Company Registration Number: SC223952
UNAUDITED
FOR THE PERIOD ENDED 21 DECEMBER 2025
GLENERROL LIMITED
REGISTERED NUMBER: SC223952
STATEMENT OF FINANCIAL POSITION
AS AT 21 DECEMBER 2025
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GLENERROL LIMITED
REGISTERED NUMBER: SC223952
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 21 DECEMBER 2025
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:
The notes on pages 3 to 11 form part of these financial statements.
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GLENERROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 21 DECEMBER 2025
Glenerrol Limited is a private company, limited by shares, registered in Scotland. The Company's registration number is SC223952 and registered office address is 19 Royal Exchange Square, Glasgow, Scotland, G1 3AJ.
The principal activity of the Company in the period under review was that of a multiple leisure venue operator and property rental company.
These financial statements have been prepared in pounds sterling, rounded to the nearest pound, as this is the currency of the primary economic environment in which the Company operates.
The accounting period was shortened to 21 December 2025 and, as a result, the current period's results may not be directly comparable with those of the previous period.
The accounting period was shortened to 21 December 2025 and, as a result, the current period's results may not be directly comparable with those of the previous period.
2.Accounting policies
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 requirements 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:
In preparing these financial statements, the Directors of the Company have given careful consideration to the Group and Company's current and anticipated financial position, its cash flows, liquidity and forecasted performance alongside potential risks and mitigating factors for its ability to continue as a going concern for at least twelve months from the date of issue of these financial statements. Based on this review, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and thus consider it appropriate to prepare the financial statements on a going concern basis.
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GLENERROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 21 DECEMBER 2025
2.Accounting policies (continued)
Tangible fixed assets under the cost model, other than investment properties and freehold properties, are stated at historical cost less accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Freehold property is held under the revaluation model and is stated at fair value less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Freehold property is held under the revaluation model and is stated at fair value less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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GLENERROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 21 DECEMBER 2025
2.Accounting policies (continued)
Investment properties are carried at fair value determined annually by the Directors with reference to external values and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Income and Retained Earnings.
Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
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 Statement of Financial Position 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.
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GLENERROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 21 DECEMBER 2025
2.Accounting policies (continued)
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 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.
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GLENERROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 21 DECEMBER 2025
2.Accounting policies (continued)
Derecognition of financial instruments
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.
The preparation of these financial statements require management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.
Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:
Investment properties
Investment property values within the accounts are assessed annually by the Directors. Valuations are based on external valuations derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. There is a degree of judgement involved in that the value of the estate will ultimately be determined by the market.
Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:
Investment properties
Investment property values within the accounts are assessed annually by the Directors. Valuations are based on external valuations derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. There is a degree of judgement involved in that the value of the estate will ultimately be determined by the market.
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GLENERROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 21 DECEMBER 2025
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GLENERROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 21 DECEMBER 2025
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The 2025 valuations were made by the Directors, on an open market value basis.
The most recent valuations of the properties held by the Company were carried out in March 2023 by Jones Lang LaSalle Limited. Investment property is carried at fair value determined annually by the Directors with reference to external valuations and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. This appraisal provides an indicative value that supports the carrying value of the investment properties presented within the financial statements. The Directors believe the values presented to be an accurate reflection of the fair value of the investment properties as at 21 December 2025.
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GLENERROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 21 DECEMBER 2025
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GLENERROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 21 DECEMBER 2025
Investment property revaluation reserve
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £360 (2024 - £3,467). Contributions totalling £Nil (2024 - £1,914) were payable to the fund at the reporting date and are included in creditors.
The Company has taken advantage of exemption, under the terms of FRS 102 not to disclose related party transactions with wholly owned subsidiaries within the group.
The Company acquired the rights to a loan payable by a company under common directorship in 2021. As at 21 December 2025 the value of the loan receivable was £Nil (2024 - £98,463). This Loan was written off as part of a pre transaction in respect of the sale of the group to new owners after the current period.
As at 21 December 2025 a company under common directorship owed Glenerrol a loan balance of £Nil (2024: £199,987).
The Company acquired the rights to a loan payable by a company under common directorship in 2021. As at 21 December 2025 the value of the loan receivable was £Nil (2024 - £98,463). This Loan was written off as part of a pre transaction in respect of the sale of the group to new owners after the current period.
As at 21 December 2025 a company under common directorship owed Glenerrol a loan balance of £Nil (2024: £199,987).
The Company's parent undertaking at the balance sheet date was Lynnet Leisure (Properties) Limited , a company incorporated in Scotland. Their registered address is 19 Royal Exchange Square, Glasgow, Scotland, G1 3AJ.
The Company's ultimate parent undertaking at the balance sheet date wasMML (RES) Limited , a company incorporated in Scotland. Their registered address is 19 Royal Exchange Square, Glasgow, Scotland, G1 3AJ.
The Company's results are included within the consolidated accounts of MML (RES) Limited and these can be obtained from Companies House or the registered address noted above.
Following the period end, on 22 December 2025, ownership of MML (RES) Ltd changed resulting in a new ultimate parent undertaking, Tipple and Title (Holdings) Limited of which there is no ultimate controlling party. Their registered address is 19 Royal Exchange Square, Glasgow, Scotland, G1 3AJ.
The Company's ultimate parent undertaking at the balance sheet date was
The Company's results are included within the consolidated accounts of MML (RES) Limited and these can be obtained from Companies House or the registered address noted above.
Following the period end, on 22 December 2025, ownership of MML (RES) Ltd changed resulting in a new ultimate parent undertaking, Tipple and Title (Holdings) Limited of which there is no ultimate controlling party. Their registered address is 19 Royal Exchange Square, Glasgow, Scotland, G1 3AJ.
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