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REGISTERED NUMBER: 00639089 (England and Wales)










Report of the Directors and

Financial Statements

For The Year Ended 30 April 2024

for

The Haigh Group Limited

The Haigh Group Limited (Registered number: 00639089)






Contents of the Financial Statements
For The Year Ended 30 April 2024




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


The Haigh Group Limited

Company Information
For The Year Ended 30 April 2024







DIRECTORS: L A C Shepherd
J R T Shepherd



REGISTERED OFFICE: Alton Road
Ross-on-Wye
Herefordshire
HR9 5NG



REGISTERED NUMBER: 00639089 (England and Wales)



AUDITORS: Kingscott Dix Limited
Chartered Accountants
and Statutory Auditor
Goodridge Court
Goodridge Avenue
Gloucester
Gloucestershire
GL2 5EN



BANKERS: Barclays Bank PLC
1/3 Broad Street
Hereford
Herefordshire
HR4 9BH

The Haigh Group Limited (Registered number: 00639089)

Report of the Directors
For The Year Ended 30 April 2024

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

PRINCIPAL ACTIVITIES
The principal activities of the company in the year under review were those of a holding company and the letting of industrial property. There has been no significant change in these activities during the year.

DIRECTORS
The director shown below has held office during the whole of the period from 1 May 2023 to the date of this report.

L A C Shepherd
J R T Shepherd

FINANCIAL INSTRUMENTS
The company's principal financial instruments comprise bank and inter company group balances. The main purpose of these is to sustainably support the company's and the groups operations.

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of bank balances, the company manages its exposure to currencies and debtor bank solvency through regular monitoring and management.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Kingscott Dix Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.


The Haigh Group Limited (Registered number: 00639089)

Report of the Directors
For The Year Ended 30 April 2024

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





J R T Shepherd - Director


23 December 2024

Report of the Independent Auditors to the Members of
The Haigh Group Limited

Opinion
We have audited the financial statements of The Haigh Group Limited (the 'company') for the year ended 30 April 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity 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 company's affairs as at 30 April 2024 and of its 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 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 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
The Haigh Group Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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; or
- the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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 company or to cease operations, or have no realistic alternative but to do so.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In assigning the audit engagement team we ensured that collectively they had the appropriate competence and capabilities to identify non-compliance with laws and regulations, highlight areas of the financial statements particularly susceptible to fraud and conduct appropriate additional enquiries where suspicions or weaknesses became evident.

At the planning stage, we assessed the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur. This involved preliminary planning discussions with management to obtain their assessment of fraud risk, to identify any incidences of fraud during the year and understand the measures and controls they had taken to combat the possibility of fraud.

Our transaction testing and assessment of controls during the audit provided further evidence as to the validity of this initial assessment with regard to material misstatement and fraud.

We identified areas of law and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the Directors, and inspection of the Company's regulatory and legal correspondence. The team were briefed with regard to laws and regulations and remained alert to any indication of non-compliance throughout the audit.

Report of the Independent Auditors to the Members of
The Haigh Group Limited


The company is subject to laws and regulations that directly affect the financial statements including legislation covering financial reporting including related companies, distributable profits and taxation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. In assessing this compliance, we evaluated the appropriateness of accounting policies used and the reasonableness of accounting estimates in the measurement and presentation of profit within the financial statements.

The company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety including COSHH, sales of goods legislation, employment laws, GDPR and environmental laws and regulations recognising the nature of the company's activities. Audit procedures designed to identify non-compliance with these laws and regulations included enquiry of the Directors and other management and inspection of regulatory and legal correspondence. None of the procedures applied identified actual or suspected non-compliance.

Owing 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. Where an irregularity is non-financial or has not reached a stage where its impact is financial, it is less likely to be identified by auditing procedures. In addition, to the extent that an irregularity involves collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls, there remains a high risk of non-detection. We are not responsible for detecting all instances of non-compliance with laws and regulations and cannot be expected to do so.

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.




Stephen Baily (Senior Statutory Auditor)
for and on behalf of Kingscott Dix Limited
Chartered Accountants
and Statutory Auditor
Goodridge Court
Goodridge Avenue
Gloucester
Gloucestershire
GL2 5EN

23 December 2024

The Haigh Group Limited (Registered number: 00639089)

Income Statement
For The Year Ended 30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   

TURNOVER 3 1,397,764 1,383,686

Cost of sales 22,387 31,084
GROSS PROFIT 1,375,377 1,352,602

Administrative expenses 806,586 962,947
OPERATING PROFIT 5 568,791 389,655

Income from shares in group
undertakings

600,000

220,000
Interest receivable and similar income 1,565 4,179
Other finance income 20 109,000 52,000
710,565 276,179
1,279,356 665,834

Interest payable and similar expenses 6 25 25
PROFIT BEFORE TAXATION 1,279,331 665,809

Tax on profit 7 113,815 37,196
PROFIT FOR THE FINANCIAL YEAR 1,165,516 628,613

The Haigh Group Limited (Registered number: 00639089)

Other Comprehensive Income
For The Year Ended 30 April 2024

30.4.24 30.4.23
Notes £    £   

PROFIT FOR THE YEAR 1,165,516 628,613


OTHER COMPREHENSIVE INCOME
Actuarial gains / (losses) 104,000 792,000
Return on plan assets (excluding
interest income) 29,000 (236,000 )
Income tax relating to components of
other comprehensive income

(46,550

)

(194,600

)
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

86,450

361,400
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,251,966

990,013

The Haigh Group Limited (Registered number: 00639089)

Statement of Financial Position
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 203,097 223,403
Investments 10 1,111,600 1,111,600
Investment property 11 3,387,399 3,387,399
4,702,096 4,722,402

CURRENT ASSETS
Debtors 12 2,204,788 2,017,684
Cash at bank and in hand 83,966 -
2,288,754 2,017,684
CREDITORS
Amounts falling due within one year 13 406,186 597,357
NET CURRENT ASSETS 1,882,568 1,420,327
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,584,664

6,142,729

CREDITORS
Amounts falling due after more than one
year

14

(36,318

)

(24,500

)

PROVISIONS FOR LIABILITIES 18 (49,991 ) (54,840 )

PENSION ASSET 20 1,629,000 1,472,000
NET ASSETS 8,127,355 7,535,389

CAPITAL AND RESERVES
Called up share capital 19 25,500 25,500
Non-distributable reserve 1,646,887 1,646,887
Retained earnings 6,454,968 5,863,002
SHAREHOLDERS' FUNDS 8,127,355 7,535,389

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2024 and were signed on its behalf by:





J R T Shepherd - Director


The Haigh Group Limited (Registered number: 00639089)

Statement of Changes in Equity
For The Year Ended 30 April 2024

Called up
share Retained Non-distributable Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 May 2022 25,500 5,572,989 1,646,887 7,245,376

Changes in equity
Dividends - (700,000 ) - (700,000 )
Total comprehensive income - 990,013 - 990,013
Balance at 30 April 2023 25,500 5,863,002 1,646,887 7,535,389

Changes in equity
Dividends - (660,000 ) - (660,000 )
Total comprehensive income - 1,251,966 - 1,251,966
Balance at 30 April 2024 25,500 6,454,968 1,646,887 8,127,355

The Haigh Group Limited (Registered number: 00639089)

Notes to the Financial Statements
For The Year Ended 30 April 2024

1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

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

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Preparation of consolidated financial statements
The financial statements contain information about The Haigh Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Kwigo Limited, .

Turnover
Turnover comprises rent, service charges and management charges receivable net of value added tax and arises solely in the United Kingdom.

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 calculated to write off the cost of fixed assets less their residual values over their estimated useful lives at the following rates per annum:

Plant and fixtures20% on cost and 33 1/3 % on cost
Motor vehicles25% on cost


Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

The Haigh Group Limited (Registered number: 00639089)

Notes to the Financial Statements - continued
For The Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Investment property
Investment properties have been valued by the directors on an open market value basis in accordance with FRS 102. Any surplus or deficit on revaluation would be transferred to revaluation reserve except where the deficit reduces the property below its historic cost, in which case it has been taken to the profit and loss account.

No depreciation is allocated to these properties which is a departure from the requirements of the Companies Act 2006. In the opinion of the directors, these properties are held primarily for their investment potential so their current value is of more significance than any measure of consumption and to depreciate them would not give a true and fair view. The provisions of Section 16 of FRS 102 in respect of investment properties have therefore been adopted in order to give a true and fair view. If this departure from the act had not been made, the profit for the year would have been reduced by depreciation.

However, the amount of depreciation cannot reasonably be quantified and the amount which might otherwise have been shown cannot be separately identified or quantified.

Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other 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.

Cash and cash equivalents
Cash and cash equivalents 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.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Basic financial liabilities
Basic financial liabilities, including trade and other 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 company after deducting all of its liabilities.

Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company's obligations are discharged, cancelled, or they expire

The Haigh Group Limited (Registered number: 00639089)

Notes to the Financial Statements - continued
For The Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company also operates a defined benefit scheme. As the scheme is frozen, the regular pension contribution is charged against the pension liability brought forward as required by FRS 102. Only finance costs are charged to the profit and loss account.

Operating leases
The company as lessor
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Direct costs incurred in negotiating and arranging an operating lease are charged to the profit and loss account in the period in which incurred.

The Haigh Group Limited (Registered number: 00639089)

Notes to the Financial Statements - continued
For The Year Ended 30 April 2024

3. TURNOVER

Turnover comprises the following which is attributable to the principal activities of the company and is all UK derived:-

30.4.2430.4.23

££

Sale of goods11,21930,013
Rent and service charges receivable717,496702,933
Management charges receivable647,490650,740
1,376,2051,383,686

4. EMPLOYEES AND DIRECTORS
30.4.24 30.4.23
£    £   
Wages and salaries 365,196 458,731
Social security costs 43,626 57,083
Other pension costs 11,740 53,634
420,562 569,448

The average number of employees during the year was as follows:
30.4.24 30.4.23

Administration and management 5 5

30.4.24 30.4.23
£    £   
Directors' remuneration 200,000 350,000
Directors' pension contributions to money purchase schemes 6,000 7,000

Information regarding the highest paid director is as follows:
30.4.24 30.4.23
£    £   
Emoluments etc 100,000 200,000
Pension contributions to money purchase schemes 500 6,000

5. OPERATING PROFIT

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

30.4.24 30.4.23
£    £   
Operating lease income (717,496 ) (702,933 )
Depreciation - owned assets 40,564 37,268
Depreciation - assets on hire purchase contracts 6,753 -
Auditors' remuneration 8,750 8,300
Auditors' remuneration for non audit work - 2,900

The Haigh Group Limited (Registered number: 00639089)

Notes to the Financial Statements - continued
For The Year Ended 30 April 2024

5. OPERATING PROFIT - continued

Pension Costs

The company operates a defined benefit scheme. Costs incurred during the year by the company in respect of this scheme are as follows:

30.4.2430.4.23
£ £

Expenses re defined benefits scheme10,01154,653

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.4.24 30.4.23
£    £   
Dividends paid re deferred non
voting shares 25 25
25 25

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.4.24 30.4.23
£    £   
Current tax:
UK corporation tax 80,168 -
Prior year underprovision 46 (20,044 )
Total current tax 80,214 (20,044 )

Deferred tax:
Deferred tax (4,849 ) 54,840
Deferred tax on pension scheme 38,450 2,400
Total deferred tax 33,601 57,240

Tax on profit 113,815 37,196

The Haigh Group Limited (Registered number: 00639089)

Notes to the Financial Statements - continued
For The Year Ended 30 April 2024

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

30.4.24 30.4.23
£    £   
Profit before tax 1,279,331 665,809
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19%)

319,833

126,504

Effects of:
Expenses not deductible for tax purposes (27,244 ) (1,909 )
Income not taxable for tax purposes (150,000 ) (41,800 )
Adjustments to tax charge in respect of previous periods 46 (20,044 )
Deferred tax b/fwd not provided for 56 -
Group relief (67,326 ) (36,379 )
Deferred tax on pension assets 38,450 2,400
Change in tax rate - 13,175
Super deduction - (4,751 )
Total tax charge 113,815 37,196

Tax effects relating to effects of other comprehensive income

30.4.24
Gross Tax Net
£    £    £   
Actuarial gains / (losses) 104,000 (36,400 ) 67,600
Return on plan assets (excluding
interest income) 29,000 (10,150 ) 18,850
133,000 (46,550 ) 86,450

30.4.23
Gross Tax Net
£    £    £   
Actuarial gains / (losses) 792,000 (277,200 ) 514,800
Return on plan assets (excluding
interest income) (236,000 ) 82,600 (153,400 )
556,000 (194,600 ) 361,400

8. DIVIDENDS
30.4.24 30.4.23
£    £   
Ordinary shares of £1 each
Interim 660,000 700,000

The Haigh Group Limited (Registered number: 00639089)

Notes to the Financial Statements - continued
For The Year Ended 30 April 2024

9. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 May 2023 261,946 64,514 19,537 25,347 371,344
Additions - - 27,011 - 27,011
At 30 April 2024 261,946 64,514 46,548 25,347 398,355
DEPRECIATION
At 1 May 2023 49,761 64,514 19,537 14,129 147,941
Charge for year 36,538 - 6,753 4,026 47,317
At 30 April 2024 86,299 64,514 26,290 18,155 195,258
NET BOOK VALUE
At 30 April 2024 175,647 - 20,258 7,192 203,097
At 30 April 2023 212,185 - - 11,218 223,403

The net book value above includes amounts attributable to assets subject to hire purchase and finance lease agreements at 30 April 2024 of £20,258 (2023: £Nil). Depreciation charged on these assets total £6,753 (2023: £Nil).

10. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 May 2023
and 30 April 2024 1,111,600
NET BOOK VALUE
At 30 April 2024 1,111,600
At 30 April 2023 1,111,600

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

The Haigh Engineering Company Limited
Registered office: Alton Road, Ross on Wye, Herefordshire. HR9 5NG
Nature of business: waste disposal and processing equipment
%
Class of shares: holding
£1 ordinary 100.00

The Haigh Group Limited (Registered number: 00639089)

Notes to the Financial Statements - continued
For The Year Ended 30 April 2024

10. FIXED ASSET INVESTMENTS - continued

Haigh Macerators Corp
Registered office: USA
Nature of business: dormant
%
Class of shares: holding
$0.01 common 100.00

This investment relates to a subsidiary based in the USA which is still owned by the company. The investment was written off in the 2016 year.

11. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023
and 30 April 2024 3,387,399
NET BOOK VALUE
At 30 April 2024 3,387,399
At 30 April 2023 3,387,399

Fair value at 30 April 2024 is represented by:
£   
Valuation in 2010 1,646,887
Cost 1,740,512
3,387,399

If the investment property had not been revalued it would have been included at the following historical cost:

30.4.24 30.4.23
£    £   
Cost 1,740,512 1,740,512

12. DEBTORS
30.4.24 30.4.23
£    £   
Amounts falling due within one year:
Trade debtors 14,648 24,094
Amounts owed by group undertakings 1,797,303 1,572,303
Other debtors 103,254 69,016
Corporation tax recoverable - 11,460
1,915,205 1,676,873

Amounts falling due after more than one year:
Amounts owed by group undertakings 289,583 340,811

Aggregate amounts 2,204,788 2,017,684

The Haigh Group Limited (Registered number: 00639089)

Notes to the Financial Statements - continued
For The Year Ended 30 April 2024

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans and overdrafts (see note 15) - 179,965
Hire purchase contracts (see note 16) 5,672 -
Trade creditors 31,038 32,867
Amounts owed to group undertakings 116,561 318,229
Corporation tax 80,168 -
Social security and other taxes 21,091 9,504
Other creditors 10,542 20,026
Directors' current accounts 132,393 3,070
Accruals and deferred income 8,721 33,696
406,186 597,357

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.24 30.4.23
£    £   
Deferred non-voting shares (see note 15)
24,500

24,500
Hire purchase contracts (see note 16) 11,818 -
36,318 24,500

15. LOANS

An analysis of the maturity of loans is given below:

30.4.24 30.4.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 179,965

Amounts falling due in more than five years:
Repayable otherwise than by instalments
Deferred non-voting shares 24,500 24,500

Details of shares shown as liabilities are as follows:

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £    £   
24,500 Deferred non-voting £1 24,500 24,500

The Deferred non- voting shares have the following rights attached:

a) A fixed cumulative net cash dividend of 0.001p per share per annum is payable in priority to the holders of any other class of share. There is no right to participate in the profits of the company.
b) There are no voting rights attached to the shares.

The Haigh Group Limited (Registered number: 00639089)

Notes to the Financial Statements - continued
For The Year Ended 30 April 2024

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.4.24 30.4.23
£    £   
Net obligations repayable:
Within one year 5,672 -
Between one and five years 11,818 -
17,490 -

Non-cancellable operating leases
30.4.24 30.4.23
£    £   
Within one year - 3,300

The company has contracted with lessees for the following future minimum lease payments for sublet income:
30.4.24 30.4.23
£ £

Within one year 157,332 159,516
Between one and five years 58,381 60,179
215,713 219,695

Included within the total rental and service charge income of £717,496 received during the year ended 30 April 2024 was an amount of £425,451 received from group companies in respect of let property (2023: £482,838). All of the properties let have committed tenants for the next 1 to 3 years (2023: 1 to 3 years).

17. SECURED DEBTS

The following secured debts are included within creditors:

30.4.24 30.4.23
£    £   
Bank overdraft - 179,965
Hire purchase contracts 17,490 -
17,490 179,965

Bank overdrafts are secured via fixed and floating charges over the assets of the company.

The balance relating to hire purchase liabilities is secured over the asset to which it relates.

18. PROVISIONS FOR LIABILITIES
30.4.24 30.4.23
£    £   
Deferred tax 49,991 54,840

The Haigh Group Limited (Registered number: 00639089)

Notes to the Financial Statements - continued
For The Year Ended 30 April 2024

18. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 May 2023 54,840
Accelerated Capital Allowances (4,849 )
Balance at 30 April 2024 49,991

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £    £   
25,500 Ordinary £1 25,500 25,500

20. EMPLOYEE BENEFIT OBLIGATIONS

The company operates a defined benefit scheme:

The Haigh Group Limited 1974 Retirement Fund

This scheme is self administered and funded to cover future pension liabilities in respect of service up to the balance sheet date. The scheme is subject to independent valuations which are obtained at least every three years using a qualified actuary. The total of employer's contributions to the scheme during the year were Nil (2023 : £Nil).

The last actuarial valuation of the scheme was carried out as at 30 April 2023 and was assessed in accordance with the advice of a professionally qualified actuary.

The scheme was closed with effect from 31 August 2002 and no employee contributions or AVC's have been made since this date although employer contributions continue in accordance with the recommendations of the actuary.

The amounts recognised in the balance sheet are as follows:

Defined benefit
pension plans
30.4.24 30.4.23
£    £   
Present value of funded obligations (4,530,000 ) (4,715,000 )
Fair value of plan assets 7,036,000 6,979,000
2,506,000 2,264,000
Present value of unfunded obligations - -
Surplus 2,506,000 2,264,000
Deferred tax liability (877,000 ) (792,000 )
Net asset 1,629,000 1,472,000

The Haigh Group Limited (Registered number: 00639089)

Notes to the Financial Statements - continued
For The Year Ended 30 April 2024

20. EMPLOYEE BENEFIT OBLIGATIONS - continued

The amounts recognised in profit or loss are as follows:

Defined benefit
pension plans
30.4.24 30.4.23
£    £   
Current service cost - -
Net interest from net defined benefit
asset/liability

219,000

170,000
Past service cost - -
219,000 170,000

Actual return on plan assets 357,000 (14,000 )

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
30.4.24 30.4.23
£    £   
Opening defined benefit obligation 4,715,000 5,654,000
Interest cost 219,000 170,000
Actuarial losses/(gains) (104,000 ) (792,000 )
Benefits paid (300,000 ) (317,000 )
4,530,000 4,715,000

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
30.4.24 30.4.23
£    £   
Opening fair value of scheme assets 6,979,000 7,352,000
Employers contributions - (42,000 )
Interest income on plan assets 328,000 222,000
Benefits paid (300,000 ) (317,000 )
Return on plan assets (excluding interest
income)

29,000

(236,000

)
7,036,000 6,979,000

The Haigh Group Limited (Registered number: 00639089)

Notes to the Financial Statements - continued
For The Year Ended 30 April 2024

20. EMPLOYEE BENEFIT OBLIGATIONS - continued

The amounts recognised in other comprehensive income are as follows:

Defined benefit
pension plans
30.4.24 30.4.23
£    £   
Return on plan assets (excluding interest
income)

29,000

(236,000

)
Actuarial (losses)/ gains 104,000 792,000
133,000 556,000

The major categories of scheme assets as a percentage of total scheme assets are as follows:

Defined benefit
pension plans
30.4.24 30.4.23
Equities 13% 12%
Other, including Cash Fund 87% 88%
100% 100%

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

30.4.24 30.4.23
Discount rate 5.20% 4.80%
Inflation (RPI) 3.30% 3.20%
Future pension increases 3.80% 3.80%

21. ULTIMATE PARENT COMPANY

The company is a wholly owned subsidiary of Kwigo Limited, a company incorporated in England and Wales.

22. CONTINGENT LIABILITIES

The company has given an unlimited guarantee to Barclays Bank PLC in respect of other group companies. At 30 April 2024 the indebtedness totalled £1,319,520 (2023: £1,251,862).

23. CAPITAL COMMITMENTS
30.4.24 30.4.23
£    £   
Contracted but not provided for in the
financial statements - 22,690

24. ULTIMATE CONTROLLING PARTY

By virtue of their shareholding in the ultimate holding company Kwigo Limited, L.A.C.Shepherd and J.R.T. Shepherd are considered to be joint controlling parties of the company and group.

25. CONSOLIDATED GROUP ACCOUNTS

The accounts of this company are consolidated within the accounts of its parent company, Kwigo Limited, whose registered office is Alton Road, Ross-on-Wye, HR9 5NG.