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REGISTERED NUMBER: 10505980 (England and Wales)















ABSOLUTE GROUP HOLDINGS UK LTD

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD 1 JULY 2022 TO 29 JUNE 2023






ABSOLUTE GROUP HOLDINGS UK LTD (REGISTERED NUMBER: 10505980)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 1 JULY 2022 TO 29 JUNE 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Consolidated Statement of Comprehensive Income 10

Consolidated Statement of Financial Position 11

Company Statement of Financial Position 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Statement of Cash Flows 15

Notes to the Consolidated Statement of Cash Flows 16

Notes to the Consolidated Financial Statements 18


ABSOLUTE GROUP HOLDINGS UK LTD

COMPANY INFORMATION
FOR THE PERIOD 1 JULY 2022 TO 29 JUNE 2023







DIRECTORS: Mr A McManus
Mrs S Mcmanus
Mr V A Pepperell
Mrs D L Pepperell





REGISTERED OFFICE: Jubilee Works, Jubilee Estate
Gorsey Lane
Coleshill
Birmingham
West Midlands
B46 1JU





REGISTERED NUMBER: 10505980 (England and Wales)





AUDITORS: Folkes Worton LLP
Chartered Accountants and Statutory Auditor
15-17 Church Street
Stourbridge
West Midlands
DY8 1LU

ABSOLUTE GROUP HOLDINGS UK LTD (REGISTERED NUMBER: 10505980)

GROUP STRATEGIC REPORT
FOR THE PERIOD 1 JULY 2022 TO 29 JUNE 2023


The directors present their strategic report of the company and the group for the period 1 July 2022 to 29 June 2023.

PRINCIPLE ACTIVITY
The principal activities of the group are that of commercial roofing contractors and the manufacturing of bespoke engineered products for the roofing sector.

The group has 2 main trading areas:

Absolute Roofing Solutions specialise in all aspects of roofing refurbishments including, asbestos replacement, roof sheeting comprising of built up and composite panel systems, built up felt roofing, gutter maintenance and re lining and reactive roof maintenance. We work with clients from the original survey continuing throughout the project right up to practical completion to ensure that the best possible service is provided at every stage of the process.

Oakham Sheet Metal Company Limited (Oakham) and J.P.M Press Brake Sections Limited (JPM) are both well known, well respected and long-standing manufacturers of gutters and flashings for the roofing industry. Oakham specializes in the manufacture of flashings, gutters and downpipes, whilst JPM focuses on the fabrication of single skin and insulated gutters including ancillary items such as stop ends, outlets, corners, weirs and rainwater pipes etc.

Our manufacturing businesses have each over 40 years of experience and in 2023 our roofing business celebrated their 10-year anniversary.

REVIEW OF BUSINESS
We are proud to remain a privately owned group and operate from 3 locations, our roofing business in Coleshill and our manufacturing businesses in Brierley Hill and West Bromwich.

During the year, the group was able to acquire the freehold of its head office premises in Coleshill for £1.8m. This was a strategic decision made by the directors and creates an additional passive income rental income stream.

The group has seen continued growth, evidenced by a 14.9% increase in group revenues from FY22 to FY23. Whilst this was influenced by the acquisition of JPM on 31 January 2022 it has been predominantly down to organic growth.

Trading conditions remain difficult and at times challenging especially across the construction and refurbishment sector. Despite this the group is exceptionally pleased to be able to, once again, report growth which has been achieved through the hard work and persistence of all of our teams.


ABSOLUTE GROUP HOLDINGS UK LTD (REGISTERED NUMBER: 10505980)

GROUP STRATEGIC REPORT
FOR THE PERIOD 1 JULY 2022 TO 29 JUNE 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The directors are constantly on-guard monitoring and mitigating business risks which arise by having widespread product and customer base. The principle risks and uncertainties faced by the business include: shortage of skilled labour, raw material prices, the construction sector conditions and financial instruments / interest rate risks.

Shortage of skilled labour: a key risk to productivity is the lack of skilled labour which has been a recurring challenge in recent years. Whilst this appears to have reduced slightly, we continue to invest in our people and management systems to improve the efficiency in both our manufacturing and contract management.

Raw material prices: when raw material prices are volatile the directors believe the key risk is the groups ability to pass increases on to our customers. The group manages this risk by a mix of developing strong supplier relationships and customer communication. The group is committed to operate transparent pricing with our customers and is focused on balancing price increases with maintaining a competitive price.

Construction sector conditions: given the principal activities of the group, both our roofing operation and our manufacturing businesses are all exposed to what has been a volatile construction sector. A slowdown in certain areas of construction impacted on parts of the group. However, as the group is active in both new construction and refurbishments this was manageable. This remains a risk to the group and we will continue to identify opportunities of diversification to reduce this further.

Financial instruments / Interest rates: the group has and continues to use bank and other borrowings to fund the working capital demand of the business. The business therefore operates under credit, liquidity and interest risks. The main trading entities operate an Invoice discounting facility through which a degree of headroom exists. This allows flexibility in funding and allows, to some degree, the interest risk to be managed.

STRATEGY
The group's strategy is to grow the business by the provision of a competitively priced, flexible and efficient service for the whole industrial and commercial roofing sector. In addition, the group will look for opportunities to grow both organically and via acquisition, where products and services are complementary or open to new markets. The group continues to investigate new opportunities as they become available.


ABSOLUTE GROUP HOLDINGS UK LTD (REGISTERED NUMBER: 10505980)

GROUP STRATEGIC REPORT
FOR THE PERIOD 1 JULY 2022 TO 29 JUNE 2023

FINANCIAL KEY PERFORMANCE INDICATORS (KPIS)
The directors believe that the KPIs are those that communicate the financial performance and strength of the group as a whole. These are summarized below:

FY23 FY22
Sales (£   ) 14,828 12,904
Gross Profit Margin (%) 22.5 18.2
EBITDA (£   ) 1,014 851
Debtor Days 65.6 100.1
Creditor Days 70.6 96.0

The group is pleased to report a successful year that has been delivered by particularly strong sales activity and ongoing cost control exercises.

ON BEHALF OF THE BOARD:




Mr A McManus - Director


2 August 2024

ABSOLUTE GROUP HOLDINGS UK LTD (REGISTERED NUMBER: 10505980)

REPORT OF THE DIRECTORS
FOR THE PERIOD 1 JULY 2022 TO 29 JUNE 2023


The directors present their report with the financial statements of the company and the group for the period 1 July 2022 to 29 June 2023.

PRINCIPAL ACTIVITY
The principal activities of the group are that of commercial roofing contractors and the manufacturing of bespoke engineered products for the roofing sector.

DIVIDENDS
The total distribution of dividends for the period ended 29 June 2023 will be £ 200,000 .

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

Mr A McManus
Mrs S Mcmanus
Mr V A Pepperell
Mrs D L Pepperell

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ABSOLUTE GROUP HOLDINGS UK LTD (REGISTERED NUMBER: 10505980)

REPORT OF THE DIRECTORS
FOR THE PERIOD 1 JULY 2022 TO 29 JUNE 2023


AUDITORS
The auditors, Folkes Worton LLP, having been appointed during the year, will be proposed for re-appointment at the forthcoming Annual General Meeting.will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr A McManus - Director


2 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ABSOLUTE GROUP HOLDINGS UK LTD


Opinion
We have audited the financial statements of Absolute Group Holdings UK Ltd (the 'parent company') and its subsidiaries (the 'group') for the period ended 29 June 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 29 June 2023 and of the group's profit for the period 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ABSOLUTE GROUP HOLDINGS UK LTD


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.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ABSOLUTE GROUP HOLDINGS UK LTD


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.

Based on our understanding of the group, the company and their industry, we identified the principal risks of non-compliance with laws and regulations and we considered the extent to which non-compliance might have a material effect on the financial statements We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgements. In response to the above identified risks audit procedures were designed to appropriately drawn conclusions. Audit procedures such as;

-Reviewing and challenging journal entries, in particular unusual account combinations;
-Challenging assumptions and judgements made by management in their significant accounting estimates; and
-Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remains a risk of not detecting irregularities, as these may include collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

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.




John Hegney FCCA (Senior Statutory Auditor)
for and on behalf of Folkes Worton LLP
Chartered Accountants and Statutory Auditor
15-17 Church Street
Stourbridge
West Midlands
DY8 1LU

2 August 2024

ABSOLUTE GROUP HOLDINGS UK LTD (REGISTERED NUMBER: 10505980)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD 1 JULY 2022 TO 29 JUNE 2023

Period
1/7/22
to Year Ended
29/6/23 30/6/22
(Unaudited)
Notes £    £   

TURNOVER 14,828,748 12,904,343

Cost of sales 11,488,281 10,557,001
GROSS PROFIT 3,340,467 2,347,342

Administrative expenses 2,874,148 1,725,160
466,319 622,182

Other operating income 262,718 25,314
OPERATING PROFIT 4 729,037 647,496

Interest receivable and similar income 66 3
729,103 647,499

Interest payable and similar expenses 5 264,535 132,438
PROFIT BEFORE TAXATION 464,568 515,061

Tax on profit 6 22,975 107,150
PROFIT FOR THE FINANCIAL PERIOD 441,593 407,911

ABSOLUTE GROUP HOLDINGS UK LTD (REGISTERED NUMBER: 10505980)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
29 JUNE 2023

2023 2022
(Unaudited)
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 53,584 68,282
Tangible assets 10 4,194,655 2,116,995
Investments 11 - 2
4,248,239 2,185,279

CURRENT ASSETS
Stocks 12 195,585 452,852
Debtors 13 3,577,282 4,079,367
Cash at bank and in hand 215,397 455,613
3,988,264 4,987,832
CREDITORS
Amounts falling due within one year 14 4,053,120 4,547,023
NET CURRENT (LIABILITIES)/ASSETS (64,856 ) 440,809
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,183,383

2,626,088

CREDITORS
Amounts falling due after more than one year 15 (2,595,617 ) (1,360,771 )

PROVISIONS FOR LIABILITIES 18 (458,560 ) (377,704 )
NET ASSETS 1,129,206 887,613

CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings 20 1,129,106 887,513
SHAREHOLDERS' FUNDS 1,129,206 887,613

The financial statements were approved by the Board of Directors and authorised for issue on 2 August 2024 and were signed on its behalf by:





Mr A McManus - Director


ABSOLUTE GROUP HOLDINGS UK LTD (REGISTERED NUMBER: 10505980)

COMPANY STATEMENT OF FINANCIAL POSITION
29 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 1,812,761 95,133
Investments 11 2,405,459 2,405,459
4,218,220 2,500,592

CURRENT ASSETS
Debtors 13 147,835 455,360
Cash at bank 11,146 46,749
158,981 502,109
CREDITORS
Amounts falling due within one year 14 934,521 742,435
NET CURRENT LIABILITIES (775,540 ) (240,326 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,442,680

2,260,266

CREDITORS
Amounts falling due after more than one year 15 (1,826,909 ) (740,832 )

PROVISIONS FOR LIABILITIES 18 (2,569 ) (5,600 )
NET ASSETS 1,613,202 1,513,834

CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings 20 1,613,102 1,513,734
SHAREHOLDERS' FUNDS 1,613,202 1,513,834

Company's profit for the financial year 299,368 667,587

The financial statements were approved by the Board of Directors and authorised for issue on 2 August 2024 and were signed on its behalf by:





Mr A McManus - Director


ABSOLUTE GROUP HOLDINGS UK LTD (REGISTERED NUMBER: 10505980)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 1 JULY 2022 TO 29 JUNE 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2021 100 681,922 682,022

Changes in equity
Dividends - (202,320 ) (202,320 )
Total comprehensive income - 407,911 407,911
Balance at 30 June 2022 100 887,513 887,613

Changes in equity
Dividends - (200,000 ) (200,000 )
Total comprehensive income - 441,593 441,593
Balance at 29 June 2023 100 1,129,106 1,129,206

ABSOLUTE GROUP HOLDINGS UK LTD (REGISTERED NUMBER: 10505980)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 1 JULY 2022 TO 29 JUNE 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2021 100 1,048,467 1,048,567

Changes in equity
Dividends - (202,320 ) (202,320 )
Total comprehensive income - 667,587 667,587
Balance at 30 June 2022 100 1,513,734 1,513,834

Changes in equity
Dividends - (200,000 ) (200,000 )
Total comprehensive income - 299,368 299,368
Balance at 29 June 2023 100 1,613,102 1,613,202

ABSOLUTE GROUP HOLDINGS UK LTD (REGISTERED NUMBER: 10505980)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD 1 JULY 2022 TO 29 JUNE 2023

Period
1/7/22
to Year Ended
29/6/23 30/6/22
(Unaudited)
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,253,632 752,261
Interest paid (233,658 ) (110,817 )
Interest element of hire purchase and finance
lease rental payments paid

(30,877

)

(21,621

)
Government grants received 11,896 17,796
Tax paid (59,530 ) (48,892 )
Net cash from operating activities 941,463 588,727

Cash flows from investing activities
Purchase of intangible fixed assets - (73,492 )
Purchase of tangible fixed assets (1,881,884 ) (1,239,170 )
Sale of tangible fixed assets 36,670 127,334
Sale of fixed asset investments 2 -
Interest received 66 3
Net cash from investing activities (1,845,146 ) (1,185,325 )

Cash flows from financing activities
New loans in year 1,176,131 455,147
Loan repayments in year (90,349 ) -
Capital repayments in year (185,114 ) 194,561
Amount withdrawn by directors (37,201 ) (47,019 )
Equity dividends paid (200,000 ) (202,320 )
Net cash from financing activities 663,467 400,369

Decrease in cash and cash equivalents (240,216 ) (196,229 )
Cash and cash equivalents at beginning of
period

2

455,613

651,842

Cash and cash equivalents at end of period 2 215,397 455,613

ABSOLUTE GROUP HOLDINGS UK LTD (REGISTERED NUMBER: 10505980)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD 1 JULY 2022 TO 29 JUNE 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
Period
1/7/22
to Year Ended
29/6/23 30/6/22
(Unaudited)
£    £   
Profit before taxation 464,568 515,061
Depreciation charges 316,366 239,079
Profit on disposal of fixed assets (23,650 ) (30,266 )
Government grants (11,896 ) (17,796 )
Finance costs 264,535 132,438
Finance income (66 ) (3 )
1,009,857 838,513
Decrease/(increase) in stocks 257,267 (147,866 )
Decrease/(increase) in trade and other debtors 582,630 (2,112,329 )
(Decrease)/increase in trade and other creditors (596,122 ) 2,173,943
Cash generated from operations 1,253,632 752,261

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Period ended 29 June 2023
29/6/23 1/7/22
£    £   
Cash and cash equivalents 215,397 455,613
Year ended 30 June 2022
30/6/22 1/7/21
(Unaudited)
£    £   
Cash and cash equivalents 455,613 651,842


ABSOLUTE GROUP HOLDINGS UK LTD (REGISTERED NUMBER: 10505980)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD 1 JULY 2022 TO 29 JUNE 2023


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1/7/22 Cash flow changes At 29/6/23
£    £    £    £   
Net cash
Cash at bank
and in hand 455,613 (240,216 ) 215,397
455,613 (240,216 ) 215,397
Debt
Hire purchase and
finance leases (501,934 ) 185,114 (510,464 ) (827,284 )
Debts falling due
within 1 year (63,629 ) (46,371 ) - (110,000 )
Debts falling due
after 1 year (904,165 ) (1,039,411 ) - (1,943,576 )
(1,469,728 ) (900,668 ) (510,464 ) (2,880,860 )
Total (1,014,115 ) (1,140,884 ) (510,464 ) (2,665,463 )

ABSOLUTE GROUP HOLDINGS UK LTD (REGISTERED NUMBER: 10505980)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 1 JULY 2022 TO 29 JUNE 2023


1. STATUTORY INFORMATION

Absolute Group Holdings UK Ltd 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.

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 consolidated group financial statements consist of the financial statements of the parent company Absolute Group Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group's share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are
eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group's financial statements from the date that control commences until the date that control ceases.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods).

Revenue from contracts for roofing services is recognised by reference to the stage of completion when the stage of completion, costs incurred and cost to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

ABSOLUTE GROUP HOLDINGS UK LTD (REGISTERED NUMBER: 10505980)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2022 TO 29 JUNE 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 4% on cost and 2% on cost
Improvements to property - 25% on cost
Plant and machinery - 25% on cost, 20% on cost and 10% on reducing balance
Fixtures and fittings - 25% on cost, 25% on reducing balance and 20% on cost
Motor vehicles - 25% on reducing balance and at varying rates on cost
Computer equipment - 25% on cost and 20% on cost

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

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit and loss. Reversals of impairment losses are also recognised in profit or loss.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

ABSOLUTE GROUP HOLDINGS UK LTD (REGISTERED NUMBER: 10505980)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2022 TO 29 JUNE 2023


2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS
Period
1/7/22
to Year Ended
29/6/23 30/6/22
(Unaudited)
£    £   
Wages and salaries 1,794,360 1,291,953
Social security costs 118,884 92,973
Other pension costs 18,307 13,688
1,931,551 1,398,614

The average number of employees during the period was as follows:
Period
1/7/22
to Year Ended
29/6/23 30/6/22
(Unaudited)

Production 26 22
Sales 10 11
Administration and finance 16 14
52 47

Information regarding the highest paid directer is as follows;




Period
1/7/22 to
29/6/23


Year Ended
30/6/22
(Unaudited)

Highest remunerated director- salary £107,423 £105,000
Highest remunerated director- pension £1,321 £1,321


ABSOLUTE GROUP HOLDINGS UK LTD (REGISTERED NUMBER: 10505980)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2022 TO 29 JUNE 2023


4. OPERATING PROFIT

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

Period
1/7/22
to Year Ended
29/6/23 30/6/22
(Unaudited)
£    £   
Hire of plant and machinery 1,455,931 746,436
Depreciation - owned assets 301,668 233,869
Profit on disposal of fixed assets (23,650 ) (30,266 )
Goodwill amortisation 14,698 5,210
Auditors' remuneration 18,750 -
CITB apprenticeship grants received (11,896 ) (17,796 )

5. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1/7/22
to Year Ended
29/6/23 30/6/22
(Unaudited)
£    £   
Bank interest 1,811 20,293
Bank loan interest 105,882 6,639
Other interest costs 9,329 -
Invoice finance charges 116,636 83,885
Hire purchase interest 30,877 21,621
264,535 132,438

ABSOLUTE GROUP HOLDINGS UK LTD (REGISTERED NUMBER: 10505980)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2022 TO 29 JUNE 2023


6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
Period
1/7/22
to Year Ended
29/6/23 30/6/22
(Unaudited)
£    £   
Current tax:
UK corporation tax (26,983 ) 71,291
Prior year tax adjustment (30,898 ) -
Total current tax (57,881 ) 71,291

Deferred tax 80,856 35,859
Tax on profit 22,975 107,150

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

Period
1/7/22
to Year Ended
29/6/23 30/6/22
(Unaudited)
£    £   
Profit before tax 464,568 515,061
Profit multiplied by the standard rate of corporation tax in the UK of 20.480
% (2022 - 19 %)

95,144

97,862

Effects of:
Expenses not deductible for tax purposes 15,048 9,288
Depreciation in excess of capital allowances 20,428 -
Adjustments to tax charge in respect of previous periods (30,898 ) -
Research and development enhanced expenditure (76,747 ) -
Total tax charge 22,975 107,150

7. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

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.


ABSOLUTE GROUP HOLDINGS UK LTD (REGISTERED NUMBER: 10505980)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2022 TO 29 JUNE 2023


8. DIVIDENDS
Period
1/7/22
to Year Ended
29/6/23 30/6/22
£    £   
Interim 200,000 202,320

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 July 2022
and 29 June 2023 73,492
AMORTISATION
At 1 July 2022 5,210
Amortisation for period 14,698
At 29 June 2023 19,908
NET BOOK VALUE
At 29 June 2023 53,584
At 30 June 2022 68,282

ABSOLUTE GROUP HOLDINGS UK LTD (REGISTERED NUMBER: 10505980)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2022 TO 29 JUNE 2023


10. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 July 2022 1,432,500 41,819 904,281
Additions 1,778,818 - 297,922
Disposals - - -
At 29 June 2023 3,211,318 41,819 1,202,203
DEPRECIATION
At 1 July 2022 6,583 37,351 620,186
Charge for period 52,789 3,829 59,945
Eliminated on disposal - - -
At 29 June 2023 59,372 41,180 680,131
NET BOOK VALUE
At 29 June 2023 3,151,946 639 522,072
At 30 June 2022 1,425,917 4,468 284,095

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 July 2022 154,937 739,919 51,277 3,324,733
Additions 10,935 288,396 16,277 2,392,348
Disposals - (67,957 ) - (67,957 )
At 29 June 2023 165,872 960,358 67,554 5,649,124
DEPRECIATION
At 1 July 2022 139,000 371,829 32,789 1,207,738
Charge for period 6,915 169,768 8,422 301,668
Eliminated on disposal - (54,937 ) - (54,937 )
At 29 June 2023 145,915 486,660 41,211 1,454,469
NET BOOK VALUE
At 29 June 2023 19,957 473,698 26,343 4,194,655
At 30 June 2022 15,937 368,090 18,488 2,116,995

ABSOLUTE GROUP HOLDINGS UK LTD (REGISTERED NUMBER: 10505980)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2022 TO 29 JUNE 2023


10. TANGIBLE FIXED ASSETS - continued

Company
Freehold Plant and
property machinery Totals
£    £    £   
COST
At 1 July 2022 66,540 96,000 162,540
Additions 1,778,818 - 1,778,818
At 29 June 2023 1,845,358 96,000 1,941,358
DEPRECIATION
At 1 July 2022 882 66,525 67,407
Charge for period 41,990 19,200 61,190
At 29 June 2023 42,872 85,725 128,597
NET BOOK VALUE
At 29 June 2023 1,802,486 10,275 1,812,761
At 30 June 2022 65,658 29,475 95,133

11. FIXED ASSET INVESTMENTS

Group
Shares in
group
undertakings
£   
COST
At 1 July 2022 2
Disposals (2 )
At 29 June 2023 -
NET BOOK VALUE
At 29 June 2023 -
At 30 June 2022 2

ABSOLUTE GROUP HOLDINGS UK LTD (REGISTERED NUMBER: 10505980)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2022 TO 29 JUNE 2023


11. FIXED ASSET INVESTMENTS - continued

Company
Shares in
group
undertakings
£   
COST
At 1 July 2022
and 29 June 2023 2,405,459
NET BOOK VALUE
At 29 June 2023 2,405,459
At 30 June 2022 2,405,459


12. STOCKS

Group
2023 2022
(Unaudited
£    £   
Stocks 195,585 452,852

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
(Unaudited)
£    £    £    £   
Trade debtors 2,666,494 3,538,286 18,532 -
Amounts owed by group undertakings - - 39,276 415,144
Other debtors 94,805 457,452 - -
Tax 94,348 13,803 - -
VAT - 8,436 7,627 6,024
Prepayments 721,635 61,390 82,400 34,192
3,577,282 4,079,367 147,835 455,360

ABSOLUTE GROUP HOLDINGS UK LTD (REGISTERED NUMBER: 10505980)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2022 TO 29 JUNE 2023


14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
(Unaudited)
£    £    £    £   
Bank loans and overdrafts (see note 16) 110,000 63,629 70,000 30,295
Hire purchase contracts and finance leases (see note 17)
228,062

117,103

-

2,466
Trade creditors 2,221,401 2,894,901 27,854 2,413
Amounts owed to group undertakings - - 373,102 427,399
Tax 58,734 95,600 16,626 -
Social security and other taxes 230,087 87,728 - -
Other creditors 787,214 1,183,165 425,705 234,705
Directors' current accounts 5,476 42,677 5,476 42,677
Accruals 412,146 62,220 15,758 2,480
4,053,120 4,547,023 934,521 742,435

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

Group Company
2023 2022 2023 2022
(Unaudited)
£    £    £    £   
Bank loans (see note 16) 1,943,576 904,165 1,826,909 740,832
Hire purchase contracts and finance leases (see note 17)
599,222

384,831

-

-
Other creditors 52,819 71,775 - -
2,595,617 1,360,771 1,826,909 740,832

ABSOLUTE GROUP HOLDINGS UK LTD (REGISTERED NUMBER: 10505980)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2022 TO 29 JUNE 2023


16. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
(Unaudited)
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 110,000 63,629 70,000 30,295
Amounts falling due between one and two years:
Bank loans 189,667 904,165 73,000 740,832
Amounts falling due between two and five years:
Bank loans 237,000 - 237,000 -
Amounts falling due in more than five years:
Repayable by instalments
Bank loans 1,516,909 - 1,516,909 -

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts Finance leases
2023 2022 2023 2022
(Unaudited)
£    £    £    £   
Net obligations repayable:
Within one year 116,847 33,431 111,215 83,672
Between one and five years 305,693 94,209 293,529 290,622
422,540 127,640 404,744 374,294

Company
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year - 2,466

ABSOLUTE GROUP HOLDINGS UK LTD (REGISTERED NUMBER: 10505980)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2022 TO 29 JUNE 2023


17. LEASING AGREEMENTS - continued

Company
Non-cancellable operating leases
2023 2022
£    £   
Within one year - 5,471

18. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
(Unaudited)
£    £    £    £   
Deferred tax 458,560 377,704 2,569 5,600

Group
Deferred
tax
£   
Balance at 1 July 2022 377,704
Charge to Statement of Comprehensive Income during period 80,856
Balance at 29 June 2023 458,560

Company
Deferred
tax
£   
Balance at 1 July 2022 5,600
Credit to Income Statement during period (3,031 )
Balance at 29 June 2023 2,569

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

ABSOLUTE GROUP HOLDINGS UK LTD (REGISTERED NUMBER: 10505980)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2022 TO 29 JUNE 2023


20. RESERVES

Group
Retained
earnings
£   

At 1 July 2022 887,513
Profit for the period 441,593
Dividends (200,000 )
At 29 June 2023 1,129,106

Company
Retained
earnings
£   

At 1 July 2022 1,513,734
Profit for the period 299,368
Dividends (200,000 )
At 29 June 2023 1,613,102


ABSOLUTE GROUP HOLDINGS UK LTD (REGISTERED NUMBER: 10505980)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2022 TO 29 JUNE 2023


21. RELATED PARTY DISCLOSURES

During the year transactions were entered into at market value with companies under common directorship. These transactions are shown below and also any balances which were due/owed at the year end.

Sales Purchases
2023 2022 2023 2022
£ £ £ £

Absolute Building & Maintenance Ltd 225,212 99,906 78,408 17,458
Absolute Electrical & Renewables Ltd 79,372 478 37,600 405
Absolute Roof Tiling Ltd 420,180 516,728 25,841 63,376
Absolute Self Storage Ltd 11,573 - 1,476 -
Absolute Waterproofing Ltd 123,334 119,313 307,698 75,048

859,671 736,425 451,023 156,287





Balances
(due to)
owed from
at the year
end
2023
£

Absolute Building & Maintenance Ltd 16,931
Absolute Electrical & Renewables Ltd -
Absolute Roof Tiling Ltd (19,102 )
Absolute Self Storage Ltd 7,647
Absolute Waterproofing Ltd (19,236 )

(13,760 )

22. ULTIMATE CONTROLLING PARTY

The directors, Mr Anthony McManus and Mr Victor Pepperell, by virtue of their shareholdings consider themselves to be the ultimate controlling parties.