IRIS Accounts Productionv24.1.4.3311731706Board of Directors31.1.241.2.2331.1.2431.1.24The principal activities of the Group are the manufacture, supply and installation of "Optima" partitioning systems and the design and construction of specialist structural glazing solutions.truetruefalsetruetruefalsefalsefalsetruefalseOrdinary0'A' Preference0'B' Preference0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh117317062023-01-31117317062024-01-31117317062023-02-012024-01-31117317062022-01-31117317062022-02-012023-01-31117317062023-01-3111731706ns15:EnglandWales2023-02-012024-01-3111731706ns14:PoundSterling2023-02-012024-01-3111731706ns10:Director12023-02-012024-01-3111731706ns10:Consolidated2024-01-3111731706ns10:ConsolidatedGroupCompanyAccounts2023-02-012024-01-3111731706ns10:PrivateLimitedCompanyLtd2023-02-012024-01-3111731706ns10:Consolidatedns10:FRS1022023-02-012024-01-3111731706ns10:Consolidatedns10:Audited2023-02-012024-01-3111731706ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-02-012024-01-3111731706ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-02-012024-01-3111731706ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-02-012024-01-3111731706ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2023-02-012024-01-3111731706ns10:FullAccounts2023-02-012024-01-311173170612023-02-012024-01-3111731706ns10:OrdinaryShareClass12023-02-012024-01-3111731706ns10:OrdinaryShareClass22023-02-012024-01-3111731706ns10:OrdinaryShareClass32023-02-012024-01-3111731706ns10:Consolidated2023-02-012024-01-3111731706ns10:Director22023-02-012024-01-3111731706ns10:Director32023-02-012024-01-3111731706ns10:Director42023-02-012024-01-3111731706ns10:Director52023-02-012024-01-3111731706ns10:Director62023-02-012024-01-3111731706ns10:RegisteredOffice2023-02-012024-01-3111731706ns10:Consolidated2022-02-012023-01-3111731706ns5:CurrentFinancialInstruments2024-01-3111731706ns5:CurrentFinancialInstruments2023-01-3111731706ns5:ShareCapital2024-01-3111731706ns5:ShareCapital2023-01-3111731706ns5:RetainedEarningsAccumulatedLosses2024-01-3111731706ns5:RetainedEarningsAccumulatedLosses2023-01-3111731706ns5:ShareCapital2022-01-3111731706ns5:RetainedEarningsAccumulatedLosses2022-01-3111731706ns5:RetainedEarningsAccumulatedLosses2022-02-012023-01-3111731706ns5:RetainedEarningsAccumulatedLosses2023-02-012024-01-3111731706ns5:NetGoodwill2023-02-012024-01-3111731706ns5:PatentsTrademarksLicencesConcessionsSimilar2023-02-012024-01-3111731706ns5:CostValuation2023-01-3111731706ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-01-3111731706ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-3111731706ns5:Non-currentFinancialInstruments2024-01-3111731706ns5:Non-currentFinancialInstruments2023-01-3111731706ns10:OrdinaryShareClass12024-01-3111731706ns10:OrdinaryShareClass22024-01-3111731706ns10:OrdinaryShareClass32024-01-3111731706ns5:RetainedEarningsAccumulatedLosses2023-01-31

REGISTERED NUMBER: 11731706 (England and Wales)










GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024


FOR



HEXA GROUP HOLDINGS LIMITED


HEXA GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11731706)


CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024












Page



Company Information  

1



Group Strategic Report  

2


to


6


Report of the Directors  

7


to


8


Report of the Independent Auditors  

9


to


12


Consolidated Income Statement  

13



Consolidated Other Comprehensive Income  

14



Consolidated Statement of Financial Position  

15



Company Statement of Financial Position  

16



Consolidated Statement of Changes in Equity  

17



Company Statement of Changes in Equity  

18



Consolidated Statement of Cash Flows  

19



Notes to the Consolidated Statement of Cash Flows

20



Notes to the Consolidated Financial Statements

21


to


41



HEXA GROUP HOLDINGS LIMITED


COMPANY INFORMATION

FOR THE YEAR ENDED 31 JANUARY 2024









DIRECTORS:

Mr N W Caley


Mr A Grey


Mr G Evans


Mr S Dann


Mr A G Wood


Mr C M Mabey







REGISTERED OFFICE:

First Floor North


40 Oxford Road


High Wycombe


Buckinghamshire


HP11 2EE







REGISTERED NUMBER:

11731706 (England and Wales)







AUDITORS:

Seymour Taylor Limited, Statutory Auditor


First Floor North


40 Oxford Road


High Wycombe


Buckinghamshire


HP11 2EE


HEXA GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11731706)


GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 JANUARY 2024



The directors present their strategic report of the company and the group for the year ended 31 January 2024.


The purpose of this report is to provide information to the members of the Company and help them to assess how the directors have performed their duties under s.172 of the Companies Act 2006 in promoting the success of the Group.


The directors have performed their duties under s.172 regarding their responsibility to the members of the company and wider stakeholder interests.


The principal activities of the Group are the manufacture, supply and installation of "Optima" partitioning systems and the design and construction of specialist structural glazing solutions.


Optima have manufacturing facilities in the UK and Malaysia and over 30 years' experience in the glass partitioning industry. We pride ourselves on offering exceptional service and beautifully designed glass partitions and doors which exude quality in every region we operate in. We are wholly dedicated to helping our clients create effective and innovative workspaces in some of the world's most iconic buildings. We are proud to be the premier partitioning company and we work hard to uphold this reputation directly and amongst our partners in the UK, Asia, and the Middle East.


Thanks to our work on some of the UK's most impressive structures, the name OAG has become synonymous with stunning architectural glass. We are passionate about delivering striking solutions that leave a lasting impression on anyone who sees them. To do this we build strong partnerships with our clients, providing our knowledge and experience from the earliest stages of design right through to completion. When you work with OAG, our experts will become part of your team, filling your project with energy, bringing your vision to life, and giving it a distinctive edge.



GROUP STRUCTURE

The Group has been trading continuously since 1986 and has many long-serving employees, particularly in executive and senior management roles.






























HEXA GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11731706)


GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 JANUARY 2024


GROUP STRUCTURE (continued)

Optima Investments Limited is a wholly-owned subsidiary of Hexa Group Holdings Limited.


Optima Contracting Limited is a wholly-owned subsidiary of Optima Investments Limited. Its principal activities are those of the group.  Optima Contracting Limited is the parent company of a number of subsidiary companies, which are as follows:


Optima Installations Limited is a wholly-owned subsidiary. Its principal activity is the provision of skilled labour to the construction industry.


Optima Products Limited is a wholly-owned subsidiary. Its principal activity is the development, manufacture and distribution of 'Optima' partitioning systems through an international network of group companies and authorised dealers.


OAG Limited is a wholly-owned subsidiary. Its principal activity is the design and construction of specialist architectural glazing solutions.


The company owns 100% of the issued Ordinary AED1 shares of Optima Systems International DMCC, which is incorporated in a Free Zone within Dubai.  Its principal activity is interior design consultancy.


Optima Partitions LLC, which is incorporated in Dubai, is a wholly-owned subsidiary of Optima Systems International DMCC and its principal activity is the installation of 'Optima' partitioning systems in the Middle East region.


Optima Partitions Contracting LLC, which is incorporated in Saudi Arabia, is a wholly-owned subsidiary of Optima Systems International DMCC and its principal activity is the installation of 'Optima' partitioning systems.


Optima Systems International DMCC owns 65% of the issued Ordinary AED1 shares of Jalapeno Trading LLC, which is incorporated in Dubai. Its principal activity is the sale and installation of office seating, storage and soft furnishings, principally as a Herman Miller Authorised Dealer Partner.


Optima Products Asia SDN BHD, which is incorporated in Malaysia, is a wholly-owned subsidiary of Optima Products Limited and its principal activity is the manufacture and distribution of 'Optima' partitioning systems in Asia and Oceania through an international network of group companies and authorised dealers.


Optima Systems Asia Pacific PTE Ltd, which is incorporated in Singapore, is a wholly owned subsidiary of Optima Products Ltd and its principal activity is the sale and distribution of 'Optima' partitioning systems in Asia and Oceania through an international network of group companies and authorised dealers.


PurOptima Inc, which is incorporated in Delaware USA, is a wholly owned subsidiary of Optima Products Limited and its principal activity is the sale and distribution of 'PurOptima' partitioning systems in the USA through a network of authorised dealers.


Curtsons (Radstock) Limited, HLS Installations Limited and Unilock Limited are wholly-owned subsidiaries of Optima Contracting Limited which are dormant.


Curtis Steel Limited, Optima Glass Installations Limited, Optima Partitioning Systems Limited, Optima Systems Australia Pty Limited and Puroptima Limited are wholly-owned subsidiaries of Optima Products Limited which are dormant.



HEXA GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11731706)


GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 JANUARY 2024


REVIEW OF BUSINESS

The results for the period and financial position of the business are as shown in the annexed financial statements.


Key Performance Indicators

The Group operates several Key Performance Indicators (KPI) to monitor and control the business which are measured and reviewed by the management on a regular basis. The KPI include but are not limited to:



31 January 2024


31 January 2023


Turnover



£90.5m


£94.1m


Gross profit %



30.0%


29.4%


Operating profit



£3.6m


£4.8m


Debtors



£17.1m


£19.6m


Cash at bank and in hand



£14.8m


£13.7m




All work in progress is monitored and reviewed monthly to ensure the successful progress of each contract.


Review of the Business

General market pressures resulting from a period of high inflation and uncertain interest rates have caused fluctuating revenue volumes as end-user clients seek to achieve budgetary constraints through re-design of their projects. Overall this led to a revenue reduction for the year when compared to the previous period. Average margins were slightly improved upon, with some easing of inflationary pressure on materials, and a reduction in energy costs following commissioning of our new solar system.


Administration costs increased during the year due to expenditure incurred in establishing the necessary infrastructure to support our expansion into North American markets, in addition to some inflationary uplift on wages.


We operate a policy of continuous investment and this is reflected in our robust balance sheet which is underpinned by strong liquidity. This ensures the business is able to proceed with new initiatives without delay and is also well placed to manage any future adverse market conditions. Also, with no external sources of finance being required, the business is not directly impacted by the increase in interest rates and is enjoying a return to receipt of regular investment income.


Future Strategy

A general improvement in business confidence combined with reduced economic uncertainty is reflected in our strong order book for the year ahead and we continue to have clear visibility on several larger projects for delivery beyond next year.


During the year we made significant progress with expanding our activities into Asia and North America. We have now secured our first orders from our clients in North America and are optimistic about the potential for this new venture. The business continues to review its operational needs, with a clear focus on succession planning, to ensure we maintain a professional and resilient workforce into the future to support our growth plans.


We continue to invest in product development to ensure all our products meet the exacting requirements of our clients and are third party tested and certified as necessary.


In 2022 we adopted a unique grade of aluminium with the lowest commercially available embodied carbon per kg, this has been well-received by clients seeking to achieve their own carbon reduction targets. We continue to introduce new initiatives across all of our manufacturing operations to further reduce the embodied carbon in our products and the introduction of our solar energy system is supporting this and also reducing our total energy costs.



HEXA GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11731706)


GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 JANUARY 2024


PRINCIPAL RISKS AND UNCERTAINTIES

Key Risk Factors

In line with our internal control policy and procedures, key risk factors are reviewed frequently and detailed analysis undertaken where there is a requirement to do so. Mitigating controls or plans are implemented where necessary and during the year ended 31 January 2024 and no significant risks materialised within the business.


Credit Risk

Group credit policy requires that suitable credit checks be carried out on all potential customers before quotations are submitted and again before an order is accepted to ensure that appropriate payment terms are negotiated. Group exposure to individual organisations is regularly monitored and reviewed to ensure that an acceptable level of risk is maintained.


Foreign Currency Risk

The Group has some exposure to foreign currency risk on its purchase of materials denominated in foreign currencies, principally Euros, and through its overseas subsidiaries which operate using US Dollars and Malaysian Ringgit. This risk is mitigated through a detailed review of our intercompany balances and forecasts to maximise the use of local currencies held in our bank accounts. The Group does not hedge against any future transactions.


Cyber Security Risk

As our business, suppliers and customers becomes increasingly digitalised, we are inherently exposed to the risk that third parties may seek to disrupt our business. A cyber event may cause significant reputational and financial loss. We have mitigated this risk by creating a secure and robust IT environment with systems that are Cyber Essentials Plus certified and partnering with a third-party security operation centre to proactively monitor and respond to emerging cyber security threats.


Health, Safety, and Quality

We are wholly committed to ensuring the health, safety, and welfare of all our employees and recognise our responsibility towards other people who may be affected by our activities. As part of our commitment we are proud to have received the RoSPA gold medal, in their prestigious health and safety awards programme, which demonstrates continuous high standards for more than nine years.

ISO9001: 2015 - Our offices, manufacturing facilities and installation sites operate a Quality Management System (QMS) that is certified to ISO9001 by an independent UKAS accredited certification body. We have undergone a process of identifying our key quality targets; setting objectives and developing actions to continually address and improve quality.

ISO45001: 2018 - Our offices, manufacturing facilities and installation sites operate an Occupational Health and Safety Management System that is certified to ISO45001 by an independent UKAS accredited certification body. We have undergone a process of identifying our key safety targets; setting objectives and developing actions to continually address and improve health and safety.


Environment

Improving the environmental and sustainability performance of our products and business operations is a key operational agenda, and we continually work to minimise our impact on the environment in every area of our business.


ISO14001:2015 - Our offices, manufacturing facilities and installation sites operate a third-party approved Environmental Management System (EMS) certified by an independent UKAS accredited certification body. We have undergone a process of identifying our significant environmental impacts; setting objectives and developing actions to continually address and improve our environmental performance.


We believe in the responsible sourcing of materials and give preference to product and material suppliers certified to IS014001. We have a Sustainable Procurement Policy and a Supplier Code of Conduct to enhance partnerships with our supply chain.


In line with our company policy, all timber procured is sourced solely from FSC® (Forest Stewardship Council) certified suppliers with full Chain of Custody records. Our factory is also FSC® certified ensuring every product installation can be traced back to responsibly managed forests.


HEXA GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11731706)


GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 JANUARY 2024



We actively promote the circular economy for our products by providing a take-back & re-use scheme to reclaim materials and divert waste from landfill. Working with our clients and suppliers we are able to maximise recovery and enable re-use and recycling of materials.


In line with the Government's 2050 Net Zero Carbon target, we have developed our own NZC Strategy and are undertaking actions to identify, report and minimise greenhouse gas emissions throughout the business.


CULTURE AND EMPLOYEES

Diversity and Inclusion

We are committed to promoting equal employment opportunities and both job applicants and employees will receive equal treatment regardless of age, disability, gender reassignment, marital or civil partner status, pregnancy or maternity, race, colour, nationality, ethnic or national origin, religion or belief, sex or sexual orientation (protected characteristics). This includes opportunities for training to upskill employees and provide pathways for career development. We will make any appropriate reasonable adjustments necessary to support and retain our employees.

We are proud to benefit from having a diverse workforce across all of our businesses and we provide opportunities for training and advancement for all.


Our Employee Handbook contains up to date policies including equal opportunities, anti-harassment & bullying, whistleblowing, flexible working and training & development. Awareness training has been rolled out across the Group to support the Employee Handbook and to ensure understanding of key issues. Compulsory training includes the topics of modern slavery, whistleblowing and HR compliance (anti-bribery, equality and diversity, bullying and harassment, wellbeing).


Communication and Engagement

We provide an open environment for employees to engage with the business through employee briefings, regular team meetings, individual appraisals, one-to-one meetings and regular communication from the Board on business performance and direction. We recently conducted an employee engagement survey and have implemented some changes as a direct result of feedback from employees (e.g. an improved appraisal process, additional annual leave for long serving employees and more social activities).


STREAMLINED ENERGY AND CARBON REPORTING

Disclosure in respect of greenhouse gas emissions, energy consumption and energy efficiency has not been included within this report as the company does not exceed the thresholds to disclose.


ON BEHALF OF THE BOARD:






Mr N W Caley - Director



2 August 2024


HEXA GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11731706)


REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 JANUARY 2024



The directors present their report with the financial statements of the company and the group for the year ended 31 January 2024.


DIVIDENDS

The total distribution of dividends for the year ended 31 January 2024 will be £645,235.


DIRECTORS

The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report, unless otherwise stated.


Mr N W Caley

Mr A Grey

Mr G Evans

Mr S Dann

Mr C M Mabey

Mr A G Wood


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;

-

state whether applicable accounting standards have been followed, subject to any material departures

disclosed and explained in the financial statements;

-

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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


HEXA GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11731706)


REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 JANUARY 2024



AUDITORS

The auditors, Seymour Taylor Limited, will be re-appointed in accordance with section 487(2) of the Companies Act 2006.


ON BEHALF OF THE BOARD:






Mr N W Caley - Director



2 August 2024


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

HEXA GROUP HOLDINGS LIMITED



Opinion

We have audited the financial statements of Hexa Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024 which comprise the Consolidated Income Statement, Consolidated Other 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 31 January 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report.  We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern

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


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


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


Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.


Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

HEXA GROUP HOLDINGS LIMITED



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 seven, 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

HEXA GROUP HOLDINGS LIMITED



Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion.  Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:


Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:


- the nature of the industry and sector, control environment and business performance including the design of the Group's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;

- results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- any matters we identified having obtained and reviewed the Group's documentation of their policies and procedures relating to: - identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; - detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.


As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.


We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.


In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Group's ability to operate.


Audit response to risks identified

As a result of performing the above, our procedures to respond to risks identified included the following:


- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management and external legal advisors concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- reading minutes of meetings of those charged with governance;

- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.


We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

HEXA GROUP HOLDINGS LIMITED



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.





Timothy Fulker BSc FCA (Senior Statutory Auditor)

for and on behalf of Seymour Taylor Limited, Statutory Auditor

First Floor North

40 Oxford Road

High Wycombe

Buckinghamshire

HP11 2EE


2 August 2024


HEXA GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11731706)


CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 31 JANUARY 2024



2024


2023


Notes

£   

£   



TURNOVER

3

90,528,733


94,061,829




Cost of sales

63,380,315


66,432,414



GROSS PROFIT

27,148,418


27,629,415




Administrative expenses

23,640,085


22,937,685



3,508,333


4,691,730




Other operating income

4

55,355


62,470



OPERATING PROFIT

6

3,563,688


4,754,200




Interest receivable and similar income

371,352


50,862



3,935,040


4,805,062




Interest payable and similar expenses

7

(9,925

)

8,069



PROFIT BEFORE TAXATION

3,944,965


4,796,993




Tax on profit

8

1,235,620


1,119,261



PROFIT FOR THE FINANCIAL YEAR

2,709,345


3,677,732



Profit attributable to:

Owners of the parent

2,432,183


3,594,719



Non-controlling interests

277,162


83,013



2,709,345


3,677,732




HEXA GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11731706)


CONSOLIDATED OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 JANUARY 2024



2024


2023


Notes

£   

£   



PROFIT FOR THE YEAR

2,709,345


3,677,732





OTHER COMPREHENSIVE INCOME  


Unrealised (loss)/gain on exchange

(149,599

)

341,683



Actuarial loss on pension scheme

(212,000

)

(207,000

)


Income tax relating to components of

other comprehensive income

-


-



OTHER COMPREHENSIVE INCOME

FOR THE YEAR, NET OF INCOME TAX

(361,599

)

134,683



TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

2,347,746


3,812,415




Total comprehensive income attributable to:

Owners of the parent

2,084,761


3,702,316



Non-controlling interests

262,985


110,099



2,347,746


3,812,415




HEXA GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11731706)


CONSOLIDATED STATEMENT OF FINANCIAL POSITION

31 JANUARY 2024



2024

2023



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

11

4,884,875


5,565,081



Tangible assets

12

5,686,909


5,480,539



Investments

13

60,783


-



10,632,567


11,045,620




CURRENT ASSETS

Stocks

14

9,236,952


9,634,722



Debtors

15

17,080,640


19,607,339



Cash at bank and in hand

14,796,680


13,712,153



41,114,272


42,954,214



CREDITORS

Amounts falling due within one year

16

20,346,222


23,927,247



NET CURRENT ASSETS

20,768,050


19,026,967



TOTAL ASSETS LESS CURRENT

LIABILITIES

31,400,617


30,072,587




CREDITORS

Amounts falling due after more than one

year

17

(146,005

)

(19,667

)



PROVISIONS FOR LIABILITIES

19

(1,820,591

)

(2,230,840

)


NET ASSETS

29,434,021


27,822,080




CAPITAL AND RESERVES

Called up share capital

20

14,807,843


14,807,843



Retained earnings

21

14,062,062


12,636,713



SHAREHOLDERS' FUNDS

28,869,905


27,444,556




NON-CONTROLLING INTERESTS

22

564,116


377,524



TOTAL EQUITY

29,434,021


27,822,080




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 N W Caley - Director



HEXA GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11731706)


COMPANY STATEMENT OF FINANCIAL POSITION

31 JANUARY 2024



2024

2023



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

11

-


-



Tangible assets

12

-


-



Investments

13

29,607,843


29,607,843



29,607,843


29,607,843




CURRENT ASSETS

Debtors

15

22,390


20,390



Cash at bank

7,773


51,115



30,163


71,505



CREDITORS

Amounts falling due within one year

16

173,674


579,093



NET CURRENT LIABILITIES

(143,511

)

(507,588

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

29,464,332


29,100,255




CAPITAL AND RESERVES

Called up share capital

20

14,807,843


14,807,843



Retained earnings

21

14,656,489


14,292,412



SHAREHOLDERS' FUNDS

29,464,332


29,100,255




Company's profit for the financial year

1,009,312


2,041,229




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 N W Caley - Director



HEXA GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11731706)


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JANUARY 2024



Called up



share


Retained


Non-controlling


Total


capital


earnings


Total


interests


equity

£   

£   

£   

£   

£   


Balance at 1 February 2022

14,807,843


9,264,397


24,072,240


306,309


24,378,549




Changes in equity

Dividends

-


(330,000

)

(330,000

)

(38,884

)

(368,884

)


Total comprehensive income

-


3,702,316


3,702,316


110,099


3,812,415



Balance at 31 January 2023

14,807,843


12,636,713


27,444,556


377,524


27,822,080




Changes in equity

Dividends

-


(645,235

)

(645,235

)

(76,393

)

(721,628

)


Total comprehensive income

-


2,070,584


2,070,584


262,985


2,333,569



Balance at 31 January 2024

14,807,843


14,062,062


28,869,905


564,116


29,434,021




HEXA GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11731706)


COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JANUARY 2024



Called up



share


Retained


Total


capital


earnings


equity

£   

£   

£   


Balance at 1 February 2022

14,807,843


12,581,183


27,389,026




Changes in equity

Dividends

-


(330,000

)

(330,000

)


Total comprehensive income

-


2,041,229


2,041,229



Balance at 31 January 2023

14,807,843


14,292,412


29,100,255




Changes in equity

Dividends

-


(645,235

)

(645,235

)


Total comprehensive income

-


1,009,312


1,009,312



Balance at 31 January 2024

14,807,843


14,656,489


29,464,332




HEXA GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11731706)


CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JANUARY 2024



2024


2023


Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

3,878,271


7,066,930



Interest paid

(2,075

)

(15,069

)


Finance costs paid

12,000


7,000



Tax paid

(563,566

)

(677,503

)


Net cash from operating activities

3,324,630


6,381,358




Cash flows from investing activities

Purchase of tangible fixed assets

(1,266,568

)

(800,574

)


Purchase of fixed asset investments

(75,979

)

-



Sale of tangible fixed assets

9,636


8,330



Sale of fixed asset investments

-


445,744



Interest received

371,352


50,862



Net cash from investing activities

(961,559

)

(295,638

)



Cash flows from financing activities

Repurchase of loan notes

(416,667

)

(1,805,555

)


Equity dividends paid

(721,628

)

(330,000

)


Net cash from financing activities

(1,138,295

)

(2,135,555

)



Increase in cash and cash equivalents

1,224,776


3,950,165



Cash and cash equivalents at

beginning of year

2

13,712,153


9,611,140



Effect of foreign exchange rate changes

(140,249

)

150,848



Cash and cash equivalents at end of

year

2

14,796,680


13,712,153




HEXA GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11731706)


NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JANUARY 2024



1.

RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS


2024


2023

£   

£   



Profit before taxation

3,944,965


4,796,993




Depreciation charges

1,027,552


911,984




Profit on disposal of fixed assets

(1,404

)

(32,168

)



Amortisation

680,206


680,206




Amounts written off investments

15,196


8,000




Payments to company pension plan

(200,000

)

(200,000

)



Discount on payments under pension

(12,000

)

(7,000

)



Provision for future losses

(431,631

)

1,194,118




Finance costs

(9,925

)

8,069




Finance income

(371,352

)

(50,862

)


4,641,607


7,309,340




Decrease/(increase) in stocks

1,090,530


(1,277,665

)



Decrease/(increase) in trade and other debtors

1,473,132


(3,803,044

)



(Decrease)/increase in trade and other creditors

(3,326,998

)

4,838,299




Cash generated from operations

3,878,271


7,066,930




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:



Year ended 31 January 2024


31.1.24


1.2.23

£   

£   



Cash and cash equivalents

14,796,680


13,712,153




Year ended 31 January 2023


31.1.23


1.2.22

£   

£   



Cash and cash equivalents

13,712,153


9,611,140





3.

ANALYSIS OF CHANGES IN NET FUNDS



At 1.2.23

Cash flow

At 31.1.24

£   

£   

£   



Net cash



Cash at bank and in hand

13,712,153


1,084,527


14,796,680



13,712,153


1,084,527


14,796,680




Total

13,712,153


1,084,527


14,796,680




HEXA GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11731706)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024



1.

STATUTORY INFORMATION



Hexa Group Holdings Limited is a company limited by shares and incorporated in England and Wales. The Registered Office is First Floor North, 40 Oxford Road, High Wycombe, Buckinghamshire, HP11 2EE. The principal place of business is Courtyard House, West End Road, High Wycombe, Buckinghamshire, HP11 2QB.



The company is the ultimate parent company of the Optima Group and provides management services to the Group. The principal activities of the Group are the manufacture, supply and installation of "Optima" partitioning systems and the design and construction of specialist structural glazing solutions.



The presentation currency of these financial statements is sterling (£), being the currency of the primary economic environment in which the company operates, its functional currency. All amounts in the financial statements have been rounded to the nearest £1 unless otherwise stated.



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


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements


These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006.  The financial statements have been prepared on the historical cost basis and in accordance with applicable accounting standards.  The financial statements have been prepared on a going concern basis.



Basis of consolidation


The consolidated financial statements incorporate the financial statements of the company and of its subsidiary undertakings as at the balance sheet date. The results of subsidiaries acquired or disposed of during the year are included from, or up to, the date of acquisition or disposal.


HEXA GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11731706)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2024



2.

ACCOUNTING POLICIES - continued



Significant judgements and estimates

The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the date of the financial statements. If in the future such estimates and assumptions, which are based on management's best judgement at the date of the financial statements, deviate from the actual circumstances, the original estimates and assumptions will be modified as appropriate in the year in which the circumstances change.

Turnover and margin recognition
The group's turnover and margin recognition policies are central to how the group values the work it has carried out each year.

These policies require forecasts to be made of the outcomes of construction and service contracts, which require assessments and judgements to be made on contract programmes; changes in the scope of work; and changes in costs

Management bases its judgements of costs and turnover and its assessment of the expected outcome of each contract on the latest available information. This information includes detailed contract valuations and forecasts of the costs to complete. The estimates of the contract positions and the profit or loss earned to date are updated regularly and significant changes are highlighted through established internal review procedures. The impact of any change in the accounting estimates is then reflected in the financial statements.

Stock provisioning
Stocks are carried at the lower of cost and net realisable value. Management review stock lines for evidence of impairment and make due allowance in respect of items identified as being obsolete or slow moving items.

Depreciation of tangible fixed assets
Depreciation is provided in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Management reassess the depreciation methods, useful lives and residual values where there is an indication of a significant change in the pattern by which the group expects to consume an asset's future economic benefits.

Amortisation of goodwill
Reviewing the carrying value of goodwill requires judgements, principally in respect of the future cashflows from the cash-generating units to which the goodwill relates.

Management reassess the amortisation methods, useful lives and residual values where there is an indication of a significant change in the pattern by which the group expects to derive future economic benefits.

HEXA GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11731706)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2024



2.

ACCOUNTING POLICIES - continued



Turnover


Turnover is measured at the fair value of the consideration receivable for goods and services provided, net of trade discounts and value added tax.



Turnover from construction and service activities


Turnover from construction and service activities represents the value of work carried out during the year, including amounts not invoiced.



Where the outcome of individual contracts can be estimated reliably, turnover and costs are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to agreements with the customer.



Where the outcome of the contracts cannot be reliably estimated, turnover is recognised only to the extent of the contract costs recognised that it is probable will be recoverable.



No margin is recognised until the outcome of the contact can be estimated with reasonable certainty.



Provision is made for all known or expected losses on individual contracts once such losses are foreseen.



Turnover in respect of variations to contracts is recognised when it is probable it will be agreed by the customer.



Turnover from the sale of goods


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



Goodwill

Goodwill, being the amount paid in connection with the acquisition of businesses during 2019 is being amortised evenly over its estimated useful life of 12 years.

Negative goodwill arising on the acquisition of an interest in a business is fully amortised during the year of acquisition.

The directors have reviewed the valuation of goodwill and consider the appropriate amortisation to be as disclosed above.


Intangible fixed assets

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

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Trademarks and patents - straight line - 10% and 20%
Debentures - straight line - 10%


HEXA GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11731706)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2024



2.

ACCOUNTING POLICIES - continued



Tangible fixed assets

Tangible fixed assets are stated at cost, or deemed cost, less accumulated depreciation and accumulated impairment losses. Certain items of tangible fixed assets that had been revalued to fair value on or prior to the date of transition to FRS 102, are measured on the basis of deemed cost, being the revalued amount at the date of that revaluation.

Where parts of an item of tangible fixed assets have different useful lives, they are accounted for as separate items of tangible fixed assets, for example land is treated separately from buildings.

Management assess at each reporting date whether tangible fixed assets are impaired.

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life:

Freehold property - straight line - 2%
Refurbishments of freehold property - straight line - 10%, 11% and 20%
Plant and machinery - straight line - 10%, 20% and 25%
- reducing balance - 25%
Fixtures and fittings - reducing balance - 25%
Motor vehicles - straight line - 20%, 25% and 50%

Freehold land is not depreciated

Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since the last annual reporting date in the pattern by which the company expects to consume an asset's future economic benefits.


Investments


Investments are recognised at cost less any provision for impairment.



Stocks


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



Work in progress


Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.



Long-term contract balances are stated at net cost less foreseeable losses less any applicable payments on account. The amount recorded as turnover in respect of long-term contracts is ascertained by reference to the value of the work carried out to date. Attributable profit is recognised as the difference between recorded turnover and related costs.



HEXA GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11731706)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2024



2.

ACCOUNTING POLICIES - continued


Taxation

Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.

Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. The following timing differences are not provided for: differences between accumulated depreciation and tax allowances for the cost of a fixed asset if and when all conditions for retaining the tax allowances have been met; and differences relating to investments in subsidiaries to the extent that it is not probable that they will reverse in the foreseeable future and the reporting entity is able to control the reversal of the timing difference. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense.

Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax balances are not discounted.

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


Foreign currencies

Transactions denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Monetary assets and liabilities at the year end denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the year end date. Exchange differences are taken into account in arriving at the operating profit.

The results of overseas subsidiaries have been translated at the average exchange rate for the year. The statements of financial position of overseas subsidiaries have been translated at year end exchange rates. The resulting exchange differences, including the exchange differences on revaluation of the opening statements of financial position, are reported as other comprehensive income.


Pension costs

The group operates defined contribution pension schemes and a combined defined contribution and defined benefit pension scheme. The assets of the schemes are held separately from those of the group.

The contributions payable in respect of the defined contribution pension schemes are charged to the group profit and loss account.

In respect of the combined scheme, the defined benefit section of the scheme closed to new members on 31 December 2003 and defined benefits are no longer accruing.

A liability for the company's obligations under the plan is recognised net of plan assets. The net change in the net defined benefit liability is recognised as the cost of the defined benefit plan during the period. Pension plan assets are measured at fair value and the defined benefit obligation is measured on an actuarial basis. Actuarial valuations are obtained at least triennially and are updated at each balance sheet date.

HEXA GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11731706)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2024



2.

ACCOUNTING POLICIES - continued



Financial instruments issued by the company


Financial instruments issued by the company are treated as equity only to the extent that they meet the following two conditions:



(a) they include no contractual obligations upon the company to deliver cash or other financial assets or to exchange financial assets or financial liabilities with another party under conditions that are potentially unfavourable to the company; and



(b) where the instrument will or may be settled in the company's own equity instruments, it is either a non-derivative that includes no obligation to deliver a variable number of the company's own equity instruments or is a derivative that will be settled by the company's exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments.



To the extent that this definition is not met, the proceeds of issue are classified as a financial liability. Where the instrument so classified takes the legal form of the company's own shares, the amounts presented in these financial statements for called up share capital and share premium account exclude amounts in relation to those shares.



Hire purchase and leasing commitments


Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives.  Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.



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



Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.


HEXA GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11731706)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2024



2.

ACCOUNTING POLICIES - continued



Basic financial instruments


Trade and other debtors and creditors


Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors.  If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument.



Construction contract debtors


Construction contract debtors represent the gross unbilled amount for contract work performed to date. They are measured at cost plus profit recognised to date less a provision for foreseeable losses and less progress billings. Variations are included in contract revenue when they are reliably measurable and it is probable that the customer will approve the variation itself and the revenue arising from the variation. Claims are included in contract revenue only when they are reliably measurable and negotiations have reached an advanced stage such that it is probable that the customer will accept the claim. Cost includes all expenditure related directly to specific projects and an allocation of fixed and variable overheads incurred in the group's contract activities based on normal operating capacity.



Construction contract debtors are presented as part of debtors in the statement of financial position. If payments received from customers exceed the income recognised, then the difference is presented as accruals and deferred income in the statement of financial position.



Interest-bearing borrowings classified as basic financial instruments


Interest-bearing borrowings are recognised initially at the present value of future payments discounted at a market rate of interest. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method, less any impairment losses.



Investments in subsidiaries


Investments in subsidiaries are carried at cost less impairment.



Cash and cash equivalents


Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the company's and group's cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statement.


3.

TURNOVER



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



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



2024


2023

£   

£   



Sale of goods

14,145,444


11,445,017




Construction contracts

76,383,289


82,616,812



90,528,733


94,061,829




HEXA GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11731706)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2024



3.

TURNOVER - continued



An analysis of turnover by geographical market is given below:



2024


2023

£   

£   



United Kingdom

70,030,343


76,922,983




Overseas

20,498,390


17,138,846



90,528,733


94,061,829





The total amount due from customers relating to construction contracts included within note 16 at the year ended 31 January 2024 is £12,845,110 (2023: £14,289,836).



The total amount due to customers relating to construction contracts included within note 17 at the year ended 31 January 2024 is £8,407,104 (2023: £9,400,379).


4.

OTHER OPERATING INCOME


2024


2023

£   

£   



Rents received

28,428


32,805




Other operating income

26,927


29,665



55,355


62,470




5.

EMPLOYEES AND DIRECTORS


2024


2023

£   

£   



Wages and salaries

22,649,105


22,250,557




Social security costs

2,331,841


2,388,852




Other pension costs

335,056


326,733



25,316,002


24,966,142





The average number of employees during the year was as follows:


2024


2023



Administrative staff

190


181




Site management and production staff

265


302



455


483





2024


2023

£   

£   



Directors' remuneration

1,343,039


1,282,487




Directors' pension contributions to money purchase schemes  

16,205


17,526





Information regarding the highest paid director is as follows:


2024


2023

£   

£   



Emoluments etc

297,329


285,942




HEXA GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11731706)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2024



6.

OPERATING PROFIT



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



2024


2023

£   

£   



Depreciation - owned assets

1,027,551


911,984




Profit on disposal of fixed assets

(1,404

)

(32,168

)



Goodwill amortisation

671,356


671,356




Debenture amortisation

8,850


8,850




Auditors' remuneration

17,300


15,000




Other services provided by


company's auditor

213,584


207,892




Foreign exchange differences

(131,031

)

(139,003

)



Other operating leases  

633,188


680,022





Services provided by the company's auditor


During the year the group obtained the following services from the company's auditor:




2024



2023





£



£    




The audit of the parent company and consolidated financial statements


17,300



15,000




The audit of the company's subsidiaries pursuant to legislation


126,300



112,400




Taxation services


45,134



37,717




Other services


34,350



50,950




The audit of related pension schemes


7,800



6,825





230,884



222,892




7.

INTEREST PAYABLE AND SIMILAR EXPENSES



2024


2023

£   

£   



Bank interest

1,405


1,819




Interest on loan notes

670


13,250




Discount on payments under


pension recovery plan

(12,000

)

(7,000

)


(9,925

)

8,069




HEXA GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11731706)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2024



8.

TAXATION



Analysis of the tax charge


The tax charge on the profit for the year was as follows:


2024


2023

£   

£   



Current tax:


UK corporation tax

1,159,641


1,018,356




Over/under provision in prior year

42,283


(13,705

)



Total current tax

1,201,924


1,004,651





Deferred tax

33,696


114,610




Tax on profit

1,235,620


1,119,261





UK corporation tax has been charged at 25 % (2023 - 19 %).



Reconciliation of total tax charge included in profit and loss


The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:



2024


2023

£   

£   



Profit before tax

3,944,965


4,796,993




Profit multiplied by the standard rate of corporation tax in the UK of

25 % (2023 - 19 %)  

986,241


911,429





Effects of:


Expenses not deductible for tax purposes

248,214


265,916




Capital allowances in excess of depreciation

-


(497

)



Depreciation in excess of capital allowances

26,283


-




Adjustments to tax charge in respect of previous periods

75,979


(13,705

)



Adjustments in respect of overseas tax rates  

(55,931

)

8,971




Change in tax rates  

(45,166

)

66,840




Research and development enhanced relief  

-


(128,440

)



Gain on disposal of investment properties  

-


8,747




Total tax charge

1,235,620


1,119,261





Tax effects relating to effects of other comprehensive income




2024



Gross


Tax


Net


£   

£   

£   



Unrealised (loss)/gain on exchange

(149,599

)

-


(149,599

)



Actuarial loss on pension scheme

(212,000

)

-


(212,000

)


(361,599

)

-


(361,599

)




HEXA GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11731706)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2024



8.

TAXATION - continued


2023



Gross


Tax


Net


£   

£   

£   



Unrealised gain/(loss) on exchange

341,683


-


341,683




Actuarial loss on pension scheme

(207,000

)

-


(207,000

)


134,683


-


134,683





Factors that may affect future tax charge


For periods commencing 1 April 2023 the corporation tax main rate increased to 25%, with the small profits rate remaining at 19%.



Deferred tax balances have been recognised at the rate at which it is expected that the future benefit will be received.


9.

INDIVIDUAL INCOME STATEMENT



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



10.

DIVIDENDS


2024


2023

£   

£   



Ordinary shares of £1 each


Interim

645,235


330,000




11.

INTANGIBLE FIXED ASSETS



Group


Trademarks



and



Goodwill


patents


Debenture


Totals

£   

£   

£   

£   



COST


At 1 February 2023


and 31 January 2024

8,056,266


25,050


88,500


8,169,816




AMORTISATION


At 1 February 2023

2,517,585


25,050


62,100


2,604,735




Amortisation for year

671,356


-


8,850


680,206




At 31 January 2024

3,188,941


25,050


70,950


3,284,941




NET BOOK VALUE


At 31 January 2024

4,867,325


-


17,550


4,884,875




At 31 January 2023

5,538,681


-


26,400


5,565,081




HEXA GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11731706)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2024



12.

TANGIBLE FIXED ASSETS



Group


Fixtures



Freehold


Plant and


and


Motor



property


machinery


fittings


vehicles


Totals

£   

£   

£   

£   

£   



COST


At 1 February 2023

7,405,874


4,873,553


1,521,843


231,866


14,033,136




Additions

418,576


440,059


368,600


39,333


1,266,568




Disposals

(951

)

(3,401

)

(502,387

)

(15,175

)

(521,914

)



Exchange differences

(798

)

(49,447

)

(24,069

)

(6,626

)

(80,940

)



At 31 January 2024

7,822,701


5,260,764


1,363,987


249,398


14,696,850




DEPRECIATION


At 1 February 2023

3,485,764


3,721,767


1,188,664


156,402


8,552,597




Charge for year

368,671


448,685


177,822


32,373


1,027,551




Eliminated on disposal

-


(2,159

)

(495,397

)

(15,175

)

(512,731

)



Exchange differences

(331

)

(31,509

)

(19,395

)

(6,241

)

(57,476

)



At 31 January 2024

3,854,104


4,136,784


851,694


167,359


9,009,941




NET BOOK VALUE


At 31 January 2024

3,968,597


1,123,980


512,293


82,039


5,686,909




At 31 January 2023

3,920,110


1,151,786


333,179


75,464


5,480,539





Included in cost of freehold property is freehold land of £1,100,000 which is not depreciated.




HEXA GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11731706)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2024



13.

FIXED ASSET INVESTMENTS



Group


Unlisted


investments

£   



COST


At 1 February 2023

40,000




Additions

75,979




Disposals

(40,000

)



At 31 January 2024

75,979




PROVISIONS


At 1 February 2023

40,000




Provision for year

15,196




Eliminated on disposal

(40,000

)



At 31 January 2024

15,196




NET BOOK VALUE


At 31 January 2024

60,783




At 31 January 2023

-




Company


Shares in


group


undertakings

£   



COST


At 1 February 2023


and 31 January 2024

29,607,843




NET BOOK VALUE


At 31 January 2024

29,607,843




At 31 January 2023

29,607,843





HEXA GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11731706)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2024



13.

FIXED ASSET INVESTMENTS - continued




The above investments are unlisted



At 31 January 2024 the company had the following subsidiary undertakings. Unless otherwise stated all companies are incorporated in England and Wales. The registered office for all companies unless otherwise stated is First Floor North, 40 Oxford Road, High Wycombe, Bucks, HP11 2EE.



Proportion of shares held in and principal activities of subsidiaries


Optima Investments Limited is a wholly-owned subsidiary. Its principal activities are the provision of management services to the group.



Optima Contracting Limited is a wholly-owned subsidiary of Optima Investments Limited. Its principal activities are those of the group. Optima Contracting Limited is the parent company of a number of subsidiary companies, which are as follows:



Optima Installations Limited is a wholly-owned subsidiary. Its principal activity is the provision of skilled labour to the construction industry.



Optima Products Limited is a wholly-owned subsidiary. Its principal activity is the development, manufacture and distribution of 'Optima' partitioning systems through an international network of group companies and authorised dealers.



OAG Limited is a wholly-owned subsidiary. Its principal activity is the design and construction of specialist architectural glazing solutions.



The company owns 100% of the issued Ordinary AED1 shares of Optima Systems International DMCC, which is incorporated in a Free Zone within Dubai.  Its principal activity is interior design consultancy. The registered office is Unit No. 408, DMCC Business Centre, Level No. 1 Jewellery & Gemplex 3, Dubai, United Arab Emirates.



Optima Partitions LLC, which is incorporated in Dubai, is a wholly-owned subsidiary of Optima Systems International DMCC and its principal activity is the installation of 'Optima' partitioning systems in the Middle East region. The registered office is Unit 1106, Level 11, Marina Plaza, Dubai Marina, Unit Arab Emirates.



Optima Partitions Contracting LLC, which is incorporated in Saudi Arabia, is a wholly-owned subsidiary of Optima Systems International DMCC and its principal activity is the installation of 'Optima' partitioning systems. The registered office is Office B, Scale Business Solutions,7022 Qanat As Suwais, Al Aqiq, Riyadh 11414, Kingdom of Saudi Arabia.



Optima Systems International DMCC owns 65% of the issued Ordinary AED1 shares of Jalapeno Trading LLC, which is incorporated in Dubai. Its principal activity is the sale and installation of office seating, storage and soft furnishings, principally as a Herman Miller Authorised Dealer Partner. The registered office is 13th Floor Office 1301, U Bora Tower, Business Bay, Dubai, United Arab Emirates.



Optima Products Asia SDN BHD, which is incorporated in Malaysia, is a wholly-owned subsidiary of Optima Products Limited and its principal activity is the manufacture and distribution of 'Optima' partitioning systems in Asia and Oceania through an international network of group companies and authorised dealers. The registered office is 1st Floor, 8 Avenue Business Centre, Jalan Sungai Jernih 8/1, Seksyen 8, 46050 Petaling Jaya, Selangor Darul Ehsan, Malaysia.



HEXA GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11731706)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2024



13.

FIXED ASSET INVESTMENTS - continued



Optima Systems Asia Pacific PTE Ltd, which is incorporated in Singapore, is a wholly owned subsidiary of Optima Products Ltd and its principal activity is the sale and distribution of 'Optima' partitioning systems in Asia and Oceania through an international network of group companies and authorised dealers. The registered office is 16 Raffles Quay, 32-03 Hong Leong Building, 048581, Singapore.



PurOptima Inc, which is incorporated in Delaware USA, is a wholly owned subsidiary of Optima Products Limited and its principal activity is the sale and distribution of 'PurOptima' partitioning systems in the USA through a network of authorised dealers. The registered office is 251 Little Falls Drive, Wilmington, DE 19808, New Castle County, United States of America.



Curtsons (Radstock) Limited, HLS Installations Limited and Unilock Limited are wholly-owned subsidiaries of Optima Contracting Limited which are dormant.



Curtis Steel Limited, Optima Glass Installations Limited, Optima Partitioning Systems Limited, Optima Systems Australia Pty Limited and Puroptima Limited are wholly-owned subsidiaries of Optima Products Limited which are dormant.


14.

STOCKS



Group


2024

2023


£   

£   



Raw materials

4,166,390


4,514,848




Work-in-progress

4,264,006


4,313,318




Finished goods

806,556


806,556



9,236,952


9,634,722




15.

DEBTORS



Group


Company


2024

2023

2024

2023


£   

£   

£   

£   



Amounts falling due within one year:



Trade debtors

14,132,615


14,969,583


-


-




Amounts owed by group undertakings

-


-


17,000


15,000




Other debtors

218,909


171,531


-


-




Corporation tax

-


25,000


-


-




VAT

403,904


684,363


-


-




Prepayments and accrued income

1,843,049


3,182,475


5,390


5,390



16,598,477


19,032,952


22,390


20,390





Amounts falling due after more than one

year:



Trade debtors

482,163


574,387


-


-





Aggregate amounts

17,080,640


19,607,339


22,390


20,390




HEXA GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11731706)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2024



16.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR




Group


Company


2024

2023

2024

2023


£   

£   

£   

£   



Trade creditors

6,947,803


8,739,219


-


-




Corporation tax

708,316


185,863


9,500


2,634




Social security and other taxes

681,805


624,054


61,649


59,014




VAT

-


-


75,011


73,368




Other creditors

598,433


567,311


-


416,667




Accruals and deferred income

11,409,865


13,810,800


27,514


27,410



20,346,222


23,927,247


173,674


579,093




17.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR




Group


2024

2023


£   

£   



Trade creditors

146,005


19,667




18.

LEASING AGREEMENTS



Minimum lease payments fall due as follows:




Group


Company





2024


2023


2024


2023




£   


£   


£   


£   




Within one year


421,995


316,247


-


-




Between one and five years


1,099,452


802,496


-


-




In more than five years


192,500


385,000


-


-





1,713,947


1,503,743


-


-




19.

PROVISIONS FOR LIABILITIES



Group


2024

2023


£   

£   



Deferred tax


Excess of taxation allowances over

depreciation

373,966


353,584




Other timing differences

-


(1,000

)


373,966


352,584





Other provisions

1,446,625


1,878,256





Aggregate amounts

1,820,591


2,230,840




HEXA GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11731706)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2024



19.

PROVISIONS FOR LIABILITIES - continued



Group


Deferred




tax


Onerous

contracts


£   

£   



Balance at 1 February 2023

352,584


1,878,256




Provided during the year

21,382


(431,631

)



Balance at 31 January 2024

373,966


1,446,625





Onerous contracts


Where it is probable that total contract costs will exceed total contract revenue on a constrution contract, a provision for the expected loss has been recognised as an expense.


20.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

2024

2023



value:

£   

£   



1,500,000

Ordinary

£1

1,500,000


1,500,000




8,000,000

'A' Preference

£1

8,000,000


8,000,000




5,307,843

'B' Preference

£1

5,307,843


5,307,843



14,807,843


14,807,843




Ordinary shares
There are 6 ordinary share classes A-F. The shares have attached to them full voting, dividend and capital distribution (including on winding up) rights.

A Preference shares
Class (A) irredeemable, non-cumulative fixed dividend at a rate of 2% per annum, non-voting preference shares of £1.00 each in the capital of the company.

B Preference shares
Class (B) irredeemable, non-cumulative fixed dividend at a rate of 4% per annum, non-voting preference shares of £1.00 each.

21.

RESERVES



Group


Retained


earnings

£   




At 1 February 2023

12,636,713




Profit for the year

2,432,183




Dividends

(645,235

)



Actuarial loss on pension


scheme

(212,000

)



Exchange adjustment

(149,599

)



At 31 January 2024

14,062,062




HEXA GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11731706)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2024



21.

RESERVES - continued



Company


Retained


earnings

£   




At 1 February 2023

14,292,412




Profit for the year

1,009,312




Dividends

(645,235

)



At 31 January 2024

14,656,489





Retained earnings is a distributable reserve and records retained earnings and accumulated losses.


22.

NON-CONTROLLING INTERESTS



Non-controlling interests represent the amount of capital and reserves attributable to shares in subsidiary undertakings included in the consolidation held by persons other than the parent company and its subsidiary undertakings.


23.

EMPLOYEE BENEFIT OBLIGATIONS



Until 31 December 2003 the company provided pension arrangements to the majority of its full time employees through a defined benefit scheme, when the scheme was closed to new members.



On 1 January 2004 a new defined contribution section of the scheme was brought into operation, and thus the scheme has become a combined defined benefit and defined contribution scheme.



Defined benefits are no longer accruing within the scheme and no further contributions by employees are to be made to the defined benefit section of the scheme.



A liability for the company's obligations under the plan is recognised net of plan assets.  The net change in the net defined benefit liability is recognised as the cost of the defined benefit plan during the period.  Pension plan assets are measured at fair value and the defined benefit obligation is measured on an actuarial basis.



The latest actuarial valuation as at 31 March 2022 showed the scheme to be underfunded, and the company agreed with the Trustees and on the advice of the actuary a schedule of contributions which it was anticipated would achieve full funding. Under the agreement employer contributions in respect of the defined benefit section of £200,000 were paid in May 2023.



The next actuarial valuation is due to be prepared as at 31 March 2025.



The disclosures set out below are based on calculations prepared as of 31 January 2024 by a qualified independent actuary.



The calculations show that the present value of the defined benefit obligation is less than the fair value of the plan assets, and therefore the plan has a surplus. In accordance with FRS102 para 28.22 the plan surplus has not been recognised as a defined benefit plan asset as the directors consider it unlikely the company will be able to recover the surplus, either through reduced contributions in the future or through refunds from the plan. Due to the level of market volatility at present, the directors anticipate the probability of the scheme returning to a scheme deficit in the near future to be very high.


HEXA GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11731706)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2024



23.

EMPLOYEE BENEFIT OBLIGATIONS - continued



The amounts recognised in the balance sheet are as follows:



Defined benefit



pension plans


2024

2023


£   

£   



Present value of funded obligations

(4,545,000

)

(4,849,000

)



Fair value of plan assets

4,894,000


5,040,000



349,000


191,000




Present value of unfunded obligations

-


-




Surplus

349,000


191,000




Restriction on recoverable surplus

(349,000

)

(191,000

)



Net liability

-


-





The amounts recognised in profit or loss are as follows:



Defined benefit



pension plans


2024

2023


£   

£   



Current service cost

-


-




Net interest from net defined benefit

asset/liability  

(12,000)


(7,000)




Past service cost

-


-



(12,000)


(7,000

)




Actual return on plan assets

-


-





Changes in the present value of the defined benefit obligation are as follows:



Defined benefit



pension plans


2024

2023


£   

£   



Opening defined benefit obligation

4,849,000


6,656,000




Interest cost

204,000


144,000




Benefits paid

(217,000

)

(194,000

)



Remeasurements:


Actuarial (gains)/losses from changes in

demographic assumptions

(336,000

)

(1,780,000

)



Actuarial (gains)/losses from changes in

financial assumptions

45,000


23,000



4,545,000


4,849,000




HEXA GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11731706)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2024



23.

EMPLOYEE BENEFIT OBLIGATIONS - continued



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



Defined benefit



pension plans


2024

2023


£   

£   



Opening fair value of scheme assets

5,040,000


6,855,000




Interest income on plan assets

216,000


151,000




Contributions by employer

200,000


200,000




Benefits paid

(217,000

)

(194,000

)



Return on plan assets (excluding interest

income)

(345,000

)

(1,972,000

)


4,894,000


5,040,000





The amounts recognised in other comprehensive income are as follows:



Defined benefit



pension plans


2024

2023


£   

£   



Actuarial (gains)/losses from changes in

demographic assumptions

336,000


1,780,000




Actuarial (gains)/losses from changes in

financial assumptions

(45,000

)

(23,000

)



Return on plan assets (excluding interest

income)

(345,000

)

(1,972,000

)


(54,000

)

(215,000

)




The major categories of scheme assets as amounts of total scheme assets are as follows:



Defined benefit



pension plans


2024

2023


£   

£   



Equities

1,895,000


2,041,000




Bonds

2,737,000


2,676,000




Cash or other

262,000


323,000



4,894,000


5,040,000





Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):


2024

2023



Discount rate

4.70%

4.30%



Future RPI inflation

3.10%

3.00%



Future CPI inflation

2.50%

2.60%



Rate of increase in future pension payments

2.50%

2.60%



HEXA GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 11731706)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2024



24.

CONTINGENT LIABILITIES



Cross guarantee


This company, Hexa Group Holdings Limited, Optima Investments Limited, Optima Installations Limited and Optima Products Limited have entered into a composite accounting agreement, dated 18 October 2019, in which each participating company has provided a guarantee to the bank. Under the terms of the agreement and the guarantees, the bank is authorised to allow set-off of balances between the companies involved.



Performance bonds


The group had contingent liabilities at the balance sheet date in respect of performance bonds, as follows:



Expires



Amount




£




28 July 2024



116,959




25 August 2024



59,616




22 December 2024



171,043




30 June 2025



37,547




25 July 2025



1,268,000




31 December 2025



223,983





1,877,148





25.

RELATED PARTY DISCLOSURES



Transactions with key management personnel



2024


2023





£


£




Total compensation of key management personnel, including

directors


3,043,679


3,182,010






Other related parties  

2024

2023


£   

£   



Purchases from related parties  

192,500


192,500