HARDIE HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Company registration number SC222639 (Scotland)
HARDIE HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr David Hardie
Mrs Aline McLean
Mr Grant Hardie
Secretary
Mrs Fiona Hardie
Company number
SC222639
Registered office
Braeside
Kirkgunzeon
Dumfries
DG2 8LA
Auditor
William Duncan + Co (Audit) Ltd
Ellersley House
30 Miller Road
Ayr
Ayrshire
KA7 2AY
Business address
No 1 Irongray Road
Dumfries
Dumfriesshire
DG2 0HS
Bankers
Bank of Scotland
91 High Street
Dumfries
DG1 2BN
Solicitors
Brazenall & Orr
104 Irish Street
Dumfries
DG1 2PB
HARDIE HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 31
HARDIE HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

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

Fair review of the business

The 2023/24 results have been poorer than expected due to two large contracts being delayed resulting in a reduction in sales which in turn has affected the profit margin.

 

The directors are closely involved in the day to day running of the business and have reacted to the reduced workload in order to maintain profitability. The Group has a strong balance sheet and high levels of cash reserves so can cope with this one-off reduction in sales.

 

The Group maintains good accounting systems to ensure that accurate financial information is available at all times. The directors have closely monitored the Group's financial position throughout the period and have taken all necessary steps to streamline operations and control costs.

 

2023/24 had a strong order book, however due to delays, two contracts have been pushed into the financial year 2024/25. As a result, the upcoming year 2024/25 looks strong as the delayed contacts have now commenced and further quality contracts have been secured.

Principal risks and uncertainties

The main risks arising from the Groups operations are trading risk and health and safety.

 

Trading Risk

 

The directors are aware that Group overheads need to be covered and in order to do so a certain volume of sales are required. The directors are also aware that it is important to closely monitor all contracts for profitability and to ensure that all costs are recognized as sales within the valuations. Despite the challenges this year has raised the Group continues to ensure that contracts remain profitable.

Health and Safety

 

The Managing Director oversees compliance with all aspects of health and safety. This also includes ensuring that the Group has appropriate insurances in place to cover any losses.

Development and performance

The Group has always taken a cautious approach to spending and has invested wisely over the years while maintaining the Group's reserves. The Group balance sheet remains strong at the year end. The directors are therefore confident that the Group is well placed to work through this upcoming year.

 

Key performance indicators

Gross profit margin is the key performance indicator across the Group. Profitability of each project is assessed at the planning stage and again at regular intervals throughout their completion. Whilst great effort is made to ensure that every contract generates a positive contribution the directors also recognise that unforeseen circumstances can arise, which will have a negative impact on margins of individual contracts. The directors always seek to minimise these risks and learn from every contract that is undertaken in order to further improve profitability going forward.

 

On behalf of the board

Mr David Hardie
Director
2 December 2024
HARDIE HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

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

Principal activities

The principal activity of the group continued to be that of civil engineering and construction.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr David Hardie
Mrs Aline McLean
Mr Grant Hardie
Results and dividends

The results for the year are set out on page 8.

 

A final ordinary dividend was declared on the 31st March 2024 amounting to £nil per share.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr David Hardie
Director
2 December 2024
HARDIE HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The directors are responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

HARDIE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HARDIE HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of Hardie Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

HARDIE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HARDIE HOLDINGS LIMITED
- 5 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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 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:

 

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 is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

HARDIE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HARDIE HOLDINGS LIMITED
- 6 -

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 auditor's 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.

Mr Neil Reid FCCA (Senior Statutory Auditor)
For and on behalf of William Duncan + Co (Audit) Ltd
2 December 2024
Accountants
Statutory Auditor
Ellersley House
30 Miller Road
Ayr
Ayrshire
KA7 2AY
HARDIE HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
10,067,804
11,972,485
Cost of sales
(8,409,643)
(9,872,673)
Gross profit
1,658,161
2,099,812
Administrative expenses
(1,557,220)
(1,546,060)
Other operating income
71,786
72,210
Operating profit
4
172,727
625,962
Interest receivable and similar income
8
60,398
6,259
Interest payable and similar expenses
9
(10,041)
(10,157)
Amounts written off investments
10
171,097
(63,543)
Profit before taxation
394,181
558,521
Tax on profit
11
(80,159)
(81,675)
Profit for the financial year
314,022
476,846
Profit for the financial year is all attributable to the owners of the parent company.
HARDIE HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2024
2023
£
£
Profit for the year
314,022
476,846
Other comprehensive income
-
-
Total comprehensive income for the year
314,022
476,846
Total comprehensive income for the year is all attributable to the owners of the parent company.
HARDIE HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
2,006,904
2,019,118
Investment properties
14
1,609,220
1,435,900
Investments
15
1,173,579
1,015,802
4,789,703
4,470,820
Current assets
Stocks
18
121,399
206,399
Debtors
19
2,015,225
2,256,664
Cash at bank and in hand
2,065,228
2,991,287
4,201,852
5,454,350
Creditors: amounts falling due within one year
20
(945,717)
(1,740,889)
Net current assets
3,256,135
3,713,461
Total assets less current liabilities
8,045,838
8,184,281
Creditors: amounts falling due after more than one year
21
(979)
(147,629)
Provisions for liabilities
24
(475,059)
(475,734)
Net assets
7,569,800
7,560,918
Capital and reserves
Called up share capital
26
56,300
56,300
Fair value reserve
1,057,660
886,565
Profit and loss reserves
6,455,840
6,618,053
Total equity
7,569,800
7,560,918
The financial statements were approved by the board of directors and authorised for issue on 2 December 2024 and are signed on its behalf by:
02 December 2024
Mr David Hardie
Director
HARDIE HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
2,006,904
2,019,118
Investment properties
14
1,609,220
1,435,900
Investments
15
1,227,579
1,069,802
4,843,703
4,524,820
Current assets
Stocks
18
121,399
206,399
Debtors
19
820,315
845,195
Cash at bank and in hand
1,427,708
1,900,936
2,369,422
2,952,530
Creditors: amounts falling due within one year
20
(112,122)
(237,569)
Net current assets
2,257,300
2,714,961
Total assets less current liabilities
7,101,003
7,239,781
Creditors: amounts falling due after more than one year
21
(979)
(147,629)
Provisions for liabilities
24
(475,059)
(475,734)
Net assets
6,624,965
6,616,418
Capital and reserves
Called up share capital
26
50,300
50,300
Fair value reserve
1,057,660
886,565
Profit and loss reserves
5,517,005
5,679,553
Total equity
6,624,965
6,616,418

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £283,687 (2023 - £480,655 profit).

The financial statements were approved by the board of directors and authorised for issue on 2 December 2024 and are signed on its behalf by:
02 December 2024
Mr David Hardie
Director
Company Registration No. SC222639
HARDIE HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
Share capital
Fair value reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
50,300
898,351
6,359,421
7,308,072
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
476,846
476,846
Issue of share capital
26
6,000
-
-
6,000
Dividends
12
-
-
(230,000)
(230,000)
Transfers
-
(11,786)
11,786
-
Balance at 31 March 2023
56,300
886,565
6,618,053
7,560,918
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
314,022
314,022
Dividends
12
-
-
(305,140)
(305,140)
Transfers
-
171,095
(171,095)
-
Balance at 31 March 2024
56,300
1,057,660
6,455,840
7,569,800
HARDIE HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Fair value reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
50,300
898,351
5,347,112
6,295,763
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
480,655
480,655
Dividends
12
-
-
(160,000)
(160,000)
Transfers
-
(11,786)
11,786
-
Balance at 31 March 2023
50,300
886,565
5,679,553
6,616,418
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
283,687
283,687
Dividends
12
-
-
(275,140)
(275,140)
Transfers
-
171,095
(171,095)
-
Balance at 31 March 2024
50,300
1,057,660
5,517,005
6,624,965
HARDIE HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
105,855
623,038
Interest paid
(10,041)
(10,157)
Income taxes (paid)/refunded
(44,711)
50,919
Net cash inflow from operating activities
51,103
663,800
Investing activities
Purchase of tangible fixed assets
(494,569)
(682,600)
Proceeds on disposal of tangible fixed assets
124,022
204,399
Purchase of investment property
(160,000)
(471,680)
Proceeds from other investments and loans
-
45,194
Interest received
60,398
6,259
Net cash used in investing activities
(470,149)
(898,428)
Financing activities
Proceeds from issue of shares
-
6,000
Repayment of bank loans
(159,435)
(12,635)
Repayment of finance leases
(42,438)
(44,229)
Dividends paid to equity shareholders
(305,140)
(230,000)
Net cash used in financing activities
(507,013)
(280,864)
Net decrease in cash and cash equivalents
(926,059)
(515,492)
Cash and cash equivalents at beginning of year
2,991,287
3,506,779
Cash and cash equivalents at end of year
2,065,228
2,991,287
HARDIE HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
477,005
2,493,493
Interest paid
(10,041)
(10,157)
Income taxes refunded
7,481
20,904
Net cash inflow from operating activities
474,445
2,504,240
Investing activities
Purchase of tangible fixed assets
(494,569)
(682,600)
Proceeds from disposal of tangible fixed assets
124,022
204,399
Purchase of investment property
(160,000)
(471,680)
Aquisition of shares
-
0
(4,000)
Proceeds from other investments and loans
-
45,194
Interest received
59,887
4,289
Dividends received
-
0
220,000
Net cash used in investing activities
(470,660)
(684,398)
Financing activities
Proceeds from new bank loans
-
18,147
Repayment of bank loans
(159,435)
(12,635)
Payment of finance leases obligations
(42,438)
(44,229)
Dividends paid to equity shareholders
(275,140)
(160,000)
Net cash used in financing activities
(477,013)
(198,717)
Net (decrease)/increase in cash and cash equivalents
(473,228)
1,621,125
Cash and cash equivalents at beginning of year
1,900,936
279,811
Cash and cash equivalents at end of year
1,427,708
1,900,936
HARDIE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
1
Accounting policies
Company information

Hardie Holdings Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is Braeside, Kirkgunzeon, Dumfries, DG2 8LA.

 

The group consists of Hardie Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Hardie Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

HARDIE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

 

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
2% straight line
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

HARDIE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.10
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

HARDIE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

HARDIE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

HARDIE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -
1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Civil engineering
10,067,804
11,972,485
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
10,067,804
11,972,485
HARDIE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Turnover and other revenue
(Continued)
- 21 -
2024
2023
£
£
Other revenue
Interest income
60,398
6,259
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
9,500
9,000
Depreciation of owned tangible fixed assets
379,245
366,835
Depreciation of tangible fixed assets held under finance leases
53,364
72,443
Profit on disposal of tangible fixed assets
(26,348)
(80,363)
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
9,500
9,000
Audit of the financial statements of the company's subsidiaries
8,750
8,250
18,250
17,250
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Office and engineering
69
70
-
-
Management
2
2
2
2
Total
71
72
2
2
HARDIE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Employees
(Continued)
- 22 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,606,080
2,614,794
100,000
100,000
Social security costs
287,780
283,879
8,246
8,100
Pension costs
56,267
53,793
-
0
-
0
2,950,127
2,952,466
108,246
108,100
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
55,000
55,000
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
60,398
4,381
Other interest income
-
1,878
Total income
60,398
6,259
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
60,398
4,381
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
7,624
7,365
Other finance costs:
Interest on finance leases and hire purchase contracts
2,417
2,792
Total finance costs
10,041
10,157
HARDIE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
10
Amounts written off investments
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Gain/(loss) on financial assets held at fair value through profit or loss
157,777
(37,781)
Other gains/(losses)
Gain/(loss) on disposal of investments held at fair value
-
(21,167)
Changes in the fair value of investment properties
13,320
-
Other gains and losses
-
(4,595)
171,097
(63,543)
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
81,132
52,193
Adjustments in respect of prior periods
(298)
(8,006)
Total current tax
80,834
44,187
Deferred tax
Origination and reversal of timing differences
(675)
37,488
Total tax charge
80,159
81,675

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
394,181
558,521
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
98,545
106,119
Tax effect of expenses that are not deductible in determining taxable profit
495
6,339
Tax effect of utilisation of tax losses not previously recognised
(17,500)
-
0
Effect of change in corporation tax rate
(1,083)
-
Under/(over) provided in prior years
(298)
(824)
Enhanced capital allowances
-
(38,957)
Effect of change in deferred tax rate
-
8,998
Taxation charge
80,159
81,675
HARDIE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
12
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
275,140
160,000
13
Tangible fixed assets
Group
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 April 2023
370,000
2,135,359
23,203
1,149,733
3,678,295
Additions
-
0
142,203
2,239
373,627
518,069
Disposals
-
0
(79,750)
(3,904)
(251,803)
(335,457)
At 31 March 2024
370,000
2,197,812
21,538
1,271,557
3,860,907
Depreciation and impairment
At 1 April 2023
-
0
1,082,415
16,428
560,334
1,659,177
Depreciation charged in the year
-
0
251,060
1,602
179,947
432,609
Eliminated in respect of disposals
-
0
(64,082)
(3,074)
(170,627)
(237,783)
At 31 March 2024
-
0
1,269,393
14,956
569,654
1,854,003
Carrying amount
At 31 March 2024
370,000
928,419
6,582
701,903
2,006,904
At 31 March 2023
370,000
1,052,944
6,775
589,399
2,019,118
HARDIE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
13
Tangible fixed assets
(Continued)
- 25 -
Company
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 April 2023
370,000
2,135,359
23,203
1,149,733
3,678,295
Additions
-
0
142,203
2,239
373,627
518,069
Disposals
-
0
(79,750)
(3,904)
(251,803)
(335,457)
At 31 March 2024
370,000
2,197,812
21,538
1,271,557
3,860,907
Depreciation and impairment
At 1 April 2023
-
0
1,082,415
16,428
560,334
1,659,177
Depreciation charged in the year
-
0
251,060
1,602
179,947
432,609
Eliminated in respect of disposals
-
0
(64,082)
(3,074)
(170,627)
(237,783)
At 31 March 2024
-
0
1,269,393
14,956
569,654
1,854,003
Carrying amount
At 31 March 2024
370,000
928,419
6,582
701,903
2,006,904
At 31 March 2023
370,000
1,052,944
6,775
589,399
2,019,118

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and machinery
166,488
170,057
166,488
170,057

Freehold property was revalued on 12th June 2024 by Shepherd Commercial, a firm of Chartered Surveyors, using an open market value.

Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts would have been approximately £213,500 (2023 - £213,500), being cost.

14
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 April 2023
1,435,900
1,435,900
Additions through external acquisition
160,000
160,000
Net gains or losses through fair value adjustments
13,320
13,320
At 31 March 2024
1,609,220
1,609,220
HARDIE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
14
Investment property
(Continued)
- 26 -

Commercial and residential properties were revalued on 12th June 2024 by Shepherd Commerial, a firm of Chartered Surveyors, using an open market value basis.

 

If investment property were measured using the cost model, the carrying amounts would have been approximately £1,331,640 (2023 - £1,171,740), being cost.

15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
54,000
54,000
Unlisted investments
1,173,579
1,015,802
1,173,579
1,015,802
1,173,579
1,015,802
1,227,579
1,069,802
Fixed asset investments revalued

Unlisted investments are measured at market value with an original cost of £550,000 (2023 - £550,000).

Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 April 2023
1,015,802
Valuation changes
157,777
At 31 March 2024
1,173,579
Carrying amount
At 31 March 2024
1,173,579
At 31 March 2023
1,015,802
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2023
54,000
1,015,802
1,069,802
Valuation changes
-
157,777
157,777
At 31 March 2024
54,000
1,173,579
1,227,579
Carrying amount
At 31 March 2024
54,000
1,173,579
1,227,579
At 31 March 2023
54,000
1,015,802
1,069,802
HARDIE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
16
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
David Hardie Engineering Limited
Scotland
Ordinary
90.00
17
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
1,130,647
933,941
790,186
820,356
Equity instruments measured at cost less impairment
1,173,579
1,015,802
1,173,579
1,015,802
Carrying amount of financial liabilities
Measured at amortised cost
779,650
1,585,006
37,742
381,721
18
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
121,399
206,399
121,399
206,399
19
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
727,433
919,642
6,238
77,073
Gross amounts owed by contract customers
778,476
1,281,216
-
0
-
0
Corporation tax recoverable
-
0
7,183
-
0
7,183
Amounts owed by group undertakings
-
-
430,144
734,984
Other debtors
428,811
26,923
379,401
20,923
Prepayments and accrued income
80,505
21,700
4,532
5,032
2,015,225
2,256,664
820,315
845,195
HARDIE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
20
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
22
-
0
22,500
-
0
22,500
Obligations under finance leases
23
22,444
31,667
22,444
31,667
Trade creditors
679,457
1,195,168
819
156,600
Corporation tax payable
81,133
52,193
71,805
-
0
Other taxation and social security
85,913
251,319
3,554
3,477
Other creditors
4,004
105,580
4,000
14,325
Accruals and deferred income
72,766
82,462
9,500
9,000
945,717
1,740,889
112,122
237,569
21
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
22
-
0
136,935
-
0
136,935
Obligations under finance leases
23
979
10,694
979
10,694
979
147,629
979
147,629
22
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
-
0
159,435
-
0
159,435
Payable within one year
-
0
22,500
-
0
22,500
Payable after one year
-
0
136,935
-
0
136,935
23
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
22,444
31,667
22,444
31,667
In two to five years
979
10,694
979
10,694
23,423
42,361
23,423
42,361

Finance lease commitments are secured over the assets concerned.

HARDIE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
24
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
475,059
475,734
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
475,059
475,734
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
475,734
475,734
Credit to profit or loss
(675)
(675)
Liability at 31 March 2024
475,059
475,059
25
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
56,267
53,793

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

 

 

 

 

 

 

 

 

 

 

HARDIE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 30 -
26
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
35,000
35,000
35,000
35,000
Ordinary B shares of £1 each
15,000
15,000
15,000
15,000
Ordinary D shares of £1 each
150
150
150
150
Ordinary E shares of £1 each
150
150
150
150
50,300
50,300
50,300
50,300
28
Directors' transactions

Other debtors includes a balance of £345,504 (2023 - £10,325 included within other creditors) due from the Company's directors. These loans have been repaid by the directors post year end.

29
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
314,022
476,846
Adjustments for:
Taxation charged
80,159
81,675
Finance costs
10,041
10,157
Investment income
(60,398)
(6,259)
Gain on disposal of tangible fixed assets
(26,348)
(80,363)
Fair value gain on investment properties
(13,320)
-
0
Depreciation and impairment of tangible fixed assets
432,609
439,278
Other gains and losses
(157,777)
63,543
Movements in working capital:
Decrease in stocks
85,000
-
Decrease/(increase) in debtors
234,256
(982,731)
(Decrease)/increase in creditors
(792,389)
620,892
Cash generated from operations
105,855
623,038
HARDIE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 31 -
30
Cash generated from operations - company
2024
2023
£
£
Profit for the year after tax
283,687
480,655
Adjustments for:
Taxation charged
70,832
29,482
Finance costs
10,041
10,157
Investment income
(59,887)
(224,289)
Gain on disposal of tangible fixed assets
(26,348)
(80,363)
Fair value gain on investment properties
(13,320)
-
0
Depreciation and impairment of tangible fixed assets
432,609
439,278
Other gains and losses
(157,777)
63,543
Movements in working capital:
Decrease in stocks
85,000
-
Decrease in debtors
17,697
1,606,405
(Decrease)/increase in creditors
(165,529)
168,625
Cash generated from operations
477,005
2,493,493
31
Analysis of changes in net funds - group
1 April 2023
Cash flows
New finance leases
31 March 2024
£
£
£
£
Cash at bank and in hand
2,991,287
(926,059)
-
2,065,228
Borrowings excluding overdrafts
(159,435)
159,435
-
-
Obligations under finance leases
(42,361)
42,438
(23,500)
(23,423)
2,789,491
(724,186)
(23,500)
2,041,805
32
Analysis of changes in net funds - company
1 April 2023
Cash flows
New finance leases
31 March 2024
£
£
£
£
Cash at bank and in hand
1,900,936
(473,228)
-
1,427,708
Borrowings excluding overdrafts
(159,435)
159,435
-
-
Obligations under finance leases
(42,361)
42,438
(23,500)
(23,423)
1,699,140
(271,355)
(23,500)
1,404,285
2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.200Mr David HardieMrs Aline McLeanMr Grant HardieMrs Fiona 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