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REGISTERED NUMBER: 10011832 (England and Wales)














Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 March 2024

for

HEWITSON GROUP LTD

HEWITSON GROUP LTD (REGISTERED NUMBER: 10011832)






Contents of the Consolidated Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


HEWITSON GROUP LTD

Company Information
for the Year Ended 31 March 2024







Directors: O S Hewitson
M E Hewitson
J E Hewitson
H M Hewitson



Registered office: Teesside Grange
Eaglescliffe
Stockton-On-Tees
TS16 0QH



Registered number: 10011832 (England and Wales)



Senior statutory auditor: Karl Gordon FCCA



Auditors: Mitchell Gordon LLP
Accountants and Statutory Auditor
43 Coniscliffe Road
Darlington
Co. Durham
DL3 7EH

HEWITSON GROUP LTD (REGISTERED NUMBER: 10011832)

Group Strategic Report
for the Year Ended 31 March 2024

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

Review of business
The group has continued to grow in a controlled manner and is performing in line with expectations with its profit levels in keeping with other similar businesses trading in the area.

The group continues to strengthen its relationships with its clients and undertakes a great deal of repeat business, whilst developing working relationships with new customers too.

The group has a sizeable amount of pipeline projects booked in for the upcoming year, whilst retaining capacity to undertake smaller short notice work when required.

Throughout 2024 and 2025 the company will continue to reinvest profits into new plant and machinery to further develop operational capacity and ensure efficiencies in relation to CO2 emissions.

The group has also invested heavily in training and developing its younger key staff to ensure skills and experience are retained in the business and continuation of high service levels will be maintained for generations to come.

The company's key financial performance indicators for the year were:

2024 2023
Turnover £51.4m £55.3m
Profit before tax £6.2m £5.4m
Cash at bank £9.7m £5.9m
Shareholders funds £19.8m £16.4m

Principal risks and uncertainties
The two main risks to the business are economic risk and operational risk.

The economic risk is the macroeconomic risk brought about by raising fuel and material costs, interest rates and potential bad debts. This risk is mitigated by having strong cash reserves and a policy of minimising borrowings.

The operational risk is the increasing compliance which is increasing in the construction sector which is being mitigated by an emphasis of staff training and development.

On behalf of the board:





M E Hewitson - Director


16 August 2024

HEWITSON GROUP LTD (REGISTERED NUMBER: 10011832)

Report of the Directors
for the Year Ended 31 March 2024

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

Principal activities
The principal activities of the group in the year under review were those of construction, groundworks, plant hire, haulage, plant sales and property development.

Dividends
The total distribution of dividends for the period ended 31 March 2023 will be £55,000 (30 November 2021: £110,000).

Directors
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

O S Hewitson
M E Hewitson
J E Hewitson
H M Hewitson

Streamlined energy and carbon reporting
In accordance with the requirements of The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, the following information is presented in relation to greenhouse gas emissions:

Energy consumption kWh
Aggregate energy consumption in the year 3,520,157


Emission of CO2 equivalent
Metric
Tonnes
Scope 1 - direct emissions
- Gas consumption -
- Fuel consumed for internal transport 8,734

Scope 2 - indirect emissions
- Electricity consumed 16

Scope 3 - other indirect emission
- Fuel consumed for external transport -

Total gross emission 8,750

Intensity ratio
Tonnes of CO2e per £1m turnover 170


Quantification and reporting methodology
The company report scope 1 emissions using recorded quantities of deliveries during the period, converted to CO2e using the UK Government conversion Factors for company Reporting. Scope 2 emissions are provided by suppliers.

Intensity measurement
The intensity measurement ratio decided upon is gross emissions in metric tonnes of CO2e per £1m turnover.

Measures taken to improve energy efficiency
The company implements efficiencies and works on a basis of continual improvement as it seeks to reduce CO2 emissions and minimise waste. Examples of this include reducing empty transport loads, upgrading to the most modern energy efficient plant and machinery and planning site operations to optimise machine hours.


HEWITSON GROUP LTD (REGISTERED NUMBER: 10011832)

Report of the Directors
for the Year Ended 31 March 2024

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.

Auditors
The auditors, Mitchell Gordon LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





M E Hewitson - Director


16 August 2024

Report of the Independent Auditors to the Members of
Hewitson Group Ltd

Opinion
We have audited the financial statements of Hewitson Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 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.

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.

Report of the Independent Auditors to the Members of
Hewitson Group Ltd


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 four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Hewitson Group 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.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other
management, and from our commercial knowledge and experience of the sectors in which the company operates;
- we focused on specific laws and regulations which we considered may have a direct material effect on the
financial statements or the operations of the company, including the Companies Act 2006, taxation legislation,
data protection compliance, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of
management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert
to instances of non-compliance throughout the audit.

These procedures did not identify any potentially material actual or suspected non-compliance.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge
of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- reviewed material journal entries to identify unusual transactions or posting by unusual users;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of
potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC and the company's legal advisors.

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 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 higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance of fraud and cannot be expected to detect non-compliance with all laws & 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.

Report of the Independent Auditors to the Members of
Hewitson Group Ltd


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.




Karl Gordon FCCA (Senior Statutory Auditor)
for and on behalf of Mitchell Gordon LLP
Accountants and Statutory Auditor
43 Coniscliffe Road
Darlington
Co. Durham
DL3 7EH

16 August 2024

HEWITSON GROUP LTD (REGISTERED NUMBER: 10011832)

Consolidated
Statement of Comprehensive
Income
for the Year Ended 31 March 2024

Period
1/12/21
Year Ended to
31/3/24 31/3/23
Notes £    £   

Turnover 51,448,955 55,274,284

Cost of sales 40,726,517 45,288,031
Gross profit 10,722,438 9,986,253

Administrative expenses 4,024,780 4,125,773
6,697,658 5,860,480

Other operating income 193,665 128,823
Operating profit 4 6,891,323 5,989,303

Interest receivable and similar income 316,995 49,037
7,208,318 6,038,340

Interest payable and similar expenses 5 1,030,000 681,050
Profit before taxation 6,178,318 5,357,290

Tax on profit 6 2,810,031 555,761
Profit for the financial year 3,368,287 4,801,529

Other comprehensive income - -
Total comprehensive income for the year 3,368,287 4,801,529

Profit attributable to:
Owners of the parent 3,368,287 4,801,529

Total comprehensive income attributable to:
Owners of the parent 3,368,287 4,801,529

HEWITSON GROUP LTD (REGISTERED NUMBER: 10011832)

Consolidated Balance Sheet
31 March 2024

31/3/24 31/3/23
Notes £    £    £    £   
Fixed assets
Tangible assets 9 25,076,777 23,286,544
Investments 10 - -
25,076,777 23,286,544

Current assets
Stocks 11 3,171,523 2,428,723
Debtors 12 8,716,329 8,963,682
Cash at bank 9,675,631 5,945,828
21,563,483 17,338,233
Creditors
Amounts falling due within one year 13 13,772,254 12,242,866
Net current assets 7,791,229 5,095,367
Total assets less current liabilities 32,868,006 28,381,911

Creditors
Amounts falling due after more than one
year

14

(9,132,702

)

(10,302,300

)

Provisions for liabilities 17 (3,973,176 ) (1,630,770 )
Net assets 19,762,128 16,448,841

Capital and reserves
Called up share capital 18 3 3
Retained earnings 19 19,762,125 16,448,838
Shareholders' funds 19,762,128 16,448,841

The financial statements were approved by the Board of Directors and authorised for issue on 16 August 2024 and were signed on its behalf by:





M E Hewitson - Director


HEWITSON GROUP LTD (REGISTERED NUMBER: 10011832)

Company Balance Sheet
31 March 2024

31/3/24 31/3/23
Notes £    £    £    £   
Fixed assets
Tangible assets 9 - -
Investments 10 283,782 184,330
283,782 184,330

Current assets
Debtors 12 10,299,376 6,051,304
Cash at bank 12,512 361,740
10,311,888 6,413,044
Creditors
Amounts falling due within one year 13 205,821 197,879
Net current assets 10,106,067 6,215,165
Total assets less current liabilities 10,389,849 6,399,495

Capital and reserves
Called up share capital 18 3 3
Retained earnings 19 10,389,846 6,399,492
Shareholders' funds 10,389,849 6,399,495

Company's profit for the financial year 4,045,354 2,483,808

The financial statements were approved by the Board of Directors and authorised for issue on 16 August 2024 and were signed on its behalf by:





M E Hewitson - Director


HEWITSON GROUP LTD (REGISTERED NUMBER: 10011832)

Consolidated Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 December 2021 3 11,702,309 11,702,312

Changes in equity
Dividends - (55,000 ) (55,000 )
Total comprehensive income - 4,801,529 4,801,529
Balance at 31 March 2023 3 16,448,838 16,448,841

Changes in equity
Dividends - (55,000 ) (55,000 )
Total comprehensive income - 3,368,287 3,368,287
Balance at 31 March 2024 3 19,762,125 19,762,128

HEWITSON GROUP LTD (REGISTERED NUMBER: 10011832)

Company Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 December 2021 3 3,970,684 3,970,687

Changes in equity
Dividends - (55,000 ) (55,000 )
Total comprehensive income - 2,483,808 2,483,808
Balance at 31 March 2023 3 6,399,492 6,399,495

Changes in equity
Dividends - (55,000 ) (55,000 )
Total comprehensive income - 4,045,354 4,045,354
Balance at 31 March 2024 3 10,389,846 10,389,849

HEWITSON GROUP LTD (REGISTERED NUMBER: 10011832)

Consolidated Cash Flow Statement
for the Year Ended 31 March 2024

Period
1/12/21
Year Ended to
31/3/24 31/3/23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 10,596,507 8,498,308
Interest paid (502 ) (65,302 )
Interest element of hire purchase payments
paid

(1,029,498

)

(615,748

)
Tax paid (404,059 ) 48,448
Net cash from operating activities 9,162,448 7,865,706

Cash flows from investing activities
Purchase of tangible fixed assets (3,827,408 ) (2,201,118 )
Sale of tangible fixed assets 5,280,698 4,541,256
Fixed asset adjustment (6,523 ) -
Interest received 316,995 49,037
Net cash from investing activities 1,763,762 2,389,175

Cash flows from financing activities
Loan repayments in year - (1,350,000 )
Capital repayments in year (7,102,355 ) (7,786,153 )
Movement in other loans (39,052 ) (61,675 )
Equity dividends paid (55,000 ) (55,000 )
Net cash from financing activities (7,196,407 ) (9,252,828 )

Increase in cash and cash equivalents 3,729,803 1,002,053
Cash and cash equivalents at beginning of
year

2

5,945,828

4,943,775

Cash and cash equivalents at end of year 2 9,675,631 5,945,828

HEWITSON GROUP LTD (REGISTERED NUMBER: 10011832)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 March 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
Period
1/12/21
Year Ended to
31/3/24 31/3/23
£    £   
Profit before taxation 6,178,318 5,357,290
Depreciation charges 4,612,554 4,865,749
Profit on disposal of fixed assets (770,130 ) (1,075,219 )
Finance costs 1,030,000 681,050
Finance income (316,995 ) (49,037 )
10,733,747 9,779,833
Increase in stocks (742,800 ) (495,105 )
Decrease/(increase) in trade and other debtors 289,440 (2,526,650 )
Increase in trade and other creditors 316,120 1,740,230
Cash generated from operations 10,596,507 8,498,308

2. CASH AND CASH EQUIVALENTS

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

Year ended 31 March 2024
31/3/24 1/4/23
£    £   
Cash and cash equivalents 9,675,631 5,945,828
Period ended 31 March 2023
31/3/23 1/12/21
£    £   
Cash and cash equivalents 5,945,828 4,943,775


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1/4/23 Cash flow changes At 31/3/24
£    £    £    £   
Net cash
Cash at bank
and in hand 5,945,828 3,729,803 9,675,631
5,945,828 3,729,803 9,675,631
Debt
Finance leases (15,580,822 ) 7,102,355 - (15,557,891 )
(15,580,822 ) 7,102,355 - (15,557,891 )
Total (9,634,994 ) 10,832,158 - (5,882,260 )

HEWITSON GROUP LTD (REGISTERED NUMBER: 10011832)

Notes to the Consolidated Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Hewitson Group 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.

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


The company traded for a longer period in the previous period due to a change in accounting period. Therefore the comparative amounts in the financial statements (including related notes) are not entirely comparable.

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.

The financial statements have been prepared on the going concern basis of accounting.

Basis of consolidation
The consolidated financial statements are prepared in accordance with the Group accounting policies. All of the company's subsidiaries are included in the consolidated financial statements as all 100% owned by the parent company. All intercompany transactions have been excluded from the consolidated financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements,
estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis.

Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

-Construction contracts
These policies require forecasts to be made on the outcomes of construction contracts which require assessments and judgements to be made on the recoverability of pre-contract costs, changes in the scope of work, contract programmes, defect liabilities and changes in costs.

The Company's revenue recognition policy is set out within the accounting policy for Turnover and is central to how the company values the work it has carried out in each financial year.

HEWITSON GROUP LTD (REGISTERED NUMBER: 10011832)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income is being recognised according to the stage of completion of work done. In the case of groundwork income this is determined using quantity surveying methods.

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The policies adopted for the recognition of turnover are as follows:

-Construction contracts
When the outcome of individual contracts can be estimated reliably, contract revenue and contract costs are recognised as revenue and expenses by reference to the stage of completion at the reporting date.

-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 or on completion of contracts.

-Rendering of services
When the outcome of a transaction can be estimated reliably. Turnover from the hire of plant is recognised by reference to the period of hire at the balance sheet date. In the case of groundwork income this is determined using quantity surveying methods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - At varying rates
Motor vehicles - 50% on reducing balance, 33% on reducing balance and 25% on reducing balance
Computer equipment - 33% on cost, 33% on reducing balance, 25% on reducing balance, 20% on cost and 15% on reducing balance

Stocks
Work in progress for construction contracts is valued using the percentage completion method.

Non-contracted work in progress is valued using the lower of cost and net realisable value.

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

HEWITSON GROUP LTD (REGISTERED NUMBER: 10011832)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities, including loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year of less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit and loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.


HEWITSON GROUP LTD (REGISTERED NUMBER: 10011832)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year 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 balance sheet date.

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

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

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

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

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

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

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

Investments in subsidiaries
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit and loss.

3. EMPLOYEES AND DIRECTORS
Period
1/12/21
Year Ended to
31/3/24 31/3/23
£    £   
Wages and salaries 8,785,356 10,120,174
Social security costs 107,946 98,643
Other pension costs 127,459 191,207
9,020,761 10,410,024

HEWITSON GROUP LTD (REGISTERED NUMBER: 10011832)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
Period
1/12/21
Year Ended to
31/3/24 31/3/23

Employees 185 168
Directors 4 4
189 172




Year Ended
31/3/24


Period
1/12/21 to
31/3/23
£ £
Directors' remuneration inc. bonuses 353,309 252,364
Directors' pension contributions to money purchase schemes 77,280 100,863

The number of directors to whom retirement benefits were accruing was as follows

Money purchase schemes 4 4

4. OPERATING PROFIT

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

Period
1/12/21
Year Ended to
31/3/24 31/3/23
£    £   
Hire of plant and machinery 3,485,519 4,618,522
Depreciation - owned assets 1,400,950 788,867
Depreciation - assets on hire purchase contracts 3,211,604 4,076,882
Profit on disposal of fixed assets (770,130 ) (1,075,219 )
Auditors' remuneration 21,757 39,013
Foreign exchange differences 11,612 11,679

In accordance with s494 of the Companies Act 2006, total remuneration received by the auditor is analysed as follows:




Year
Ended
31/3/24


Period
1/12/21 to
31/3/23
£ £
Auditing of the financial statements 21,757 39,013
Other services 11,016 22,747
32,773 61,760


HEWITSON GROUP LTD (REGISTERED NUMBER: 10011832)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

5. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1/12/21
Year Ended to
31/3/24 31/3/23
£    £   
Bank interest 486 522
Bank loan interest 16 64,780
Hire purchase 1,029,498 615,748
1,030,000 681,050

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
1/12/21
Year Ended to
31/3/24 31/3/23
£    £   
Current tax:
UK corporation tax 467,641 180,706
Overprovision in prior year (16 ) -
Total current tax 467,625 180,706

Deferred tax 2,342,406 375,055
Tax on profit 2,810,031 555,761

HEWITSON GROUP LTD (REGISTERED NUMBER: 10011832)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

6. TAXATION - continued

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

Period
1/12/21
Year Ended to
31/3/24 31/3/23
£    £   
Profit before tax 6,178,318 5,357,290
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

1,544,580

1,017,885

Effects of:
Expenses not deductible for tax purposes 8,144 5,892
Income not taxable for tax purposes (193,517 ) (205,482 )
Capital allowances in excess of depreciation (683,547 ) (704,370 )
Utilisation of tax losses (259,779 ) (164,161 )
Adjustments to tax charge in respect of previous periods (16 ) (13,389 )
Gross gains 51,760 46,881
Unutilised losses - 197,450
Accelerated capital allowances - deferred tax 873,881 346,493
Change in rate in taxation - deferred tax 1,468,525 28,562
Total tax charge 2,810,031 555,761

7. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

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.


8. DIVIDENDS
Period
1/12/21
Year Ended to
31/3/24 31/3/23
£    £   
Paid during the year 55,000 55,000

HEWITSON GROUP LTD (REGISTERED NUMBER: 10011832)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

9. TANGIBLE FIXED ASSETS

Group
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 31,969,746 938,221 53,560 32,961,527
Additions 10,652,689 254,143 - 10,906,832
Disposals (7,476,631 ) (158,733 ) (425 ) (7,635,789 )
Reclassification/transfer 15,501 (10,137 ) (555 ) 4,809
At 31 March 2024 35,161,305 1,023,494 52,580 36,237,379
DEPRECIATION
At 1 April 2023 9,322,531 317,443 35,009 9,674,983
Charge for year 4,417,032 187,151 8,371 4,612,554
Eliminated on disposal (3,010,158 ) (114,638 ) (425 ) (3,125,221 )
Reclassification/transfer 6,901 (8,432 ) (183 ) (1,714 )
At 31 March 2024 10,736,306 381,524 42,772 11,160,602
NET BOOK VALUE
At 31 March 2024 24,424,999 641,970 9,808 25,076,777
At 31 March 2023 22,647,215 620,778 18,551 23,286,544

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023 24,422,944 230,586 24,653,530
Additions 7,047,247 32,177 7,079,424
Transfer to ownership (6,896,042 ) (20,115 ) (6,916,157 )
At 31 March 2024 24,574,149 242,648 24,816,797
DEPRECIATION
At 1 April 2023 5,107,548 48,235 5,155,783
Charge for year 3,162,410 49,194 3,211,604
Transfer to ownership (2,099,316 ) (13,110 ) (2,112,426 )
At 31 March 2024 6,170,642 84,319 6,254,961
NET BOOK VALUE
At 31 March 2024 18,403,507 158,329 18,561,836
At 31 March 2023 19,315,396 182,351 19,497,747

HEWITSON GROUP LTD (REGISTERED NUMBER: 10011832)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

10. FIXED ASSET INVESTMENTS

Company
Unlisted
investments
£   
COST OR VALUATION
At 1 April 2023 184,330
Adjustment to present value 99,452
At 31 March 2024 283,782
NET BOOK VALUE
At 31 March 2024 283,782
At 31 March 2023 184,330

Cost or valuation at 31 March 2024 is represented by:

Unlisted
investments
£   
Valuation in 2019 96,678
Valuation in 2020 (5,098 )
Valuation in 2021 22,455
Valuation in 2022 70,087
Valuation in 2023 99,452
Cost 208
283,782

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

Subsidiaries

Hewitson Ltd
Registered office: Teesside Grange, Eaglescliffe, Stockton-on-Tees, TS16 0QH
Nature of business: Groundworks
%
Class of shares: holding
Ordinary 100.00
31/3/24 31/3/23
£    £   
Aggregate capital and reserves 2,800,549 2,523,022
Profit for the year/period 3,047,527 1,829,626

HEWITSON GROUP LTD (REGISTERED NUMBER: 10011832)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

10. FIXED ASSET INVESTMENTS - continued

Hewitson Plant Hire Ltd
Registered office: Teesside Grange, Eaglescliffe, Stockton-on-Tees, TS16 0QH
Nature of business: Plant hire
%
Class of shares: holding
Ordinary 100.00
31/3/24 31/3/23
£    £   
Aggregate capital and reserves 3,184,229 4,910,364
(Loss)/profit for the year/period (1,825,587 ) 809,779

Hewitson Haulage Ltd
Registered office: Teesside Grange, Eaglescliffe, Stockton-on-Tees, TS16 0QH
Nature of business: Haulage
%
Class of shares: holding
Ordinary 100.00
31/3/24 31/3/23
£    £   
Aggregate capital and reserves 1,001,405 935,695
Profit for the year/period 370,810 601,092

Appleton Homes Ltd
Registered office: Teesside Grange, Eaglescliffe,Stockton-on-Tees,TS16 0QH
Nature of business: Development of property
%
Class of shares: holding
Ordinary 100.00
31/3/24 31/3/23
£    £   
Aggregate capital and reserves 272,004 268,983
Profit for the year/period 3,021 23,432

Hewitson Plant Sales Ltd
Registered office: Teesside Grange, Eaglescliffe, Stockton-on-Tees, TS16 0QH
Nature of business: Plant sales
%
Class of shares: holding
Ordinary 100.00
31/3/24 31/3/23
£    £   
Aggregate capital and reserves 1,888,469 1,473,511
Profit for the year/period 794,958 1,085,261

HEWITSON GROUP LTD (REGISTERED NUMBER: 10011832)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

10. FIXED ASSET INVESTMENTS - continued

Oaktree Living Ltd
Registered office: Teesside Grange, Eaglescliffe, Stockton-on-Tees, TS16 0QH
Nature of business: Development of property
%
Class of shares: holding
Ordinary 100.00
31/3/24 31/3/23
£    £   
Aggregate capital and reserves 517,382 130,178
Profit for the year/period 387,204 76,604


11. STOCKS

Group
31/3/24 31/3/23
£    £   
Stocks 3,171,523 2,428,723

12. DEBTORS

Group Company
31/3/24 31/3/23 31/3/24 31/3/23
£    £    £    £   
Amounts falling due within one year:
Trade debtors 3,004,257 4,303,261 - -
Amounts owed by group undertakings - - 8,515,740 4,343,078
Other debtors 604,282 472,152 16,512 178,313
VAT 557,473 957,158 - -
Prepayments and accrued income 4,250,317 2,931,111 - -
8,416,329 8,663,682 8,532,252 4,521,391

Amounts falling due after more than one year:
Amounts owed by group undertakings - - 1,767,124 1,529,913
Prepayments and accrued income 300,000 300,000 - -
300,000 300,000 1,767,124 1,529,913

Aggregate amounts 8,716,329 8,963,682 10,299,376 6,051,304

HEWITSON GROUP LTD (REGISTERED NUMBER: 10011832)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31/3/24 31/3/23 31/3/24 31/3/23
£    £    £    £   
Hire purchase contracts (see note 15) 6,445,970 5,302,689 - -
Trade creditors 4,311,896 4,881,227 - -
Tax 244,272 180,706 - 67,241
Social security and other taxes 359,114 313,619 105,430 51,944
VAT - - 85,962 64,309
Other creditors 876,127 293,283 9,929 6,983
Deferred grant 3,386 3,938 - -
Accrued expenses 1,531,489 1,267,404 4,500 7,402
13,772,254 12,242,866 205,821 197,879

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

Group
31/3/24 31/3/23
£    £   
Hire purchase contracts (see note 15) 9,111,921 10,278,133
Deferred grant 20,781 24,167
9,132,702 10,302,300

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31/3/24 31/3/23
£    £   
Net obligations repayable:
Within one year 6,445,970 5,302,689
Between one and five years 9,111,921 10,216,670
In more than five years - 61,463
15,557,891 15,580,822

16. SECURED DEBTS

The following secured debts are included within creditors:

Group
31/3/24 31/3/23
£    £   
Hire purchase contracts 15,557,891 15,580,822

The hire purchase debts are secured by the assets to which they relate. The bank loan liabilities are secured by the assets of the company.

HEWITSON GROUP LTD (REGISTERED NUMBER: 10011832)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

17. PROVISIONS FOR LIABILITIES

Group
31/3/24 31/3/23
£    £   
Deferred tax 3,973,176 1,630,770

Group
Deferred
tax
£   
Balance at 1 April 2023 1,630,770
Accelerated capital allowances 1,468,525
Change in rate in taxation 873,881
Balance at 31 March 2024 3,973,176

In the following period the amount of deferred tax provision that is expected to unwind is £696,202 (P/E 31/3/23 £5,221).

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/3/24 31/3/23
value: £    £   
3 Ordinary £1 3 3

Each share has full voting rights and full entitlement to profit and capital distributions.

19. RESERVES

Group
Retained
earnings
£   

At 1 April 2023 16,448,838
Profit for the year 3,368,287
Dividends (55,000 )
At 31 March 2024 19,762,125

Company
Retained
earnings
£   

At 1 April 2023 6,399,492
Profit for the year 4,045,354
Dividends (55,000 )
At 31 March 2024 10,389,846


HEWITSON GROUP LTD (REGISTERED NUMBER: 10011832)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

20. CONTINGENT LIABILITIES

A debenture aexists including a charge over the assets of the company dated 14 February 2019 in favour of Handelsbanken PLC.

A multilateral guarantee exists between Hewitson Limited, Hewitson Plant Hire Limited, Hewitson Haulage Ltd, HAB Northern Ltd, Oaktree Living Limited and Hewitson Plant Sales Limited dated 14th April 2014 in favour of HSBC Bank plc.

21. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

During the year the group received recharges and management charges totalling £175,543 (P/E 31/3/2023: £Nil) from companies or unincorporated entities which M E Hewitson owns. There was also management charges paid totalling £48,380 (P/E 31/3/2023: £60,400) to companies and unincorporated business owned by M E Hewitson.

During the year, a total of key management personnel compensation of £ 1,068,177 (2023 - £ 846,740 ) was paid.

22. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M E Hewitson.