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REGISTERED NUMBER: 05440557 (England and Wales)













GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

HAYWARD SERVICES HOLDINGS LIMITED

HAYWARD SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 05440557)






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


HAYWARD SERVICES HOLDINGS LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2024







DIRECTORS: D Simpson
I D Forrest
E I Gordon
S Walker





SECRETARY: R A C Sears





REGISTERED OFFICE: 227 Berwick Avenue
Slough
Berkshire
SL1 4QT





REGISTERED NUMBER: 05440557 (England and Wales)





AUDITORS: Oury Clark Chartered Accountants
Statutory Auditors
Herschel House
58 Herschel Street
Slough
Berkshire
SL1 1PG

HAYWARD SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 05440557)

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
Sales for the period ended 31 March 2024 were £21.0m (2023: £17.6m) and the gross margin was 22% (2023: 22%).

Operating profit was £1.3m (2023: £1.0m) and profit after tax was £1.0m (2023: £0.8m).

The directors are satisfied with the results for the year and the business continues to perform well in what is a competitive market place.

The business has maintained stability and is performing to a standard enabling it to retain re-tendered business.

Strategically, the directors will seek to continue to strengthen the balance sheet in coming years by building up a cash reserve. Such action may facilitate the purchase of an existing cleaning company to grow turnover, or the acquisition of a company providing subcontracted services. Additionally, the directors wish to investigate the purchase of new head office premises when the current property lease expires.

KEY PERFORMANCE INDICATORS
The company monitors its performance using key performance indicators:

1) Turnover has increased by 19% (2023: increased by 1%).
2) Wage costs have increased by 18% (2023: increased by 1%).
3) Profit margin remained the same (2023: decreased by 1%).
4) Cash decreased by 59% (2023: decreased by 51%).
5) Working capital increased by 18% (2023: increased by 9%).

These are monitored by the directors and are currently showing no major issues for the foreseeable future.


HAYWARD SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 05440557)

GROUP STRATEGIC REPORT
for the Year Ended 31 March 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Labour Shortages

The smooth running of the business is dependant upon recruitment of cleaning operatives. Covid-19 and Brexit have both combined to leave the whole of the UK with labour shortages across multiple industries, including cleaning services. The company expends considerable effort to recruit successfully at the sites where it provides a service. Additionally, the support and training that is provided to operatives improves retention and reduces the recruitment requirements. The senior and contract management teams continue to be extremely stable.

Credit Risk

Trade debtors are the company's principal financial asset yet the directors do not consider collection of them of any great risk. The company has a very good history of debt collection. A very large percentage of the company's customer base is made up of government departments and other extremely credible organisations.

National Living Wage

The government continue to increase the National Living Wage each year and this requires the cooperation of clients to mitigate these rises. The company now has a well established process to contact clients and agree annual increment to help manage these costs.

Multi-Academy Trusts

We are seeing a steady decline in the number of schools using the county framework agreements for tendering. Over the same period, we are also experiencing a rise in Multi-Academy Trusts and the grouping together of primary and secondary schools into larger groups. Haywards have developed strong relationships with the majority of 3rd party procurement companies and have built up a wealth of experience in both tendering and operating contracts of this nature.

DISABLED EMPLOYEES
Applications for employment by disabled persons are given full and fair consideration for all vacancies in accordance with their particular aptitudes and abilities.
In the event of employees becoming disabled, every effort is made to retrain them in order that their employment with the group may continue.
It is the policy of the group that training, career development and promotion opportunities should be made available to all employees.

COMPLIANCE WITH GENDER PAY GAP REPORTING REQUIREMENTS

Hayward Services Limited is the only company in the group required to publish its Gender Pay Gap details. Results have been submitted for the reporting year 2023/24 and are available to view on the company's website.

ON BEHALF OF THE BOARD:





S Walker - Director


29 November 2024

HAYWARD SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 05440557)

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
Dividends of £37.50 per share were declared and paid in the year.

The total distribution of dividends for the year ended 31 March 2024 will be £750,000.

FUTURE DEVELOPMENTS
We recognise that a large percentage of the trading subsidiary's turnover is in the public sector and the directors plan to grow the commercial sector of the business in order to rebalance the contract portfolio over the next two years.

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

D Simpson
I D Forrest
E I Gordon
S Walker

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.

HAYWARD SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 05440557)

REPORT OF THE DIRECTORS
for the Year Ended 31 March 2024


AUDITORS
The auditors, Oury Clark Chartered Accountants, are deemed to be re-appointed under Section 487 (2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





S Walker - Director


29 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HAYWARD SERVICES HOLDINGS LIMITED

Opinion
We have audited the financial statements of Hayward Services 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 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 company's ability to continue as a going concern for a period of at least twelve months and a day 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 Strategic Report and 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 inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be misstated. If we identify such inconsistencies or apparent 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 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
HAYWARD SERVICES HOLDINGS LIMITED


Matters on which we are required to report by exception
In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any matters in the Strategic Report and Report of the Directors that are inconsistent with our overall view of the financial statements.

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
HAYWARD SERVICES 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.

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:

Identifying and assessing potential irregularities, including fraud
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non
compliance with laws and regulations, our procedures included the following:
1. Considering the nature of the industry, sector, control environment and current business activities, including possible performance targets and subsequent remuneration;

2. Enquiring of management concerning policies and procedures relating to:
- complying with laws and regulations and whether there were any instances of non-compliance; and
- mitigating, detecting and responding to fraud risk and whether there has been any actual or possible instances of fraud;

3. Discussing with the engagement team and internal specialists where necessary, the legal and regulatory framework in which the company operates and in particular those which would have an impact on the financial statements. The key laws and regulations considered were the Companies Act 2006, UK tax legislation and UK employment law;

4. Discussing with the engagement team and internal specialists where necessary, regarding how and where fraud may occur in the financial statements along with the possible indicators of fraud.

We identified the following areas most likely to be susceptible to fraud:
- Revenue recognition;
- Management override.

Audit response to the risks identified
As noted above, we identified revenue recognition and management override as matters that would most likely be susceptible to fraud. Our procedures to respond to these risks included the following:
- Recalculating and agreeing revenue in line with contracts with customers;
- Reviewing the nominal ledger and journal entries for any indication of management override.

Further, we also identified compliance with the Companies Act 2006, UK tax legislation and UK employment law as being key areas where there may be possible non-compliance. Our procedures to respond to these risks included the following:
- Review the financial statement disclosures with completion of a disclosure checklist and testing to supporting documentation to assess compliance with the Companies Act 2006;
- Review the corporation tax return to ensure it complies with UK tax legislation and completion of our detailed corporation tax checklist;
- A safeguard review of the financial statements by a chartered accountant not on the engagement team;
- A safeguard review of the tax computations by a person qualified as a CTA not on the engagement team;
- We have checked a sample of compliance with right to work checks and reviewed legal fees for indications of material issues arising out of non-compliance with employment law.

The above matters and identified laws and regulations and potential fraud risks were communicated to all engagement team members and internal specialists where necessary, in order to enable the team to have the ability to identify such risks. The whole team remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above and the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HAYWARD SERVICES HOLDINGS LIMITED


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

Use of our report
This report is made solely to the company's 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.




James Clark (Senior Statutory Auditor)
for and on behalf of Oury Clark Chartered Accountants
Statutory Auditors
Herschel House
58 Herschel Street
Slough
Berkshire
SL1 1PG

29 November 2024

HAYWARD SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 05440557)

CONSOLIDATED
INCOME STATEMENT
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   

TURNOVER 3 20,973,324 17,567,853

Cost of sales 16,325,935 13,698,494
GROSS PROFIT 4,647,389 3,869,359

Administrative expenses 3,358,405 2,872,549
1,288,984 996,810

Other operating income 26,967 8,033
OPERATING PROFIT 5 1,315,951 1,004,843

Interest receivable and similar income - 3,913
1,315,951 1,008,756

Interest payable and similar expenses 6 1,116 1,116
PROFIT BEFORE TAXATION 1,314,835 1,007,640

Tax on profit 7 321,485 210,689
PROFIT FOR THE FINANCIAL YEAR 993,350 796,951
Profit attributable to:
Owners of the parent 993,350 794,633
Non-controlling interests - 2,318
993,350 796,951

HAYWARD SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 05440557)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   

PROFIT FOR THE YEAR 993,350 796,951


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

993,350

796,951

Total comprehensive income attributable to:
Owners of the parent 993,350 794,633
Non-controlling interests - 2,318
993,350 796,951

HAYWARD SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 05440557)

CONSOLIDATED BALANCE SHEET
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 8,216 41,078
Tangible assets 11 305,541 265,391
Investments 12 - -
313,757 306,469

CURRENT ASSETS
Stocks 13 43,708 49,696
Debtors 14 4,366,756 3,561,926
Cash at bank and in hand 24,527 60,504
4,434,991 3,672,126
CREDITORS
Amounts falling due within one year 15 3,016,643 2,469,491
NET CURRENT ASSETS 1,418,348 1,202,635
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,732,105

1,509,104

CREDITORS
Amounts falling due after more than one year 16 - (20,349 )

PROVISIONS FOR LIABILITIES 19 (45,953 ) (45,953 )
NET ASSETS 1,686,152 1,442,802

CAPITAL AND RESERVES
Called up share capital 20 200 200
Capital redemption reserve 21 520,800 520,800
Retained earnings 21 1,167,129 923,779
SHAREHOLDERS' FUNDS 1,688,129 1,444,779

NON-CONTROLLING INTERESTS 22 (1,977 ) (1,977 )
TOTAL EQUITY 1,686,152 1,442,802

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2024 and were signed on its behalf by:





S Walker - Director


HAYWARD SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 05440557)

COMPANY BALANCE SHEET
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 997,505 997,505
997,505 997,505

CREDITORS
Amounts falling due within one year 15 89 248,089
NET CURRENT LIABILITIES (89 ) (248,089 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

997,416

749,416

CAPITAL AND RESERVES
Called up share capital 20 200 200
Capital redemption reserve 21 520,800 520,800
Retained earnings 21 476,416 228,416
SHAREHOLDERS' FUNDS 997,416 749,416

Company's profit for the financial year 998,000 933,517

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2024 and were signed on its behalf by:





S Walker - Director


HAYWARD SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 05440557)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 March 2024

Called up Capital
share Retained redemption
capital earnings reserve
£    £    £   
Balance at 1 April 2022 200 829,146 520,800

Changes in equity
Dividends - (700,000 ) -
Total comprehensive income - 794,633 -
Balance at 31 March 2023 200 923,779 520,800

Changes in equity
Dividends - (750,000 ) -
Total comprehensive income - 993,350 -
Balance at 31 March 2024 200 1,167,129 520,800
Non-controlling Total
Total interests equity
£    £    £   
Balance at 1 April 2022 1,350,146 (4,295 ) 1,345,851

Changes in equity
Dividends (700,000 ) - (700,000 )
Total comprehensive income 794,633 2,318 796,951
Balance at 31 March 2023 1,444,779 (1,977 ) 1,442,802

Changes in equity
Dividends (750,000 ) - (750,000 )
Total comprehensive income 993,350 - 993,350
Balance at 31 March 2024 1,688,129 (1,977 ) 1,686,152

HAYWARD SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 05440557)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 March 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2022 200 (5,101 ) 520,800 515,899

Changes in equity
Dividends - (700,000 ) - (700,000 )
Total comprehensive income - 933,517 - 933,517
Balance at 31 March 2023 200 228,416 520,800 749,416

Changes in equity
Dividends - (750,000 ) - (750,000 )
Total comprehensive income - 998,000 - 998,000
Balance at 31 March 2024 200 476,416 520,800 997,416

HAYWARD SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 05440557)

CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,130,355 1,023,044
Interest element of hire purchase payments
paid

(1,116

)

(1,116

)
Tax paid (126,562 ) (255,135 )
Net cash from operating activities 1,002,677 766,793

Cash flows from investing activities
Purchase of tangible fixed assets (296,621 ) (236,410 )
Sale of tangible fixed assets 12,500 -
Sale of fixed asset investments - 102,469
Interest received - 3,913
Net cash from investing activities (284,121 ) (130,028 )

Cash flows from financing activities
Capital repayments in year (4,533 ) -
Equity dividends paid (750,000 ) (700,000 )
Net cash from financing activities (754,533 ) (700,000 )

Decrease in cash and cash equivalents (35,977 ) (63,235 )
Cash and cash equivalents at beginning of
year

2

60,504

123,739

Cash and cash equivalents at end of year 2 24,527 60,504

HAYWARD SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 05440557)

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

31.3.24 31.3.23
£    £   
Profit before taxation 1,314,835 1,007,640
Depreciation charges 289,333 233,061
Profit on disposal of fixed assets (12,500 ) (4,642 )
Finance costs 1,116 1,116
Finance income - (3,913 )
1,592,784 1,233,262
Decrease in stocks 5,988 5,026
(Increase)/decrease in trade and other debtors (804,830 ) 26,065
Increase/(decrease) in trade and other creditors 336,413 (241,309 )
Cash generated from operations 1,130,355 1,023,044

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 24,527 60,504
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 60,504 123,739


3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 60,504 (35,977 ) 24,527
60,504 (35,977 ) 24,527
Debt
Finance leases (23,764 ) 4,533 (19,231 )
(23,764 ) 4,533 (19,231 )
Total 36,740 (31,444 ) 5,296

HAYWARD SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 05440557)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

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

Basis of consolidation
The financial statements relate to Hayward Services Holdings Limited and its subsidiaries, Hayward Services Limited and Yoda Investments Ltd. The financial statements for these entities are made up to 31 March 2024.

The consolidated financial statements incorporate the financial statements of the company and entities controlled by the group (its subsidiaries). Control is achieved where the group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in total comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate using accounting policies consistent with those of the parent. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting judgements and key sources of estimation uncertainty
Depreciation - management uses judgement to estimate the useful lives and residual value of depreciating tangible fixed assets.

Deferred tax - management uses judgement in concluding whether any possible deferred tax asset should be recognised.

Accruals - management uses judgement to estimate the value of expenses to be paid post year end.

Turnover
In respect of contracts for on-going services, turnover represents the apportioned contract value over the timeframe of the contract. Other incidental work is recognised evenly over the duration of the work completed.

There is also peripheral income from the trading of shares. Income and expenditure is recognised as it arises at year end, with profit and loss realised on the sale of shares.

Goodwill on consolidation
The goodwill on consolidation relates to the acquisition of subsidiaries in 2005 and 2010.

The goodwill is being amortised over 20 years on a straight line basis.

HAYWARD SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 05440557)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 66.6% on cost, 25% on reducing balance and Straight line over 3 years
Fixtures and fittings - 25% on reducing balance
Motor vehicles - Straight line over 4 years
Computer equipment - 50% on cost

Tangible assets are initially measured at cost. The directors deem that plant and machinery are disposed of after 5 years and so at the end of this period, a disposal is included to remove the accumulated cost and depreciation from the financial statements.

Stocks
Stocks are consumables and are therefore held at cost.

Stocks are held on a first in, first out basis.

HAYWARD SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 05440557)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and financial liabilities are recognised in the Group’s balance sheet when the Group becomes a party to the contractual provisions of the relevant instrument, and derecognised when it ceases to be a party to such provisions.

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through the statement of total comprehensive income are recognised immediately in profit or loss.

Financial assets
The Group classifies its financial assets into the categories, discussed below, due to the purpose for which the asset was acquired. The Group has not classified any of its financial assets as held to maturity.

Loans and receivables
These assets are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They arise principally through the provision of services to customers (e.g. trade debtors), but also incorporate other types of contractual monetary asset. They are initially recognised at fair value, including transaction costs that are directly attributable to their acquisition or issue, and are subsequently carried at amortised cost.

The Group’s loans and receivables consist of trade and other debtors and prepayments included within the balance sheet. Cash and bank balances include cash held at bank and cash on hand.

Impairment provisions are recognised when there is objective evidence, for example, significant financial difficulties on the part of the counterparty, or default, or significant delay in payment, that the Group will be unable to collect all of the amounts due under the terms of the receivable. The amount of such a provision being the difference between the net carrying amount and the present value of the future expected cash flows associated with the impaired receivable.

For certain categories of financial asset, such as trade debtors, assets that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio of receivables includes the Group’s past experience of collecting payments.

For trade debtors which are reported net, such provisions are recorded in a separate allowance account with the loss being recognised within administrative expenses in the statement of total comprehensive income. On confirmation that the trade receivables will not be collectable, the gross carrying value of the asset is written off against the associated provision. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognised in profit or loss.

Financial liabilities and equity
Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangement.

Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Ordinary shares are classified as equity; ordinary shares issued by the Group are recognised at the proceeds received, net of direct issue costs.



Financial liabilities

HAYWARD SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 05440557)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Borrowings are initially recognised at fair value net of any directly attributable transaction costs. These interest-bearing liabilities are subsequently measured at amortised cost using the effective interest method, with the interest expense charged at a constant rate on the outstanding liabilities.

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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Cash flow statement
The cash flow statement has been prepared under the indirect method.

Investments
Listed investments' gains and losses arising from the changes in fair value are recognised directly in the statement of profit or loss.

Investments in subsidiaries and associates
Investments in subsidiaries are accounted for at cost less impairment in the individual financial statements.

HAYWARD SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 05440557)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

3. TURNOVER

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

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

31.3.24 31.3.23
£    £   
Provision of cleaning services 20,879,455 17,465,427
Sale of goods 93,869 102,426
20,973,324 17,567,853

An analysis of turnover by geographical market is given below:

31.3.24 31.3.23
£    £   
United Kingdom 20,973,324 17,567,853
20,973,324 17,567,853

In respect of contracts for on-going services, turnover represents the apportioned contract value over the timeframe of the contract. Other incidental work is recognised evenly over the duration of the work completed.
In respect of shares, the turnover represents the profit/loss from the trading of shares and unrealised profits/losses from the movement in valuation of the shares retained.

4. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
£    £   
Wages and salaries 15,540,788 13,205,236
Social security costs 686,612 577,930
Other pension costs 724,254 561,684
16,951,654 14,344,850

The average number of employees during the year was as follows:
31.3.24 31.3.23

Head office 50 48
Site staff 1,559 1,354
1,609 1,402

31.3.24 31.3.23
£    £   
Directors' remuneration 283,180 290,429
Directors' pension contributions to money purchase schemes 279,488 175,409

HAYWARD SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 05440557)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

4. EMPLOYEES AND DIRECTORS - continued

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

Money purchase schemes 7 7

Information regarding the highest paid director is as follows:
31.3.24 31.3.23
£    £   
Emoluments etc 52,862 57,279
Pension contributions to money purchase schemes 66,250 29,996

5. OPERATING PROFIT

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

31.3.24 31.3.23
£    £   
Hire of plant and machinery 4,006 7,724
Other operating leases 86,492 67,674
Depreciation - owned assets 256,471 200,200
Profit on disposal of fixed assets (12,500 ) (4,642 )
Goodwill amortisation 32,862 32,862
Auditors' remuneration 35,500 44,675

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.24 31.3.23
£    £   
Hire purchase 1,116 1,116

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.24 31.3.23
£    £   
Current tax:
UK corporation tax 321,485 196,004

Deferred tax - 14,685
Tax on profit 321,485 210,689

HAYWARD SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 05440557)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

7. TAXATION - continued

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:

31.3.24 31.3.23
£    £   
Profit before tax 1,314,835 1,007,640
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

328,709

191,452

Effects of:
Expenses not deductible for tax purposes 1,213 (107 )
Capital allowances in excess of depreciation (2,824 ) (9,356 )

Deferred tax liability movement - 14,684
Other timing differences (2,488 ) 4,157
Capital gains - 9,116
Revaluation of listed investments - 743
Profit on sale of fixed assets (3,125 ) -
Total tax charge 321,485 210,689

8. 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.


9. DIVIDENDS
31.3.24 31.3.23
£    £   
A Ordinary Shares shares of £0.01 each
Interim 750,000 700,000

HAYWARD SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 05440557)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 657,235
AMORTISATION
At 1 April 2023 616,157
Amortisation for year 32,862
At 31 March 2024 649,019
NET BOOK VALUE
At 31 March 2024 8,216
At 31 March 2023 41,078

11. TANGIBLE FIXED ASSETS

Group
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 442,215 93,229 288,994 240,909 1,065,347
Additions 248,302 - 32,486 15,833 296,621
Disposals - - (52,724 ) - (52,724 )
At 31 March 2024 690,517 93,229 268,756 256,742 1,309,244
DEPRECIATION
At 1 April 2023 288,545 86,125 207,988 217,298 799,956
Charge for year 183,234 2,664 47,594 22,979 256,471
Eliminated on disposal - - (52,724 ) - (52,724 )
At 31 March 2024 471,779 88,789 202,858 240,277 1,003,703
NET BOOK VALUE
At 31 March 2024 218,738 4,440 65,898 16,465 305,541
At 31 March 2023 153,670 7,104 81,006 23,611 265,391

HAYWARD SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 05440557)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 997,505
NET BOOK VALUE
At 31 March 2024 997,505
At 31 March 2023 997,505

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

Subsidiaries

Hayward Services Limited
Registered office: United Kingdom
Nature of business: Office cleaning services
%
Class of shares: holding
Ordinary 100.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves 1,682,821 1,664,224
Profit for the year 1,019,110 816,033

Yoda Investments Ltd
Registered office: United Kingdom
Nature of business: Investment company
%
Class of shares: holding
Ordinary 90.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves (14,500 ) (14,500 )
Profit for the year - 23,175

Yoda Investments Ltd was dissolved post year end.


HAYWARD SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 05440557)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

13. STOCKS

Group
31.3.24 31.3.23
£    £   
Stocks 43,708 49,696

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
31.3.24 31.3.23
£    £   
Trade debtors 2,928,704 1,885,784
Other debtors 1,236,503 1,495,416
Prepayments 201,549 180,726
4,366,756 3,561,926

Other debtors includes £1.23m (2023: £1.49m) relating to amounts held by HSBC Invoice Finance.

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£    £    £    £   
Hire purchase contracts (see note 17) 19,231 3,415 - -
Trade creditors 333,360 313,226 - -
Amounts owed to group undertakings - - 89 243,089
Tax 319,337 124,414 - -
Social security and other taxes 298,873 268,280 - -
VAT 671,946 505,648 - -
Accruals and deferred income 1,368,896 1,244,508 - -
Accrued expenses 5,000 10,000 - 5,000
3,016,643 2,469,491 89 248,089

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

Group
31.3.24 31.3.23
£    £   
Hire purchase contracts (see note 17) - 20,349

HAYWARD SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 05440557)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year 19,231 3,415
Between one and five years - 20,349
19,231 23,764

Group
Non-cancellable operating leases
31.3.24 31.3.23
£    £   
Within one year 253,969 229,153
Between one and five years 255,146 363,194
509,115 592,347

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
31.3.24 31.3.23
£    £   
Guarantee bonds 210,000 436,100

Hayward Services Limited has guarantees in place with HSBC to cover liabilities relating to the pension schemes in place with employees transferred to the group under the 2006 TUPE Regulations.

19. PROVISIONS FOR LIABILITIES

Group
31.3.24 31.3.23
£    £   
Deferred tax 45,953 45,953

Group
Deferred
tax
£   
Balance at 1 April 2023 45,953
Balance at 31 March 2024 45,953

HAYWARD SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 05440557)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

19. PROVISIONS FOR LIABILITIES - continued

The deferred tax is in respect of accelerated capital allowances.

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
20,000 A Ordinary Shares £0.01 200 200

A Ordinary shares carry full and equal rights to participate in voting in all circumstances, in dividends and in capital contributions, whether on a winding up or otherwise.

21. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 April 2023 923,779 520,800 1,444,579
Profit for the year 993,350 993,350
Dividends (750,000 ) (750,000 )
At 31 March 2024 1,167,129 520,800 1,687,929

Company
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 April 2023 228,416 520,800 749,216
Profit for the year 998,000 998,000
Dividends (750,000 ) (750,000 )
At 31 March 2024 476,416 520,800 997,216


22. NON-CONTROLLING INTERESTS

There is a non-controlling interest in the company's subsidiary, Yoda Investments Limited, amounting to 10% of the equity in that subsidiary.

23. PENSION COMMITMENTS

Pensions are paid one month in arrears and therefore at the year end there were outstanding pension contributions relating to March 2024 included in other creditors of £85,410 (2023: £79,808).

HAYWARD SERVICES HOLDINGS LIMITED (REGISTERED NUMBER: 05440557)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

24. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party of Hayward Services Holdings Limited.