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Registered number: 08189219
















HINDHEAD INVESTMENTS LIMITED



CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024


































img2cb8.png


HINDHEAD INVESTMENTS LIMITED

 
COMPANY INFORMATION


DIRECTORS
J C Deacon 
M B Deacon 




COMPANY SECRETARY
M B Deacon



REGISTERED NUMBER
08189219



REGISTERED OFFICE
Unit 8
41-43 George Place

Plymouth

Devon

PL1 3DX




INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

Salt Quay House

4 North East Quay

Sutton Harbour

Plymouth

PL4 0BN






HINDHEAD INVESTMENTS LIMITED


CONTENTS



Page
Group strategic report
 
1
Directors' report
 
2
Directors' responsibilities statement
 
3
Independent auditors' report
 
4 - 7
Consolidated statement of comprehensive income
 
8
Consolidated statement of financial position
 
9
Company statement of financial position
 
10
Consolidated statement of changes in equity
 
11 - 12
Company statement of changes in equity
 
13
Consolidated statement of cash flows
 
14
Consolidated analysis of net debt
 
15
Notes to the financial statements
 
16 - 30



HINDHEAD INVESTMENTS LIMITED

 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

INTRODUCTION
 
The directors present their strategic report for the Group for the year ended 31 March 2024.

BUSINESS REVIEW
 
The financial statements present the group's financial results for the year ended March 2024. Turnover remains strong and the decrease in profitability is principally down to planned investment to ensure the company remains in a strong position to retain market share in an increasingly competitive market..

PRINCIPAL RISKS AND UNCERTAINTIES
 
Global unrest and economic events are generally reflected in the recruitment market and the company is mindful that current events will have an impact in the short to medium term. The Directors anticipate that the coming year will bring challenges across the wider recruitment industry. However the Directors remain positive that the company is in a good financial position to weather any downturn. The group continues to provide recruitment services across a wide variety of financial service sectors and to ensure continued growth has embarked on a program of diversification within their core market.

FINANCIAL KEY PERFORMANCE INDICATORS
 
The Directors believe that the key performance indicators of the Group are turnover, gross profit and profit before tax. Turnover has grown by 1.7% in the year to £16.61m (2023: £16.32m). Gross profit of £2.73m (2023: £2.94m) and profit before tax of £1.58m (2023: £1.86m) have been achieved.

OTHER KEY PERFORMANCE INDICATORS
 
The Directors consider other key performance indicators to include the number of job placements made in each period and the mix of permanent and temporary placements achieved.


This report was approved by the board and signed on its behalf.



M B Deacon
Director

Date: 22 October 2024

Page 1


HINDHEAD INVESTMENTS LIMITED

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

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

PRINCIPAL ACTIVITY

The principal activity of the Group is that of a placement agency.

RESULTS AND DIVIDENDS

The profit for the year, after taxation and minority interests, amounted to £1,107,326 (2023: £1,431,485).

During the year dividends amounting to £167,000 (2023: £150,000) were paid.

DIRECTORS

The directors who served during the year were:

J C Deacon 
M B Deacon 

FUTURE DEVELOPMENTS

The Directors have no significant future developments to report.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

POST BALANCE SHEET EVENTS

There are no post balance sheet events to report.

AUDITORS

The auditorsBishop Fleming LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 


M B Deacon
Director

Date: 22 October 2024

Unit 8
41-43 George Place
Plymouth
Devon
PL1 3DX

Page 2


HINDHEAD INVESTMENTS LIMITED

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Group's financial statements 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 Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Page 3


HINDHEAD INVESTMENTS LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HINDHEAD INVESTMENTS LIMITED
OPINION


We have audited the financial statements of Hindhead Investments Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated Statement of Comprehensive income, the Consolidated and Company Statements of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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's 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 United Kingdom, including the Financial Reporting Council'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 or 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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 4


HINDHEAD INVESTMENTS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HINDHEAD INVESTMENTS LIMITED (CONTINUED)

OPINION 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report 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 Directors' report.


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


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 Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the 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.


Page 5


HINDHEAD INVESTMENTS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HINDHEAD INVESTMENTS LIMITED (CONTINUED)

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 an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group 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 capable of detecting irregularities, including fraud is detailed below:

We have considered the nature of the industry and sector, control environment and business performance, key drivers for directors’ remuneration, bonus levels and performance targets;
We have considered the results of our enquiries of management about their own identification and assessment of the risks of irregularities;
Any matters identified having obtained and reviewed the Group’s documentation of their policies and procedures relating to:
°Identifying, evaluation and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
°The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and denitrified the highest area of risk to be in relation to revenue recognition. In common with all audits under ISAs (UK), we are required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulators frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006, Financial Reporting Standard 102 and UK tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Group’s ability to operate or to avoid a material penalty. These included data protection regulations, occupational health and safety regulations, and employment legislation.
Our procedures to respond to the risks identified included the following:
 
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having direct effect on the financial statements.
Enquiring of management concerning actual and potential litigation and claims;
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
Performing detailed transactional testing in relation to the recognition or revenue; and
In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries, and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of the business.
Page 6


HINDHEAD INVESTMENTS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HINDHEAD INVESTMENTS LIMITED (CONTINUED)


We also communicated relevant identified laws and regulations and potential fraud risk to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. 
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and 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.


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 Auditors' report.


USE OF OUR REPORT
 

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






Robert Davey FCA (Senior statutory auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
Salt Quay House
4 North East Quay
Sutton Harbour
Plymouth
PL4 0BN

24 October 2024
Page 7


HINDHEAD INVESTMENTS LIMITED

 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
16,610,230
16,327,721

Cost of sales
  
(13,880,600)
(13,383,624)

GROSS PROFIT
  
2,729,630
2,944,097

Administrative expenses
  
(1,154,674)
(1,087,228)

Other operating income
 5 
-
384

OPERATING PROFIT
 6 
1,574,956
1,857,253

Interest receivable and similar income
  
2,577
2,744

PROFIT BEFORE TAXATION
  
1,577,533
1,859,997

Tax on profit
 10 
(399,218)
(354,019)

PROFIT FOR THE FINANCIAL YEAR
  
1,178,315
1,505,978

  

Currency translation differences
  
(2,578)
(1,200)

OTHER COMPREHENSIVE INCOME FOR THE YEAR
  
(2,578)
(1,200)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR
  
1,175,737
1,504,778

PROFIT FOR THE YEAR ATTRIBUTABLE TO:
  

Non-controlling interests
  
70,989
74,493

Owners of the parent Company
  
1,107,326
1,431,485

  
1,178,315
1,505,978

TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO:
  

Non-controlling interest
  
70,989
74,493

Owners of the parent Company
  
1,104,748
1,430,285

  
1,175,737
1,504,778

The notes on pages 16 to 30 form part of these financial statements.

Page 8


HINDHEAD INVESTMENTS LIMITED
REGISTERED NUMBER:08189219

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 12 
563,572
567,088

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 14 
9,544,545
11,360,227

Cash at bank and in hand
 15 
4,009,582
1,503,321

  
13,554,127
12,863,548

Creditors: amounts falling due within one year
 16 
(1,951,830)
(2,277,663)

NET CURRENT ASSETS
  
 
 
11,602,297
 
 
10,585,885

TOTAL ASSETS LESS CURRENT LIABILITIES
  
12,165,869
11,152,973

Deferred taxation
 17 
(4,159)
-

NET ASSETS
  
12,161,710
11,152,973


CAPITAL AND RESERVES
  

Called up share capital 
 18 
10,000
10,000

Share premium account
 19 
54,575
54,575

Foreign exchange reserve
 19 
(5,649)
(3,071)

Profit and loss account
 19 
11,850,105
10,909,779

EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT COMPANY
  
11,909,031
10,971,283

Non-controlling interests
  
252,679
181,690

  
12,161,710
11,152,973


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





M B Deacon
Director

Date: 22 October 2024

The notes on pages 16 to 30 form part of these financial statements.

Page 9


HINDHEAD INVESTMENTS LIMITED
REGISTERED NUMBER:08189219

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 12 
517,318
527,014

Investments
 13 
8,000
8,000

  
525,318
535,014

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 14 
7,632,163
7,724,587

Cash at bank and in hand
 15 
101,682
52,107

  
7,733,845
7,776,694

Creditors: amounts falling due within one year
 16 
(565,348)
(462,269)

NET CURRENT ASSETS
  
 
 
7,168,497
 
 
7,314,425

TOTAL ASSETS LESS CURRENT LIABILITIES
  
7,693,815
7,849,439

  

NET ASSETS
  
7,693,815
7,849,439


CAPITAL AND RESERVES
  

Called up share capital 
 18 
10,000
10,000

Profit and loss account
 19 
7,683,815
7,839,439

  
7,693,815
7,849,439


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





M B Deacon
Director

Date: 22 October 2024

The notes on pages 16 to 30 form part of these financial statements.

Page 10

HINDHEAD INVESTMENTS LIMITED



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



Called up share capital
Share premium account
Foreign exchange reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£
£


At 1 April 2023
10,000
54,575
(3,071)
10,909,779
10,971,283
181,690
11,152,973



COMPREHENSIVE INCOME FOR THE YEAR


Profit for the year

-
-
-
1,107,326
1,107,326
70,989
1,178,315


Foreign exchange reserve movement
-
-
(2,578)
-
(2,578)
-
(2,578)



OTHER COMPREHENSIVE INCOME FOR THE YEAR
-
-
(2,578)
-
(2,578)
-
(2,578)



TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
-
(2,578)
1,107,326
1,104,748
70,989
1,175,737



CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS


Dividends: Equity capital
-
-
-
(167,000)
(167,000)
-
(167,000)



TOTAL TRANSACTIONS WITH OWNERS
-
-
-
(167,000)
(167,000)
-
(167,000)



AT 31 MARCH 2024
10,000
54,575
(5,649)
11,850,105
11,909,031
252,679
12,161,710



The notes on pages 16 to 30 form part of these financial statements.

Page 11


HINDHEAD INVESTMENTS LIMITED



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



Called up share capital
Share premium account
Foreign exchange reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£
£


At 1 April 2022
10,000
54,575
(1,871)
9,625,956
9,688,660
107,197
9,795,857



COMPREHENSIVE INCOME FOR THE YEAR


Profit for the year

-
-
-
1,431,485
1,431,485
74,493
1,505,978


Currency translation gains/(losses)
-
-
-
2,338
2,338
-
2,338


Foreign exchange reserve movement
-
-
(1,200)
-
(1,200)
-
(1,200)



OTHER COMPREHENSIVE INCOME FOR THE YEAR
-
-
(1,200)
2,338
1,138
-
1,138



TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
-
(1,200)
1,433,823
1,432,623
74,493
1,507,116



CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS


Dividends: Equity capital
-
-
-
(150,000)
(150,000)
-
(150,000)



TOTAL TRANSACTIONS WITH OWNERS
-
-
-
(150,000)
(150,000)
-
(150,000)



AT 31 MARCH 2023
10,000
54,575
(3,071)
10,909,779
10,971,283
181,690
11,152,973



The notes on pages 16 to 30 form part of these financial statements.

Page 12


HINDHEAD INVESTMENTS LIMITED



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



Called up share capital
Profit and loss account
Total equity


£
£
£



At 1 April 2022
10,000
7,673,324
7,683,324



COMPREHENSIVE INCOME FOR THE YEAR


Profit for the year
-
316,115
316,115

TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
316,115
316,115



CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS


Dividends: Equity capital
-
(150,000)
(150,000)



TOTAL TRANSACTIONS WITH OWNERS
-
(150,000)
(150,000)





At 1 April 2023
10,000
7,839,439
7,849,439



COMPREHENSIVE INCOME FOR THE YEAR


Profit for the year
-
11,376
11,376

TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
11,376
11,376



CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS


Dividends: Equity capital
-
(167,000)
(167,000)



TOTAL TRANSACTIONS WITH OWNERS
-
(167,000)
(167,000)



AT 31 MARCH 2024
10,000
7,683,815
7,693,815



The notes on pages 16 to 30 form part of these financial statements.

Page 13

HINDHEAD INVESTMENTS LIMITED


CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the year
1,178,315
1,505,978

ADJUSTMENTS FOR:

Depreciation of tangible assets
48,125
40,142

Interest received
(2,577)
(2,744)

Taxation charge
394,851
354,019

Decrease/(increase) in debtors
1,648,682
(1,370,672)

(Decrease)/increase in creditors
(335,109)
397,223

Corporation tax (paid)
(386,572)
(349,351)

Foreign exchange
2,578
3,903

NET CASH GENERATED FROM OPERATING ACTIVITIES

2,548,293
578,498


CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of tangible fixed assets
(44,609)
(39,036)

Interest received
2,577
2,744

NET CASH FROM INVESTING ACTIVITIES

(42,032)
(36,292)

CASH FLOWS FROM FINANCING ACTIVITIES

Dividends paid
-
(150,000)

NET CASH USED IN FINANCING ACTIVITIES
-
(150,000)

INCREASE IN CASH AND CASH EQUIVALENTS
2,506,261
392,206

Cash and cash equivalents at beginning of year
1,503,321
1,111,115

CASH AND CASH EQUIVALENTS AT THE END OF YEAR
4,009,582
1,503,321


CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:

Cash at bank and in hand
4,009,582
1,503,321

4,009,582
1,503,321


The notes on pages 16 to 30 form part of these financial statements.

Page 14


HINDHEAD INVESTMENTS LIMITED


CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024




At 1 April 2023
Cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

1,503,321

2,506,261

4,009,582



1,503,321
2,506,261
4,009,582

The notes on pages 16 to 30 form part of these financial statements.

Page 15


HINDHEAD INVESTMENTS LIMITED

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

1.


GENERAL INFORMATION

Hindhead Investments Limited is a private company, limited by shares, domiciled in England and Wales, registration number 08189219. The registered office is Unit 8, 41-43 George Place, Plymouth, Devon, PL1 3DX. 

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

BASIS OF CONSOLIDATION

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 April 2017.

 
2.3

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 16


HINDHEAD INVESTMENTS LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.4

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

OPERATING LEASES: THE GROUP AS LESSEE

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term.

 
2.6

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

Page 17


HINDHEAD INVESTMENTS LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.8

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.9

TANGIBLE FIXED ASSETS

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged as to allocate the cost of assets less their residual value over their estimated useful loves, on both a straight line and reducing balance basis.
 
The estimated useful lives range as follows:

Freehold property
-
2% straight line
Short-term leasehold property
-
over the term of the lease
Office equipment
-
25% - 33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses are determined by comparing the proceeds with the carrying amount and are recognised within 'administrative expenses' in the Consolidated Statement of Comprehensive Income.

Page 18


HINDHEAD INVESTMENTS LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.10

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.13

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

FINANCIAL INSTRUMENTS

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Statement of financial position when the Group becomes party to the contractual provisions of the instrument.

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

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of
Page 19


HINDHEAD INVESTMENTS LIMITED

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

2.ACCOUNTING POLICIES (continued)


2.14
FINANCIAL INSTRUMENTS (CONTINUED)

the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

 
2.15

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. 

Page 20


HINDHEAD INVESTMENTS LIMITED

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

3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported as revenues and expenses during the year. However the nature of estimation means that the actual outcomes could differ from those estimates.
The directors are of the opinion that there are no judgements, estimates or assumptions that have a material impact on the financial statements. 


4.


TURNOVER

The whole of the turnover is attributable to the one principal activity of the Group.

Analysis of turnover by country of destination:

As restated
2024
2023
£
£

United Kingdom
13,475,052
10,744,731

Rest of Europe
1,823,364
4,079,590

Rest of the world
1,311,814
1,503,400

16,610,230
16,327,721


£1,503,400 of rest of the world turnover has been reclassified from UK turnover in the prior year.


5.


OTHER OPERATING INCOME

2024
2023
£
£

Other operating income
-
384



6.


OPERATING PROFIT

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
6,937
(21,299)

Other operating lease rentals
85,302
103,408

Depreciation on tangible fixed assets
48,125
40,142

Defined pension contribution cost
100,033
99,357

Page 21


HINDHEAD INVESTMENTS LIMITED

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

7.


AUDITORS' REMUNERATION

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
21,150
20,175

Fees

All non-audit services not included above
2,150
2,075


8.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
1,520,792
1,439,357
6,724
3,992

Social security costs
339,228
352,311
-
-

Cost of defined contribution scheme
100,033
99,357
-
-

1,960,053
1,891,025
6,724
3,992


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Management
2
2
2
2



Consultants
40
38
-
-

42
40
2
2


9.


DIRECTORS' REMUNERATION

2024
2023
£
£

Directors' emoluments
253,456
248,178


The highest paid director received remuneration of £123,469 (2023: £121,996).

Page 22


HINDHEAD INVESTMENTS LIMITED

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

10.


TAXATION


2024
2023
£
£

CORPORATION TAX


Current tax on profits for the year
394,628
351,254

Adjustments in respect of previous periods
223
-

TOTAL CURRENT TAX
394,851
351,254

DEFERRED TAX


Origination and reversal of timing differences
4,367
2,765


TAXATION ON PROFIT ON ORDINARY ACTIVITIES
399,218
354,019

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25% (2023: 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,577,533
1,859,997


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 19%)
394,352
353,399

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,527
139

Capital allowances for year in excess of depreciation
2,979
10

Remeasurement of deferred tax for changes in tax rates
-
664

Adjustments to tax charge in respect of previous periods
223
-

Adjustments to tax charge in respect of previous periods - deferred tax
(292)
-

Other differences leading to an increase (decrease) in the tax charge
(196)
(193)

Marginal relief
(375)
-

TOTAL TAX CHARGE FOR THE YEAR
399,218
354,019


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

Page 23


HINDHEAD INVESTMENTS LIMITED

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

11.


DIVIDENDS

2024
2023
£
£


Dividends paid
167,000
150,000


12.


TANGIBLE FIXED ASSETS

Group






Freehold property
Short-term leasehold property
Motor vehicles
Office equipment
Total

£
£
£
£
£



COST


At 1 April 2023
582,785
6,700
-
248,117
837,602


Additions
2,000
-
1,924
40,685
44,609


Disposals
-
-
-
(110,010)
(110,010)



At 31 March 2024

584,785
6,700
1,924
178,792
772,201



DEPRECIATION


At 1 April 2023
55,771
6,700
-
208,043
270,514


Charge for the year on owned assets
11,696
-
-
36,429
48,125


Disposals
-
-
-
(110,010)
(110,010)



At 31 March 2024

67,467
6,700
-
134,462
208,629



NET BOOK VALUE



At 31 March 2024
517,318
-
1,924
44,330
563,572



At 31 March 2023
527,014
-
-
40,074
567,088

Page 24


HINDHEAD INVESTMENTS LIMITED

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

           12.TANGIBLE FIXED ASSETS (CONTINUED)


Company






Freehold property

£

COST


At 1 April 2023
582,785


Additions
2,000



At 31 March 2024

584,785



DEPRECIATION


At 1 April 2023
55,771


Charge for the year on owned assets
11,696



At 31 March 2024

67,467



NET BOOK VALUE



At 31 March 2024
517,318



At 31 March 2023
527,014






Page 25


HINDHEAD INVESTMENTS LIMITED

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

13.


FIXED ASSET INVESTMENTS

Company





Investments in subsidiary companies

£



COST


At 1 April 2023
8,000



At 31 March 2024
8,000





DIRECT SUBSIDIARY UNDERTAKING


The following was a direct subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Emerald Group Limited
10 Hobart Street, Plymouth, PL1 3DG
Ordinary
93%

The aggregate of the share capital and reserves as at 31 March 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Emerald Group Limited
4,450,892
1,161,703


INDIRECT SUBSIDIARY UNDERTAKING


The following was an indirect subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Emerald Search and Selection GmbH
Barckhausste 1,  Frankfurt
Ordinary
100%

The aggregate of the share capital and reserves as at 31 March 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Emerald Search and Selection GmbH
48,413
5,236

Page 26


HINDHEAD INVESTMENTS LIMITED

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

14.


DEBTORS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
1,763,087
3,452,994
-
-

Other debtors
7,769,136
7,889,532
7,632,163
7,724,587

Prepayments and accrued income
8,770
9,724
-
-

Tax recoverable
3,552
7,769
-
-

Deferred taxation
-
208
-
-

9,544,545
11,360,227
7,632,163
7,724,587



15.


CASH AND CASH EQUIVALENTS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
4,009,582
1,503,321
101,682
52,107



16.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
809,051
936,873
-
288

Amounts owed to group undertakings
-
-
550,447
450,000

Corporation tax
153,957
146,611
9,001
6,190

Other taxation and social security
166,577
185,143
1,513
1,404

Other creditors
19,464
21,103
37
37

Accruals and deferred income
802,781
987,933
4,350
4,350

1,951,830
2,277,663
565,348
462,269


Page 27


HINDHEAD INVESTMENTS LIMITED

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

17.


DEFERRED TAXATION


Group



2024


£






At beginning of year
(208)


Charged to profit or loss
4,367



AT END OF YEAR
4,159








The deferred taxation balance is made up as follows:

Group
Group
2024
2023
£
£

Accelerated capital allowances
10,771
9,016

Tax losses carried forward
(6,612)
(9,224)

4,159
(208)


18.


SHARE CAPITAL

2024
2023
£
£
AUTHORISED, ALLOTTED, CALLED UP AND FULLY PAID



1,000,002 (2023: 1,000,002) Ordinary shares of £0.01 each
10,000
10,000



19.


RESERVES

Share premium account

This reserve is the consideration received for shares issued above their nominal value, net of transaction costs. 

Foreign exchange reserve

This reserve contains the gains and losses from retranslation of foreign currency balances at the year end. 

Profit and loss account

This reserve includes all current and prior retained profits and losses, net of distributions to the shareholders. 

Page 28


HINDHEAD INVESTMENTS LIMITED

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

20.


CONTINGENT LIABILITIES

A group set-off agreement has been given in favour of HSBC Bank Plc by Emerald Group Limited and Hindhead Investments Limited to secure all monies and liabilities.
In addition, there is a fixed charge over all of Group's leasehold and freehold property and a floating charge over all other assets in respect of the bank overdraft facility. 


21.


PENSION COMMITMENTS

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £100,033 (2023: £99,357). Contributions totalling £10,192 (2023: £21,051) were payable to the fund at the reporting date and are included in creditors.


22.


COMMITMENTS UNDER OPERATING LEASES

At 31 March 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
56,606
41,850

Later than 1 year and not later than 5 years
86,681
105,000

143,287
146,850

23.


TRANSACTIONS WITH DIRECTORS

At the balance sheet date £2,715 (2023: £167,138) was due to Hindhead Investments Limited by its Directors. Interest has been charged on this balance at a rate of 2.25% per annum amounting to interest income of £2,577 (2023: £2,744). The loan is unsecured and repayable on demand.

Page 29


HINDHEAD INVESTMENTS LIMITED

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

24.


RELATED PARTY TRANSACTIONS

During the year, Hindhead Investments Limited received rent and service charge income of £39,348 (2023: £44,966) and equity dividends of £Nil (2023: £300,000) from a subsidiary company. At the balance sheet date, the Company owed £549,596 (2023: £450,000) to the subsidiary.
During the year, a Group subsidiary company paid rent and service charges of £35,996 (2023: £34,596) to Companies owned by close family members of the Directors
During the year, a Group subsidiary charged management charges and expenditure recharges to its subsidiary totalling £157,503 (2023: £57,662). At the year end the company was owed £52,934 (2023: £55,115) by its subsidiary. During the year, a Group subsidiary incurred recharges from its subsidiary totalling £19,108 (2023: £8,494). 
During the year, a Group subsidiary company charged management charges and expenditure recharges to a company under common control, totalling £139,412 (2023: £145,707). At the year end, the Group was owed £Nil (2023: £44,222). 
During the year, the Group advanced £130,000 (2023: 645,000) to a company under common control. At the year end, £7,211,948 (2023: £7,081,948) was owed to the Group by this company. This balance is included within other debtors.
During the year, repayments of £58,000 (2023: £122,500) were received on loans outstanding to companies controlled by close family members of the directors.  At the year end, £417,500 (2023: £475,500) was owed by these companies. This balance is included within other debtors.
During the year, Hindhead Investments Limited paid dividends totalling £167,000 (2023: £150,000) to its directors
Key Management Personnel
The directors, who have authority and responsibility for planning, directing and controlling the activities of the Group are considered to be the key management personnel. Their total compensation is detailed in Note 9.


25.


CONTROLLING PARTY

The Group is controlled by Mr J C Deacon and Mrs M B Deacon who each own 50% of the issued share capital.

 
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