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REGISTERED NUMBER: 08404317 (England and Wales)














HEALY GROUP LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023






HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 30 June 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 17


HEALY GROUP LIMITED

COMPANY INFORMATION
for the year ended 30 June 2023







DIRECTORS: R Healy
P Healy
W Healy
L Healy





REGISTERED OFFICE: 8 Merse Road
Redditch
West Midlands
B98 9HL





REGISTERED NUMBER: 08404317 (England and Wales)





AUDITORS: Equus Miller Limited
Chartered Certified Accountants
Statutory Auditors
Brook House
47 High Street
Henley in Arden
Warwickshire
B95 5AA

HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

GROUP STRATEGIC REPORT
for the year ended 30 June 2023

The directors present their strategic report of the company and the group for the year ended 30 June 2023.

The directors present their strategic report of the company and the group for the year ended 30 June 2023.

Healy Group Limited ("the group") is a holding company of the trading entities of L Healy Limited and Waylaid Limited.

L Healy Limited is a Midlands based company providing civil engineering to a significant number of developers across the United Kingdom.

Waylaid Limited is also a Midlands based company providing plant available for hire and sale to companies within the construction industry.

The directors present their strategic report of the group for the year ended 30 June 2023.

REVIEW OF BUSINESS
The directors are pleased to report that despite a challenging marketplace, the continued commitment to the business from its directors and their dedicated team, has enabled the group to expand its share of the market, despite lower volume output within the housing sector overall.

The group has continued to invest in its asset base and quality control to ensure that it maintains its excellent reputation within the industry as evidenced by the repeat business from the most prestigious house builders across the midlands.

Key performance indicators

The directors monitor the group's performance during regular financial meetings using turnover and gross profit as key metrics.

The directors' "hands on approach" with the business ensures that the group is able to adapt to the changing marketplace and continues to deliver on its excellent reputation within a competitive industry. This hard work and dedication has enabled the group to enjoy further growth of 10% during 2023 on what was already a strong performance for the business in the previous year.

With regards to the company's gross margins, despite continuing inflationary pressures on materials throughout the year, the directors are pleased to report that the group has all but maintained its margins during the current year reporting margins of 11.9% compared with 12.1% in 2022.

Future developments

The directors continually consider risks and uncertainties relating to the UK economy and are mindful that interest rate rises continue to cause headwinds and uncertainty within the market.

Whilst house prices across the country have continued to reduce within the current year, the market continues to show resilience and despite a slight stall in the release of new sites in the latter half of 2023, there has been an exceptionally high demand for development within the first quarter of 2024 and the outlook for the coming year remains positive.

The group has an exceptionally strong order book and continues to be successful with new tenders ensuring that the business continues to flourish.

Health and safety remains a key focus of the directors who are committed to continuous investment into the group's employees providing ongoing training and development programs for the team.


HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

GROUP STRATEGIC REPORT
for the year ended 30 June 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The group's trading operations could be affected by a number of external factors that may pose a risk to its financial performance in the short, medium and long term which are: -

1. A significant downturn within the construction industry from external factors that are beyond the control of the group.

1. Uncapped price rises of general building materials resulted from supply and demand issues in particular as a result of continued global instability and conflict.

2. A change in Government following the imminent General Election which may result in a withdrawal of support for Stamp Duty Relief for first time buyers or changes to policies which support Housing Associations.

The directors continue to monitor the market conditions and meet regularly to discuss any foreseeable circumstances that may necessitate a change to the group's strategy in order to mitigate the business exposure to changes within the working environment.

ON BEHALF OF THE BOARD:





R Healy - Director


29 March 2024

HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

REPORT OF THE DIRECTORS
for the year ended 30 June 2023

The directors present their report with the financial statements of the company and the group for the year ended 30 June 2023.

DIVIDENDS
The Directors do not recommend payment of a final dividend.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2022 to the date of this report.

R Healy
P Healy
W Healy
L Healy

DISCLOSURE IN THE STRATEGIC REPORT
Items required to be disclosed under Sch 7 of the Companies Act are disclosed in the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Equus Miller Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





R Healy - Director


29 March 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HEALY GROUP LIMITED

Opinion
We have audited the financial statements of Healy Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 30 June 2023 and of the group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HEALY GROUP LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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:

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management it's own consideration of fraud. In particular, we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also considered potential financial or other pressures, opportunity and motivations for fraud. As part of this discussion we identified the internal control established to mitigate risks related to fraud or non compliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management.

We gained an understanding of the legal and regulatory framework applicable to the both the parent company and it's subsidiaries and the industry in which the group operates, drawing on our broad sector experience, and considered the risk of acts by the company that were contrary to these laws and regulations including fraud.

We focussed on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to Health and Safety regulations, UK tax legislation and equivalent local laws and regulations.

We made enquiries of management with regards to compliance with the above laws and regulations and corroborated any necessary evidence to relevant information, for example minutes of meetings and representations of the board of Directors.

Our tests included agreeing the financial statements disclosure to underlying supporting documentation and enquiries with management.

We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits we also addressed the risk of management override of internal controls including testing journals and evaluation whether there was evidence of key staff manipulation that represented a risk of material misstatement due to fraud.

Our audit procedures were designed to respond to the risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery , misrepresentions or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected within the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HEALY GROUP LIMITED


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 a Report of the Auditors 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.




Deborah Jane Horsley FCCA (Senior Statutory Auditor)
for and on behalf of Equus Miller Limited
Chartered Certified Accountants
Statutory Auditors
Brook House
47 High Street
Henley in Arden
Warwickshire
B95 5AA

29 March 2024

HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

CONSOLIDATED
INCOME STATEMENT
for the year ended 30 June 2023

30/6/23 30/6/22
Notes £    £    £    £   

TURNOVER 3 32,902,126 29,913,402

Cost of sales 29,003,343 26,291,147
GROSS PROFIT 3,898,783 3,622,255

Administrative expenses 2,611,966 2,166,607
OPERATING PROFIT 5 1,286,817 1,455,648

Income from fixed asset investments 292 275
Interest receivable and similar income 142 414
434 689
1,287,251 1,456,337

Interest payable and similar expenses 6 238,529 133,870
PROFIT BEFORE TAXATION 1,048,722 1,322,467

Tax on profit 7 257,154 227,960
PROFIT FOR THE FINANCIAL YEAR 791,568 1,094,507
Profit attributable to:
Owners of the parent 791,568 1,094,507

HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
for the year ended 30 June 2023

30/6/23 30/6/22
Notes £    £   

PROFIT FOR THE YEAR 791,568 1,094,507


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

791,568

1,094,507

Total comprehensive income attributable to:
Owners of the parent 791,568 1,094,507

HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

CONSOLIDATED BALANCE SHEET
30 June 2023

30/6/23 30/6/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 3,638,825 3,144,300
Investments 10 1,708,300 1,708,300
5,347,125 4,852,600

CURRENT ASSETS
Stocks 11 394,215 355,310
Debtors 12 10,018,132 7,722,541
Investments 13 206 206
Cash at bank and in hand 172,821 781,348
10,585,374 8,859,405
CREDITORS
Amounts falling due within one year 14 6,896,634 5,305,584
NET CURRENT ASSETS 3,688,740 3,553,821
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,035,865

8,406,421

CREDITORS
Amounts falling due after more than one
year

15

(3,337,501

)

(3,671,655

)

PROVISIONS FOR LIABILITIES 19 (172,030 ) -
NET ASSETS 5,526,334 4,734,766

CAPITAL AND RESERVES
Called up share capital 20 100 100
Share premium 21 2,940 2,940
Capital redemption reserve 21 1,150,000 1,025,000
Retained earnings 21 4,373,294 3,706,726
SHAREHOLDERS' FUNDS 5,526,334 4,734,766

The financial statements were approved by the Board of Directors and authorised for issue on 29 March 2024 and were signed on its behalf by:





L Healy - Director


HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

COMPANY BALANCE SHEET
30 June 2023

30/6/23 30/6/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 - -
Investments 10 1,708,500 1,708,500
1,708,500 1,708,500

CURRENT ASSETS
Debtors 12 1,124,250 924,250
Cash in hand 90 90
1,124,340 924,340
CREDITORS
Amounts falling due within one year 14 458,592 326,843
NET CURRENT ASSETS 665,748 597,497
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,374,248

2,305,997

CREDITORS
Amounts falling due after more than one
year

15

449,990

574,990
NET ASSETS 1,924,258 1,731,007

CAPITAL AND RESERVES
Called up share capital 20 100 100
Capital redemption reserve 21 1,150,000 1,025,000
Retained earnings 21 774,158 705,907
SHAREHOLDERS' FUNDS 1,924,258 1,731,007

Company's profit for the financial year 193,250 14,905

The financial statements were approved by the Board of Directors and authorised for issue on 29 March 2024 and were signed on its behalf by:





L Healy - Director


HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 30 June 2023

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 July 2021 100 2,737,219 2,940 900,000 3,640,259

Changes in equity
Total comprehensive income - 969,507 - 125,000 1,094,507
Balance at 30 June 2022 100 3,706,726 2,940 1,025,000 4,734,766

Changes in equity
Total comprehensive income - 666,568 - 125,000 791,568
Balance at 30 June 2023 100 4,373,294 2,940 1,150,000 5,526,334

HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the year ended 30 June 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 July 2021 100 816,002 900,000 1,716,102

Changes in equity
Total comprehensive income - (110,095 ) 125,000 14,905
Balance at 30 June 2022 100 705,907 1,025,000 1,731,007

Changes in equity
Total comprehensive income - 68,250 125,000 193,250
Balance at 30 June 2023 100 774,157 1,150,000 1,924,257

HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

CONSOLIDATED CASH FLOW STATEMENT
for the year ended 30 June 2023

30/6/23 30/6/22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 622,835 133,948
Interest paid (193,669 ) (80,975 )
Interest element of hire purchase payments
paid

(38,109

)

(44,270

)
Finance costs paid (6,751 ) (8,625 )
Tax paid (115,685 ) 5,381
Net cash from operating activities 268,621 5,459

Cash flows from investing activities
Purchase of tangible fixed assets (42,620 ) (73,000 )
Sale of tangible fixed assets 259,259 100,500
Interest received 142 414
Dividends received 292 275
Net cash from investing activities 217,073 28,189

Cash flows from financing activities
Loan repayments in year (429,704 ) (258,325 )
Loans due to associates 90,000 -
Capital repayments in year (690,309 ) (797,704 )
Amount introduced by directors 323,905 150,625
Amount withdrawn by directors (263,113 ) (135,402 )
Share buyback (125,000 ) (125,000 )
Directors analysed as creditors - (4,007 )
Net cash from financing activities (1,094,221 ) (1,169,813 )

Decrease in cash and cash equivalents (608,527 ) (1,136,165 )
Cash and cash equivalents at beginning
of year

2

781,348

1,917,513

Cash and cash equivalents at end of year 2 172,821 781,348

HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the year ended 30 June 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
30/6/23 30/6/22
£    £   
Profit before taxation 1,048,722 1,322,467
Depreciation charges 818,938 632,455
Profit on disposal of fixed assets (154,151 ) (54,263 )
Finance costs 238,529 133,870
Finance income (434 ) (689 )
1,951,604 2,033,840
Increase in stocks (38,905 ) (18,968 )
Increase in trade and other debtors (2,380,887 ) (2,753,751 )
Increase in trade and other creditors 1,091,023 872,827
Cash generated from operations 622,835 133,948

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2023
30/6/23 1/7/22
£    £   
Cash and cash equivalents 172,821 781,348
Year ended 30 June 2022
30/6/22 1/7/21
£    £   
Cash and cash equivalents 781,348 1,917,513


HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the year ended 30 June 2023

3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1/7/22 Cash flow changes At 30/6/23
£    £    £    £   
Net cash
Cash at bank
and in hand 781,348 (608,527 ) 172,821
781,348 (608,527 ) 172,821

Liquid resources
Current asset
investments 206 - - 206
206 - - 206
Debt
Finance leases (593,856 ) 690,309 - (1,279,497 )
Debts falling due
within 1 year (32,669 ) (242,655 ) - (275,324 )
Debts falling due
after 1 year (3,433,077 ) 797,357 - (2,635,720 )
(4,059,602 ) 1,245,011 - (4,190,541 )
Total (3,278,048 ) 636,484 - (4,017,514 )

HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 30 June 2023

1. STATUTORY INFORMATION

Healy Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The group's consolidated financial statements consist of the financial statements of Healy Group Limited and all entities which are controlled by the company (its subsidiaries). The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control over the operating and financial decisions is obtained and cease to be consolidated from the date on which control is transferred out of the group. Control is achieved when the company has the ability and right, directly or indirectly, to govern the financial and operating policies of an entity. This enables the company to affect the amount of economic benefit generated from the entity's activities. This is evident for all of the Group's subsidiaries.

All subsidiaries have a year end of 30 June 2023.

All intercompany balances and transactions, including recognised gains arising from inter-group transactions have been eliminated in full. Unrealised losses are eliminated in the same manner as recognised gains except to the extent that they provide evidence of impairment.

Significant judgements and estimates
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2023

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of vat and trade discounts. The policies adopted for the recognition of turnover are as follows:

Construction contracts

When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to quantity surveyor's reports.

When the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable.

When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.

Sale of goods

Turnover from sale of plant is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that economic benefits associated with the transaction will flow to the company and the cost incurred in respect of the transaction can be measured reliably. This is usually on dispatch of goods.

Rendering of hire services

When the outcome of a transaction can be estimated reliably, turnover from hire of plant is recognised by reference to stage of completion at the balance sheet date. Stage of completion is measured by reference to period of hire at customers. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Interest and dividends receivable

Interest income is recognised using the effective method and dividends income is recognised as the company's right to receive payment is established.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Convertible redeemable preferred ordinary shares
Following the Triennial Review 2017, the Convertible Redeemable Preferred Ordinary shares (CRPO) have been measured at cost less impairment in accordance with FRS102, 12.8.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Retentions
It is the company's policy to absorb the cost of remedial work arising on contracts in the year in which they are incurred.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through the profit and loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

30/6/23 30/6/22
£    £   
Revenue from contract work 32,902,126 29,913,402
32,902,126 29,913,402

4. EMPLOYEES AND DIRECTORS
30/6/23 30/6/22
£    £   
Wages and salaries 12,847,023 11,490,269
Social security costs 91,927 56,331
Other pension costs 45,643 29,733
12,984,593 11,576,333

HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2023

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
30/6/23 30/6/22

Directors 4 4
Office and administration staff 10 8
Direct employees 31 45
45 57

30/6/23 30/6/22
£    £   
Directors' remuneration 679,200 412,574
Directors' pension contributions to money purchase schemes 16,000 -

Information regarding the highest paid director is as follows:
30/6/23 30/6/22
£    £   
Emoluments etc 169,800 104,417
Pension contributions to money purchase schemes 4,000 -

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30/6/23 30/6/22
£    £   
Hire of plant and machinery 1,288,307 1,015,974
Depreciation - owned assets 345,958 239,039
Depreciation - assets on hire purchase contracts 472,979 393,417
Profit on disposal of fixed assets (154,151 ) (54,263 )
Auditors' remuneration 14,988 13,280

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30/6/23 30/6/22
£    £   
Bank loan interest 189,709 80,975
Other interest 3,960 -
Hire purchase 38,109 44,270
Preference dividend 6,751 8,625
238,529 133,870

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30/6/23 30/6/22
£    £   
Current tax:
UK corporation tax 27 155,304
Prior year over provision (200 ) (39,079 )
Total current tax (173 ) 116,225

Deferred taxation 257,327 111,735
Tax on profit 257,154 227,960

HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2023

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30/6/23 30/6/22
£    £   
Profit before tax 1,048,722 1,322,467
Profit multiplied by the standard rate of corporation tax in the UK of 19 %
(2022 - 19 %)

199,257

251,269

Effects of:
Expenses not deductible for tax purposes 26,245 13,175
Depreciation in excess of capital allowances 106,953 135,612
Utilisation of tax losses (99,219 ) (122,657 )
Profit on disposal of assets - (10,309 )
Franked investment income (55 ) (52 )
Prior year overprovision (200 ) (39,078 )
Tax losses carried forward 24,173 -
Total tax charge 257,154 227,960

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 July 2022 1,400,240 4,823,809 81,255 1,167,701 7,473,005
Additions - 1,082,535 7,074 328,961 1,418,570
Disposals - (558,400 ) - (138,160 ) (696,560 )
At 30 June 2023 1,400,240 5,347,944 88,329 1,358,502 8,195,015
DEPRECIATION
At 1 July 2022 87,099 3,403,197 43,413 794,996 4,328,705
Charge for year 28,005 615,325 6,737 168,870 818,937
Eliminated on disposal - (479,477 ) - (111,975 ) (591,452 )
At 30 June 2023 115,104 3,539,045 50,150 851,891 4,556,190
NET BOOK VALUE
At 30 June 2023 1,285,136 1,808,899 38,179 506,611 3,638,825
At 30 June 2022 1,313,141 1,420,612 37,842 372,705 3,144,300

HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2023

9. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 July 2022 842,678 443,377 1,286,055
Additions 1,046,988 328,961 1,375,949
Transfer to ownership (144,600 ) (152,176 ) (296,776 )
At 30 June 2023 1,745,066 620,162 2,365,228
DEPRECIATION
At 1 July 2022 410,320 250,271 660,591
Charge for year 356,258 116,721 472,979
Transfer to ownership (90,284 ) (97,002 ) (187,286 )
At 30 June 2023 676,294 269,990 946,284
NET BOOK VALUE
At 30 June 2023 1,068,772 350,172 1,418,944
At 30 June 2022 432,358 193,106 625,464

10. FIXED ASSET INVESTMENTS

Group
Shares in
group
undertakings
£   
COST
At 1 July 2022
and 30 June 2023 1,708,300
NET BOOK VALUE
At 30 June 2023 1,708,300
At 30 June 2022 1,708,300
Company
Shares in
group
undertakings
£   
COST
At 1 July 2022
and 30 June 2023 1,708,500
NET BOOK VALUE
At 30 June 2023 1,708,500
At 30 June 2022 1,708,500

HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2023

10. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

L Healy Holdings Limited
Registered office:
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00


11. STOCKS

Group
30/6/23 30/6/22
£    £   
Stock of land and raw material 394,215 355,310

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30/6/23 30/6/22 30/6/23 30/6/22
£    £    £    £   
Trade debtors 9,110,567 6,869,324 - -
Amounts owed by group undertakings - - 1,124,250 924,250
Other debtors 4,748 4,748 - -
VAT 536,599 446,134 - -
Deferred tax asset - 85,296 - -
Prepayments and accrued income 366,218 317,039 - -
10,018,132 7,722,541 1,124,250 924,250

Deferred tax asset
Group Company
30/6/23 30/6/22 30/6/23 30/6/22
£    £    £    £   
Deferred taxation - (185,243 ) - -
Tax losses - 270,539 - -
- 85,296 - -

13. CURRENT ASSET INVESTMENTS

Group
30/6/23 30/6/22
£    £   
Listed investments 206 206

Market value of listed investments held by the group at 30 June 2023 - £1,249 (2022 - £1,101).

HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2023

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30/6/23 30/6/22 30/6/23 30/6/22
£    £    £    £   
Bank loans and overdrafts (see note 16) 275,324 32,669 - -
Hire purchase contracts (see note 17) 577,716 355,278 - -
Trade creditors 5,004,455 4,116,986 - -
Amounts owed to group undertakings - - 457,278 325,529
Amounts owed to associates 90,000 - - -
Corporation tax payable (923 ) 114,935 - -
Social security & other taxes 284,709 213,126 - -
Other creditors 2,636 - - -
Directors' loan accounts 314,050 253,258 - -
Accrued expenses 348,667 219,332 1,314 1,314
6,896,634 5,305,584 458,592 326,843

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
30/6/23 30/6/22 30/6/23 30/6/22
£    £    £    £   
Bank loans (see note 16) 2,185,730 2,858,087 - -
Preference shares (see note 16) 449,990 574,990 449,990 574,990
Hire purchase contracts (see note 17) 701,781 238,578 - -
3,337,501 3,671,655 449,990 574,990

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
30/6/23 30/6/22 30/6/23 30/6/22
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 275,324 32,669 - -
Amounts falling due between one and two years:
Bank loans - 1-2 years 276,703 263,004 - -
Amounts falling due between two and five years:
Bank loans - 2-5 years 1,909,027 2,595,083 - -
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Preference shares 449,990 574,990 449,990 574,990

Details of shares shown as liabilities are as follows:

Allotted, issued and fully paid:
Number: Class: Nominal 30/6/23 30/6/22
value: £    £   
999,990 Convertible redeemable
preferred ordinary £1 449,990 574,990

HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2023

16. PREFERENCE SHARES - continued

In accordance with FRS 102, Convertible Redeemable Preferred Ordinary Shares (CRPO) have been classified as non-equity shares. Any dividends payable on such shares will be shown as interest.

The following rights are attached to the CRPO shares:
(i) No right to vote, attend or speak at any general meeting, but entitled to receive notice for information
only provided always that the holders of the CRPO shares shall be entitled to vote on any proposed
resolution to alter in any way the rights attaching to the CRPO shares and shall then have one vote
per share
(ii) A right to participate in the assets of the company on a winding up or in the consideration on sale or
transfer of the company
(iii) A right to a dividend at a minimum rate of 1.5p per share

The maximum number of CRPO shares to be redeemed at the option of the company in any year is 150,000. However, each holder of CRPO shares has the right to redeem up to 60,000 CRPO shares held by them each year. Therefore, if both CRPO shareholders were to exercise this right, the company would need to redeem 120,000 CRPO shares (less any number already redeemed at the option of the company), provided it could lawfully do so.

Accordingly, there is flexibility for redemption of between 0 and 150,000 CRPO shares each year. However, all CRPO shares must be redeemed by the date of the seventeenth anniversary of their date of issue of 3 July 2013.

The CRPO shares may be redeemed in full at the option of the shareholders in the event of the provisions contained in Part V, Chapter 3, TCGA 1992 (Business Asset Disposal Relief) are abolished without being replaced by provisions providing for an equivalent or more favourable relief.

No premium is payable on redemption.

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
30/6/23 30/6/22
£    £   
Gross obligations repayable:
Within one year 629,046 377,132
Between one and five years 768,968 253,724
1,398,014 630,856

Finance charges repayable:
Within one year 51,330 21,854
Between one and five years 67,187 15,146
118,517 37,000

Net obligations repayable:
Within one year 577,716 355,278
Between one and five years 701,781 238,578
1,279,497 593,856

Hire purchase and finance lease creditors relate to plant and machinery.

HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2023

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
30/6/23 30/6/22
£    £   
Bank loans 2,461,054 2,890,756
Hire purchase contracts 1,279,497 593,856
3,740,551 3,484,612

Security is offered by way of a debenture over the assets of the group.

19. PROVISIONS FOR LIABILITIES

Group
30/6/23 30/6/22
£    £   
Deferred tax
Deferred taxation 400,585 -
Tax losses (228,555 ) -
172,030 -

Group
Deferred
tax
£   
Balance at 1 July 2022 (85,296 )
Accelerated capital allowances 400,585
Tax losses carried forward (228,555 )
Balance at 30 June 2023 86,734

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30/6/23 30/6/22
value: £    £   
100 Ordinary £1 100 100

VOTING RIGHTS

(i)A member shall have one vote for every share of which he/she is the holder
(ii)A right to participate in the assets of the company on a winding up or in the consideration on sale or
transfer of the company
(iii)A right to a dividend if declared on the ordinary shares in the capital of the company

HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2023

21. RESERVES

Group
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 July 2022 3,706,726 2,940 1,025,000 4,734,666
Profit for the year 791,568 791,568
Cash share issue (125,000 ) - 125,000 -
At 30 June 2023 4,373,294 2,940 1,150,000 5,526,234

Company
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 July 2022 705,908 1,025,000 1,730,908
Profit for the year 193,250 193,250
Cash share issue (125,000 ) 125,000 -
At 30 June 2023 774,158 1,150,000 1,924,158


22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2023 and 30 June 2022:

30/6/23 30/6/22
£    £   
G Tongue
Balance outstanding at start of year 2,315 (4,010 )
Amounts advanced - 6,325
Amounts repaid - -
Amounts written off - -
Amounts waived (2,315 ) -
Balance outstanding at end of year - 2,315

P Healy
Balance outstanding at start of year (98 ) 7,710
Amounts advanced - 9,192
Amounts repaid 98 (17,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - (98 )

Where Directors have received advances during the year, these are repayable on demand and have been subjected to HMRC's official rate of interest in use at that time.

With regards to Mr G Tongue, the £2,315 remains due to the company and has been transferred to other debtors as he is no longer a director of the company.

23. ULTIMATE CONTROLLING PARTY

There is no one ultimate controlling party.