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REGISTERED NUMBER: 07143062 (England and Wales)


















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

BETHELL GROUP HOLDINGS LTD

BETHELL GROUP HOLDINGS LTD (REGISTERED NUMBER: 07143062)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 30 September 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 8

Report of the Independent Auditors 11

Consolidated Income Statement 15

Consolidated Other Comprehensive Income 16

Consolidated Balance Sheet 17

Company Balance Sheet 18

Consolidated Statement of Changes in Equity 19

Company Statement of Changes in Equity 20

Consolidated Cash Flow Statement 21

Notes to the Consolidated Financial Statements 22


BETHELL GROUP HOLDINGS LTD

COMPANY INFORMATION
for the Year Ended 30 September 2024







DIRECTORS: T A Kilroe
Mrs C M Kilroe
N Hopkins-Coman
C M Morley



REGISTERED OFFICE: Dane House
Europa Park
Stoneclough Road
Kearsley
Manchester
M26 1GG



REGISTERED NUMBER: 07143062 (England and Wales)



INDEPENDENT AUDITORS: Fairhurst Audit Services Ltd
Statutory Auditor
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB



BANKERS: Lloyds Bank Plc
PO Box 1000
Market Street
Manchester
BX1 1LT



SECOND BANK: Investec
3 Hardman Street
Spinningfields
Manchester
M3 3HF

BETHELL GROUP HOLDINGS LTD (REGISTERED NUMBER: 07143062)

GROUP STRATEGIC REPORT
for the Year Ended 30 September 2024

The directors present their strategic report of the company and the group for the year ended 30 September 2024.

For the year under review the principal activity of the Company was ultimate holding company for the Bethell group of companies whose principal activities were civil engineering. No change in activities is anticipated in the foreseeable future.
The Group's principal trading companies are Bethell Construction Ltd ("BCL"), Bethell Utility Services Ltd ("BUSL"), Bethell Property Services Ltd ("BETPRO") and Bethell Plant Services Ltd ("BETPLA").

BCL is able to offer its clients intelligent solutions from initial design collaboration through to construction and ongoing infrastructure maintenance services. BCL places great emphasis on self-delivery of projects through its large base of skilled and semi-skilled staff. Attracting and retaining such a skill base is challenging, especially in the current economic environment, but BCL has the advantage of established training and development strategies including apprenticeship and graduate programmes.

BUSL is a multi-utility installation business covering the water, gas and electricity infrastructure to commercial and residential premises. It has a strong reputation in the sector and employs skilled and experienced operatives from this sector.

BETPRO is a small property development company with an investment in Sale, Greater Manchester, which comprises a single block of twelve high specification apartments. BETRO intends to sell these units when the property market is more buoyant but they rented out in the medium term pending longer term disposals.

BETPLA is an internal group plant hire business which owns, and hires out within the group, a wide range of construction plant equipment and heavy goods vehicles.


BETHELL GROUP HOLDINGS LTD (REGISTERED NUMBER: 07143062)

GROUP STRATEGIC REPORT
for the Year Ended 30 September 2024

REVIEW OF BUSINESS
2024 has been a very good year for the Group during a continued challenging economic background which includes a change of Government, pressure on household finances due to the so called "cost of living crisis" and the impact of overseas turbulence particularly in Ukraine and the Middle East. The Group's core markets are dominated by public sector infrastructure, including regulated areas such as the water industry, and spending in these areas continues to be relatively resilient to such difficulties. I am pleased to report the Group turnover was up by 28% on last year at £76.2m (2023: £59.3m) with a gross margin of 17.5% (2023: 14.4%). Administration expenses have necessarily increased to support the growth in revenue with a 19% increase to £9.0m (2023: £7.6m) and were 12.6% of sales revenue (2023:11.6%). Operating profits increased strongly again this year, up 104% to £4.3m (2023: £2.1m) and after net interest payable of £0.1m (2023: £0.1m) the consolidated profit before tax was £4.2m (2023: £2.0m).

Group consolidated net assets have increased to £8.8m from £5.9m at the start of the year with another year of significant fixed asset investment of £2.5m (2023: £2.7m). This year's focus being a further expansion of the owned plant and machinery, especially more specialist items, reducing operating costs and improving availability over hired in equipment. Despite these investments the Group still generated a cash inflow in 2024 of £5.2m (2023: outflow £2.3m) giving a closing cash in hand balance of £9.9m (2023: £4.7m). The Group's external debt increased this year to £4.1m (2023: £3.1m) but overall the net position remained one of zero gearing.

BCL enjoyed a strong operational performance this year with an 36% increase in turnover to £53.5m (2023: £39.3m). With focus on cost control, business processes and strong commercial acumen this enabled the gross profit return to increase by 31% to £8.7m (2023: £6.6m), which represented a margin of 16% (2023: 17%). BCL's indirect overheads increased this year by 22% to £5.4m (2023: £4.5m) due mainly to the recruitment of key senior managers to support business growth. In the financial year business overheads represented 10% of turnover (2023: 11%) which enabled BCL to report a strong 52% increase in operating profit to £3.3m (2023: £2.2m) with an increased operating margin of 6.1% (2023: 5.5%). Continued growth throughout 2024 was underpinned by relationships sustained with United Utilities (UU), Manchester Airport Group (MAG) and various Local Highways Authorities. In all client engagement, collaborative relationships and infrastructure delivery is assisting future growth as BCL aims to support asset maintenance and renewable energy sectors. BCL is also pleased to report further engagement with UU via the NMS framework and a recent appointment to the Design & Build AMP8 Framework, offering a potential ten-year preferred contractor relationship across a high expenditure capital works programme. This includes several design and build opportunities which will allow diversification across regional water boundaries, with the potential for both Tier 1 and Tier 2 contractor status. BCL continues to maintain a strong brand recognition and profile within the sector, achieving recognition as a solutions provider with a strong emphasis on safety, quality and management of the well-being of all its people and those who interact with its activities. This is also recognised through industry award including Investors in People Gold Status. This approach has increased overall client confidence and engagement, allowing BCL to increase average order values to £2.5m.


BETHELL GROUP HOLDINGS LTD (REGISTERED NUMBER: 07143062)

GROUP STRATEGIC REPORT
for the Year Ended 30 September 2024

BUSL had an improved, but still challenging, trading year due to the current economic conditions with turnover increased by 11% to £22.0m (2023: £19.9m). However, there was considerable pressure on costs resulting in a lower gross margin of 12% (2023: 13%) and gross profit remained at £2.7m (2023: £2.7m). Responding to these cost pressures BUSL was able to decrease its operating overheads by 13% to £2.4m (2023: £2.8m). BUSL reported an operating profit of £225k (2023: loss £172k) and a profit before tax of £41k (2023: loss before tax £259k). However, interest payable did more than double to £190k (2023: £90k) due to the cost of funding the working capital requirements of the business. This below expectation performance was in the main due to the Multi Utility (residential) part of the business experiencing far slower build progress with housing developers than experienced in previous years. Our developer customers have managed their sites more cautiously over recent years and build phase by phase as opposed to constructing large segments at a time. Recent changes in planning laws also means that the time taken to secure planning approvals for a typical development has lengthened from around six months to up to two years. In some cases, we have also seen developers that decided to delay builds on their larger sites for multiple changes in layouts and property types to try to make the sites more appealing to prospective buyers. This has been evidenced by many of BUSL's new site awards in this financial year being for fewer than 50 units. More positively, BUSL's expansion into the electric vehicle charging arena continued well, with the business now a leading independent connections provider and a national operator. This in itself has brought challenges, such as the management of subcontractors and working with unfamiliar local authorities and distribution network operators. During 2024 BUSL has been able to build a solid client base of some ten charge point operators who will continue to award work if BUSL maintains its record for on time and on budget project deliveries. In the year BUSL also experienced delays on some such projects due to protracted resolution of issues with land ownership, property access, easements, wayleaves and supply connections. BUSL's newest workstream, Industrial and Commercial gained a local foothold in 2024 with the award of some exciting projects in Manchester, Liverpool and surrounding towns. To ensure the successful delivery of these projects, BUSL has tailored its operational structure to ensure delivery and client satisfaction to secure repeat work. BUSL has also benefitted from the groupwide business development team and aims to secure high rise building projects and larger commercial units in 2024.

BETPLA has had a strong operational performance this year and reported intra-group sales of £1.4m (2023: £0.8m) and a pre-tax profit of £289k (2023: 162k). There was substantial investment in new plant and vehicles during the year with the net book value of fixed assets at the year-ended standing at £3.2m (£2023: £1.7m) with the majority of these assets acquired on finance. As a result, HP debt at the year-end was £2.4m (2023: £1.1m).

BETPRO contributed revenues of £0.15m (2023: £0.1m) and a small profit of £2k (2023: £30k) from its development activities. The head office function, Bethell Group plc ("BGP"), is usually profit neutral but in 2024 it generated a profit of £0.4m due to an exceptional gain of £0.5m arising when a related party secured an asset disposal shortly after the year-end allowing BGP to recover some overhead costs expended in prior years assisting with the project.


BETHELL GROUP HOLDINGS LTD (REGISTERED NUMBER: 07143062)

GROUP STRATEGIC REPORT
for the Year Ended 30 September 2024

PRINCIPAL RISKS AND UNCERTAINTIES
In common with similar business the Group faces a number of risks and uncertainties and the directors believe that the key business risks are in respect of competition from both UK and international construction businesses and in ensuring safe and to budget project delivery. In view of these risks and uncertainties, the directors are aware that the development of the Group may be affected by factors outside their control.

The Brexit process has not affected trading as there is no over-reliance on EU suppliers and no international business is carried out and, accordingly, there is no ongoing concern regarding any effect on future business performance. The high levels of investment in UK infrastructure reported last year have continued as have the demand pressures on the skilled labour market. There has been no abatement to the well-publicised and significant cost-of living inflation which therefore continues to impact labour and material costs, fuel and utility material prices throughout the market. The Group therefore continues to pass such increases onto clients in tendering submissions wherever possible.

FUTURE DEVELOPMENTS
The directors anticipate the business environment will continue to be competitive with economic challenges around the level of interest rates and input price inflation especially around energy and oil-based construction materials.

For BCL key successes gained throughout 2024 provide a robust foundation for 2025 and beyond, with placement on the Manchester City Council major projects framework, UU AMP 8 D&B, anticipated placement on the UU AMP8 Minor Works, amongst several other procurement processes the potential forward work pipeline forecast is very strong. Together with key client development in the renewables energy sector this gives confidence in business forecasting and planning. A further area of focus for strategic growth comes from the aviation industry where capital investment programmes from MAG are buoyant across both airside and landside opportunities. The new financial year has begun well, with in excess of 82% of budgeted turnover already secured or accounted for in anticipated awards, and with an exceptional cash position. This base can be used for appropriate investment in further regional growth across the North West and Yorkshire areas with growth focussed on key development areas supporting green energy investment, heavy civil engineering water assets and non-motorised user infrastructure.

For BUSL the economic conditions in the UK, particularly relevant being the depressed residential housing market, are anticipated to present a challenging year again in 2025. However, certain sectors of BUSL's business, such as green energy and electrical vehicle charging, remain a strong growth area. BUSL is widely recognised as a partner of choice for independent connection operations in the North West, with a diversified the client in residential housing, green energy and the industrial & commercial arenas.

The Group will start the new financial with almost £60m of secured which is a major proportion of budget revenue and BCL and BUSL are in discussion with clients and potential clients over a number of anticipated awards. The directors therefore anticipate 2025 will be another year of profitable growth.


BETHELL GROUP HOLDINGS LTD (REGISTERED NUMBER: 07143062)

GROUP STRATEGIC REPORT
for the Year Ended 30 September 2024

SECTION 172(1) STATEMENT
Duty to promote the success of the Company

In executing our strategy, Directors must act in accordance with a set of general duties detailed in section 172 of the Companies Act 2006. These general duties include a duty to promote the success of the Company, and specifically, to act in a way that the Director considers, in good faith, would be most likely to promote the success of the Company for the benefit of its shareholders as a whole and, in doing so, having regard (amongst other matters) to the:

- likely consequences of any decisions in the long-term.
- interests of the Company's employees.
- need to foster the Company's business relationships with suppliers, customers, and others.
- impact of the Company's operations on the community and environment; and
- desirability of the Company maintaining a reputation for high standards of business conduct.

This statement has been prepared in accordance with the requirements of The Companies (Miscellaneous Reporting) Regulations 2018, which require the Company to describe how the Directors have had regard to the matters set out in section 172 of the Companies Act 2006 during the financial year under review. It is noted that the Directors have always acted in accordance with such duties in their decision making and they will continue to do so. Considering the additional disclosure requirements, we have set out in the strategic report how the Directors have fulfilled their duties during the year ended 30th September 2023.

Having regard to the likely consequences of any decisions in the long-term

The Board cultivates strong relationships with key stakeholders so that it is well placed and sufficiently informed to take their considerations into account when making decisions and assessing any likely long-term impact of those decisions.

Having regard to the interest of the Company's employees

The Board understands that the Group's employees are fundamental to its long-term success. The health, safety and well-being of the employees are of paramount importance alongside the provision of an ethical workplace. The Group engages in an active way with its employees. Many of the staff work on site and senior management regularly complete site visits to maintain timely interaction.

Having regard to the need to foster the Company's business relationships with suppliers, customers, and others.
Fostering positive business relationships with key stakeholders, such as suppliers and customers is also important to the success of the Group's businesses. As a result, engagement with customers is in part delegated to senior management, who know their customers best. The Board has been and continues to be, available to support the business in this area as and when required and will continue to maintain the relationships with key suppliers and customers.

Having regard to the impact of the Company's operations on the community and environment in their decision making.

The Directors need to have regard to the impact of the Company's operations on the community and environment. The Board plays a constructive role in tackling issues through engagement and investment.
We are committed to reducing our carbon footprint and contribution to climate change where economically viable.

Having regards to the desirability of the Company maintaining a reputation for high standards of business conduct.
The Board recognises that culture, values, and standards are key contributors to how a company creates and sustains value over the longer-term, to enable it to maintain a reputation for high standards of business conduct which guide and assist in the Board's decision making, and in doing so, help promote the Company's success, recognising, amongst other things, the likely consequences of any decision in the long-term and wider stakeholder considerations.


BETHELL GROUP HOLDINGS LTD (REGISTERED NUMBER: 07143062)

GROUP STRATEGIC REPORT
for the Year Ended 30 September 2024

On the basis of the above, the members of the Board consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1)(a-f) of the Companies Act 2006) in the decisions taken during the year ended 30 September 23.

FINANCIAL INSTRUMENTS
The Group has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are only conducted in sterling. The Group does not enter into any hedging transactions.

ON BEHALF OF THE BOARD:





C M Morley - Director


18 December 2024

BETHELL GROUP HOLDINGS LTD (REGISTERED NUMBER: 07143062)

REPORT OF THE DIRECTORS
for the Year Ended 30 September 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 September 2024.

PRINCIPAL ACTIVITY
For the year under review the principal activity of the company was ultimate holding company for the Bethell group of companies whose activites were civil engineering. No change in activities is anticipated in the foreseeable future.

The Group's principal trading companies are Bethell Construction Ltd ("BCL"), Bethell Utility Services Ltd ("BUSL"), Bethell Property Services Ltd ("BETPRO") and Bethell Plant Services Ltd ("BETPLA") with the latter currently only servicing internal customers BCL and BUSL.

BCL is a long-established integrated infrastructure services business undertaking multi-discipline construction, engineering and maintenance for transportation, utility and environmental sectors for both local authority and private sector clients. It is able to offer its clients intelligent solutions from initial design collaboration through to construction and ongoing maintenance services for both public and private infrastructure.

BUSL has been trading for less than ten years but has already become well established as a multi-utility company within the electricity, gas and water arenas, focused on housing and commercial sectors. Its growth has been underpinned by an experienced and strong management team and a highly skilled workforce. As the business has grown, its markets have started to diversify away from just residential to also include industrial and commercial opportunities and a rapidly expanding areas of green energy.

BETPRO is a small property development company with one live investment at Charlton Drive, Sale which comprises a single block of twelve apartments finished to a high specification in a quiet residential area, close to Sale town centre and the MetroLink network. Due to continued relatively poor economic conditions these apartments have been let in the medium term pending longer term disposals.

BETPLA is an internal group plant hire business

DIVIDENDS
No dividends will be distributed for the year ended 30 September 2024.

FUTURE DEVELOPMENTS
The directors anticipate the business environment will continue to be competitive with economic challenges increasing input price inflation especially around energy and oil-based construction materials. Further details regarding future developments are contained within the Strategic Report.


BETHELL GROUP HOLDINGS LTD (REGISTERED NUMBER: 07143062)

REPORT OF THE DIRECTORS
for the Year Ended 30 September 2024

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

T A Kilroe
Mrs C M Kilroe
N Hopkins-Coman
C M Morley

STREAMLINED ENERGY AND CARBON REPORTING
Under the Companies (Directors' Report) and Limited Liabilities Partnerships (Energy & Carbon Report) regulations 2019, we are mandated to disclose our energy use and associated greenhouse gas emissions. These disclosures are set out below:

2024 2023
Energy Consumption kWh kWh


Aggregate of energy consumption in the year

101.944
272.1
08
Emissions of CO2 equivalent 2024 2023
metric metri
tonnes tonne
Scope 1 - direct emissions
- gas combustion -
-fuel consumed for own transport 1,735 1,670
Scope 2 - indirect emissions
-electricity purchased 4.7 7.5
Scope 3 - other indirect emissions
-fuel consumed for transport not owned - -
1,740.2 1,677
Intensity ratio
Tonnes CO2 per £100,000 turnover 2.285 2.828

Quantification and reporting methodology
We have followed the 2019 HM Government Environmental Reporting Guidelines: Including streamline energy and carbon reporting guidance. we have used the 2019 UK Governments Conversion Factors for Company Reporting

Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £100,000 of turnover, the recommended ratio for the sector.

Measures taken to improve energy efficiency
We continue to look at ways to minimise frequency of visits to sites and to use environmentally friendly methods to remove rubble and other hardcore.
We have installed electric vehicle charge points at head office and ensure our own vehicles are environmentally friendly.


BETHELL GROUP HOLDINGS LTD (REGISTERED NUMBER: 07143062)

REPORT OF THE DIRECTORS
for the Year Ended 30 September 2024

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;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
- 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Fairhurst Audit Services Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





C M Morley - Director


18 December 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BETHELL GROUP HOLDINGS LTD

Opinion
We have audited the financial statements of Bethell Group Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 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 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 30 September 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BETHELL GROUP HOLDINGS LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities, 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
BETHELL GROUP HOLDINGS LTD


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.

Extent to which the audit was considered capable of detecting irregularities including fraud
Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect in the determination of material amounts and disclosures in the financial statement, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatements of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and addressing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- We obtained an understanding of laws and regulations that affect the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. As a result of these procedures we consider that the most significant laws and regulations that have a direct impact on the financial statements are FRS 102 and the Companies Act 2006.
- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing minutes of meetings and inspecting legal correspondence.

In assessing the susceptibility of the company's financial statements to material misstatement, including obtaining and understanding of how fraud might occur;
- We gained an understanding of the controls that management have in place to prevent and detect fraud.
- We enquired of management about any instances of fraud that had taken place during the year.

To address the risk of fraud through management bias and override of controls;
- We performed analytical procedures to identify any unusual or unexpected relationships;
- We tested journal entries to identify unusual transactions; and
- We assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BETHELL GROUP HOLDINGS LTD

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.




Louise Webster BSc BFP ACA (Senior Statutory Auditor)
for and on behalf of Fairhurst Audit Services Ltd
Statutory Auditor
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

18 December 2024

Note:
The maintenance and integrity of the Bethell Group Holdings Ltd website is the responsibility of the directors; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website.


BETHELL GROUP HOLDINGS LTD (REGISTERED NUMBER: 07143062)

CONSOLIDATED
INCOME STATEMENT
for the Year Ended 30 September 2024

2024 2023
Notes £    £   

TURNOVER 4 76,165,065 59,321,782

Cost of sales 62,867,511 49,627,284
GROSS PROFIT 13,297,554 9,694,498

Administrative expenses 9,057,146 7,585,654
4,240,408 2,108,844

Other operating income 56,904 -
OPERATING PROFIT 6 4,297,312 2,108,844

Interest receivable and similar income 7 140,408 39,662
4,437,720 2,148,506

Interest payable and similar expenses 8 241,712 139,767
PROFIT BEFORE TAXATION 4,196,008 2,008,739

Tax on profit 9 968,310 489,969
PROFIT FOR THE FINANCIAL YEAR 3,227,698 1,518,770
Profit attributable to:
Owners of the parent 2,643,883 1,186,299
Non-controlling interests 583,815 332,471
3,227,698 1,518,770

BETHELL GROUP HOLDINGS LTD (REGISTERED NUMBER: 07143062)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
for the Year Ended 30 September 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 3,227,698 1,518,770


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

3,227,698

1,518,770

Total comprehensive income attributable to:
Owners of the parent 3,103,104 1,396,299
Non-controlling interests 124,594 122,471
3,227,698 1,518,770

BETHELL GROUP HOLDINGS LTD (REGISTERED NUMBER: 07143062)

CONSOLIDATED BALANCE SHEET
30 September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 241,655 281,891
Tangible assets 12 5,510,602 4,097,853
Investments 13 - -
5,752,257 4,379,744

CURRENT ASSETS
Stocks 14 2,748,788 2,856,701
Debtors 15 20,139,131 15,687,424
Cash at bank and in hand 9,912,955 4,711,543
32,800,874 23,255,668
CREDITORS
Amounts falling due within one year 16 25,379,225 18,631,866
NET CURRENT ASSETS 7,421,649 4,623,802
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,173,906

9,003,546

CREDITORS
Amounts falling due after more than one year 17 (3,772,859 ) (2,327,966 )

PROVISIONS FOR LIABILITIES 20 (262,445 ) (305,455 )
NET ASSETS 9,138,602 6,370,125

CAPITAL AND RESERVES
Called up share capital 21 800,002 800,002
Other reserves 22 200,100 200,100
Retained earnings 22 7,566,428 4,922,545
SHAREHOLDERS' FUNDS 8,566,530 5,922,647

NON-CONTROLLING INTERESTS 572,072 447,478
TOTAL EQUITY 9,138,602 6,370,125

The financial statements were approved by the Board of Directors and authorised for issue on 18 December 2024 and were signed on its behalf by:




T A Kilroe - Director


BETHELL GROUP HOLDINGS LTD (REGISTERED NUMBER: 07143062)

COMPANY BALANCE SHEET
30 September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 - -
Investments 13 1,500,003 1,500,003
1,500,003 1,500,003

CURRENT ASSETS
Debtors 15 2,303,528 2,303,528

CREDITORS
Amounts falling due within one year 16 98 98
NET CURRENT ASSETS 2,303,430 2,303,430
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,803,433

3,803,433

CAPITAL AND RESERVES
Called up share capital 21 800,002 800,002
Retained earnings 22 3,003,431 3,003,431
SHAREHOLDERS' FUNDS 3,803,433 3,803,433

Company's profit for the financial year - -

The financial statements were approved by the Board of Directors and authorised for issue on 18 December 2024 and were signed on its behalf by:





T A Kilroe - Director


BETHELL GROUP HOLDINGS LTD (REGISTERED NUMBER: 07143062)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the Year Ended 30 September 2024

Called up
share Retained Other
capital earnings reserves
£    £    £   
Balance at 1 October 2022 800,002 3,736,246 200,100

Changes in equity
Total comprehensive income - 1,186,299 -
Balance at 30 September 2023 800,002 4,922,545 200,100

Changes in equity
Total comprehensive income - 2,643,883 -
Balance at 30 September 2024 800,002 7,566,428 200,100
Non-controlling Total
Total interests equity
£    £    £   
Balance at 1 October 2022 4,736,348 325,007 5,061,355

Changes in equity
Total comprehensive income 1,186,299 122,471 1,308,770
Balance at 30 September 2023 5,922,647 447,478 6,370,125

Changes in equity
Total comprehensive income 2,643,883 124,594 2,768,477
Balance at 30 September 2024 8,566,530 572,072 9,138,602

BETHELL GROUP HOLDINGS LTD (REGISTERED NUMBER: 07143062)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the Year Ended 30 September 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2022 800,002 3,003,431 3,803,433
Balance at 30 September 2023 800,002 3,003,431 3,803,433
Balance at 30 September 2024 800,002 3,003,431 3,803,433

BETHELL GROUP HOLDINGS LTD (REGISTERED NUMBER: 07143062)

CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 30 September 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 28 7,506,812 (317,775 )
Interest paid (116,468 ) (80,820 )
Interest element of hire purchase payments
paid

(125,806

)

(58,947

)
Tax paid (421,299 ) (369,219 )
Net cash from operating activities 6,843,239 (826,761 )

Cash flows from investing activities
Purchase of tangible fixed assets (577,109 ) (1,746,446 )
Sale of tangible fixed assets 229,512 212,004
Interest received 140,408 39,662
Net cash from investing activities (207,189 ) (1,494,780 )

Cash flows from financing activities
New loans in year - 1,000,000
Loan repayments in year (330,500 ) (375,000 )
Capital repayments in year (644,917 ) (355,396 )
Dividends paid to minority interests (459,221 ) (210,000 )
Net cash from financing activities (1,434,638 ) 59,604

Increase/(decrease) in cash and cash equivalents 5,201,412 (2,261,937 )
Cash and cash equivalents at beginning of
year

29

4,711,543

6,973,480

Cash and cash equivalents at end of year 29 9,912,955 4,711,543

BETHELL GROUP HOLDINGS LTD (REGISTERED NUMBER: 07143062)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

Bethell Group Holdings Ltd 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 accounting
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.

The accounts of Bethell Group Holdings Ltd and its subsidiaries are made up to 30th September 2024 and the consolidated profit and loss account includes the results of all subsidiary companies. The consolidated balance sheet includes the asset and liabilities of all subsidiary companies (as disclosed in note 13).

Significant judgements and key areas of estimation uncertainty
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

-Depreciation and residual values. The directors have reviewed the asset lives and associated residual values
of all fixed asset classes, and in particular, the useful economic life and residual values of leasehold buildings
and fixtures and fittings, and have concluded that the asset lives and residual values are appropriate.
-The stage of completion as noted in the turnover policy is subject to estimation and judgement and the
directors make use of the information available to them at the balance sheet date to formulate their
calculation, this information often involves external certification of the work completed.

Turnover
Contracting turnover is based on the invoiced value of all goods despatched and services provided prior to the year end, excluding VAT and other sales-based discounts and net of trade discounts, and includes the proportion of the sales value of long term contracts relevant to the stage of completion. Development turnover is based on the invoiced value of properties sold and the rentals receivable in the period excluding VAT together with exempt land sales and other sales-based taxes and net of trade discounts.

Goodwill
Goodwill is the amount by which the purchase consideration for shares in subsidiary companies and business acquired exceeds the fair value to the group of the net assets acquired. Goodwill carried in the post balance sheet is amortised, on a straight line basis, over period not exceeding 20 years, such periods being chosen to reflect the expected useful economic lives. These periods are the periods over which the directors estimates that the values of the underlying businesses acquired are expected to match the value of the underlying assets.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

BETHELL GROUP HOLDINGS LTD (REGISTERED NUMBER: 07143062)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at historic cost. Cost includes the original price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Finance costs are not capitalised. Depreciation is provided on cost in equal annual instalments over the estimated useful lives of the assets. The rates of depreciation are as follows:

-Leasehold improvements - over the unexpired lease term (originally 20 years)
-Plant & machinery - 2-5 years
-Fixtures and fittings 3-10 years
-Motor vehicles - 3-5 years

Stocks
Stock comprise (1) contracting stocks, which are valued at the lower of cost and net realisable value (where cost includes materials, direct labour and overheads); and (2) properties held for resale, or in the course of development, and are valued at the lower of cost and net realisable value (where cost again includes materials, direct labour and overhead). The group intends to retain such properties until expectation on net realisable value can be met.

Financial instruments
Short term debtors and amounts recoverable on contracts are measured at transaction price, less any impairment. Short term trade creditors are measured at the transaction price. The following assets and liabilities are classified as financial instruments; trade debtors (including amounts recoverable on contracts), Directors loan accounts, trade creditors, accruals and hire purchase agreements.

Financial instruments that are payable or receivable within one year, typically Director's loan accounts, trade creditors, accruals and trade debtors, are measured initially and subsequently at the undiscounted amount of the cash or other consideration that is expected to be paid or received.

Financial instruments repayable in more than one year such as hire purchase agreements are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method unless the effect of discounting would be immaterial.

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.

BETHELL GROUP HOLDINGS LTD (REGISTERED NUMBER: 07143062)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Leases
Assets obtained under finance leases and hire purchase contracts are capitalised at the present value of the minimum lease payments on acquisition and depreciated over their estimated useful lives. The finance charges are allocated over the period of the lease in proportion to the capital element outstanding. Operating lease rentals are charged to income in equal annual amounts over the lease term.

Pension costs and other post-retirement benefits
The company itself does not operate any pension schemes but a number of the Group operate defined contribution pension schemes. Contributions payable for the year are charged in the profit and loss account.

Amounts recoverable on contracts
In respect of long-term contracts, the attributable profit is recognised once the final outcome can be assessed with reasonable certainty and reflects the proportion of work completed to date on the project. Variations in contract work and claims are included to the extent that the amount can be measured reliably and its receipt is considered probable. Full provision is made for losses on any contract in the period the loss is first foreseen.

The difference between work done and invoices raised on a contract is recognised as amounts recoverable on contracts. Any excess payments on account over and above the value of work done are included within creditors.

Contract costs are recognised as expenses in the period in which they are incurred. Any bid costs or tender costs are expensed as incurred until the stage is reached when it is virtually certain that the contract will be won.

Long term staff incentive scheme
The Bethell Construction Shadow Equity Plan (SHEP) is valued in line with the scheme documents.
The value of the SHEP is to be determined annually using a multiple of the weighted average pre-tax "normalised profits" for the three trading years inclusive of the current year less the base value of each unit.
The movement year on year is to be recognised as administrative expenses.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Preparation of the financial statements require management to make significant judgements and estimates. the items in the financial statements where these judgements and estimates have been made include:
- Depreciation and residual value. the directors have reviewed the asset lives and associated residual values of
- The stage of completion as noted in the turnover policy is subject to estimation and judgement and the directors make use of the information available to them at the balance sheet date to formulate their calculation, this is implemented on a contract by contract basis.
- The valuation of the future liability of the SHEP is based upon the current and previous 2 years normalised profits. The directors have assessed this as the most appropriate estimate of the liability at the balance sheet date.

BETHELL GROUP HOLDINGS LTD (REGISTERED NUMBER: 07143062)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2024

4. 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:

2024 2023
£    £   
Contracting and related 75,459,478 59,185,496
Development and rental 153,251 136,286
Management recharges 552,336 -
76,165,065 59,321,782

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 16,010,033 13,773,334
Social security costs 1,821,974 1,609,293
Other pension costs 930,894 978,571
18,762,901 16,361,198

The average number of employees during the year was as follows:
2024 2023

Direct Labour 144 161
Contracting Supervision and Admin 174 157
318 318

In addition to the staff costs above the company also operates a long term incentive scheme, Shadow Equity Participation Plan (SHEP) for key senior management. As of 30th September the scheme valuation is £740,144 (recognised in accruals) with a charge in the year of £488,034 recognised in administrative costs

During the year total compensation for key management personnel (being subsidiary directors not disclosed below) was £1,781,000 (2023: £1,479,000).

2024 2023
£    £   
Directors' remuneration 1,265,223 910,514
Directors' pension contributions to money purchase schemes 46,859 20,707

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 854,879 569,038

BETHELL GROUP HOLDINGS LTD (REGISTERED NUMBER: 07143062)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2024

6. OPERATING PROFIT

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

2024 2023
£    £   
Other operating leases 260,103 154,336
Depreciation - owned assets 540,409 400,533
Depreciation - assets on hire purchase contracts 492,336 300,400
Profit on disposal of fixed assets (170,475 ) (157,171 )
Goodwill amortisation 40,236 40,236
Auditors' remuneration 3,150 3,150
The auditing of accounts of any associate of the company 22,750 23,675
Taxation compliance services 25,500 24,000
Other non- audit services 2,235 2,000
Rentals for short term hire of plant 5,151,024 2,468,341

7. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
£    £   
Bank and similar interest 140,408 39,662

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 115,906 80,820
Hire purchase 125,806 58,947
241,712 139,767

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 989,250 390,054
Tax relating to prior periods 22,071 -
Total current tax 1,011,321 390,054

Deferred tax (43,011 ) 99,915
Tax on profit 968,310 489,969

BETHELL GROUP HOLDINGS LTD (REGISTERED NUMBER: 07143062)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2024

10. 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.


11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 October 2023
and 30 September 2024 805,363
AMORTISATION
At 1 October 2023 523,472
Amortisation for year 40,236
At 30 September 2024 563,708
NET BOOK VALUE
At 30 September 2024 241,655
At 30 September 2023 281,891

Positive goodwill arose on the acquisition of Bethell Group Plc and Bethell Construction Limited on 30th September 2010 and is being written off over a useful life of 20 years.

BETHELL GROUP HOLDINGS LTD (REGISTERED NUMBER: 07143062)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2024

12. TANGIBLE FIXED ASSETS

Group
Fixtures
Long Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 October 2023 1,074,867 3,055,052 3,350,563 988,125 8,468,607
Additions - 1,927,983 257,163 319,385 2,504,531
Disposals - (109,079 ) - - (109,079 )
At 30 September 2024 1,074,867 4,873,956 3,607,726 1,307,510 10,864,059
DEPRECIATION
At 1 October 2023 1,027,165 1,749,794 1,133,259 460,536 4,370,754
Charge for year 2,787 512,907 377,634 139,417 1,032,745
Eliminated on disposal - (50,042 ) - - (50,042 )
At 30 September 2024 1,029,952 2,212,659 1,510,893 599,953 5,353,457
NET BOOK VALUE
At 30 September 2024 44,915 2,661,297 2,096,833 707,557 5,510,602
At 30 September 2023 47,702 1,305,258 2,217,304 527,589 4,097,853

Included within fixed assets are assets acquired on finance with a net book value of £2,305,559 (2023: £2,004,150
Company: nil.

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 October 2023
and 30 September 2024 1,500,003
NET BOOK VALUE
At 30 September 2024 1,500,003
At 30 September 2023 1,500,003


BETHELL GROUP HOLDINGS LTD (REGISTERED NUMBER: 07143062)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2024

13. FIXED ASSET INVESTMENTS - continued


The company has an interest in the following subsidiary undertakings, which are all incorporated in England and Wales.

Proportion Held

Company


Nature of Business

Class of Shares
held


Direct

Indirect
Bethell Group Plc Trading company A Ordinary 100%
B Ordinary 100%
C Ordinary 100%

Deferred
Ordinary


100%

Bethell Property Services Ltd Property development A Ordinary 100%
Bethell Plant Services Ltd Trading company Ordinary 100%
Bethell Intermediate Ltd
Intermediate holding
company

Ordinary
77.5%
Bethell Construction Ltd Civil engineering Ordinary 77.5%
Bethell Utility Services Ltd Multi utility connections Ordinary 80%

14. STOCKS

Group
2024 2023
£    £   
Stocks 2,304,883 2,304,883
Raw materials 443,905 551,818
2,748,788 2,856,701

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 11,708,523 9,934,244 - -
Amounts owed by group undertakings - - 2,303,523 2,303,523
Amounts recoverable on contract 6,286,446 5,192,210 - -
Other debtors 764,591 23,300 - -
Related party loan 173,921 196,779 - -
Tax - 5 5 5
VAT 32,370 - - -
Prepayments and accrued income 1,173,280 340,886 - -
20,139,131 15,687,424 2,303,528 2,303,528

The amount in debtors due after one year relate to retentions of £322,412 (2023: £339,951).

BETHELL GROUP HOLDINGS LTD (REGISTERED NUMBER: 07143062)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2024

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 18) 30,500 30,500 - -
Other loans (see note 18) - 300,000 - -
Hire purchase contracts (see note 19) 994,197 446,937 - -
Payments on account 7,909,360 5,588,989 - -
Trade creditors 9,833,250 7,038,092 - -
Tax 880,066 290,049 - -
Social security and other taxes 1,483,760 883,938 - -
Other creditors 461,497 462,253 - -
Accrued expenses 3,786,595 3,591,108 98 98
25,379,225 18,631,866 98 98

The Group has no bank overdraft facility but Lloyds Banking Group plc has security for other facilities provided by way of a fixed charge over certain fixed assets and all book debts of the Group (excluding fixed assets and book debts of the company) and a floating charge over all other assets of the Group (excluding other assets of the Company). Obligations under hire purchase contracts are secured on the relevant assets.

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

Group
2024 2023
£    £   
Bank loans (see note 18) 1,439,000 1,469,500
Hire purchase contracts (see note 19) 1,593,715 858,466
Accruals and deferred income 740,144 -
3,772,859 2,327,966

BETHELL GROUP HOLDINGS LTD (REGISTERED NUMBER: 07143062)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2024

18. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 30,500 30,500
Other loans - 300,000
30,500 330,500
Amounts falling due between one and two years:
Bank loans - 1-2 years 30,500 30,500
Amounts falling due between two and five years:
Bank loans - 2-5 years 1,408,500 1,439,000

The secured bank loan was taken from Investec Bank (Guernsey) Ltd during 2023 and is secured by a first legal charge over the Charlton Drive development and a rental deposit account of £46,000. The loan attracts interest at 2.5% over bank base rate with £30,500 due within one year and the balance due by April 2028. Bethell Group Holdings Limited also provides an inter-company guarantee to Investec for this loan on behalf of Subsidiary Company Bethell Property Services Limited

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 994,197 446,937
Between one and five years 1,593,715 858,466
2,587,912 1,305,403

BETHELL GROUP HOLDINGS LTD (REGISTERED NUMBER: 07143062)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2024

19. LEASING AGREEMENTS - continued

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 291,606 290,108
Between one and five years 1,324,860 985,431
In more than five years 3,199,524 3,442,521
4,815,990 4,718,060

Non-cancellable operating leases expiring in more than five years relate solely to the minimum amounts payable under the main head office property lease which runs to 2042.

20. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax 262,445 305,455

Group
Deferred
tax
£   
Balance at 1 October 2023 305,455
Credit to Income Statement during year (43,010 )
Balance at 30 September 2024 262,445

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
800,000 Ordinary Shares 1 800,002 800,002
925 A Ordinary Shares 0.001 - -
2 B Ordinary Shares 1 - -
800,002 800,002

BETHELL GROUP HOLDINGS LTD (REGISTERED NUMBER: 07143062)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2024

21. CALLED UP SHARE CAPITAL - continued

The Ordinary Shares of £1 each and the "A" Ordinary Shares of £0.001 each rank pari passu in all respects with each other with the exception of a return of capital whether on liquidation, or capital reduction.

On a return of capital whether on liquidation, or capital reduction, the surplus assets of the company remaining after payments of its liabilities are to be applied firstly in paying to the holders of Ordinary Shares in respect of each Ordinary Share held, the subscription price of each fully paid up Ordinary Share, secondly in paying any surplus up to a value of £50,000 to the holder of the B Ordinary Shares, thirdly in paying to the holders of A Ordinary Shares and thereafter, in distributing the balance among the holders of the Ordinary Shares and the A Ordinary Shares pro rata to the subscription price paid up on each share of such shares held.

22. RESERVES

Group
Retained Other
earnings reserves Totals
£    £    £   

At 1 October 2023 4,922,545 200,100 5,122,645
Profit for the year 2,643,883 - 2,643,883
At 30 September 2024 7,566,428 200,100 7,766,528

Company
Retained
earnings
£   

At 1 October 2023 3,003,431
Profit for the year -
At 30 September 2024 3,003,431


23. CONTINGENT LIABILITIES

The Company's bankers , Lloyds Bank hold an unlimited cross guarantee dated 17th August 2022 between certain members of the Bethell group of companies. There is also a supplemental fixed charge on book debts and other debts. At the year-end the company had a contingent liability under this cross guarantee of £nil (2023: £nil).

24. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 118,390 241,437

At the year end the Group and company had authorised but not contracted commitments of £Nil (2023 £Nil)

BETHELL GROUP HOLDINGS LTD (REGISTERED NUMBER: 07143062)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2024

25. PENSION COMMITMENTS

The Company does not operate any pension schemes for its employees. The Group operates defined contribution schemes for its employees. The assets of the schemes are held separately from those of the Company in an independently administered funds. The amount owing to the pension schemes at the year end was £137,898 (2023:£120,841), including employer contributions of £101,296 (2023:£86,725).

26. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the consolidated financial statements.

During the year the Company transacted with Catford & Longford Limited and its subsidiaries ("CLL") which are a related party by means of common ownership, as follows:

2024 2023
£    £   
CLL
Loan (repayment) / advance (22,271 ) (53,221 )
Cost recharges 96,443 87,000
Balance outstanding at year end 183,208 205,479

During the year the Company transacted with Heathfield Farm (Guernsey) Limited ("HFGL") which is a related party by means of common ownership through T Kilroe Life Interest Settlement which is a trust whose principal beneficiary is T Kilroe, as follows:

2024
£   
HFGL
Sales 552,336
Balance outstanding at year end 552,336

27. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the T Kilroe Life Interest Settlement Trust. The principal beneficiary is T Kilroe.

BETHELL GROUP HOLDINGS LTD (REGISTERED NUMBER: 07143062)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2024

28. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 4,196,008 2,008,739
Depreciation charges 1,072,981 741,169
Profit on disposal of fixed assets (170,475 ) (157,171 )
Finance costs 241,712 139,767
Finance income (140,408 ) (39,662 )
5,199,818 2,692,842
Decrease/(increase) in stocks 107,913 (152,408 )
(Increase)/decrease in trade and other debtors (4,451,706 ) 1,005,506
Increase/(decrease) in trade and other creditors 6,650,787 (3,863,715 )
Cash generated from operations 7,506,812 (317,775 )

29. 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 30 September 2024
30/9/24 1/10/23
£    £   
Cash and cash equivalents 9,912,955 4,711,543
Year ended 30 September 2023
30/9/23 1/10/22
£    £   
Cash and cash equivalents 4,711,543 6,973,480


BETHELL GROUP HOLDINGS LTD (REGISTERED NUMBER: 07143062)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 30 September 2024

30. ANALYSIS OF CHANGES IN NET FUNDS

Other
non-cash
At 1/10/23 Cash flow changes At 30/9/24
£    £    £    £   
Net cash
Cash at bank
and in hand 4,711,543 5,201,412 9,912,955
4,711,543 5,201,412 9,912,955
Debt
Finance leases (1,305,403 ) 644,917 (1,927,426 ) (2,587,912 )
Debts falling due
within 1 year (330,500 ) 300,000 - (30,500 )
Debts falling due
after 1 year (1,469,500 ) 30,500 - (1,439,000 )
(3,105,403 ) 975,417 (1,927,426 ) (4,057,412 )
Total 1,606,140 6,176,829 (1,927,426 ) 5,855,543