (2024: 12.90%) being achieved. Profit before taxation amounted to £535,594 (2024: £4,031) and interim dividends of £81,450 (2024: £150,000) were paid in the period.
The directors are satisfied with the results for the year and are confident that the company's results will continue to improve in the medium to longer term as a result of the increasing breadth of our client base both in the public and commercial sectors. It is acknowledged that the general business environment remains highly competitive, but the directors remain confident that the business' reputation within the industry, the long-term nature of its contracts and its consistent focus on service delivery and productivity will see it prosper despite market conditions.

Principal risks and uncertainties

The future growth of the company is dependent on the competitiveness and reputation of the company in relation to the industry and the wider economy in general.
The main risks arising from the company's financial instruments are interest rate fluctuations and covenant compliance resulting in liquidity risk. To mitigate these risks the company regularly reviews its cashflows, has negotiated favourable terms with its lenders and always retains access to adequate cash for its needs. The directors believe the business operates within an acceptable level of risk exposure.

Approved and authorised by the Board on 13 July 2026 and signed on its behalf by:

......................................... D J Seaton Director

Glen Group Ltd

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:

D J Seaton

R J J Barnes

Information included in the Strategic Report

In accordance with section 414C(11) of the Companies Act 2006 and schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 the company has elected to present the business review and details of the principal risks and uncertainties within the strategic report.

Financial instruments

Objectives and policies

The company undertakes continual investment in new plant and equipment combined with staff development and welfare to achieve efficient, effective and productive services to customers.

Price risk, credit risk, liquidity risk and cash flow risk

The key risks of the company's financial instruments are detailed in the strategic report, together wtih the strategies applied by the company to mitigate these risks.

Employment of disabled persons

The company gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled, it is the company's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.

Employee involvement

During the year the policy of providing employees with information about the company has been continued through internal media methods in which employees have also been encouraged to present their suggestions and views on the company's performance. Regular meetings are held between local management and employees to allow a free flow of information and ideas.

Disclosure of information to the auditors

Each director has taken steps that 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 auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 13 July 2026 and signed on its behalf by:

......................................... D J Seaton Director

Glen Group Ltd

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:

• | select suitable accounting policies and apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• | 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.

Glen Group Ltd

Independent Auditor's Report to the Members of Glen Group Ltd

Opinion

We have audited the financial statements of Glen Group Ltd (the 'company') for the year ended 31 December 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, 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 director's 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 original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Glen Group Ltd

Independent Auditor's Report to the Members of Glen Group Ltd (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:

• | 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

• | 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 and the Directors' Report.

We have nothing to report in respect of the following matters where 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:

| Our audit procedures were designed to respond to identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to:
• | Discussing with the directors and management their policies and procedures regarding compliance with laws and regulations;
• | Communicating identified laws and regulations throughout our engagement team and remaining alert to any indications of non-compliance throughout our audit; and

Glen Group Ltd

Independent Auditor's Report to the Members of Glen Group Ltd (continued)

• | Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.
| Our audit procedures in relation to fraud included but were not limited to:
• | Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
• | Gaining an understanding of the internal controls established to mitigate risks related to fraud;
• | Discussing amongst the engagement team the risks of fraud; and
• | Addressing the risks of fraud through management override of controls by performing journal entry testing.
| There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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.

......................................
Kiran Neilson (Senior Statutory Auditor)
For and on behalf of Roberts & Co (Bristol) Limited, Statutory Auditor
24 High Street
Chipping Sodbury
Bristol
BS37 6AH

13 July 2026

Glen Group Ltd

Profit and Loss Account for the Year Ended 31 December 2025

| Note | 2025 £ | 2024 £
Turnover | 3 | 28,810,522 | 20,899,087
Cost of sales |  | (24,779,632) | (18,202,404)
Gross profit |  | 4,030,890 | 2,696,683
Administrative expenses |  | (3,009,911) | (2,324,974)
Operating profit | 5 | 1,020,979 | 371,709
Interest payable and similar expenses | 6 | (485,385) | (367,678)
Profit before tax |  | 535,594 | 4,031
Tax on profit | 10 | (193,907) | (85,481)
Profit/(loss) for the financial year |  | 341,687 | (81,450)

The above results were derived from continuing operations.

Glen Group Ltd

Statement of Comprehensive Income for the Year Ended 31 December 2025

| 2025 £ | 2024 £
Profit/(loss) for the year | 341,687 | (81,450)
(Deficit)/surplus on revaluation of other assets | (19,821) | 156,569
Remeasurement loss on defined benefit pension schemes | (7,500) | (7,500)
| (27,321) | 149,069
Total comprehensive income for the year | 314,366 | 67,619

Glen Group Ltd

(Registration number: 01582924)
Balance Sheet as at 31 December 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Intangible assets | 11 | 862,217 | -
Tangible assets | 12 | 1,622,945 | 1,328,220
|  | 2,485,162 | 1,328,220
Current assets |  |  |
Stocks | 14 | 282,247 | 36,118
Debtors | 15 | 9,399,325 | 7,863,921
Cash at bank and in hand |  | 21,707 | 130,973
|  | 9,703,279 | 8,031,012
Creditors: Amounts falling due within one year | 17 | (8,609,686) | (7,648,793)
Net current assets |  | 1,093,593 | 382,219
Total assets less current liabilities |  | 3,578,755 | 1,710,439
Creditors: Amounts falling due after more than one year | 17 | (2,820,161) | (1,292,104)
Provisions for liabilities | 18 | (335,144) | (212,994)
Net assets |  | 423,450 | 205,341
Capital and reserves |  |  |
Called up share capital |  | 100 | 100
Revaluation reserve | 21 | 136,748 | 156,569
Retained earnings | 21 | 286,602 | 48,672
Shareholders' funds |  | 423,450 | 205,341

Approved and authorised by the Board on 13 July 2026 and signed on its behalf by:

......................................... D J Seaton Director

Glen Group Ltd

Statement of Changes in Equity for the Year Ended 31 December 2025

| Share capital £ | Revaluation reserve £ | Retained earnings £ | Total £
At 1 January 2025 | 100 | 156,569 | 48,672 | 205,341
Profit for the year | - | - | 341,687 | 341,687
Other comprehensive income | - | (19,821) | (7,500) | (27,321)
Total comprehensive income | - | (19,821) | 334,187 | 314,366
Dividends | - | - | (89,650) | (89,650)
Transfers | - | - | (6,607) | (6,607)
At 31 December 2025 | 100 | 136,748 | 286,602 | 423,450

| Share capital £ | Revaluation reserve £ | Retained earnings £ | Total £
At 1 January 2024 | 100 | - | 235,432 | 235,532
Loss for the year | - | - | (81,450) | (81,450)
Other comprehensive income | - | 156,569 | (7,500) | 149,069
Total comprehensive income | - | 156,569 | (88,950) | 67,619
Dividends | - | - | (150,000) | (150,000)
Transfers | - | - | 52,190 | 52,190
At 31 December 2024 | 100 | 156,569 | 48,672 | 205,341

Glen Group Ltd

Statement of Cash Flows for the Year Ended 31 December 2025

| Note | 2025 £ | 2024 £
Cash flows from operating activities
Profit/(loss) for the year |  | 341,687 | (81,450)
Adjustments to cash flows from non-cash items |  |  |
Depreciation and amortisation | 5 | 321,928 | 18,313
Loss/(profit) on disposal of tangible assets | 4 | 4,812 | (51,321)
Finance costs | 6 | 485,385 | 367,678
Income tax expense | 10 | 193,907 | 85,481
|  | 1,347,719 | 338,701
Working capital adjustments |  |  |
(Increase)/decrease in stocks | 14 | (246,129) | 83,666
Increase in trade debtors | 15 | (1,535,404) | (315,323)
(Decrease)/increase in trade creditors | 17 | (478,753) | 1,442,561
Decrease in retirement benefit obligation net of actuarial changes | 19 | (10,000) | (10,000)
Cash generated from operations |  | (922,567) | 1,539,605
Income taxes paid | 10 | - | (24,122)
Net cash flow from operating activities |  | (922,567) | 1,515,483
Cash flows from investing activities |  |  |
Acquisitions of tangible assets |  | (654,775) | (373,027)
Proceeds from sale of tangible assets |  | 6,882 | 70,800
Acquisition of intangible assets | 11 | (862,217) | -
Net cash flows from investing activities |  | (1,510,110) | (302,227)
Cash flows from financing activities |  |  |
Interest paid | 6 | (485,385) | (367,678)
Proceeds from bank borrowing draw downs |  | 1,258,196 | (503,990)
Repayment of other borrowing |  | 1,640,338 | 20,058
Payments to finance lease creditors |  | (88) | (97,660)
Dividends paid | 24 | (89,650) | (150,000)
Net cash flows from financing activities |  | 2,323,411 | (1,099,270)
Net (decrease)/increase in cash and cash equivalents |  | (109,266) | 113,986
Cash and cash equivalents at 1 January |  | 130,973 | 16,987
Cash and cash equivalents at 31 December |  | 21,707 | 130,973

Glen Group Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

1 | General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Merak House
Unit A1 Fourth Way
Bristol
BS11 8DX
England

These financial statements were authorised for issue by the Board on 13 July 2026.

2 | Accounting policies

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 United Kingdom and Republic of Ireland and the Companies Act 2006'.

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.

Group accounts not prepared

Under the provision of section 400 of the Companies Act 2006 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity..

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

Glen Group Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

2 | Accounting policies (continued)

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.
During the year the carrying values of vehicles within the motor fleet were identified as being significantly below their fair market value. The decision was taken to recognise the vehicles at market value within the accounts with valuation reviews to be undertaken on the current fleet each year. No vehicles were revalued in excess of their original cost values.
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:

Asset class | Depreciation method and rate
Plant and machinery | 25% straight line
Motor vehicles | Market value

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Goodwill | 10% straight line

Glen Group Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

2 | Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Glen Group Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

2 | Accounting policies (continued)

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

| 2025 £ | 2024 £
Rendering of services | 28,810,522 | 20,899,087

4 | Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

| 2025 £ | 2024 £
(Loss)/gain on disposal of Tangible assets | (4,812) | 51,321

Glen Group Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

5 | Operating profit

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | 321,928 | 18,313
Loss/(profit) on disposal of property, plant and equipment | 4,812 | (51,321)

6 | Interest payable and similar expenses

| 2025 £ | 2024 £
Interest on obligations under finance leases and hire purchase contracts | 28,100 | 27,765
Other finance costs | 457,285 | 339,913
| 485,385 | 367,678

7 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2025 £ | 2024 £
Wages and salaries | 21,806,070 | 16,657,770
Social security costs | 1,754,821 | 740,001
Other short-term employee benefits | - | 200
Pension costs, defined contribution scheme | 521,081 | 516,186
| 24,081,972 | 17,914,157

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

| 2025 No. | 2024 No.
Production | 1,771 | 1,575
Administration and support | 67 | 64
| 1,838 | 1,639

Glen Group Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

8 | Directors' remuneration

The directors' remuneration for the year was as follows:

| 2025 £ | 2024 £
Remuneration | 227,000 | 223,817

In respect of the highest paid director:

| 2025 £ | 2024 £
Remuneration | 147,000 | 148,817

9 | Auditors' remuneration

| 2025 £ | 2024 £
Audit of the financial statements | 20,480 | 13,428

10 | Taxation

Tax charged/(credited) in the profit and loss account

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | 69,257 | -
Deferred taxation |  |
Arising from origination and reversal of timing differences | 124,650 | 85,481
Tax expense in the income statement | 193,907 | 85,481

Glen Group Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

10 | Taxation (continued)

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).
The differences are reconciled below:

| 2025 £ | 2024 £
Profit before tax | 535,594 | 4,031
Corporation tax at standard rate | 133,899 | 1,008
Tax decrease from effect of capital allowances and depreciation | (63,328) | (46,361)
Tax increase from other short-term timing differences | 124,650 | 85,481
Effect of expense not deductible in determining taxable profit (tax loss) | 27,115 | (51,905)
Tax (decrease)/increase from effect of unrelieved tax losses carried forward | (28,400) | 28,400
Tax (decrease)/increase arising from group relief | (29) | 68,858
Total tax charge | 193,907 | 85,481

Deferred tax

Deferred tax assets and liabilities

2025 | Asset £ | Liability £
Origination and reversal of timing differences | - | 335,144
| - | 335,144

2024 | Asset £ | Liability £
Origination and reversal of timing differences | - | 212,994
| - | 212,994

Glen Group Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

11 | Intangible assets

| Goodwill £ | Total £
Cost or valuation
Additions acquired separately | 862,217 | 862,217
At 31 December 2025 | 862,217 | 862,217
Amortisation
Carrying amount
At 31 December 2025 | 862,217 | 862,217

Glen Group Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

12 | Tangible assets

| Plant and machinery £ | Motor vehicles £ | Total £
Cost or valuation
At 1 January 2025 | 1,317,703 | 1,164,243 | 2,481,946
Revaluations | - | (45,867) | (45,867)
Additions | 454,050 | 200,725 | 654,775
Disposals | - | (148,899) | (148,899)
At 31 December 2025 | 1,771,753 | 1,170,202 | 2,941,955
Depreciation
At 1 January 2025 | 806,409 | 347,317 | 1,153,726
Charge for the year | 178,229 | 143,699 | 321,928
Eliminated on disposal | - | (137,205) | (137,205)
Impairment | - | (19,439) | (19,439)
At 31 December 2025 | 984,638 | 334,372 | 1,319,010
Carrying amount
At 31 December 2025 | 787,115 | 835,830 | 1,622,945
At 31 December 2024 | 511,294 | 816,926 | 1,328,220

Valuation

During the year ended 31 December 2024 it was identified that the carrying values of motor vehicles within the company fleet were well below their resale market value. The directors therefore took the decision to revalue the carrying values of vehicles to more closely reflect the fair value of the underlying assets. This process has been continued throughout the current year with detailed reviews being undertaken on the carrying values of vehicles compared to market resale values.

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:

| 2025 £ | 2024 £
Motor vehicles | 367,337 | 367,920

Glen Group Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

13 | Investments

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2025 | 2024
Subsidiary undertakings
Glen Group Benefits Limited (SC735751) | 9 Deer Walk, Aberdeen, Scotland, AB15 8FW Scotland | ordinary shares | 100% | 100%

Subsidiary undertakings
Glen Group Benefits Limited (SC735751) The principal activity of Glen Group Benefits Limited (SC735751) is that of a dormant company. The company has remained dormant throughout the period.

14 | Stocks

| 2025 £ | 2024 £
Raw materials and consumables | 282,247 | 36,118

15 | Debtors

Current | Note | 2025 £ | 2024 £
Trade debtors |  | 5,262,308 | 2,901,745
Amounts owed by related parties | 25 | 3,127,969 | 4,303,489
Prepayments |  | 1,009,048 | 658,687
|  | 9,399,325 | 7,863,921

16 | Cash and cash equivalents

| 2025 £ | 2024 £
Cash at bank | 21,707 | 130,973

Glen Group Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

17 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 22 | 4,464,330 | 3,093,941
Trade creditors |  | 801,045 | 2,054,498
Amounts due to related parties | 25 | 12,155 | 795,728
Social security and other taxes |  | 3,066,503 | 1,425,795
Accruals |  | 196,396 | 278,831
Income tax liability | 10 | 69,257 | -
|  | 8,609,686 | 7,648,793
Due after one year |  |  |
Loans and borrowings | 22 | 2,820,161 | 1,292,104

18 | Provisions for liabilities

| Deferred tax £ | Total £
At 1 January 2025 | 212,994 | 212,994
Increase (decrease) in existing provisions | 122,150 | 122,150
At 31 December 2025 | 335,144 | 335,144

19 | Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £521,081 (2024 - £516,186).

Defined benefit pension schemes

Glen Cleaning Company Retirement Benefits Scheme

Assets of the defined benefit scheme are held in trust funds separately from those of the company. The contributions are recommended by a qualified actuary, XPS Group, on the basis of triennial valuations for funding purposes using the projected unit method.

Glen Group Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

19 | Pension and other schemes (continued)

Reconciliation of scheme assets and liabilities to assets and liabilities recognised

The amounts recognised in the balance sheet are as follows:

| 2025 £ | 2024 £
Fair value of scheme assets | 183,000 | 159,000
Present value of defined benefit obligation | (56,000) | (58,000)
| 127,000 | 101,000
Effects of asset ceiling | (127,000) | (101,000)
Defined benefit pension scheme surplus/(deficit) | - | -

Defined benefit obligation

Changes in the defined benefit obligation are as follows:

| 2025 £
Present value at start of year | 58,000
Interest cost | 3,000
Actuarial gains and losses | (2,000)
Benefits paid | (3,000)
Present value at end of year | 56,000

Fair value of scheme assets

Changes in the fair value of scheme assets are as follows:

| 2025 £
Fair value at start of year | 159,000
Interest income | 9,000
Return on plan assets, excluding amounts included in interest income/(expense) | 8,000
Employer contributions | 10,000
Benefits paid | (3,000)
Fair value at end of year | 183,000

Glen Group Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

19 | Pension and other schemes (continued)

Analysis of assets

The major categories of scheme assets are as follows:

| 2025 % | 2024 %
Cash and cash equivalents | - | 1
Equity instruments | 64 | 67
Property | 11 | 10
| 12 | 13
Corporate bonds | 13 | 9
| 100 | 100

Return on scheme assets

| 2025 £ | 2024 £
Return on scheme assets | 10,000 | 10,000

The pension scheme has not invested in any of the company's own financial instruments or in properties or other assets used by the company.

Principal actuarial assumptions

The principal actuarial assumptions at the balance sheet date are as follows:

| 2025 % | 2024 %
Mortality rate | 1.50 | 1.25
Discount rate | 5.50 | 5.50
Future pension increases | 5.00 | 5.00
Inflation | 2.80 | 3.20

Glen Group Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

19 | Pension and other schemes (continued)

Post retirement mortality assumptions

| 2025 Years | 2024 Years
Current UK pensioners at retirement age - male | 20.00 | 19.00
Current UK pensioners at retirement age - female | 23.00 | 23.00
Future UK pensioners at retirement age - male | 21.00 | 20.00
Future UK pensioners at retirement age - female | 25.00 | 25.00

20 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £1 each | 100 | 100 | 100 | 100

21 | Reserves

Profit and loss account

This reserve records retained earnings and accumulated losses.

Revaluation reserve

This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income.

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

| Revaluation reserve £ | Retained earnings £ | Total £
Surplus/deficit on revaluation of other assets | (19,821) | - | (19,821)
Remeasurement gain/loss on defined benefit pension schemes | - | (7,500) | (7,500)
| (19,821) | (7,500) | (27,321)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Glen Group Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

21 | Reserves (continued)

| Revaluation reserve £ | Retained earnings £ | Total £
Surplus/deficit on revaluation of other assets | 156,569 | - | 156,569
Remeasurement gain/loss on defined benefit pension schemes | - | (7,500) | (7,500)
| 156,569 | (7,500) | 149,069

22 | Loans and borrowings

Non-current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 2,604,167 | 1,091,980
Hire purchase contracts | 215,994 | 200,124
| 2,820,161 | 1,292,104

Current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 250,000 | 503,991
Hire purchase contracts | 159,388 | 175,346
Other borrowings | 4,054,942 | 2,414,604
| 4,464,330 | 3,093,941

Hire purchase contracts are secured against the underlying assets to which they relate.
Other borrowings are secured against the trade debtor book of the company.

Bank borrowings

Bank loan is denominated in £ sterling with a nominal interest rate of 5%%, and the final instalment is due on 30 June 2029. The carrying amount at year end is £854,167 (2024 - £Nil). The bank loan is secured by way of fixed and floating charges on assets of the company
Bank loan is denominated in £ sterling with a nominal interest rate of 4.92%, and the final instalment is due on 31 May 2031. The carrying amount at year end is £2,000,000 (2024 - £Nil). The bank loan is secured by way of a fixed and floating charge over the assets of the company.

Glen Group Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

23 | Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 159,388 | 175,346
Later than one year and not later than five years | 215,994 | 200,124
| 375,382 | 375,470

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 88,361 | 44,710
Later than one year and not later than five years | 407,500 | 2,875
| 495,861 | 47,585

24 | Dividends

Interim dividends paid

|  | 2025 £ |  | 2024 £
Interim dividend of £896.50 (2024 - £1,500.00) per each Ordinary shares |  | 89,650 |  | 150,000

25 | Related party transactions

Advantage has been taken of the exemption under FRS102 Paragraph 33.1A from disclosing any intercompany transactions as the company is a 100% subsidiary of the ultimate parent company, Merak UK Holdings Limited.

26 | Parent and ultimate parent undertaking

The company's immediate parent is Merak UK Holdings Limited, incorporated in England & Wales.

The parent of the largest group in which these financial statements are consolidated is Merak UK Holdings Limited, incorporated in England & Wales.

The address of Merak UK Holdings Limited is:
Merak House, Unit A1 Fourth Way, Bristol, BS11 8DX

Glen Group Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

26 | Parent and ultimate parent undertaking (continued)

Merak UK Holdings Limited is also the parent of the smallest group in which these financial statements are consolidated..