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Registered number: 06756856









ACS GROUP HOLDINGS LIMITED









ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

 
ACS GROUP HOLDINGS LIMITED
 

CONTENTS



Page
Company Information
 
1
Group Strategic Report
 
2 - 3
Directors' Report
 
4 - 5
Independent Auditors' Report
 
6 - 10
Consolidated Statement of Comprehensive Income
 
11
Consolidated Statement of Financial Position
 
12 - 13
Company Statement of Financial Position
 
14
Consolidated Statement of Changes in Equity
 
15
Company Statement of Changes in Equity
 
16
Consolidated Statement of Cash Flows
 
17 - 18
Consolidated Analysis of Net Debt
 
19
Notes to the Financial Statements
 
20 - 40


 
ACS GROUP HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
D Doohan 
P Grady 
A C Doohan 
S M Grady 
M Deignan 
P Howard 
D Curran 
B Mooney 




Company secretary
M Deignan



Registered number
06756856



Registered office
Lansdowne House
Oak Green Business Park

Cheadle Hulme

Stockport

SK8 6QL




Independent auditors
Alexander Knight & Co Limited
Chartered Accountants & Statutory Auditor

Westgate House

44 Hale Road

Hale

Altrincham

Cheshire

WA14 2EX




Page 1

 
ACS GROUP HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31ST OCTOBER 2023

Business review
 
ACS Group Holdings Limited provides the full construction solution through five dedicated business divisions. We primarily work with clients as their principal contractor providing services to several business sectors including the commercial/industrial, government, utilities/infrastructure, leisure, energy and renewable energy sectors. We have successfully completed construction projects across the UK within diverse and complex environments for the public and private sector.
As a business we have experienced a very good set of results despite the challenging trading economic conditions. Our operating performance is successful because we maintain the ability to deliver safely on time and to budget. We feel that our performance for the forth coming financial year should be satisfactory and in line with previous years, consolidating our turnover at circa £30M through the diversity of our business profile, markets and our financial strength.
Our strategy to concentrate on our key profitable markets resulted in achieving consoldiated group operating profit of circa £1.2M (2022 - £713k) demonstrating year on year consolidated performance and this is reflected in our net balance of £3.72M (2022 - £3.31M).

Markets and trends
 
The main areas of operation are nationwide mainly due to energy/power division secured frameworks supported by repeat works on behalf of our private clients. Our presence in this marketplace continues to grow and attract new clients for the year 2023/24.
Our Midlands division is well established, delivering repeat negotiated contracts and partnering with key land developers on various sites across Birmingham, Wales and Oxford. Recently secured extension phases are now underway.

Business model
 
We continue to deliver on new projects for both new and existing clients throughout the year. The current secured workload is testament to our drive and purpose, which is to break boundaries and build excellence, raising the bar in construction standards.
Our order book and expected works is circa £39M, indicating the continued trends will be satisfactory for the year 2023-24 and through to the end of 2025.

People
 
The group continues to invest in its people, through both on the job training and through more formal external training programmes in order to ensure staff have the appropriate skills to deliver the expected level of excellence to customers. 100% of our site staff and oepratives now hold Construction Skills Certificate Scheme cards and similarly the company achieved 100% in our recent UVDB Audit across CSR, environmental H&S and quality underpinning our shared ethos to build excellence both internally with our people and externally on all client projects.
Recognised by the Investors in People North of England team, we retained our Gold status award for another three- year cycle (May 2022).

Page 2

 
ACS GROUP HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31ST OCTOBER 2023

Objectives and risks
 
The main objective for 2023/4 is to continue to target profitable contracts without increasing the risk profile of the projects undertaken. The Business continues to develop its current internal policies and procedures including those for Health & Safety and the environment. A fundamental requirement priority of the directors is to provide a safe working environment for all employees and subcontractors, especially given the effects of the COVID 19 pandemic.
Through the management of integrated value chains, the group is able to combine the ability to meet increasing market demands and challenges to deliver projects effectively and efficiently in line with client requirements with the objective of delivering growth to the business.
The main impactors on our business remain the same, being the uncertainties of the general global economic outlook on the industry, any lingering legacy issued from the pandemic and the post Brexit era, now further compounded by the Russian invasion of the Ukraine.
The business monitors and forecasts cash requirements on a regular basis both for the short-term managament and medium/longer term. Capital expenditure on some replacement and additions to key plant items will occur during 2023/24.
The other key business risks relate to competition regulation, customer acquistion and working capital management. The directors actively monitor trends in trading and with the help of senior management makes strategic decisions to mitigate any material threat to the long-term stability of the group.

Performance
 
As stated in the business review, we continue to consolidate as a group, increase our net worth on the profits retained through solid financial performace and generate sustainable cash flow.
The operating profit for the year is circa £1.2M.
The directors work continuously on the management of its operational performance and the management of costs and will endeavour to increase profits from the capital employed in the business thus improving its financial returns and cash flows.


This report was approved by the board and signed on its behalf.



M Deignan
Director

Date: 26 July 2024

Page 3

 
ACS GROUP HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31ST OCTOBER 2023

The directors present their report and the financial statements for the year ended 31 October 2023.

Principal activity

The principal activity of the company during the year was that of a holding company.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £1,221,833 (2022 - £904,898).

Particulars of recommended dividends are detailed in note 15 to the Consolidated financial statements.

Directors

The directors who served during the year were:

D Doohan 
P Grady 
A C Doohan 
S M Grady 
M Deignan 
P Howard 
D Curran 
B Mooney 

Matters covered in the Group Strategic Report

In accordance with section 414c (11) of the Companies Act 2006 Regulations 2013, the directors have included a separate strategic report. This includes information that would have been included in the business review and the principal risks and uncertainties.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Page 4

 
ACS GROUP HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31ST OCTOBER 2023

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Group's financial statements 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Auditors

The auditorsAlexander Knight & Co Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





M Deignan
Director

Date: 26 July 2024

Page 5

 
ACS GROUP HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACS GROUP HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of ACS Group Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31st October 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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's affairs as at 31st October 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 United Kingdom, including the Financial Reporting Council'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 or 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.


Page 6

 
ACS GROUP HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACS GROUP HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the 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 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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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.


Page 7

 
ACS GROUP HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACS GROUP HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 5, 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 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.


Page 8

 
ACS GROUP HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACS GROUP HOLDINGS LIMITED (CONTINUED)


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 an Auditors' 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit team:
- Obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework;
- Inquired of management and those charged with governance their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
- Discussed matters about non-compliance with laws and regulations and how fraud might occur including an assessment of how and where the financial statements may be susceptible to fraud.
As a result of performing the above, our procedures to respond to the risks identified included the following:
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; 
All engagement team members were informed of the relevant laws and regulations and potential fraud risks at the planning stage and reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify such items.
There are inherent limitations in our audit procedures described above. The more removed the laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to inquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to to detect than those that arise from error as they may involve deliberate concealment or collusion.
It remains the primary responsibility of management to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the Consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
 
Page 9

 
ACS GROUP HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACS GROUP HOLDINGS LIMITED (CONTINUED)



- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. 
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. 
- Evaluate the overall presentation, structure and content of the Consolidated financial statements, including the disclosures, and whether the Consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated Consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


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 Auditors' 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 2006Our 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 Auditors' 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.





Murray Patt FCA (Senior Statutory Auditor)
for and on behalf of
Alexander Knight & Co Limited
Chartered Accountants & Statutory Auditor
Westgate House
44 Hale Road
Hale
Altrincham
Cheshire
WA14 2EX

29 July 2024
Page 10

 
ACS GROUP HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
27,541,095
24,838,735

Cost of sales
  
(24,186,423)
(22,418,755)

Gross profit
  
3,354,672
2,419,980

Administrative expenses
  
(2,137,938)
(1,812,221)

Other operating income
 5 
4,866
105,065

Operating profit
 6 
1,221,600
712,824

Interest receivable and similar income
 10 
14
572

Interest payable and similar expenses
 11 
(42,564)
(25,440)

Profit before taxation
  
1,179,050
687,956

Tax on profit
 12 
9,918
183,081

Profit for the financial year
  
1,188,968
871,037

Profit for the year attributable to:
  

Non-controlling interests
  
(32,865)
(33,861)

Owners of the parent Company
  
1,221,833
904,898

  
1,188,968
871,037

Total comprehensive income for the year attributable to:
  

Non-controlling interest
  
(32,865)
(33,861)

Owners of the parent Company
  
1,221,833
904,898

  
1,188,968
871,037

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 20 to 40 form part of these financial statements.

Page 11

 
ACS GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 06756856

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 14 
321,342
388,466

Tangible assets
 15 
1,430,741
996,922

  
1,752,083
1,385,388

Current assets
  

Stocks
 17 
420,103
380,809

Debtors: amounts falling due within one year
 18 
6,148,772
7,173,434

Cash at bank and in hand
 19 
1,137,429
1,160,047

  
7,706,304
8,714,290

Creditors: amounts falling due within one year
 20 
(5,099,633)
(6,335,542)

Net current assets
  
 
 
2,606,671
 
 
2,378,748

Total assets less current liabilities
  
4,358,754
3,764,136

Creditors: amounts falling due after more than one year
 21 
(493,838)
(335,216)

Provisions for liabilities
  

Deferred taxation
 23 
(142,387)
(114,359)

  
 
 
(142,387)
 
 
(114,359)

Net assets
  
3,722,529
3,314,561


Capital and reserves
  

Called up share capital 
 24 
100
100

Profit and loss account
 25 
3,773,075
3,332,242

Equity attributable to owners of the parent Company
  
3,773,175
3,332,342

Non-controlling interests
  
(50,646)
(17,781)

  
3,722,529
3,314,561


Page 12

 
ACS GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 06756856
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2023

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




M Deignan
Director

Date: 26 July 2024

The notes on pages 20 to 40 form part of these financial statements.

Page 13

 
ACS GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 06756856

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 16 
252
252

  
252
252

Current assets
  

Debtors: amounts falling due within one year
 18 
354
354

  
354
354

Creditors: amounts falling due within one year
 20 
(351)
(351)

Net current assets
  
 
 
3
 
 
3

Total assets less current liabilities
  
255
255

  

  

Net assets
  
255
255


Capital and reserves
  

Called up share capital 
 24 
100
100

Profit and loss account brought forward
  
155
155

Profit for the year
  
781,000
733,398

Other changes in the profit and loss account

  

(781,000)
(733,398)

Profit and loss account carried forward
  
155
155

  
255
255


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


M Deignan
Director

Date: 26 July 2024

The notes on pages 20 to 40 form part of these financial statements.

Page 14

 
ACS GROUP HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity

£
£
£
£
£


At 1st November 2021
100
3,160,742
3,160,842
16,080
3,176,922


Comprehensive income for the year

Profit for the year
-
904,898
904,898
(33,861)
871,037


Contributions by and distributions to owners

Dividends: Equity capital
-
(733,398)
(733,398)
-
(733,398)


Total transactions with owners
-
(733,398)
(733,398)
-
(733,398)



At 1st November 2022
100
3,332,242
3,332,342
(17,781)
3,314,561


Comprehensive income for the year

Profit for the year
-
1,221,833
1,221,833
(32,865)
1,188,968


Contributions by and distributions to owners

Dividends: Equity capital
-
(781,000)
(781,000)
-
(781,000)


At 31st October 2023
100
3,773,075
3,773,175
(50,646)
3,722,529


The notes on pages 20 to 40 form part of these financial statements.

Page 15

 
ACS GROUP HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1st November 2021
100
155
255


Comprehensive income for the year

Profit for the year
-
733,398
733,398


Contributions by and distributions to owners

Dividends: Equity capital
-
(733,398)
(733,398)


Total transactions with owners
-
(733,398)
(733,398)



At 1st November 2022
100
155
255


Comprehensive income for the year

Profit for the year
-
781,000
781,000


Contributions by and distributions to owners

Dividends: Equity capital
-
(781,000)
(781,000)


At 31st October 2023
100
155
255


The notes on pages 20 to 40 form part of these financial statements.

Page 16

 
ACS GROUP HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31ST OCTOBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,188,968
871,037

Adjustments for:

Amortisation of intangible assets
67,123
104,097

Depreciation of tangible assets
175,543
171,447

Loss on disposal of tangible assets
20,527
(7,108)

Interest paid
42,564
25,440

Interest received
(14)
(572)

Taxation charge
(9,918)
(183,081)

(Increase) in stocks
(39,295)
(157,221)

Decrease in debtors
1,002,685
394,388

(Decrease) in creditors
(1,400,761)
(1,266,642)

Corporation tax received
59,927
193,444

Net cash generated from operating activities

1,107,349
145,229


Cash flows from investing activities

Purchase of tangible fixed assets
(36,804)
(26,005)

Sale of tangible fixed assets
96,251
56,500

Interest received
14
572

HP interest paid
(20,697)
(14,819)

Net cash from investing activities

38,764
16,248

Cash flows from financing activities

Repayment of loans
(138,633)
(113,044)

Repayment of/new finance leases
(225,985)
(246,344)

Dividends paid
(781,000)
(733,398)

Interest paid
(21,867)
(10,621)

Net cash used in financing activities
(1,167,485)
(1,103,407)

Net (decrease) in cash and cash equivalents
(21,372)
(941,930)

Cash and cash equivalents at beginning of year
1,158,801
2,100,732

Cash and cash equivalents at the end of year
1,137,429
1,158,802


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,137,429
1,160,047

Bank overdrafts
-
(1,245)
Page 17

 
ACS GROUP HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31ST OCTOBER 2023


2023
2022

£
£


1,137,429
1,158,802


The notes on pages 20 to 40 form part of these financial statements.

Page 18

 
ACS GROUP HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31ST OCTOBER 2023





At 1st November 2022
Cash flows
New finance leases
At 31st October 2023
£

£

£

£

Cash at bank and in hand

1,160,047

(22,618)

-

1,137,429

Bank overdrafts

(1,246)

1,246

-

-

Debt due after 1 year

(194,058)

86,463

-

(107,595)

Debt due within 1 year

(117,726)

52,170

-

(65,556)

Finance leases

(301,880)

225,985

(689,335)

(765,230)


545,137
343,246
(689,335)
199,048

The notes on pages 20 to 40 form part of these financial statements.

Page 19

 
ACS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023

1.


General information

The company is a private company limited by shares, registered in England and Wales (registered number 06756856). The address of the registered office is Lansdowne House, Oak Green Business Park, Cheadle Hulme, Stockport, SK8 6QL.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The financial statements are prepared in sterling, which is the functional currency of the entity.

The following principal accounting policies have been applied:

  
2.2

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102: 
(a) Disclosures in respect of each class of share capital have not been presented. 
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.

 
2.3

Basis of consolidation

The Consolidated financial statements consolidate the Consolidated financial statements of ACS Group Holdings Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Page 20

 
ACS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023

2.Accounting policies (continued)

  
2.4

Non-controlling interests

Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity. Minority interests consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination.
The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the minority interests are determined on the basis of existing ownership interests and do not reflect the possible exercise or conversion of options or convertible instruments.

 
2.5

Revenue

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
In respect of long term contracts for on going services, turnover represents the value of work done in the year, including estimates of amounts not yet invoiced. Turnover in respect of long term contracts for on going services is recognised by reference to the stage of completion. Revenue not billed to the client is included in debtors as amounts recoverable on long term contracts.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the Group as lessee

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

 
2.7

Interest income

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

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 21

 
ACS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023

2.Accounting policies (continued)

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 22

 
ACS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023

2.Accounting policies (continued)

 
2.12

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development expenditure
-
10
years
Goodwill
-
10
years

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any 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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows: .

Depreciation is provided on the following basis:

Plant and machinery
-
15%
Reducing balance
Motor vehicles
-
20%
Reducing balance
Fixtures and fittings
-
25%
Reducing balance
Office equipment
-
33%
Straight line

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.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 23

 
ACS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023

2.Accounting policies (continued)

  
2.15

Stocks

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

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.20

Financial instruments

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

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Statement of Financial Position when the Group 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.
Page 24

 
ACS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023

2.Accounting policies (continued)


2.20
Financial instruments (continued)


Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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 Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

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.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

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

Page 25

 
ACS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023

2.Accounting policies (continued)


2.20
Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables 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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

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 Group 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 Group 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 Group's contractual obligations expire or are discharged or cancelled.

 
2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

  
2.22

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax from the proceeds.
Dividends and other distributions to the company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the company's shareholders. These amounts are recognised in the statement of changes in equity.

Page 26

 
ACS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023

2.Accounting policies (continued)

  
2.23

Business combinations

Business combinations are accounted for using the purchase method.
The cost of a business combination is measured as the aggregate of the fair values, at the acquisition date, of assets given, liabilities incurred or assumed, and equity instruments issued plus any costs directly attributable to the business combination.
Where control is achieved in stages, the cost of the business combination is the aggregate of the fair values of the assets given, liabilities incurred or assumed, and equity instruments issued at the date of each transaction in the series.
Where the business combination requires an adjustment to the cost contingent on future events, the estimated amount of that adjustment is included in the cost of the combination at the acquisition date providing it is probable and can be measured reliably. Where it is not recognised at the acquisition date but subsequently becomes probable and can be measured reliably, the additional consideration is treated as an adjustment to the cost of the combination. If such expected future events do not occur, or the estimate needs to be revised, the cost of the business combination is adjusted accordingly. The unwinding of any discounting is recognised as a finance cost in profit or loss in the period it arises.

Page 27

 
ACS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Significant judgements
Management do not feel that there are any judgements (apart from those involving estimations) that have been made in the process of applying the entity's accounting policies which have a significant effect on the amounts recognised in the financial statements.
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
Investments
Investments in subsidiaries are valued at cost. The directors annually consider the need for any impairment and provide as appropriate.
Estimated useful life and residual value of fixed assets
Depreciation of tangible fixed assets have been based on the estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives and residual values, as evidenced by disposals during current and prior accounting periods.
Impairment of debtors
The company makes an estimate of the recoverable value of trade debtors. When assessing the impairment of trade debtors, management include factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
Accrued income and amounts recoverable on contract.
The company accrues income for contracts where work has been undertaken, but not yet invoiced. In calculating the value of income to include, the company considers the level of work certified to date, together with work undertaken subsequent to the latest certification.

Page 28

 
ACS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Construction contracts
27,541,095
24,838,735

27,541,095
24,838,735


All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Other operating income
4,866
105,065

4,866
105,065



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Amortisation of intangible assets
67,123
104,097

Depreciation of tangible assets
175,543
171,447

Loss on disposal of tangible assets
20,527
(7,108)

Impairment of trade debtors
(5)
(2)


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable for the audit of the consolidated financial statements
18,500
18,100

Page 29

 
ACS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
2,291,534
1,579,709
-
-

Social security costs
244,377
187,985
-
-

Cost of defined contribution scheme
76,230
61,757
-
-

2,612,141
1,829,451
-
-


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Production staff
23
16



Administrative staff
19
13



Management staff
13
13

55
42


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
78,464
85,828

Company contributions to defined contributions pension plans
30,751
31,550

109,215
117,378


During the year retirement benefits were accruing to 6 directors (2022 - 6) in respect of defined contribution pension schemes.


10.


Interest receivable

2023
2022
£
£


Other interest receivable
14
572

14
572

Page 30

 
ACS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023

11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
19,562
10,297

Other loan interest payable
2,122
324

Finance leases and hire purchase contracts
20,697
14,819

Other interest payable
183
-

42,564
25,440


12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
(50,816)
(70,816)

Adjustments in respect of previous periods
12,870
-


(37,946)
(70,816)


Total current tax
(37,946)
(70,816)

Deferred tax


Origination and reversal of timing differences
28,028
(112,265)

Total deferred tax
28,028
(112,265)


Tax on profit
(9,918)
(183,081)
Page 31

 
ACS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2022 - the same as) the standard rate of corporation tax in the UK of 22.52% (2022 - 19%) as set out below:

2023
2022
£
£


Profit on ordinary activities before tax
1,179,050
687,956


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 22.52% (2022 - 19%)
265,522
130,712

Effects of:


Non-tax deductible amortisation of goodwill and impairment
10,096
19,778

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
22,345
21,187

Super deduction
(37,323)
-

Adjustments to tax charge in respect of prior periods
12,870
1,981

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
(109,049)
(253,816)

Deferred taxation at future rates
(35,457)
(102,923)

Group relief
(145,517)
-

Marginal relief
6,595
-

Total tax charge for the year
(9,918)
(183,081)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Deferred tax is measured on a non-discounted basis at the tax rate which is expected to apply in the periods in which timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. At Budget 2023, the government confirmed that the Corporation Tax main rate for future years starting 1 April 2023 would be 25% with a repayable tax credit rate of 10%.

Page 32

 
ACS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023

13.


Dividends

Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):

2023
2022
£
£


Equity dividends on ordinary shares
781,000
733,398

781,000
733,398


14.


Intangible assets

Group and Company





Development expenditure
Goodwill
Total

£
£
£



Cost


At 1 November 2022
130,925
448,385
579,310



At 31st October 2023

130,925
448,385
579,310



Amortisation


At 1 November 2022
108,640
82,204
190,844


Charge for the year on owned assets
22,285
44,839
67,124



At 31st October 2023

130,925
127,043
257,968



Net book value



At 31st October 2023
-
321,342
321,342



At 31st October 2022
22,285
366,181
388,466



Page 33

 
ACS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023

15.


Tangible fixed assets

Group






Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 November 2022
1,169,280
295,863
186,077
504
1,651,724


Additions
553,035
139,895
31,328
1,881
726,139


Disposals
(221,995)
(21,463)
-
-
(243,458)



At 31st October 2023

1,500,320
414,295
217,405
2,385
2,134,405



Depreciation


At 1 November 2022
440,820
110,782
102,844
356
654,802


Charge for the year on owned assets
108,395
45,539
21,312
296
175,542


Disposals
(112,761)
(13,919)
-
-
(126,680)



At 31st October 2023

436,454
142,402
124,156
652
703,664



Net book value



At 31st October 2023
1,063,866
271,893
93,249
1,733
1,430,741



At 31st October 2022
728,460
185,081
83,233
148
996,922

The total carrying amount of tangible fixed assets are pledged as security for the group's loans.

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
760,443
312,862

Motor vehicles
226,193
120,906

986,636
433,768

Page 34

 
ACS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023

16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 November 2022
252



At 31st October 2023
252





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

ACS Construction Group Limited
Ordinary
100%
ACS Plant Limited
Ordinary
100%
ACS Infrastructure Limited
Ordinary
100%
Doocastle Developments Limited
Ordinary
100%
Sitedesk Limited
Ordinary & Ordinary A
77.13%

All investments held at the year end had a registered office of: Lansdowne House, Oak Green, Stanley Business Park, Cheadle Hulme, Cheshire. SK8 6QL


17.


Stocks

Group
Group
2023
2022
£
£

Raw materials and consumables
420,103
380,809

420,103
380,809


The total carrying amount of stock is pledged as security for the group's loans.

Page 35

 
ACS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023

18.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
3,013,886
2,347,648
-
-

Amounts owed by group undertakings
-
-
155
155

Amounts owed by joint ventures and associated undertakings
197,775
152,193
-
-

Other debtors
2,228,366
1,758,156
199
199

Prepayments and accrued income
292,904
504,743
-
-

Amounts recoverable on long-term contracts
415,841
2,410,694
-
-

6,148,772
7,173,434
354
354


The total carrying amount of debtors is pledged as security for the group's loans.


19.


Cash and cash equivalents

Group
Group
2023
2022
£
£

Cash at bank and in hand
1,137,429
1,160,047

Less: bank overdrafts
-
(1,246)

1,137,429
1,158,801


Page 36

 
ACS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023

20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank overdrafts
-
1,246
-
-

Bank loans
65,556
117,726
-
-

Trade creditors
3,084,468
3,842,023
-
-

Amounts owed to group undertakings
-
-
252
252

Amounts owed to other participating interests
3,092
23,674
-
-

Other taxation and social security
374,184
257,618
-
-

Obligations under finance lease and hire purchase contracts
378,987
160,722
-
-

Other creditors
723,274
516,036
99
99

Accruals and deferred income
470,072
1,416,497
-
-

5,099,633
6,335,542
351
351


Bank loans and overdrafts of £65,556 (2022: £118,972) are secured over the assets of the group.
Hire purchase liabilities are secured over the assets concerned.


21.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022
£
£

Bank loans
107,595
194,058

Net obligations under finance leases and hire purchase contracts
386,243
141,158

493,838
335,216


Bank loans and overdrafts of £107,595 (2022: £194,058) are secured over the assets of the group.
Hire purchase liabilities are secured over the assets concerned.

Page 37

 
ACS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023

22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022
£
£

Within one year
(378,987)
(160,722)

Between 1-5 years
(386,243)
(141,158)

(765,230)
(301,880)


23.


Deferred taxation


Group



2023


£






At beginning of year
(114,359)


Charged to profit or loss
(28,028)



At end of year
(142,387)

Company


2023






At end of year
-
Group
Group
2023
2022
£
£

Accelerated capital allowances
(142,387)
(114,359)

(142,387)
(114,359)

Page 38

 
ACS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023

24.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



3,750 (2022 - 3,750) A Ordinary shares shares of £0.01 each
37.50
37.50
550 (2022 - 550) B Ordinary shares shares of £0.01 each
5.50
5.50
3,950 (2022 - 3,950) C Ordinary shares shares of £0.01 each
39.50
39.50
550 (2022 - 550) D Ordinary shares shares of £0.01 each
5.50
5.50
900 (2022 - 900) E Ordinary shares shares of £0.01 each
9.00
9.00
300 (2022 - 300) F Ordinary shares shares of £0.01 each
3.00
3.00

100.00

100.00



25.


Reserves

Profit and loss account

This reserve records retained earnings and accumulated losses.


26.


Commitments under operating leases

At 31st October 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
125,166
69,553

Later than 1 year and not later than 5 years
236,286
157,987

361,452
227,540
Page 39

 
ACS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023

27.


Transactions with directors

At the year end date the director, P Grady owed the company £327,249 (2022 - £324,465).The loan account was interest free, unsecured and repaid in full after the year end.
At the year end date the director, D Doohan owed the company £63,439 (2022 - £85,216). The loan account was interest free, unsecured and repaid in full after the year end.
At the year end date the director, D Curran owed the company £98,500 (2022 - £38,400). The loan account was interest free and unsecured.
At the year end date the director, M Deignan owed the company £110,235 (2022 - £32,719). The loan account was interest free and unsecured.
At the year end date the director, P Howard owed the company £95,487 (2022 - £28,286). The loan account was interest free and unsecured.
At the year end date the director, B Mooney owed the company £211,438 (2022 - £130,306). The loan account was interest free and unsecured.


28.


Related party transactions

During the year rent of £87,600 (2022 - £87,600) and costs of £1,619,620 (2022: £1,559,508) were paid to connected entities. In addition, connected entities were recharged £nil (2022: £nil).

Page 40