Registered number:
FOR THE PERIOD ENDED 25 AUGUST 2023
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EXHEAT GROUP LIMITED
COMPANY INFORMATION
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EXHEAT GROUP LIMITED
CONTENTS
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EXHEAT GROUP LIMITED
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 25 AUGUST 2023
The directors present their strategic report for Exheat Group Limited (the Company) and its subsidiaries (the Group) for the period ended 25 August 2023.
Through its trading subsidiaries EXHEAT Group is a globally renowned designer and manufacture of electric process heating and control systems:
Engineered heating systems Our experience in the design of electric heaters for use in hazardous area locations is second to none. Our complete range of custom-engineered process and immersion heaters have extensive IECEx, ATEX and CSA certification. Control systems EXHEAT Group’s control systems, MCCs and modular systems are manufactured at our state of the art facilities in the United Kingdom. All our systems are built to comply with any standards and specifications required by our clients, and can be offered in numerous painted finishes to the client’s exact requirements. The Group continues its focus on supplying equipment to assist customers to reduce or eliminate carbon emissions by electrification.
Demand for electrical process heating systems continued to increase throughout 2023, this has lead to an improved pipeline of work for 2024 and beyond. As a result of this, turnover increased from £24,430,618 to £33,242,305 and gross profit increased from £8,161,344 to £12,405,420. The directors are satisfied with the underlying performance of the Group during the year and the profit for the financial year of £2,492,463 (2022 – loss of £538,413), in light of the challenging economic conditions in the wider economy.
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EXHEAT GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 25 AUGUST 2023
Oil price
A prolonged downturn in oil prices would have a negative effect on the markets for our products and it is likely there would be a consequential impact on the profitability of the Group. This risk is mitigated by monitoring our quoting activity, our current order load and ensuring that our overhead base is sufficiently flexible to match our expected levels of profitability in future months and years. Foreign exchange risk The worldwide nature of the markets that we serve means we are exposed to the risk of significant changes in foreign exchange rates, in particular the Euro and US Dollar. This risk is mitigated by the use of natural hedges in matching currency received from customers with payments to our suppliers. Any remaining exposure is covered via forward contracts fixing exchange rates at the time of accepting significant projects from our customers. Competition The hazardous area electrical heating and control market is a highly competitive environment. To mitigate this risk the board therefore continually monitors the activities of our main competitors and ensures our continued focus on delivering consistently high quality products with first class service and support to all of our customers. Global supply chain challenges The Group is reliant on sourcing components from across the world and as such is exposed to the risk of disruptions to global supply chains. We mitigate this by working closely with key suppliers to ensure full visibility of lead times throughout the order cycle, maintaining the ability to make alternative arrangements if required.
2023 2022
Gross margin 37.3% 33.4% Gross margin is the ratio of gross profit and turnover expressed as a percentage. Gross margin has increased slightly due to the mix of projects being invoiced. EBITDA £3,836,783 £646,136 EBITDA is earnings before interest, taxation, amortisation, depreciation and profit/(loss) on the sale of fixed assets. This has increased as a result of the imroved level of turnover. Headcount 249 246 Average number of employees. This has increased primarily as a result of unfilled positions being recruited.
This report was approved by the board and signed on its behalf.
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EXHEAT GROUP LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 25 AUGUST 2023
The directors present their report and the financial statements for the period ended 25 August 2023.
The directors who served during the period were:
The profit for the period, after taxation, amounted to £2,492,463 (2022 - loss £538,413).
The directors do not recommend the payment of a dividend.
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.
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 judgments 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 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.
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EXHEAT GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 25 AUGUST 2023
The Group will continue to undertake measures to optimise its trading performance in slightly improving markets, to protect margins and EBITDA, whilst retaining and augmenting talent to ensure it is well placed to take advantage of future market developments.
The Group's principal financial instruments include trade debtors, creditors and forward currency contracts.
The Group manages its cash requirements centrally to maximise interest income, whilst ensuring that the Group has sufficient liquid resources to meet the operating needs of its business. The Group's principal foreign currency exposures arise from trading overseas. The Group manages this through forward currency contracts where considered appropriate. The Group is subject to credit risk. All customers who wish to trade on credit terms are subjected to verification procedures and letters of credit are used when considered necessary. Receivables are monitored on an on-going basis and provision is made for doubtful debts when necessary.
The Group continues to invest in the development of its products via innovative technology advancements and offering bespoke engineered solutions to meet customers needs.
The auditors, Larking Gowen LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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EXHEAT GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 25 AUGUST 2023
There have been no significant events affecting the Group since the year end.
This report was approved by the board and signed on its behalf.
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EXHEAT GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EXHEAT GROUP LIMITED
We have audited the financial statements of Exheat Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 25 August 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, 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).
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.
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.
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EXHEAT GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EXHEAT GROUP LIMITED (CONTINUED)
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 report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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 period 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.
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.
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EXHEAT GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EXHEAT GROUP LIMITED (CONTINUED)
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:
Due to the field in which the Group operates, we identified the areas most likely to have a direct material impact on the financial statements as compliance with UK accounting standards, UK tax legislation and the Companies Act 2006. In addition, we considered the provisions of other laws and regulations which whilst not having a direct impact on the financial statements, are fundamental to the Group's ability to operate including health and safety; employment law, and compliance with various other regulations relevant to the operation of the Group's factories.
∙Our approach to identifying and assessing the risk of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations, included the following:
∙Enquiries with management about any known or suspected instances of non-compliance with laws and regulations, accidents in the workplace, potential litigation or claims and fraud;
∙Reviewing legal and professional fees to confirm all matters where the Group engaged lawyers during the year;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Reviewing board minutes and any relevant correspondence with external authorities;
∙Challenging assumptions and judgements made by management in their significant accounting estimates; and
∙Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
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EXHEAT GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EXHEAT GROUP LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.
for and on behalf of
Chartered Accountants &
Statutory Auditors
Norwich
Date:
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EXHEAT GROUP LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 25 AUGUST 2023
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EXHEAT GROUP LIMITED
REGISTERED NUMBER: 08835557
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 25 AUGUST 2023
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EXHEAT GROUP LIMITED
REGISTERED NUMBER: 08835557
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 25 AUGUST 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 20 to 48 form part of these financial statements.
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EXHEAT GROUP LIMITED
REGISTERED NUMBER: 08835557
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 25 AUGUST 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 20 to 48 form part of these financial statements.
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EXHEAT GROUP LIMITED
REGISTERED NUMBER: 08835557
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 25 AUGUST 2023
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EXHEAT GROUP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 25 AUGUST 2023
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EXHEAT GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 25 AUGUST 2023
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EXHEAT GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 25 AUGUST 2023
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EXHEAT GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 25 AUGUST 2023
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EXHEAT GROUP LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 25 AUGUST 2023
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EXHEAT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 AUGUST 2023
Exheat Group Limited is a private company limited by shares and incorporated in England and Wales, registration number 08835557. The registered office is 17 Old Millers Wharf, Fishergate, Norwich, Norfolk, NR3 1GS. The trading address is Threxton House, Threxton Road Industrial Estate, Watton, Thetford, Norfolk, IP25 6NG.
2.Accounting policies
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 financial statements cover the period from 27 August 2022 to 25 August 2023 with the comparative figures being for the period 28 August 2021 to 26 August 2022.
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 judgment 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:
The consolidated financial statements present the results of the Group 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 either the purchase method or merger accounting where applicable. Merger relief was applicable for the acquisition of certain subsidiaries of the Group. The cost of investment was recognised at the fair value of the net assets of the subsidiaries at the date of the merger, the nominal value of shares issued being as share capital and the balance within a merger reserve. Other acquisitions were incorporated 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.
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EXHEAT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 AUGUST 2023
2.Accounting policies (continued)
The directors have considered the Group’s position at the time of signing the financial statements and have undertaken an exercise to forecast future profits and cash flows for the Group. The directors have also considered the current financial position of the Group, measures the directors could take to mitigate ongoing costs should they need to and the cash and financing facilities available to the Group. These include obtaining a letter of support from a related company that they will offer additional financial support to the Group and Company should this be required. This support will help the Company operate through its net current liabilities position at the balance sheet date.
Based on this, the directors have concluded that they have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future, and at least twelve months from the date of signing these financial statements, they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.
Functional and presentation currency
Transactions and balances
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EXHEAT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 AUGUST 2023
2.Accounting policies (continued)
Turnover relating to recharges of centrally incurred costs and services is recognised on a straight line basis over the period to which the cost or service relates.
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EXHEAT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 AUGUST 2023
2.Accounting policies (continued)
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EXHEAT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 AUGUST 2023
2.Accounting policies (continued)
Goodwill
Other intangible assets
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Goodwill is considered to have a useful economic life of 20 years due to: the electrical heating components and control panels manufactured by the Group having a typical useful life of up to 20 years; the technology used within the industry is highly established and unlikely to change; barriers to entry within the industry are high; and detailed knowledge of worldwide legislation is required.
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EXHEAT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 AUGUST 2023
2.Accounting policies (continued)
At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is charged at the following rates:
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 on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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EXHEAT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 AUGUST 2023
2.Accounting policies (continued)
Merger relief was applicable for the acquisition of certain subsidiaries of the Group. The cost of investment was recognised at the fair value of the net assets of the subsidiary at the date of the merger, the nominal value of shares issued being as share capital and the balance within a merger reserve. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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EXHEAT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 AUGUST 2023
2.Accounting policies (continued)
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the reporting date. Financial assets and liabilities are offset and the net amount reported in the Consolidated statement of financial position when there is an 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. Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The Group does not currently apply hedge accounting for interest rate and foreign exchange derivatives.
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EXHEAT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 AUGUST 2023
The judgements, estimates and assumptions which have significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are addressed below: Impairment of goodwill The Group considers whether goodwill is impaired. Where an indication of impairment is identified, the estimation of recoverable value requires estimation of the recoverable value of the cash generated units (CGUs). This requires estimation of the future cash flows from the CGUs and also selection of appropriate discount rates in order to calculate the net present value of those cash flows. Impairment of investments The Group makes an estimate of the fair value of investments in subsidiary undertakings. Assessing the fair value of subsidiaries requires the combination of assumptions including revenue growth, sales mix and volumes. In addition, the use of discount rates requires judgements. Stock provisioning The Group designs, manufactures and sells electrical heating and control equipment and safety signage and is subject to consumer demands and trends. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around the anticipated future usage. Provisions The Group has recognised provisions for warranty costs and liquidated damages costs in its financial statements which require management to make judgements. The judgements, estimates and associated assumptions necessary to calculate these provisions are based on historical experience and other reasonable factors. Property valuation The Group has freehold property accounted for at fair value at the date of the revaluation less any subsequent accumulated depreciation and impairment losses. Annually the value of property is assessed with reference to movements in markets since the last professional valuation took place. Management must make judgements based on available relevant third party information to determine a fair value at period end to assess whether the value remains appropriate or any indications of impairment are present.
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EXHEAT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 AUGUST 2023
Analysis of turnover by country of destination:
Page 29
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EXHEAT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 AUGUST 2023
Page 30
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EXHEAT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 AUGUST 2023
Page 31
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EXHEAT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 AUGUST 2023
Page 32
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EXHEAT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 AUGUST 2023
13.Taxation (continued)
There were no factors that may affect future tax charges.
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EXHEAT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 AUGUST 2023
Page 34
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EXHEAT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 AUGUST 2023
Page 35
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EXHEAT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 AUGUST 2023
15.Tangible fixed assets (continued)
Page 36
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EXHEAT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 AUGUST 2023
15.Tangible fixed assets (continued)
Page 37
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EXHEAT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 AUGUST 2023
Page 38
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EXHEAT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 AUGUST 2023
Page 39
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EXHEAT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 AUGUST 2023
Page 40
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EXHEAT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 AUGUST 2023
Page 41
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EXHEAT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 AUGUST 2023
Page 42
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EXHEAT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 AUGUST 2023
Page 43
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EXHEAT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 AUGUST 2023
23.Deferred taxation (continued)
Page 44
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EXHEAT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 AUGUST 2023
Page 45
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EXHEAT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 AUGUST 2023
Revaluation reserve
Merger Reserve
Profit and loss account
Page 46
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EXHEAT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 AUGUST 2023
The Group operates a number of defined contribution pension schemes. The assets of the schemes are held separately from those of the Group in independently administered funds. The pension cost charge represents contributions payable by the Group to the fund and amounted to £306,453 (2022 - £260,298). Contributions payable by the Company amounted to £89,850 (2022 - £57,313). Contributions for the Group totaling £86,394 (2022 - £53,913) were payable to the funds at the reporting date. Contributions for the Company totaling £Nil (2022 - £Nil) were payable to the funds at the reporting date.
Page 47
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EXHEAT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 AUGUST 2023
P B Smithers is the ultimate controlling party by virtue of his majority shareholding in the Company.
Page 48
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