Company registration number 14645405 (England and Wales)
HIGHWOOD GROUP HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
HIGHWOOD GROUP HOLDINGS LIMITED
COMPANY INFORMATION
Directors
N Brown
(Appointed 29 March 2023)
N Meek
(Appointed 29 March 2023)
S Matthews
(Appointed 29 March 2023)
P Prosser
(Appointed 29 March 2023)
Company number
14645405
Registered office
The Hay Barn
Upper Ashfield Farm
Hoe Lane
Romsey
Hampshire
SO51 9NJ
Auditor
Fiander Tovell Limited
Stag Gates House
63/64 The Avenue
Southampton
Hampshire
SO17 1XS
HIGHWOOD GROUP HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 32
HIGHWOOD GROUP HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 JUNE 2023
- 1 -

The directors present the strategic report for the period ended 30 June 2023.

Review of the business

This strategic report covers the first 3 months of incorporation of the new entity Highwood Group Holdings Ltd from April 2023, whereby results for the period comprised turnover of £18.16m, gross profit of £1.18m, operating loss of £0.16m and losses on ordinary activities before taxation of £0.13m.

 

Whilst the accounts cover a period of 4 months only, the past year itself was once again marked by hyper-inflationary conditions, supply chain and logistical challenges, and shortage of subcontractors, all of which have had a notable impact on the profit margins of our ongoing legacy projects. Despite these challenges, the group secured two land sales and initiated one new build contract with a combined value of £13.5m during this reporting period, with the balance of the land to be sold in the next financial year.

 

The group secured 3 new construction projects in the next financial year, including 3 new care homes and 2 retirement villages with new clients, comprising 197 care home beds and 97 new apartments, with the combined contract value of £49m.

Principal risks and uncertainties

While the challenges posed by the uncertainties of COVID and Brexit are largely behind us, the aftermath has ushered in a new set of risks on some of our legacy projects for the group, some of which were underscored in the strategic report of the previous year.

 

The key risks and uncertainties expected to impact the group in the future include:

 

  1. Escalating inflation in the construction sector, particularly in essential materials such as plasterboard, timber, and steel, with annual price hikes surpassing 20%.

  2. Shortages of skilled labour in critical trades, a pervasive issue across the industry, impacting project timelines. These risks are actively addressed through proactive engagement with our supply chain ahead of schedule and a strategic focus on core supply chain partners.

  3. Challenges in the planning process within our operational area, exacerbated by staff shortages in local authorities and the substantial impact of regulatory requirements (water neutrality, nitrates, phosphates), which continue to impede the pace of delivery and contribute significantly to the costs of the development process.

  4. Political uncertainty and the effects the Autumn Budget released by then Prime Minister, Liz Truss, had on the investment market; specifically for the Group in respect of care homes, where the cost of borrowing and investment returns based upon a yield calculation had made some new schemes unviable for the time being.

  5. The potential for subcontractors facing liquidation poses a risk of incurring additional costs on ongoing contracts.

HIGHWOOD GROUP HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 2 -
Development and performance

The group's primary strategy revolves around the successful execution of partnership activities, involving the sourcing of land, navigating through the planning process, and subsequently developing (constructing/selling) in collaboration with housing associations, local authorities, or private sector owners/managers. This approach enables the group to maintain a positive cash position while extracting favourable margins from identified sites. Emphasising a balanced delivery across care homes, retirement living, and housing sites, the group perceives these sub-sectors as possessing enduring long-term growth prospects.

 

Complementing this core strategy, the group aims to sustain its robust contracting business, focusing on core competencies in housing, care homes, and retirement living products.

 

In the short term, the group boasts a pipeline exceeding £120 million in its contracting business, and collectively, with other associated companies under the same control, holds ownership or control over approximately 3,000 housing sites and 9 care home sites. Whilst we expect tougher trading conditions in the short term, the Directors continue to express confidence that the group will stabilise and improve operating margins in the medium term.

 

The business will continue to mitigate  much of its risk by diversifying its operations between construction and development in collaboration with longstanding partners. Moreover, the strategic product base spanning care, retirement, and housing aligns with sustained strong demand trends.

On behalf of the board

N Brown
Director
30 August 2024
HIGHWOOD GROUP HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 JUNE 2023
- 3 -

The directors present their annual report and financial statements for the period ended 30 June 2023.

Principal activities

The principal activity of the company is that of holding company.

 

The principal activity of the group continued to be that of property development, building and construction services.

Results and dividends

The results for the period are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

No preference dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

M Baskerville
(Appointed 29 March 2023 and resigned 19 February 2024)
N Brown
(Appointed 29 March 2023)
N Meek
(Appointed 29 March 2023)
S Matthews
(Appointed 29 March 2023)
P Prosser
(Appointed 29 March 2023)
Financial instruments
Treasury operations and financial instruments

The group operates a treasury function which is responsible for managing the liquidity and interest risks associated with the group’s activities.

 

The group's principal financial instruments include bank balances, trade debtors and trade creditors arising directly from its operations.

Liquidity risk

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Pricing risk

The directors consider that the company faces the usual pricing risk of any other company operating in a competitive, commercial environment.

Auditor

The auditor, Fiander Tovell Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

HIGHWOOD GROUP HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 4 -
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure in strategic report or directors' report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of strategies and future outlook.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
N Brown
Director
30 August 2024
2024-08-30
HIGHWOOD GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HIGHWOOD GROUP HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of Highwood Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 June 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

HIGHWOOD GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HIGHWOOD GROUP HOLDINGS LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

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:

We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

HIGHWOOD GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HIGHWOOD GROUP HOLDINGS LIMITED
- 7 -

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Gregory ACA (Senior Statutory Auditor)
For and on behalf of Fiander Tovell Limited
30 August 2024
Chartered Accountants
Statutory Auditor
Stag Gates House
63/64 The Avenue
Southampton
Hampshire
SO17 1XS
HIGHWOOD GROUP HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2023
- 8 -
Period
ended
30 June
2023
Notes
£'000
Turnover
3
18,158
Cost of sales
(16,977)
Gross profit
1,181
Administrative expenses
(1,360)
Other operating income
19
Operating loss
4
(160)
Interest receivable and similar income
8
4
Interest payable and similar expenses
9
(5)
Loss before taxation
(161)
Tax on loss
10
35
Loss for the financial period
(126)
(Loss)/profit for the financial period is all attributable to the owners of the parent company.
Total comprehensive income for the period is all attributable to the owners of the parent company.
HIGHWOOD GROUP HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 9 -
2023
Notes
£'000
£'000
Fixed assets
Goodwill
11
9,361
Other intangible assets
11
73
Total intangible assets
9,434
Tangible assets
12
221
Investments
13
1,197
10,852
Current assets
Stocks
15
15,262
Debtors falling due after more than one year
17
1,295
Debtors falling due within one year
17
8,155
Cash at bank and in hand
8,615
33,327
Creditors: amounts falling due within one year
18
(21,951)
Net current assets
11,376
Total assets less current liabilities
22,228
Creditors: amounts falling due after more than one year
19
(15,470)
Provisions for liabilities
Deferred tax liability
21
2,655
(2,655)
Net assets
4,103
Capital and reserves
Called up share capital
23
4,229
Profit and loss reserves
(126)
Total equity
4,103

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 30 August 2024 and are signed on its behalf by:
30 August 2024
N Brown
Director
Company registration number 14645405 (England and Wales)
HIGHWOOD GROUP HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 10 -
2023
Notes
£'000
£'000
Fixed assets
Investments
13
25,175
Current assets
-
Creditors: amounts falling due within one year
18
(6,763)
Net current liabilities
(6,763)
Total assets less current liabilities
18,412
Creditors: amounts falling due after more than one year
19
(14,190)
Net assets
4,222
Capital and reserves
Called up share capital
23
4,229
Profit and loss reserves
(7)
Total equity
4,222

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £6,600.

The financial statements were approved by the board of directors and authorised for issue on 30 August 2024 and are signed on its behalf by:
30 August 2024
N Brown
Director
Company registration number 14645405 (England and Wales)
HIGHWOOD GROUP HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2023
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£'000
£'000
£'000
Balance at 7 February 2023
-
0
-
0
-
Period ended 30 June 2023:
Loss and total comprehensive income
-
(126)
(126)
Issue of share capital
23
4,229
-
4,229
Balance at 30 June 2023
4,229
(126)
4,103
HIGHWOOD GROUP HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2023
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£'000
£'000
£'000
Balance at 7 February 2023
-
0
-
0
-
Period ended 30 June 2023:
Profit and total comprehensive income
-
(7)
(7)
Issue of share capital
23
4,229
-
4,229
Balance at 30 June 2023
4,229
(7)
4,222
HIGHWOOD GROUP HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 JUNE 2023
- 13 -
2023
Notes
£'000
£'000
Cash flows from operating activities
Cash generated from/(absorbed by) operations
28
11,130
Interest paid
(5)
Income taxes paid
(527)
Net cash inflow/(outflow) from operating activities
10,598
Investing activities
Purchase of business
(1,924)
Purchase of tangible fixed assets
(63)
Interest received
4
Net cash used in investing activities
(1,983)
Net increase in cash and cash equivalents
8,615
Cash and cash equivalents at beginning of period
-
0
Cash and cash equivalents at end of period
8,615
HIGHWOOD GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
- 14 -
1
Accounting policies
Company information

Highwood Group Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is The Hay Barn, Upper Ashfield Farm, Hoe Lane, Romsey, Hampshire, SO51 9NJ.

 

The group consists of Highwood Group Holdings Limited and all of its subsidiaries.

1.1
Reporting period

The current reporting period covers the date of incorporation of 7 February 2023 to 30 June 2023.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £'000.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.3
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

HIGHWOOD GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 15 -
1.4
Basis of consolidation

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

 

All financial statements are made up to 30 June 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

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

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

1.5
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.6
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.The group recognises turnover on an accruals basis, where the amount of turnover can be reliably measured and it is probable that the future economic benefits will flow to the group.

 

Revenue from construction contracts is recognised by reference to the value of certified work at the year end.

 

Land sales are recognised upon exchange of ownership, when the rewards and responsibilities are transferred.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.8
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

HIGHWOOD GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 16 -

The asset acquired through business combinations is in respect of the Group's new accounting package COINS, which was a significant investment and has been capitalised as it will be an enduring asset of the business and management expect to make significant time savings from its full implementation.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
20% straight line
1.9
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10% straight line
Plant and equipment
20-25% straight line
Fixtures and fittings
20% straight line
Computers
25% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.10
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.11
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

1.12
Stocks

Work in progress is stated at the lower of cost and estimated selling price less costs to complete and sell.

HIGHWOOD GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 17 -
1.13
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

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

1.14
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.15
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

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.

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 group 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 group after deducting all of its liabilities.

HIGHWOOD GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 18 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing 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 or 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.16
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.17
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

HIGHWOOD GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 19 -
1.18
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.19
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.20
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Accounting for construction contracts

Recognition of revenue and profit is based on judgements made in respect of the ultimate profitability of a contract. Such judgements are arrived at through the use of estimation in relation to costs and value of work performed to date and to be performed in bringing contracts to completion. These estimates are made by reference to recovery of pre-contract costs, variations in work scopes, claim recoveries and expected contract costs to complete. The group has appropriate control procedures to ensure all estimates are determined on a consistent basis and subject to review and authorisation. The amount included in cost accruals which has been estimated based on the expected profit margin is £11,020,000.

HIGHWOOD GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 20 -
3
Turnover and other revenue

The total turnover of the group for the year has been derived from its principal activities wholly undertaken in the United Kingdom.

2023
£'000
Turnover analysed by class of business
Property development, building and construction
14,459
Land sales
3,699
18,158
2023
£'000
Other revenue
Interest income
4
4
Operating loss
2023
£'000
Operating loss for the period is stated after charging:
Depreciation of owned tangible fixed assets
17
Amortisation of intangible assets
253
Operating lease charges
34
5
Auditor's remuneration
2023
Fees payable to the company's auditor and associates:
£'000
For audit services
Audit of the financial statements of the group and company
7
Audit of the financial statements of the company's subsidiaries
55
62
For other services
Taxation compliance services
7
All other non-audit services
21
28
HIGHWOOD GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 21 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the period was:

Group
Company
2023
2023
Number
Number
Directors
5
5
Administration
26
-
Operations
60
-
Total
91
5

Their aggregate remuneration comprised:

Group
Company
2023
2023
£'000
£'000
Wages and salaries
1,600
-
0
Social security costs
186
-
Pension costs
53
-
0
1,839
-
0
7
Directors' remuneration
2023
£'000
Remuneration for qualifying services
172
Company pension contributions to defined contribution schemes
7
179

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4.

8
Interest receivable and similar income
2023
£'000
Interest income
Other interest income
4
HIGHWOOD GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 22 -
9
Interest payable and similar expenses
2023
£'000
Other interest on financial liabilities
4
Other interest
1
Total finance costs
5
10
Taxation
2023
£'000
Current tax
UK corporation tax on profits for the current period
15
Adjustments in respect of prior periods
1
Total current tax
16
Deferred tax
Origination and reversal of timing differences
(51)
Total tax credit
(35)

From 1 April 2023, the rate of corporation tax has increased from 19% to 25%. Therefore, a hybrid rate has been applied for this period and has been used in the calculation of the tax liability.

In line with the previous year the deferred tax has been measured at 25% at the reporting date.

The actual (credit)/charge for the period can be reconciled to the expected credit for the period based on the profit or loss and the standard rate of tax as follows:

2023
£'000
Loss before taxation
(161)
Expected tax credit based on the standard rate of corporation tax in the UK of 20.50%
(33)
Tax effect of expenses that are not deductible in determining taxable profit
4
Adjustments in respect of prior years
1
Other permanent differences
(7)
Taxation credit
(35)
HIGHWOOD GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 23 -
11
Intangible fixed assets
Group
Goodwill
Software
Total
£'000
£'000
£'000
Cost
At 7 February 2023
-
0
-
0
-
0
Additions - business combinations
9,608
79
9,687
At 30 June 2023
9,608
79
9,687
Amortisation and impairment
At 7 February 2023
-
0
-
0
-
0
Amortisation charged for the period
247
6
253
At 30 June 2023
247
6
253
Carrying amount
At 30 June 2023
9,361
73
9,434
The company had no intangible fixed assets at 30 June 2023.
12
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£'000
£'000
£'000
£'000
£'000
£'000
Cost
At 7 February 2023
-
0
-
0
-
0
-
0
-
0
-
0
Additions
-
0
29
5
29
-
0
63
Business combinations
82
9
37
40
7
175
At 30 June 2023
82
38
42
69
7
238
Depreciation and impairment
At 7 February 2023
-
0
-
0
-
0
-
0
-
0
-
0
Depreciation charged in the period
5
2
3
6
1
17
At 30 June 2023
5
2
3
6
1
17
Carrying amount
At 30 June 2023
77
36
39
63
6
221
The company had no tangible fixed assets at 30 June 2023.
HIGHWOOD GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 24 -
13
Fixed asset investments
Group
Company
2023
2023
Notes
£'000
£'000
Investments in subsidiaries
14
390
25,175
Unlisted investments
807
-
0
1,197
25,175
Fixed asset investments not carried at market value

On 4 July 2022, the group purchased 8.3% of the issued share capital in Highwood Strategic Land Limited. The investment has been initially and subsequently measured at cost less impairment in line with section 11.14(d)(v) of FRS 102. The directors consider that there has been no impairment of the investment since acquisition.

Movements in fixed asset investments
Group
Shares in subsidiaries
Other investments
Total
£'000
£'000
£'000
Cost or valuation
At 7 February 2023
-
-
-
Additions - business combinations
390
807
1,197
At 30 June 2023
390
807
1,197
Carrying amount
At 30 June 2023
390
807
1,197

The value of investments in the group balance sheet relates to legal costs arising from business combinations.

Movements in fixed asset investments
Company
Shares in subsidiaries
£'000
Cost or valuation
At 7 February 2023
-
Additions
25,175
At 30 June 2023
25,175
Carrying amount
At 30 June 2023
25,175
HIGHWOOD GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 25 -
14
Subsidiaries

Details of the company's subsidiaries at 30 June 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Highwood (Botley) Limited
England and Wales
Property development
Ordinary
-
100.00
Highwood Construction Limited
England and Wales
Property development, building and construction services
Ordinary
-
100.00
Highwood Homes Limited
England and Wales
Property development
Ordinary
-
100.00
Highwood Land (Horndean) Limited
England and Wales
Property development
Ordinary
-
100.00
Highwood Land (South Allington) Limited
England and Wales
Property development
Ordinary
-
100.00
Highwood Residential Limited
England and Wales
Property development
Ordinary
-
100.00
Highwood Resources Limited
England and Wales
Provision of resources
Ordinary
-
100.00
Highwood Ventures 2 Limited
England and Wales
Property development
Ordinary
-
100.00
Highwood Ventures Limited
England and Wales
Property development
Ordinary
-
100.00
North Stoneham Developments Limited
England and Wales
Property development
Ordinary
-
100.00
Highwood Group Limited
England and Wales
Holding company
Ordinary
-
100.00
Highwood Holdings Limited
England and Wales
Holding company
Ordinary
100.00
-

The registered offices for all the entities noted above are the same as disclosed for this entity.

15
Stocks
Group
Company
2023
2023
£'000
£'000
Work in progress
15,262
-
16
Construction contracts

The revenue disclosed for both the current and comparative periods relates to construction contracts and land sales. All trade debtors, work in progress and trade creditors at the period end are related to these ongoing contracts.

 

The balance sheet also includes accrued income of £5,229,000, deferred income of £Nil and accrued costs of £11,020,000 in respect of these contracts.

HIGHWOOD GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 26 -
17
Debtors
Group
Company
2023
2023
Amounts falling due within one year:
£'000
£'000
Trade debtors
2,295
-
0
Corporation tax recoverable
66
-
0
Other debtors
5,701
-
0
Prepayments and accrued income
93
-
0
8,155
-
Amounts falling due after more than one year:
Trade debtors
1,295
-
0
Total debtors
9,450
-
18
Creditors: amounts falling due within one year
Group
Company
2023
2023
Notes
£'000
£'000
Other borrowings
20
1,200
1,200
Trade creditors
6,034
-
0
Amounts owed to group undertakings
-
0
5,556
Corporation tax payable
5
-
0
Other taxation and social security
440
-
Other creditors
97
-
0
Accruals and deferred income
14,175
7
21,951
6,763
19
Creditors: amounts falling due after more than one year
Group
Company
2023
2023
Notes
£'000
£'000
Other borrowings
20
14,190
14,190
Trade creditors
1,280
-
0
15,470
14,190
HIGHWOOD GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 27 -
20
Loans and overdrafts
Group
Company
2023
2023
£'000
£'000
Other loans
15,390
15,390
Payable within one year
1,200
1,200
Payable after one year
14,190
14,190

The long-term loans are secured by fixed charges by way of a composite guarantee and debenture over Highwood Group Holdings Limited and the 17 Highwood Ventures companies that were outside of the group at 29 March 2023.

Other loans comprise of Class A and Class B loan notes which both attract a fixed interest rate of 5.5% and are both repayable by 20 March 2030.

21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
2023
Group
£'000
Revaluations
2,655
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the period:
£'000
£'000
Asset at 7 February 2023
-
-
Charge to profit or loss
2,655
-
Liability at 30 June 2023
2,655
-

 

22
Retirement benefit schemes
2023
Defined contribution schemes
£'000
Charge to profit or loss in respect of defined contribution schemes
55
HIGHWOOD GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
22
Retirement benefit schemes
(Continued)
- 28 -

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

 

There were outstanding contributions at year end of £0 (2022: £1,000).

23
Share capital
Group and company
2023
2023
Ordinary share capital
Number
£'000
Issued and fully paid
A Ordinary Shares of £1 each
845,500
846
B Ordinary Shares of £1 each
2,536,500
2,537
3,382,000
3,383
2023
2023
Preference share capital
Number
£'000
Issued and fully paid
Preference shares of £1 each
845,500
846
Preference shares classified as equity
846
Total equity share capital
4,229

Ordinary share capital

 

All ordinary shares in issue have the same rights, preferences and restrictions attached to them.

 

Preference share capital

 

The irredeemable preference shares have the right to receive an annual preferential dividend of 3% of the nominal value of the preference share in issue.

 

The preference shares have no voting rights attached and are not eligible for further dividends beyond the contractual 3% noted above.

HIGHWOOD GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 29 -
24
Acquisition of a business

On 29 March 2023 the group acquired 100% percent of the issued capital of Highwood Holdings Limited.

Book Value
Adjustments
Fair Value
Net assets acquired
£'000
£'000
£'000
Intangible assets
79
-
79
Property, plant and equipment
175
-
175
Investments
807
-
807
Inventories
4,149
10,621
14,770
Trade and other receivables
18,651
-
18,651
Cash and cash equivalents
3,632
-
3,632
Trade and other payables
(19,781)
-
(19,781)
Tax liabilities
(501)
(2,655)
(3,156)
Total identifiable net assets
7,211
7,966
15,177
Goodwill
9,608
Total consideration
24,785
The consideration was satisfied by:
£'000
Cash
5,166
Issue of shares
4,229
Loan notes
15,390
24,785
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£'000
Turnover
18,155
Profit after tax
130
HIGHWOOD GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 30 -
25
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2023
£'000
£'000
Within one year
205
-
Between two and five years
427
-
632
-
26
Events after the reporting date

Subsequent to the period end the shareholders agreed heads of terms to carry out the following actions:

 

 

The terms agreed have no effect on the results presented for the year ended 30 June 2023.

 

The below table shows what the financial effect of the changes would have been on the 30 June 2023 figures:

 

Financial Statement Heading

Position as reported on 30 June 2023 (£’000)

Position after actions (£’000)

Group

Dr / (Cr)

Dr / (Cr)

Creditors: amounts falling due after more than one year

(15,234)

(10,234)

Called up share capital

(4,229)

(6,185)

Profit and loss reserves

126

(2,918)

 

 

 

Company

 

 

Creditors: amounts falling due after more than one year

(13,954)

(8,954)

Called up share capital

(4,229)

(6,185)

Profit and loss reserves

7

(3,037)

 

HIGHWOOD GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 31 -
27
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
£'000
Aggregate compensation
704
Other information

During the year the group also operated loan accounts with other entities under the control of the directors. These loan accounts were interest free and repayable on demand.

 

At the balance sheet date, the following amounts were owed to the group by:

 

CKS Investment Properties Limited - £687,000.

Highwood Care Group Limited - £10,880.

Highwood Strategic Land Limited - £527,000.

Highwood Land 2 LLP - £7,400.

Old Mansion Site Limited - £Nil.

Upper Ashfield Management Company Limited - £9,000.

Hoe Lane Investments Limited - £252,000.

 

At the balance sheet date, the following amounts were owed by the group to:

 

Ashfield Property Developments (Fordingbridge) Limited - £3,717.

28
Cash generated from/(absorbed by) group operations
2023
£'000
Loss for the period after tax
(126)
Adjustments for:
Taxation credited
(35)
Finance costs
5
Investment income
(4)
Amortisation and impairment of intangible assets
253
Depreciation and impairment of tangible fixed assets
17
Movements in working capital:
Increase in stocks
(492)
Decrease in debtors
9,267
Increase in creditors
2,245
Cash generated from/(absorbed by) operations
11,130
HIGHWOOD GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 32 -
29
Analysis of changes in net debt - group
7 February 2023
Cash flows
Other non-cash changes
30 June 2023
£'000
£'000
£'000
£'000
Cash at bank and in hand
-
8,615
-
8,615
Borrowings excluding overdrafts
-
-
(15,390)
(15,390)
-
8,615
(15,390)
(6,775)
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