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REGISTERED NUMBER: 07853609 (England and Wales)


























GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

HOLMPATRICK LIMITED

HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


HOLMPATRICK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr M Benyon
Mrs J A Ball
Mr R J J Fox
Mrs C J Hanwright
Mr I R Benyon



REGISTERED OFFICE: Holmpatrick
Lancots Lane
St Helens
Merseyside
WA9 3EX



REGISTERED NUMBER: 07853609 (England and Wales)



AUDITORS: Livesey Spottiswood Ltd
Chartered Accountants and
Statutory Auditors
17 George Street
St Helens
Merseyside
WA10 1DB



BANKERS: Lloyds TSB Plc
23A Hardshaw Street
St Helens
Merseyside
WA10 1RT

HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their strategic report of the company and the group for the year ended 31 December 2023.

Holmpatrick Ltd is a UK Holding company with 15 subsidiaries the majority of which are wholly owned. It owns several properties which are rented to group and non-group companies and holds many trade marks and the associated intellectual property.

In the healthcare sector, companies are Aidapt Bathrooms Ltd, Chiltern Invadex (UK) Ltd and W.Munro (Rehab) Ltd who are 100% owned and Aidapt BV and Aidapt SAS which are 75% owned.

In household products distribution are Electrovision Ltd and Best For Buying Ltd which are 100% owned and Premiair Appliances Ltd which is 75% owned.

In building contracting is Holmpatrick Developments Ltd which is 85% owned.

Property holding companies are NJD Ltd and G Pennington Estates Ltd, both wholly owned.

The other subsidiaries are 100% owned but non trading.


HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

REVIEW OF BUSINESS
The results for the year and the financial position of the group are included in the annexed financial statements.

The directors consider both turnover and profit margins to be key financial indicators of the company's performance
.
The consolidated results of the group show an increase in turnover from £40,058,433 to £43,538,194, an increase of almost 9%. Profit before tax has also increased from £3,575,198 to £6,606,252. Included in the profit before tax is the profit on the sale of part of our site at Lancots Lane, St.Helens which amounted to £1,236,204. The directors consider the results for the year to be satisfactory.

All properties within the group were fully rented, mainly on FRI leases.

There was no substantial capital expenditure in the year, however, in 2024 a site in Houghtons Lane, St.Helens with planning permission for 6 houses has been purchased for £800,000.

Information regarding subsidiaries is as follows:

Aidapt Bathrooms Ltd manufactures and distributes aids to daily living in the UK and overseas and operates from 3 group owned distribution centres in St.Helens, Cardiff and Rochester. Results for the year were excellent with turnover up by over 8% to £17,548,900 (2022 - £16,201,122) and profit before tax increasing from £1,514,478 to £2,593,185.

Aidapt SAS operates in France and distributes aids to daily living and other household goods in France. It made an operating loss of £36.435 in the year. A profit is forecast for 2024 and the results are considered acceptable.

Aidapt BV operates in Holland and to a lesser extent Germany and distributes aids to daily living and other household goods. The company made a profit before tax of £117,549 in the year and this result is considered satisfactory.

Chiltern Invadex (UK) Ltd manufactures and distributes medical equipment and aids to daily living in the UK and overseas. It operates form a group owned factory in Banbury and although turnover fell by 5% to £3,358,459 (2022 - £3,518,705), the profit before tax of £97,826 was as expected . A considerable amount of time and effort has been committed to a new hoist system which will be available in 2024/2025.

W Munro (Rehab) Ltd distributes medical equipment and aids to daily living in Scotland. It operates from a group owned warehouse in Clydebank, Glasgow and saw sales increase by 16% to £4,442,888 (2022 - £3,829,677) and profits increased from £247,620 to £392,677. These results are considered excellent.

Altai Europe Ltd is a non trading company and owns a property in France.

Electrovision Ltd distributes a range of household goods in the UK and operates from a group owned warehouse in St.Helens. Turnover in the year decreased by 9% from £8,976,741 to £8,186,542. Profit before tax was £393,350, an improvement on the previous year's profit of £66,658 which was largely due to improved margins and control of overheads.

Premiair Appliances Ltd distributes heating and cooling products in the UK from the group owned warehouse in St.Helens. Turnover in the year increased by approximately 26% from £2,247,826 to £2,833,995. Profit before tax also increased from £107,406 to £204,171. Turnover is affected by seasonal factors and the directors are of the opinion that turnover will significantly decrease in 2024 leading to the company making a loss in 2024.

Best for Buying Ltd sells aids to daily living and household goods via the internet. Turnover has increased from £79,890 in 2022 to £161,419 in 2023. Unfortunately, pressure on margins resulted in the company making a loss of £10,752 in the year (2022 - £7,949 profit). These results are considered satisfactory with turnover expected to increase in 2024.

G.Pennington Estates Ltd has sold the property it holds in St.Helens and has a profit before tax of £6,171 in 2023. It is now non trading.

NJD Ltd owns the Fishwicks Industrial Estate in St.Helens which is fully rented on both long term FRI leases as well as a small proportion of buildings on short term licences. Rental income in the year was £322,001 (2022 - £326,544) and profit before tax was £989,048 (2022 - £312,990). Included in these profits was an increase in the valuation of the Fishwicks Industrial Estate of £609.070 and a profit of £76,875 on the sale of a small portion of the site.

Holmpatrick Developments Ltd is a building contractor based in St.Helens and builds low cost housing mainly for Housing Associations in the north west of England. Turnover in the year at £10,392,445 was an increase of approximately 14% on the previous year of £9,103,961. Profit before tax in the year reduced from £673,978 to £121,732 due to an increase in the cost of building materials. Despite this reduction the directors consider the results to be satisfactory and anticipate a significant increase for profits in 2024.


HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

PRINCIPAL RISKS AND UNCERTAINTIES
As a large proportion of the goods sold by the group are manufactured in the far east, the lead times associated with these products can be a number of months. In order to mitigate this risk, the group hold sufficient stocks of these items to ensure that there is no delay in the supply to customers.

Other risks are foreign exchange movements and container freight rates which can be volatile.

Minor risks include the current dominant market position of certain companies within the online marketplace, government red tape and delays by statutory authorities in areas such as planning. The directors do not believe anything can be economically done to mitigate these risks at present.

SECTION 172(1) STATEMENT
The directors have met their responsibilities under Section 172 of The Companies Act 2006 and are satisfied they have acted to promote the well-being of the group for its members and wider stakeholders.

Employees
Directors and senior managers are responsible for the interests of employees and have maintained standards through training, diversity, inclusion and following good health and safety practices.

Shareholders
Directors are committed to maximising returns in the long term for the shareholders whilst following ethical policies which do not detract from other stakeholders.

Suppliers
Directors are in regular contact with suppliers and look to agree the best supply contracts whilst maintaining good relations and the long term viability of suppliers. Payments to suppliers are timely and as per agreements.

Customers
We must offer value for money to our customers and treat them in an ethical manner so we can enhance the long-term reputation of the group.

Environment
We look to reduce our impact on the environment by reducing our carbon footprint and waste. We do this by being energy efficient in our operations and that our logistics are efficient. We recycle and produce very little waste. We contribute to the local economy by proper payment of rates and taxes and look to employ locally.

ON BEHALF OF THE BOARD:





Mr M Benyon - Director


10 September 2024

HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2023 will be £1,620,000 (2022 - £180,000).

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

Mr M Benyon
Mrs J A Ball
Mr R J J Fox
Mrs C J Hanwright
Mr I R Benyon

OVERSEAS BRANCHES
The group operates a number of branches outside the UK but within the European Economic Area through it's subsidiaries Aidapt BV and Aidapt SAS.

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

ON BEHALF OF THE BOARD:





Mr M Benyon - Director


10 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE SHAREHOLDERS OF
HOLMPATRICK LIMITED


Opinion
We have audited the financial statements of Holmpatrick Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 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 December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE SHAREHOLDERS OF
HOLMPATRICK LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are planned and performed to detect irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach was as follows:

- Discussions with management and those involved in the financial reporting process including consideration of known or suspected instances of non-compliance with laws and regulations central to the company's ability to operate, and fraud;
- Evaluation and testing of the operating effectiveness of management's controls designed to prevent and detect irregularities;
- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or of significant monetary amount; and
-Review of the rationale for the calculation of key accounting estimates in the financial statements and testing of the accuracy of these calculations.

There are inherent limitations in the audit procedures described above. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's shareholders, 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 shareholders 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 shareholders as a body, for our audit work, for this report, or for the opinions we have formed.




Mr Andrew McMinnis ACA FCCA (Senior Statutory Auditor)
for and on behalf of Livesey Spottiswood Ltd
Chartered Accountants and
Statutory Auditors
17 George Street
St Helens
Merseyside
WA10 1DB

13 September 2024

HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 3 43,538,194 40,058,433

Cost of sales (31,160,768 ) (28,876,575 )
GROSS PROFIT 12,377,426 11,181,858

Administrative expenses (7,106,719 ) (8,183,707 )
5,270,707 2,998,151

Other operating income 1,310,439 583,224
GROUP OPERATING PROFIT 5 6,581,146 3,581,375

Share of operating profit in
Associates 12,175 12,181

Interest receivable and similar income 45,414 11
6,638,735 3,593,567

Interest payable and similar expenses 6 (32,483 ) (18,369 )
PROFIT BEFORE TAXATION 6,606,252 3,575,198

Tax on profit 7 (1,583,938 ) (761,317 )
PROFIT FOR THE FINANCIAL YEAR 5,022,314 2,813,881

OTHER COMPREHENSIVE INCOME
Arising on sale of minority interest - 52,500
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

-

52,500
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

5,022,314

2,866,381

Profit attributable to:
Owners of the parent 4,953,188 2,817,482
Non-controlling interests 69,126 (3,601 )
5,022,314 2,813,881

Total comprehensive income attributable to:
Owners of the parent 4,953,188 2,844,574
Non-controlling interests 69,126 21,807
5,022,314 2,866,381

HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 10 - 82,371
Tangible assets 11 8,467,011 9,549,160
Investments 12
Interest in associate 86,117 76,255
Other investments 35,499 42,499
Investment property 13 2,342,801 2,698,595
10,931,428 12,448,880

CURRENT ASSETS
Stocks 14 16,987,461 17,798,546
Debtors 15 9,733,404 9,570,510
Cash at bank and in hand 6,139,579 659,027
32,860,444 28,028,083
CREDITORS
Amounts falling due within one year 16 (4,597,315 ) (4,799,644 )
NET CURRENT ASSETS 28,263,129 23,228,439
TOTAL ASSETS LESS CURRENT
LIABILITIES

39,194,557

35,677,319

CREDITORS
Amounts falling due after more than one year 17 (18,699 ) (19,549 )

PROVISIONS FOR LIABILITIES 20 (323,323 ) (140,799 )
NET ASSETS 38,852,535 35,516,971

CAPITAL AND RESERVES
Called up share capital 21 1,000 1,000
Revaluation reserve 22 480,052 -
Merger reserve 22 17,867,592 17,867,592
Retained earnings 22 19,856,634 17,003,498
SHAREHOLDERS' FUNDS 38,205,278 34,872,090

NON-CONTROLLING INTERESTS 23 647,257 644,881
TOTAL EQUITY 38,852,535 35,516,971

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2024 and were signed on its behalf by:




Mr M Benyon - Director



Mr R J J Fox - Director


HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609)

COMPANY BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 7,354,918 8,479,053
Investments 12 10,792,113 10,799,113
Investment property 13 184,000 153,000
18,331,031 19,431,166

CURRENT ASSETS
Debtors 15 14,975,757 15,667,308
Cash at bank 4,908,908 5,882
19,884,665 15,673,190
CREDITORS
Amounts falling due within one year 16 (1,171,716 ) (581,260 )
NET CURRENT ASSETS 18,712,949 15,091,930
TOTAL ASSETS LESS CURRENT
LIABILITIES

37,043,980

34,523,096

PROVISIONS FOR LIABILITIES 20 (43,236 ) (35,347 )
NET ASSETS 37,000,744 34,487,749

CAPITAL AND RESERVES
Called up share capital 21 1,000 1,000
Revaluation reserve 22 23,250 -
Merger reserve 22 4,292,775 4,292,775
Retained earnings 22 32,683,719 30,193,974
SHAREHOLDERS' FUNDS 37,000,744 34,487,749

Company's profit for the financial year 4,132,995 3,352,603

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2024 and were signed on its behalf by:




Mr M Benyon - Director



Mr R J J Fox - Director


HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609)

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

Called up
share Retained Revaluation
capital earnings reserve
£    £    £   
Balance at 1 January 2022 1,000 14,338,924 -

Changes in equity
Dividends - (180,000 ) -
Total comprehensive income - 2,844,574 -
Balance at 31 December 2022 1,000 17,003,498 -

Changes in equity
Dividends - (1,620,000 ) -
Total comprehensive income - 4,473,136 480,052
Balance at 31 December 2023 1,000 19,856,634 480,052
Merger Non-controlling Total
reserve Total interests equity
£    £    £    £   
Balance at 1 January 2022 17,867,592 32,207,516 723,074 32,930,590

Changes in equity
Dividends - (180,000 ) (100,000 ) (280,000 )
Total comprehensive income - 2,844,574 21,807 2,866,381
Balance at 31 December 2022 17,867,592 34,872,090 644,881 35,516,971

Changes in equity
Dividends - (1,620,000 ) (66,750 ) (1,686,750 )
Total comprehensive income - 4,953,188 69,126 5,022,314
Balance at 31 December 2023 17,867,592 38,205,278 647,257 38,852,535

HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609)

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

Called up
share Retained Revaluation Merger Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 January 2022 1,000 27,021,371 - 6,117,692 33,140,063

Changes in equity
Dividends - (180,000 ) - - (180,000 )
Total comprehensive income - 3,352,603 - (1,824,917 ) 1,527,686
Balance at 31 December 2022 1,000 30,193,974 - 4,292,775 34,487,749

Changes in equity
Dividends - (1,620,000 ) - - (1,620,000 )
Total comprehensive income - 4,109,745 23,250 - 4,132,995
Balance at 31 December 2023 1,000 32,683,719 23,250 4,292,775 37,000,744

HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 5,645,112 (601,674 )
Interest paid (32,483 ) (18,369 )
Tax paid (1,479,105 ) (655,969 )
Net cash from operating activities 4,133,524 (1,276,012 )

Cash flows from investing activities
Purchase of tangible fixed assets (368,533 ) (278,584 )
Purchase of investment property (8,110 ) (33,055 )
Sale of tangible fixed assets 2,191,708 5,963
Sale of investment property 1,087,315 -
Loan repayment by associate 7,000 9,000
Interest received 45,414 11
Net cash from investing activities 2,954,794 (296,665 )

Cash flows from financing activities
Amount introduced by directors 1,662,006 281,468
Amount withdrawn by directors (1,433,139 ) (167,637 )
Proceeds from sale of minority interest - 52,500
Equity dividends paid (1,620,000 ) (180,000 )
Dividends paid to minority interests (66,750 ) (100,000 )
Net cash from financing activities (1,457,883 ) (113,669 )

Increase/(decrease) in cash and cash equivalents 5,630,435 (1,686,346 )
Cash and cash equivalents at beginning of year 2 475,408 2,146,594
Effect of foreign exchange rate changes 33,736 15,160
Cash and cash equivalents at end of year 2 6,139,579 475,408

HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 6,606,252 3,575,198
Depreciation charges 584,173 551,633
Profit on disposal of fixed assets (1,326,169 ) (2,852 )
Unrealised gain on property revaluation (640,070 ) -
Share of operating profit of associate (12,175 ) (12,181 )
Exchange rate variances (33,736 ) (15,160 )
Finance costs 32,483 18,369
Finance income (45,414 ) (11 )
5,165,344 4,114,996
Decrease/(increase) in stocks 811,085 (3,652,500 )
Increase in trade and other debtors (113,342 ) (445,408 )
Decrease in trade and other creditors (217,975 ) (618,762 )
Cash generated from operations 5,645,112 (601,674 )

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 December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 6,139,579 659,027
Bank overdrafts - (183,619 )
6,139,579 475,408
Year ended 31 December 2022
31/12/22 1/1/22
£    £   
Cash and cash equivalents 659,027 2,146,594
Bank overdrafts (183,619 ) -
475,408 2,146,594


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/23 Cash flow At 31/12/23
£    £    £   
Net cash
Cash at bank and in hand 659,027 5,480,552 6,139,579
Bank overdrafts (183,619 ) 183,619 -
475,408 5,664,171 6,139,579
Total 475,408 5,664,171 6,139,579

HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Holmpatrick Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention. The financial statements are presented in sterling which is the functional currency of the company.

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

Basis of consolidation
On 11 November 2012, a share for share exchange took place between Holmpatrick Limited and the shareholders of Electrovision Limited. This transaction was as a result of a group reorganisation and the creation of Holmpatrick Limited as the new parent company of the group, the ultimate shareholders remained the same.

The net assets of all subsidiary companies at 11 November 2012 were used as the basis for the cost of investment within Holmpatrick Limited with the resulting amount being credited to a merger reserve.

Subsequently the acquisitions of subsidiaries are accounted for using the purchase method. The cost of the business combination is measured at the aggregate of the fair values (at the date of exchange) of assets given, liabilities incurred or assumed and equity instruments issued by the group in exchange for control of the acquiree plus costs directly attributable to the business combination.

Any excess of the cost of the business combination over the group's interest in the net fair value of the identifiable assets and liabilities is recognised as goodwill. If the net fair value of the identifiable assets and liabilities exceeds the cost of the business combination, the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered. Any excess exceeding the fair value of non-monetary assets acquired is recognised in profit or loss in the periods expected to be benefitted.

Investments in associates are recognised initially at the transaction price and subsequently adjusted to reflect the group's share of the total comprehensive income and equity of the associate, less any impairment.

Details of the company's subsidiaries and associates are shown in note 12.

HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Critical accounting judgements and key sources of estimation uncertainty
In the application of the group's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Valuation of investment property
As described more fully in note 13, investment properties are valued at the end of each reporting period by the directors at open market value.

Useful economic lives of tangible fixed assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives of the assets. These are amended when necessary to reflect current estimates based on technological advancement, future investment, economic utilisation and the physical condition of the assets. See note 11 for the carrying amount of the tangible fixed assets and the accounting policies for the depreciation rates for each class of assets.

Stock provision
The group sell items which can become obsolete. As a result it is necessary to consider the recoverability of the cost of stock and the associated provision required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials.

Amounts recoverable on contracts
All long term contracts are reviewed on a monthly basis, with particular attention to contract stage of completion, costs to date and costs still to be incurred. Movement in margin is recognised when prudent to do so but immediately in the event of a foreseeable loss.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership 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.

When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is calculated using the percentage completion method. Amounts recoverable on these long-terms contracts are included within debtors. Payments on account in respect of long-term contracts are included within creditors.

Where the outcome cannot be measured reliably, the work in progress is valued at cost less payments on account. Cost includes all direct costs plus an appropriate amount of attributable overhead.

When contract costs are expected to exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.

Goodwill
Goodwill acquired on each business combination is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its expected useful life of 5 years.

HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, except freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold property-2% on cost
Plant and machinery-25% on cost, 25% on reducing balance, 20% on reducing balance and 15% on
cost
Fixtures and fittings-25% on cost, 25% on reducing balance, 20% on reducing balance and 15% on
reducing balance.
Motor vehicles-25% on cost, 30% on reducing balance, 25% on reducing balance and 20% on
reducing balance
Computer equipment-25% on reducing balance and straight line over 3 years

Assets are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit and loss unless the asset is carried at a revalued amount, where the impairment loss is a revaluation decrease.

Investment properties
Investment properties are initially recognised at transaction price and subsequently carried at fair value. Changes in fair values are recognised in profit or loss.

On disposal of an investment property, the difference between the disposal proceeds and the carrying amount is recognised in profit or loss.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all direct production costs, costs of conversion and other costs incurred in bringing stock to it's present location and condition. Cost is calculated using the average cost formula. Provision is made for damaged, obsolete and slow moving stock where appropriate.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Related parties
For the purposes of these financial statements, a party is considered to be related to the company if:
1. the party has the ability, directly or indirectly, through one or more intermediaries, to control the company or exercise significant influence over the company in making financial and operating decisions, or has joint control over the company;
2. the company and the party are subject to common control;
3. the party is an associate of the company or a joint venture in which the company is a venturer;
4. the party is a member of key management personnel of the company or the company's parent, or close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals;
5. the party is a close family member of a party referred to in (1) or is an entity under the control, joint control or significant influence of such individuals; or
6. the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company.

Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity.

Foreign currencies
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

Translation of group companies
For the purpose of presenting consolidated financial statements, the assets and liabilities of the group's foreign operations are translated from their functional currency to Sterling using the closing exchange rate. Income and expenses are translated using the average rate for the period.

Research and development
Research and development expenditure is written off as incurred.

Grants
Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Leased assets
Rentals payable under operating leases are charged against profits on a straight line basis over the periods of the leases. Assets acquired under finance leases and hire purchase contracts are capitalised as tangible fixed assets and depreciated in accordance with the accounting policy on depreciation. The related obligations, net of finance costs allocated to future periods, are included in creditors. Finance costs are charged against profits on a straight line basis over the periods of the contracts.

Employee benefits
When employees have rendered services to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid for that service.

Certain of the group companies operate defined contribution plans for the benefit of their directors and employees. Contributions are expensed as they become payable.

3. TURNOVER

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

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

2023 2022
£    £   
Sale of goods and services 33,145,749 30,954,472
Construction contracts 10,392,445 9,103,961
43,538,194 40,058,433

HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. TURNOVER - continued

Of the turnover, 6% (2022 - 6%) relates to goods sold overseas.

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 5,462,583 5,409,871
Social security costs 504,579 494,514
Other pension costs 167,120 137,478
6,134,282 6,041,863

The average number of employees during the year was as follows:
2023 2022

Administration 50 49
Manufacturing, selling and distribution 136 140
Construction contracts 14 13
200 202

2023 2022
£    £   
Directors' remuneration 164,065 163,398
Directors' pension contributions to money purchase schemes 1,997 1,997

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

Money purchase schemes 2 2

5. OPERATING PROFIT

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

2023 2022
£    £   
Depreciation - owned assets 501,802 469,263
Profit on disposal of fixed assets (1,326,169 ) (2,852 )
Goodwill amortisation 82,371 82,369
Auditors' remuneration 6,750 6,100
Auditors' remuneration - Audit of accounts of subsidiaries of the company 45,415 38,058
Auditors' remuneration - Taxation compliance work 5,325 4,350
Rent - operating leases 4,893 4,503
Exchange rate variances (33,736 ) (15,160 )
Unrealised gains on revaluation of investment properties (640,070 ) -
Profit on sale of investment properties (83,341 ) -

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 10,817 16,646
Other interest paid 5,236 275
Corporation tax interest 16,430 1,448
32,483 18,369

HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 1,430,767 756,961
Prior periods (31,666 ) 292
Associates corporation tax 2,313 2,315
Total current tax 1,401,414 759,568

Deferred tax:
On accelerated capital allowances 22,506 1,749
On revalued investment property 160,018 -
Total deferred tax 182,524 1,749

Tax on profit 1,583,938 761,317

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

2023 2022
£    £   
Profit before tax 6,606,252 3,575,198
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2022 -
19 %)

1,651,563

679,288

Effects of:
Expenses not deductible for tax purposes 5,777 11,070
Income not taxable for tax purposes (160,018 ) -
Depreciation in excess of capital allowances 38,685 51,130
Adjustments to tax charge in respect of previous periods (31,666 ) 292
Tax losses not utilised 9,109 17,788
Changes in tax rates (86,647 ) -
Overseas taxation (22,387 ) -
Marginal rate relief (3,002 ) -
Movement in deferred tax 182,524 1,749
Total tax charge 1,583,938 761,317

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31 December 2023.

2022
Gross Tax Net
£    £    £   
Arising on sale of minority interest 52,500 - 52,500

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

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


HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Dividends paid 1,620,000 180,000

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 670,941
AMORTISATION
At 1 January 2023 588,570
Amortisation for year 82,371
At 31 December 2023 670,941
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 82,371

11. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 January 2023 10,102,465 7,240 1,993,890
Additions 18,116 - 217,653
Disposals (926,316 ) - (26,607 )
At 31 December 2023 9,194,265 7,240 2,184,936
DEPRECIATION
At 1 January 2023 1,193,333 866 1,698,156
Charge for year 226,512 1,594 151,648
Eliminated on disposal - - (26,231 )
At 31 December 2023 1,419,845 2,460 1,823,573
NET BOOK VALUE
At 31 December 2023 7,774,420 4,780 361,363
At 31 December 2022 8,909,132 6,374 295,734

HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


11. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 25,937 758,077 28,425 12,916,034
Additions 3,953 121,557 7,254 368,533
Disposals (741 ) (63,476 ) - (1,017,140 )
At 31 December 2023 29,149 816,158 35,679 12,267,427
DEPRECIATION
At 1 January 2023 22,736 429,344 22,439 3,366,874
Charge for year 1,112 117,411 3,525 501,802
Eliminated on disposal (741 ) (41,288 ) - (68,260 )
At 31 December 2023 23,107 505,467 25,964 3,800,416
NET BOOK VALUE
At 31 December 2023 6,042 310,691 9,715 8,467,011
At 31 December 2022 3,201 328,733 5,986 9,549,160

Included within the cost of freehold property is freehold land amounting to £1,052,973 (2022 - £1,979,289) on which no depreciation is charged.

Company
Freehold Plant and
property machinery Totals
£    £    £   
COST
At 1 January 2023 9,573,545 134,132 9,707,677
Additions 18,116 - 18,116
Disposals (926,316 ) - (926,316 )
At 31 December 2023 8,665,345 134,132 8,799,477
DEPRECIATION
At 1 January 2023 1,094,492 134,132 1,228,624
Charge for year 215,935 - 215,935
At 31 December 2023 1,310,427 134,132 1,444,559
NET BOOK VALUE
At 31 December 2023 7,354,918 - 7,354,918
At 31 December 2022 8,479,053 - 8,479,053

Included within the cost of freehold property is freehold land amounting to £1,052,973 (2022 - £1,979,289) on which no depreciation is charged.

HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


12. FIXED ASSET INVESTMENTS

Group Company
2023 2022 2023 2022
£    £    £    £   
Shares in group undertakings - - 10,756,613 10,756,613
Shares in associates 86,117 76,255 1 1
Loans to associates 35,499 42,499 35,499 42,499
121,616 118,754 10,792,113 10,799,113

Additional information is as follows:

Group
Interest
in
associate
£   
COST
At 1 January 2023 76,255
Share of profit/(loss) 9,862
At 31 December 2023 86,117
NET BOOK VALUE
At 31 December 2023 86,117
At 31 December 2022 76,255
Company
Shares in Interest
group in
undertakings associate Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 10,756,613 1 10,756,614
NET BOOK VALUE
At 31 December 2023 10,756,613 1 10,756,614
At 31 December 2022 10,756,613 1 10,756,614

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

Subsidiaries

Electrovision Limited
Registered office: UK
Nature of business: Electrical wholesalers
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 2,028,844 2,027,560
Profit for the year 301,284 55,319

HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


12. FIXED ASSET INVESTMENTS - continued

Chiltern Invadex (UK) Limited
Registered office: UK
Nature of business: Sale of mobility aid equipment
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 1,291,040 1,276,651
Profit for the year 114,389 114,241

Aidapt International Ltd
Registered office: UK
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 200 200

Aidapt Bathrooms Limited
Registered office: UK
Nature of business: Sale and distribution of bathroom equipment
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 4,724,257 4,641,984
Profit for the year 1,982,273 1,220,993

Aidapt (Wales) Limited
Registered office: UK
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves (345,113 ) (345,113 )

Altai Europe Limited
Registered office: UK
Nature of business: Dormant
%
Class of shares: holding
Ordinary 75.00
2023 2022
£    £   
Aggregate capital and reserves (279,225 ) (274,419 )
Loss for the year (4,806 ) (4,812 )

Altai Europe Limited is entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies for the year ended 31 December 2023.

HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


12. FIXED ASSET INVESTMENTS - continued

Premiair Appliances Limited
Registered office: UK
Nature of business: Sale of heating and air conditioning products
%
Class of shares: holding
Ordinary 75.00
2023 2022
£    £   
Aggregate capital and reserves 2,036,962 2,030,445
Profit for the year 156,517 87,096

Altai Group Limited
Registered office: UK
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves (775,120 ) (775,120 )

NJD Limited
Registered office: UK
Nature of business: Property rental
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 479,357 81,951
Profit for the year 747,407 253,522

NJD Limited is entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies for the year ended 31 December 2023.

Holmpatrick Developments Limited
Registered office: UK
Nature of business: Construction
%
Class of shares: holding
Ordinary 85.00
2023 2022
£    £   
Aggregate capital and reserves 66,049 166,315
Profit for the year 94,734 543,699

W Munro (Rehab) Limited
Registered office: UK
Nature of business: Sale of rehabilitation products
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 1,686,985 1,387,692
Profit for the year 299,293 203,701

HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


12. FIXED ASSET INVESTMENTS - continued

Bestfor Buying Limited
Registered office: UK
Nature of business: Sale of electrical goods
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves (3,676 ) 7,076
(Loss)/profit for the year (10,752 ) 7,949

Bestfor Buying Limited is entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies for the year ended 31 December 2023.

G Pennington Estates Limited
Registered office: UK
Nature of business: Property investment
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 100 15,272
Profit/(loss) for the year 4,885 (302 )

G Pennington Estates Limited is entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies for the year ended 31 December 2023.

Aidapt SAS
Registered office: France
Nature of business: Sale of electrical goods
%
Class of shares: holding
Ordinary 75.00
2023 2022
£    £   
Aggregate capital and reserves (150,632 ) (114,197 )
Loss for the year (36,435 ) (85,364 )

Aidapt BV
Registered office: Netherlands
Nature of business: Sale of electrical goods
%
Class of shares: holding
Ordinary 75.00
2023 2022
£    £   
Aggregate capital and reserves 106,774 3,611
Profit/(loss) for the year 103,163 (8,256 )

HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


12. FIXED ASSET INVESTMENTS - continued

Associated companies

Eccleston City Estates Limited
Registered office: UK
Nature of business: Property dealing
%
Class of shares: holding
Ordinary 50.00
30.4.23 30.4.22
£    £   
Aggregate capital and reserves 172,233 152,510
Profit for the year 19,723 19,733

Chrome (Services) Limited
Registered office: UK
Nature of business: Building contractor
%
Class of shares: holding
Ordinary 33.33

Chrome (Services) Limited entered voluntary liquidation on 23 April 2020.

Group
Loans to
associates
£   
At 1 January 2023 42,499
Repayment in year (7,000 )
At 31 December 2023 35,499

Company
Loans to
associates
£   
At 1 January 2023 42,499
Repayment in year (7,000 )
At 31 December 2023 35,499

13. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 January 2023 2,698,595
Additions 8,110
Disposals (1,003,974 )
Revaluations 640,070
At 31 December 2023 2,342,801
NET BOOK VALUE
At 31 December 2023 2,342,801
At 31 December 2022 2,698,595

HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


13. INVESTMENT PROPERTY - continued

Group

The investment properties were valued on 31 December 2023 by the directors, on an open market value basis.

The historical cost of the investment properties was £1,702,731 (2022 - £2,698,595).

Company
Total
£   
FAIR VALUE
At 1 January 2023 153,000
Revaluations 31,000
At 31 December 2023 184,000
NET BOOK VALUE
At 31 December 2023 184,000
At 31 December 2022 153,000

The investment properties were valued on 31 December 2023 by the directors, on an open market value basis.

The historical cost of the investment properties was £153,000 (2022 - £153,000).

14. STOCKS

Group
2023 2022
£    £   
Finished goods 16,356,272 16,983,321
Raw materials 631,189 815,225
16,987,461 17,798,546

Stocks are stated after provisions for impairment amounting to £1,772,938 (2022 - £1,638,723).

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 6,199,519 6,846,803 16,818 4,065
Amounts recoverable on contracts 1,664,295 694,015 - -
Other debtors 135,534 92,322 12,337 12,337
Amounts due from group companies - - 14,942,438 15,608,782
Corporation tax 49,552 - - -
VAT - - 4,164 -
Prepayments and accrued income 1,684,504 1,937,370 - 42,124
9,733,404 9,570,510 14,975,757 15,667,308

HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 18) - 183,619 - -
Payments on account - 100,000 - -
Trade creditors 1,602,306 2,063,044 - 12,056
Corporation tax 722,047 752,499 386,971 147,873
Social security and other taxes 663,630 212,031 - -
Other creditors 99,876 94,336 - 1,564
Amounts due to group companies - - 292,300 214,586
Directors' current accounts 533,467 304,600 489,993 203,132
Accruals and deferred income 975,989 1,089,515 2,452 2,049
4,597,315 4,799,644 1,171,716 581,260

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

Group
2023 2022
£    £   
Deferred government grants 18,699 19,549

18. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 183,619

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Bank overdraft - 183,619

There are currently debentures held in favour of Lloyds TSB Bank plc in relation to all money and liabilities whether actual or contingent, in addition to a 1st legal charge over commercial freehold property at Lancots Lane, St Helens.

20. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax
On accelerated capital allowances 163,305 140,799 35,486 35,347
On revalued investment property 160,018 - 7,750 -
323,323 140,799 43,236 35,347

HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


20. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 January 2023 140,799
Movement in the year 182,524
Balance at 31 December 2023 323,323

Company
Deferred
tax
£   
Balance at 1 January 2023 35,347
Movement in the year 7,889
Balance at 31 December 2023 43,236

Deferred tax is wholly in respect of accelerated capital allowances.

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000

22. RESERVES

Group
Retained Revaluation Merger
earnings reserve reserve Totals
£    £    £    £   

At 1 January 2023 17,003,498 - 17,867,592 34,871,090
Profit for the year 4,953,188 - - 4,953,188
Dividends (1,620,000 ) - - (1,620,000 )
Transfer for revaluation of investment
properties

(640,070

)

640,070

-

-

Transfer for deferred tax on revalued
investment properties

160,018

(160,018

)

-

-

At 31 December 2023 19,856,634 480,052 17,867,592 38,204,278

Company
Retained Revaluation Merger
earnings reserve reserve Totals
£    £    £    £   

At 1 January 2023 30,193,974 - 4,292,775 34,486,749
Profit for the year 4,132,995 - - 4,132,995
Dividends (1,620,000 ) - - (1,620,000 )
Transfer for revaluation of investment
properties

(31,000

)

31,000

-

-

Transfer for deferred tax on revalued
investment properties

7,750

(7,750

)

-

-

At 31 December 2023 32,683,719 23,250 4,292,775 36,999,744


HOLMPATRICK LIMITED (REGISTERED NUMBER: 07853609)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


23. NON-CONTROLLING INTERESTS

The non-controlling interest relates to shareholdings of 25% in Premiair Appliances Limited, Altai Europe Limited, Aidapt SAS and Aidapt BV and a 15% shareholding in Holmpatrick Developments Limited.

24. PENSION COMMITMENTS

During the year the group made contributions to defined contribution pension schemes on behalf of directors and employees amounting to £167,120 (2022 - £137,478). At 31 December 2023, £14,057 (2022 - £5,859) was payable in respect of outstanding pension contributions.

25. CONTINGENT LIABILITIES

Company

The company has entered into an inter-company bank guarantee with other group companies of up to £750,000 gross or £100,000 net. The net indebtedness of the other group companies at 31 December 2023 was £Nil (2022 - £183,619).

26. RELATED PARTY DISCLOSURES

During the year, a total of key management personnel compensation of £ 589,350 (2022 - £ 510,649 ) was paid.

During the year, group companies have sold undeveloped land to certain directors for £800,000 (2022 - £Nil) and provided construction services to those directors amounting to £314,809 (2022 - £Nil). Normal commercial terms applied.

27. LEASING AGREEMENTS

The group receives rental income under non-cancellable operating leases for a number of its properties. The minimum operating lease amounts receivable fall due as follows:
2023 2022
£ £

Within one year 28,902 57,927
Between one and five years 585,776 386,252
In more than five years - 261,938
614,678 706,117

Company

The company receives rental income under non-cancellable operating leases for a number of its properties. The minimum operating lease amounts receivable fall due as follows:
2023 2022
£ £

Within one year 47,837 53,697
Between one and five years 520,272 429,834
In more than five years - 261,938
568,109 745,469