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REGISTERED NUMBER: 06297071 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

SUPERIOR GROUP HOLDINGS LIMITED

SUPERIOR GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 06297071)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 18


SUPERIOR GROUP HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: C J Skidmore
R C Bartram
M J Hodson
F C Bartram
L C Hodson
S A Bowen





SECRETARY: C J Skidmore





REGISTERED OFFICE: Kings Chambers
Queens Cross
High Street
Dudley
West Midlands
DY1 1QT





REGISTERED NUMBER: 06297071 (England and Wales)





AUDITORS: Saxon & Co Accountants Ltd
Statutory Auditors
Chartered Certified Accountants
Kings Chambers
Queens Cross
High Street
Dudley
West Midlands
DY1 1QT

SUPERIOR GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 06297071)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

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

REVIEW OF BUSINESS
The principal activity of the Group during the year was the manufacture of roll formed steel profiles.

Falling steel prices, from the previous years' artificial highs, and a widespread reduction in market activity, particularly in the construction and PVC window sectors, played a major role in the reduction in revenue within the business for the accounting period, with the final two quarters showing the biggest change. Overall, margins saw an improved performance as we sought to tighten our grip on overheads throughout each of the business areas.

Penetration of new markets continues to serve us well as we begin to feel the benefits of additional volume and revenue from new customers and markets, while considerable efforts are also being made to stimulate further revenue from existing customers and markets already supplied.

The key results of the Group are outlined below and show that sales revenues reduced by 28% to £21.37m (2023 - £29.80m). Gross profit reduced to £4.08m (2023 - £4.72m). The net result being a profit for the year of £1.5m (2023 - £2.2m). Encouragingly shareholders' funds increased by 11% to £4.23m (2023 - £3.79m). Overall, the Directors feel that the business continues to perform well in what has been a declining market and that the business remains robust and fully able to capitalise on the future opportunities.

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and execution of the Group's strategy are subject to a number of risks including price, credit, liquidity and cash flow risks. The Group has policies which are aimed at mitigating and managing such risks.
Credit risk is mitigated by management through a policy to constantly review trade debtors and their credit limits based on historical trends, credit checks and also credit insurance.
The Group's current ratio at the end of the financial period improved to 1.93 (2023 1.48). To manage cash flow and liquidity risk the Group ensures that there are sufficient levels of committed facilities, cash and cash equivalents so that, at all times, the Group is able to meet it's financial commitments. Short term borrowing, including overdraft and invoice discounting facilities, are in place with the Groups bankers. Facilities for longer term funding requirements such as capital acquisitions are also available in the form of hire purchase and bank loans. Liquidity risk is managed by continual monitoring of forecast and actual cash flows.

The Group has strong financial resources and well established relationships with a wide network of customers and suppliers. As a consequence the directors believe that the Group is well placed to successfully manage it's business risks. As the Group is currently trading profitably with adequate resources the directors continue to adopt the going concern basis in preparing the financial statements.

KEY PERFORMANCE INDICATORS
The key performance indicators of the group during the year are as follows:


2024 2023 Change

£    £    %
Turnover 21,370,262 29,806,596 -28%
Profit before tax 1,501,948 2,201,811 -31%
Shareholders' funds 4,231,965 3,793,106 +11%


SUPERIOR GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 06297071)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

FUTURE DEVELOPMENTS
With inflation progressing towards Government targets, a known outcome of ruling Government parties and interest rates predicted to fall, we are hopeful that any decline seen in the market will begin to reverse and the economy will start to recover once again.

As a business we aim to constantly generate new capacity via improved business processes driven by well managed KPI's running in parallel with strategic investment in new plant and equipment. Sales and Operations are heavily focused on providing our customers with an excellent service that begins with communication and ultimately translates to high levels of OTIF (On Time In Full) deliveries.

New customers, new markets and new product opportunities are constantly being sought and we feel that this is the area that will see Superior Sections out-perform our competitors in the new financial year as we strive for further business growth and profitability.

ON BEHALF OF THE BOARD:





C J Skidmore - Director


9 September 2024

SUPERIOR GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 06297071)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

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

DIVIDENDS
Interim dividends totalling £2,100 per share were paid during the year. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31st March 2024 will be £630,000.

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

C J Skidmore
R C Bartram
M J Hodson
F C Bartram
L C Hodson
S A Bowen

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

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

SUPERIOR GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 06297071)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


AUDITORS
The auditors, Saxon & Co Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





C J Skidmore - Director


9 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SUPERIOR GROUP HOLDINGS LIMITED

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

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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

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

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

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

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

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

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

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SUPERIOR GROUP HOLDINGS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SUPERIOR GROUP HOLDINGS LIMITED


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

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

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks to obtain sufficient appropriate audit evidence on which to base our opinion.

To identify and assess risks of material misstatement in respect of irregularities, including fraud, we conduct general and specific risk assessment procedures which include considering:

- The nature of the entity and the industry in which it operates, business performance and the control environment.
- The laws and regulations applicable to the entity.
- Management's own assessment of the risk of fraud occurring and non-compliance with laws and regulations.
- The operating effectiveness of management's controls established to mitigate the risks of fraud or non-compliance with laws and regulations.
- Whether management know of any instances of fraud or non-compliance with laws and regulations.

We also hold an audit engagement team meeting to discuss how and where fraud might occur, if any opportunities and incentives may exist within the business and assess any potential indicators of fraud.

As a result of our procedures we identified direct and indirect laws and regulations applicable to the entity. Direct laws and regulations are those that effect the financial statements and indirect laws and regulations are those that may be central to the entity's ability to operate. The direct laws and regulations identified are the Companies Act, UK GAAP and UK Tax Legislation. The indirect laws and regulations identified are International Organization Standardization (ISO) regulations, covering quality management (90001) and environmental management (14001), and also fire safety certification of products.

Our response to the risks identified include:

- Reviewing the financial statement disclosures and testing supporting documentation.
- Enquiring of management concerning actual or potential litigation claims.
- Performing analytical procedures to identify any unusual or unexpected variances that may be indicators of material misstatement due to fraud.
- Assessing the risk of management override of controls and bias by testing the appropriateness of journal entries and estimates within the financial statements.
- Obtaining an understanding of related parties and evaluating related party transactions and any significant transactions outside the normal course of business.

We also communicate the requirement to maintain professional skepticism to all members of the engagement team and ensure they are aware of relevant identified laws and regulations, related parties and potential fraud risks and remain alert to any indicators of fraud or non-compliance with laws and regulations throughout the audit.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SUPERIOR GROUP HOLDINGS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Matthew Saxon (Senior Statutory Auditor)
for and on behalf of Saxon & Co Accountants Ltd
Statutory Auditors
Chartered Certified Accountants
Kings Chambers
Queens Cross
High Street
Dudley
West Midlands
DY1 1QT

9 September 2024

SUPERIOR GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 06297071)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

TURNOVER 21,370,262 29,806,596

Cost of sales 17,284,514 25,085,414
GROSS PROFIT 4,085,748 4,721,182

Administrative expenses 2,591,465 2,501,493
1,494,283 2,219,689

Other operating income - 5,250
OPERATING PROFIT 4 1,494,283 2,224,939

Interest receivable and similar income 20,534 4,771
1,514,817 2,229,710

Interest payable and similar expenses 5 12,869 27,899
PROFIT BEFORE TAXATION 1,501,948 2,201,811

Tax on profit 6 319,627 361,604
PROFIT FOR THE FINANCIAL YEAR 1,182,321 1,840,207
Profit attributable to:
Owners of the parent 1,068,859 1,659,482
Non-controlling interests 113,462 180,725
1,182,321 1,840,207

SUPERIOR GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 06297071)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,182,321 1,840,207


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,182,321

1,840,207

Total comprehensive income attributable to:
Owners of the parent 1,068,859 1,659,482
Non-controlling interests 113,462 180,725
1,182,321 1,840,207

SUPERIOR GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 06297071)

CONSOLIDATED BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 224,791 263,127
Tangible assets 10 1,661,470 1,613,177
Investments 11 - -
1,886,261 1,876,304

CURRENT ASSETS
Stocks 12 1,538,311 2,170,858
Debtors 13 5,536,105 6,888,452
Cash at bank and in hand 963,578 1,377,092
8,037,994 10,436,402
CREDITORS
Amounts falling due within one year 14 4,155,819 7,044,462
NET CURRENT ASSETS 3,882,175 3,391,940
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,768,436

5,268,244

CREDITORS
Amounts falling due after more than one year 15 (701,318 ) (703,794 )

PROVISIONS FOR LIABILITIES 18 (378,818 ) (358,471 )
NET ASSETS 4,688,300 4,205,979

CAPITAL AND RESERVES
Called up share capital 19 300 300
Retained earnings 20 4,231,665 3,792,806
SHAREHOLDERS' FUNDS 4,231,965 3,793,106

NON-CONTROLLING INTERESTS 21 456,335 412,873
TOTAL EQUITY 4,688,300 4,205,979

The financial statements were approved by the Board of Directors and authorised for issue on 9 September 2024 and were signed on its behalf by:





C J Skidmore - Director


SUPERIOR GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 06297071)

COMPANY BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 271 271
271 271

CURRENT ASSETS
Debtors 13 895,425 898,759
Cash at bank 164,236 94,888
1,059,661 993,647
CREDITORS
Amounts falling due within one year 14 233,102 224,357
NET CURRENT ASSETS 826,559 769,290
TOTAL ASSETS LESS CURRENT
LIABILITIES

826,830

769,561

CREDITORS
Amounts falling due after more than one year 15 701,318 691,747
NET ASSETS 125,512 77,814

CAPITAL AND RESERVES
Called up share capital 19 300 300
Retained earnings 20 125,212 77,514
SHAREHOLDERS' FUNDS 125,512 77,814

Company's profit for the financial year 677,698 482,959

The financial statements were approved by the Board of Directors and authorised for issue on 9 September 2024 and were signed on its behalf by:





C J Skidmore - Director


SUPERIOR GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 06297071)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Non-controlling Total
capital earnings Total interests equity
£    £    £    £    £   
Balance at 1 April 2022 300 2,583,324 2,583,624 282,148 2,865,772

Changes in equity
Dividends - (450,000 ) (450,000 ) (50,000 ) (500,000 )
Total comprehensive income - 1,659,482 1,659,482 180,725 1,840,207
Balance at 31 March 2023 300 3,792,806 3,793,106 412,873 4,205,979

Changes in equity
Dividends - (630,000 ) (630,000 ) (70,000 ) (700,000 )
Total comprehensive income - 1,068,859 1,068,859 113,462 1,182,321
Balance at 31 March 2024 300 4,231,665 4,231,965 456,335 4,688,300

SUPERIOR GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 06297071)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 300 44,553 44,853

Changes in equity
Dividends - (449,998 ) (449,998 )
Total comprehensive income - 482,959 482,959
Balance at 31 March 2023 300 77,514 77,814

Changes in equity
Dividends - (630,000 ) (630,000 )
Total comprehensive income - 677,698 677,698
Balance at 31 March 2024 300 125,212 125,512

SUPERIOR GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 06297071)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,071,572 2,486,450
Interest paid (10,941 ) (24,318 )
Interest element of hire purchase payments
paid

(1,928

)

(3,581

)
Tax paid (528,968 ) (242,241 )
Net cash from operating activities 529,735 2,216,310

Cash flows from investing activities
Purchase of intangible fixed assets - (79,308 )
Purchase of tangible fixed assets (247,802 ) (328,877 )
Sale of tangible fixed assets 1,000 -
Interest received 20,534 4,771
Net cash from investing activities (226,268 ) (403,414 )

Cash flows from financing activities
Capital repayments in year (16,981 ) 15,588
Equity dividends paid (630,000 ) (450,000 )
Dividends paid to minority interests (70,000 ) (50,000 )
Net cash from financing activities (716,981 ) (484,412 )

(Decrease)/increase in cash and cash equivalents (413,514 ) 1,328,484
Cash and cash equivalents at beginning of
year

2

1,377,092

48,608

Cash and cash equivalents at end of year 2 963,578 1,377,092

SUPERIOR GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 06297071)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2024 2023
£    £   
Profit before taxation 1,501,948 2,201,811
Depreciation charges 236,761 221,903
Loss on disposal of fixed assets 84 -
Finance costs 12,869 27,899
Finance income (20,534 ) (4,771 )
1,731,128 2,446,842
Decrease in stocks 632,547 303,273
Decrease in trade and other debtors 1,352,347 229,658
Decrease in trade and other creditors (2,644,450 ) (493,323 )
Cash generated from operations 1,071,572 2,486,450

2. CASH AND CASH EQUIVALENTS

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

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 963,578 1,377,092
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 1,377,092 48,608


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 1,377,092 (413,514 ) 963,578
1,377,092 (413,514 ) 963,578
Debt
Finance leases (29,027 ) 16,981 (12,046 )
Debts falling due after 1 year (691,746 ) (9,572 ) (701,318 )
(720,773 ) 7,409 (713,364 )
Total 656,319 (406,105 ) 250,214

SUPERIOR GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 06297071)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Superior Group Holdings 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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in £ pounds sterling which is also the company's functional currency.

Basis of consolidation
The group financial statements consolidate the financial statements of the Company and its subsidiary undertakings drawn up to 31 March each year. The results of subsidiaries acquired or sold are consolidated for the period from or to the date on which control passed. Business combinations are accounted for under the purchase method. All intra-group transactions, balances, income and expenses are eliminated on consolidation.

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

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

Product accreditation are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance

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

Financial instruments
Basic financial instruments are recognised at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


SUPERIOR GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 06297071)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

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

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

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

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date. Exchange differences are recognised in profit or loss in the period in which they arise.

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

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

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

Debt factoring
Separate presentation has been adopted where the gross debts are shown on the balance sheet as assets and proceeds from factors are included within creditors as a liability.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,149,826 3,319,050
Other pension costs 42,800 35,459
3,192,626 3,354,509

SUPERIOR GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 06297071)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Production 76 66
Office 4 9
Management 4 4
Sales 5 5
Directors 6 6
95 90

The average number of employees by undertakings that were proportionately consolidated during the year was 89 (2023 - 84 ) .

2024 2023
£    £   
Directors' remuneration - -

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 190,041 172,876
Depreciation - assets on hire purchase contracts 8,384 10,691
Loss on disposal of fixed assets 84 -
Product accreditation amortisation 38,336 38,336
Auditors' remuneration 20,000 26,000
Auditors' remuneration for non-audit services 5,257 11,950

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Interest 9,571 5,919
Factoring discount 1,370 18,399
Hire purchase 1,928 3,581
12,869 27,899

SUPERIOR GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 06297071)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 299,280 315,437

Deferred tax 20,347 46,167
Tax on profit 319,627 361,604

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:

2024 2023
£    £   
Profit before tax 1,501,948 2,201,811
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

375,487

418,344

Effects of:
Expenses not deductible for tax purposes 2,407 (5,015 )
Capital allowances in excess of depreciation (20,346 ) (53,575 )
Utilisation of tax losses - (466 )
Deferred Tax 20,347 46,167
property
Effects of R&D Claim (58,268 ) (43,851 )

Total tax charge 319,627 361,604

7. INDIVIDUAL INCOME STATEMENT

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.


8. DIVIDENDS
2024 2023
£    £   
Dividends paid 630,000 450,000

SUPERIOR GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 06297071)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

9. INTANGIBLE FIXED ASSETS

Group
Product
accreditation
£   
COST
At 1 April 2023
and 31 March 2024 383,362
AMORTISATION
At 1 April 2023 120,235
Amortisation for year 38,336
At 31 March 2024 158,571
NET BOOK VALUE
At 31 March 2024 224,791
At 31 March 2023 263,127

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 2,081,029 925,936 55,495 108,539 3,170,999
Additions 242,728 - - 5,074 247,802
Disposals (3,555 ) - - - (3,555 )
At 31 March 2024 2,320,202 925,936 55,495 113,613 3,415,246
DEPRECIATION
At 1 April 2023 918,492 552,393 30,749 56,188 1,557,822
Charge for year 140,527 37,354 6,187 14,357 198,425
Eliminated on disposal (2,471 ) - - - (2,471 )
At 31 March 2024 1,056,548 589,747 36,936 70,545 1,753,776
NET BOOK VALUE
At 31 March 2024 1,263,654 336,189 18,559 43,068 1,661,470
At 31 March 2023 1,162,537 373,543 24,746 52,351 1,613,177

SUPERIOR GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 06297071)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

10. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023 33,512 32,995 66,507
Transfer to ownership (33,512 ) - (33,512 )
At 31 March 2024 - 32,995 32,995
DEPRECIATION
At 1 April 2023 11,537 8,249 19,786
Charge for year 2,197 6,187 8,384
Transfer to ownership (13,734 ) - (13,734 )
At 31 March 2024 - 14,436 14,436
NET BOOK VALUE
At 31 March 2024 - 18,559 18,559
At 31 March 2023 21,975 24,746 46,721

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 371,571
PROVISIONS
At 1 April 2023
and 31 March 2024 371,300
NET BOOK VALUE
At 31 March 2024 271
At 31 March 2023 271

SUPERIOR GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 06297071)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

11. FIXED ASSET INVESTMENTS - continued

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

Subsidiaries

Superior Sections Limited
Registered office: Kings Chambers, Queens Cross, High Street, Dudley, West Midlands. DY1 1QT
Nature of business: Manufacture of cold rolled steel section
%
Class of shares: holding
Ordinary 90.00
2024 2023
£    £   
Aggregate capital and reserves 4,563,057 4,128,435
Profit for the year 1,438,350 2,161,695

Old Superior Limited
Registered office: Kings Chambers, Queens Cross, High Street, Dudley, West Midlands. DY1 1QT
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1 1


The financial statements of Old Superior Ltd have not been audited. The company was dormant and therefore it is entitled to exemption from audit under Section 480 of the Companies Act 2006 relating to subsidiary companies for the year ended 31 March 2024. The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

12. STOCKS

Group
2024 2023
£    £   
Stocks 1,538,311 2,170,858

SUPERIOR GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 06297071)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 5,178,919 6,676,713 - -
Amounts owed by group undertakings - - 706,891 706,891
Other debtors 133,336 24,917 - -
VAT - - 175,788 179,122
Prepayments and accrued income - - 12,746 12,746
Prepayments 223,850 186,822 - -
5,536,105 6,888,452 895,425 898,759

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Hire purchase contracts (see note 16) 12,046 16,980 - -
Trade creditors 3,529,069 5,991,474 13,043 13,042
Amounts owed to group undertakings - - 190,044 190,044
Tax 129,600 359,288 15,899 7,155
Social security and other taxes 62,204 62,008 - -
VAT 167,075 249,710 - -
Other creditors 7,951 8,367 - -
Directors' current accounts 366 366 366 366
Accrued expenses 247,508 356,269 13,750 13,750
4,155,819 7,044,462 233,102 224,357

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

Group Company
2024 2023 2024 2023
£    £    £    £   
Hire purchase contracts (see note 16) - 12,047 - -
Amount due to associated companies 701,318 691,747 701,318 691,747
701,318 703,794 701,318 691,747

SUPERIOR GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 06297071)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Gross obligations repayable:
Within one year 12,670 18,909
Between one and five years - 12,671
12,670 31,580

Finance charges repayable:
Within one year 624 1,929
Between one and five years - 624
624 2,553

Net obligations repayable:
Within one year 12,046 16,980
Between one and five years - 12,047
12,046 29,027

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 470,868 473,874
Between one and five years 1,653,895 1,569,345
In more than five years 2,851,322 3,222,266
4,976,085 5,265,485

Company
Non-cancellable operating leases
2024 2023
£    £   
Within one year 336,000 336,000
Between one and five years 1,443,008 1,408,064
In more than five years 2,817,195 3,188,139
4,596,203 4,932,203

SUPERIOR GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 06297071)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

16. LEASING AGREEMENTS - continued

The company leases industrial property at 32 Regal Drive, Walsall Enterprise Park, Walsall, WS2 9HQ. Superior Sections Ltd acts as guarantor of the company's lease obligations. There is circa 12 years remaining on the lease.

17. SECURED DEBTS

Barclays Bank PLC has a fixed and floating charge over group undertakings and all property and assets present and future including goodwill, bookdebts, uncalled capital, buildings, fixtures, fixed plant and machinery. This includes a cross guarantee between Superior Group Holdings Ltd and Superior Sections Ltd. Advances from factors are also secured debt however amounts advanced were nil at the balance sheet date.

18. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax 378,818 358,471

Group
Deferred
tax
£   
Balance at 1 April 2023 358,471
Provided during year 20,347
Balance at 31 March 2024 378,818

19. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
300 Ordinary shares £1 300 300

20. RESERVES

Group
Retained
earnings
£   

At 1 April 2023 3,792,806
Profit for the year 1,068,859
Dividends (630,000 )
At 31 March 2024 4,231,665

SUPERIOR GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 06297071)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

20. RESERVES - continued

Company
Retained
earnings
£   

At 1 April 2023 77,514
Profit for the year 677,698
Dividends (630,000 )
At 31 March 2024 125,212


21. NON-CONTROLLING INTERESTS

The minority interest represents a 10% holding in the group's subsidiary Superior Sections Limited.

22. PENSION COMMITMENTS

Defined contribution scheme

The group operates a defined contribution scheme for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.




2024 2023
£ £
Charge to the income statement in respect of defined contribution schemes 42,800 35,460

23. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 14,585 53,513

24. RELATED PARTY DISCLOSURES

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

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

SUPERIOR GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 06297071)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

24. RELATED PARTY DISCLOSURES - continued

Entities with control, joint control or significant influence over the entity
2024 2023
£    £   
Sales 376,568 1,115,883
Purchases 1,123,930 4,544,272
Provision of limited guarantee (amount) 150,000 150,000
Amount due from related party 540,120 321,657
Amount due to related party 706,870 1,244,334

During the year, a total of key management personnel compensation of £ 371,431 (2023 - £ 441,220 ) was paid.

25. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are F Bartram, L Hodson, S Bowen and C Skidmore who jointly own 100% of the issued share capital of the company.