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 |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Statutory Auditors |
Chartered Certified Accountants |
Kings Chambers |
Queens Cross |
High Street |
Dudley |
West Midlands |
DY1 1QT |
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 |
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 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 15 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
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 |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2024 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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 |
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 |
PROVISIONS |
At 1 April 2023 |
and 31 March 2024 | 371,300 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
Registered office: Kings Chambers, Queens Cross, High Street, Dudley, West Midlands. DY1 1QT |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: Kings Chambers, Queens Cross, High Street, Dudley, West Midlands. DY1 1QT |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
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 | - | - |
Other debtors | 133,336 | 24,917 |
VAT | - | - |
Prepayments and accrued income | - | - |
Prepayments | 223,850 | 186,822 |
5,536,105 | 6,888,452 |
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 |
Amounts owed to group undertakings | - | - |
Tax | 129,600 | 359,288 |
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 |
4,155,819 | 7,044,462 |
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 |
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 |
Between one and five years |
In more than five years |
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: | £ | £ |
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 |
Profit for the year |
Dividends | ( |
) |
At 31 March 2024 |
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. |