IRIS Accounts Production v24.3.0.553 14392588 Board of Directors 30.4.24 1.5.23 30.4.24 30.4.24 true true false true true false false true false Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh143925882023-04-30143925882024-04-30143925882023-05-012024-04-30143925882022-04-30143925882022-05-012023-04-30143925882023-04-3014392588ns15:EnglandWales2023-05-012024-04-3014392588ns14:PoundSterling2023-05-012024-04-3014392588ns10:Director12023-05-012024-04-3014392588ns10:Consolidated2024-04-3014392588ns10:ConsolidatedGroupCompanyAccounts2023-05-012024-04-3014392588ns10:PrivateLimitedCompanyLtd2023-05-012024-04-3014392588ns10:Consolidatedns10:FRS1022023-05-012024-04-3014392588ns10:Consolidatedns10:Audited2023-05-012024-04-3014392588ns10:SmallCompaniesRegimeForDirectorsReport2023-05-012024-04-3014392588ns10:SmallCompaniesRegimeForAccounts2023-05-012024-04-3014392588ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-05-012024-04-3014392588ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2023-05-012024-04-3014392588ns10:FullAccounts2023-05-012024-04-3014392588ns10:OrdinaryShareClass12023-05-012024-04-3014392588ns10:Consolidated2023-05-012024-04-3014392588ns10:Director22023-05-012024-04-3014392588ns10:RegisteredOffice2023-05-012024-04-3014392588ns10:Consolidated2022-05-012023-04-3014392588ns5:ShareCapital2024-04-3014392588ns5:ShareCapital2023-04-3014392588ns5:ShareCapital2022-04-3014392588ns5:RetainedEarningsAccumulatedLosses2022-04-3014392588ns5:RetainedEarningsAccumulatedLosses2023-04-3014392588ns5:RetainedEarningsAccumulatedLosses2023-05-012024-04-3014392588ns5:RetainedEarningsAccumulatedLosses2024-04-3014392588ns5:LongLeaseholdAssetsns5:LandBuildings2023-05-012024-04-3014392588ns5:PlantMachinery2023-05-012024-04-3014392588ns5:FurnitureFittings2023-05-012024-04-3014392588ns5:MotorVehicles2023-05-012024-04-3014392588ns5:ComputerEquipment2023-05-012024-04-3014392588ns5:CurrentFinancialInstruments2024-04-3014392588ns5:CurrentFinancialInstruments2023-04-3014392588ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-04-3014392588ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-04-3014392588ns10:OrdinaryShareClass12024-04-30
REGISTERED NUMBER: 14392588 (England and Wales)










Hollingsworth Group Ltd

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 30 April 2024






Hollingsworth Group Ltd (Registered number: 14392588)






Contents of the Consolidated Financial Statements
for the year ended 30 April 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Income Statement 7

Consolidated Other Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


Hollingsworth Group Ltd

Company Information
for the year ended 30 April 2024







DIRECTORS: Mr J P Hollingsworth
Mr S R E Hollingsworth





REGISTERED OFFICE: C/o Salisbury & Company Irish Square
Upper Denbigh Road
St Asaph
Clwyd
LL17 0RN





REGISTERED NUMBER: 14392588 (England and Wales)





AUDITORS: Salisbury & Company Business Solutions Limited
Statutory Auditors
Chartered Accountants
Irish Square
Upper Denbigh Road
St Asaph
Denbighshire
LL17 0RN

Hollingsworth Group Ltd (Registered number: 14392588)

Group Strategic Report
for the year ended 30 April 2024

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

The Group generated revenue of £27.0m during the year, and profit before tax of £4.6m. This compared to £19.3m revenue in the year to 30/04/23, and profit before tax of £3.1m.

Gross profit remained fairly consistent between years, at 24.6% in 2024 and 23.2% in 2023.

The Group balance sheet remains strong, with net assets of £3.0m at year end.

REVIEW OF BUSINESS
The Directors are once again happy with a pleasing set of results.

The group went through a reorganisation in October 2022, divesting the investment properties portfolio.

The group went through a further restructure in January 2024, resulting in the formation of HG Employee Ownership Trust (EOT).

The Directors, would like to thank all our employees, for their continued dedication & loyalty, with many employees exceeding 20 years of service to the business.

The Directors believe that the forming of the EOT will give well deserved rewards to our employees & believe they will continue to drive the Group forward and provide the excellent service expected of the Hollingsworth Group to our clients.

PRINCIPAL RISKS AND UNCERTAINTIES
The Group operates in a sector where there is always inherent risk. However, the Group's main client base are large, blue chip companies that they consider to be less risky.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Group tends to operate with positive cashflow and does not have any debt servicing requirement.

KEY PERFORMANCE INDICATORS
A key part of how we operate is measuring our performance. The success of the business is measured by reference to quarterly accounting, monitoring, turnover, operating profit, margin & order book. These are monitored closely and reviewed as necessary.

Group results for the financial year are:
Turnover of £27m compared to £19.2m in the prior period, a growth of 40%
Gross Profit margin of 24.6% compared to 23.2% in the prior period

The Directors believe that the current position is satisfactory and based on forecast activity levels and current order book are confident about the future.

ON BEHALF OF THE BOARD:





Mr S R E Hollingsworth - Director


28 January 2025

Hollingsworth Group Ltd (Registered number: 14392588)

Report of the Directors
for the year ended 30 April 2024

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

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of construction and civil engineering.

DIVIDENDS
The total distribution of dividends for the year ended 30 April 2024 will be £ 189,474 .

FUTURE DEVELOPMENTS
There is a strong order book in place, and further growth is expected in 2024/25.

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

Mr J P Hollingsworth
Mr S R E Hollingsworth

DONATIONS AND EXPENDITURE
Donations were made to various UK registered Charities during the year. No political donations were made.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

AUDITORS
The auditors, Salisbury & Company Business Solutions Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr S R E Hollingsworth - Director


28 January 2025

Report of the Independent Auditors to the Members of
Hollingsworth Group Ltd

Opinion
We have audited the financial statements of Hollingsworth Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 April 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.

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.

Report of the Independent Auditors to the Members of
Hollingsworth Group Ltd


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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.

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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material missstatement in the financial statements may not be detected, even through the audit is properly planned in accordance with ISAs (UK).

We obtained an understanding of the legal and regulatory frameworks applicable to the group and the industry in which it operates through our general commercial and sector exerience and discussions with management. We determined that the following laws and regulations were most significant: The Companies Act 2006, FRS 102 'Financial Reporting Standards applicable in the UK and Republic of Ireland' and relevant UK tax legislation. In addition, we concluded that there are certain laws and regulations that may have an effect on the determination of the amounts and disclosures within the financial statements such as Health and Safety laws and regulations.

We assessed the susceptability of the Group's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team include:
- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations or fraud;
- Obtained an understanding of the internal controls that management have in place to prevent and detect fraud;
- Challenged assumptions and judgements made by management in its significant accounting estimates;
- Reviewing the financial statement disclosures and assessing the appropriateness of accounting policies used;
- Identifying and testing journal entires, in particular manual or unusual entries;
- Obtaining third party confirmations of all Group Companies' banking arrangements;
- Performing analytical procedures to identify any unusual or unexpected relationships;
- Conclude on the appropriateness of the directors' use of the going concern basis of accounting.

The assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team's knowledge of the industry in which the client operates in and understanding of and practical experience with audit engagements of a similar nature and complexity through appropriate training and participation.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.

Our audit procedures are designed to detect material misstatements. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

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.

Other matters
We note that the 2023 financial statements were not audited. Consequently ISAs (UK) require the auditor to state that the corresponding figures within these statements are unaudited. Our opinion is not modified in respect of this matter.

Report of the Independent Auditors to the Members of
Hollingsworth Group Ltd


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.




Aled Roberts (Senior Statutory Auditor)
for and on behalf of Salisbury & Company Business Solutions Limited
Statutory Auditors
Chartered Accountants
Irish Square
Upper Denbigh Road
St Asaph
Denbighshire
LL17 0RN

28 January 2025

Hollingsworth Group Ltd (Registered number: 14392588)

Consolidated
Income Statement
for the year ended 30 April 2024

2024 2023
(Unaudited)
Notes £    £   

TURNOVER 27,017,540 19,332,934

Cost of sales (20,376,946 ) (14,851,115 )
GROSS PROFIT 6,640,594 4,481,819

Administrative expenses (2,021,233 ) (1,649,200 )
4,619,361 2,832,619

Other operating income - 297,320
OPERATING PROFIT 4 4,619,361 3,129,939

Interest receivable and similar income 5,702 2
4,625,063 3,129,941

Interest payable and similar expenses 5 (28,117 ) (23,155 )
PROFIT BEFORE TAXATION 4,596,946 3,106,786

Tax on profit 6 (1,205,695 ) 872,174
PROFIT FOR THE FINANCIAL YEAR 3,391,251 3,978,960
Profit attributable to:
Owners of the parent 3,391,251 3,978,960

Hollingsworth Group Ltd (Registered number: 14392588)

Consolidated
Other Comprehensive Income
for the year ended 30 April 2024

2024 2023
(Unaudited)
Notes £    £   

PROFIT FOR THE YEAR 3,391,251 3,978,960


OTHER COMPREHENSIVE INCOME
- (11,301,152 )
Income tax relating to other comprehensive
income

-

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

-

(11,301,152

)
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

3,391,251

(7,322,192

)

Total comprehensive income attributable to:
Owners of the parent 3,391,251 (7,322,192 )

Hollingsworth Group Ltd (Registered number: 14392588)

Consolidated Balance Sheet
30 April 2024

2024 2023
(Unaudited)
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 1,071,209 1,114,117
Investments 10 - -
1,071,209 1,114,117

CURRENT ASSETS
Debtors 11 2,550,512 4,450,387
Cash at bank 3,124,211 3,383,623
5,674,723 7,834,010
CREDITORS
Amounts falling due within one year 12 3,303,305 3,692,143
NET CURRENT ASSETS 2,371,418 4,141,867
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,442,627

5,255,984

CREDITORS
Amounts falling due after more than one
year

13

(144,768

)

(233,456

)

PROVISIONS FOR LIABILITIES 15 (265,844 ) (213,835 )
NET ASSETS 3,032,015 4,808,693

CAPITAL AND RESERVES
Called up share capital 16 124 110
Retained earnings 17 3,031,891 4,361,800
SHAREHOLDERS' FUNDS 3,032,015 4,361,910

NON-CONTROLLING INTERESTS - 446,783
TOTAL EQUITY 3,032,015 4,808,693

The financial statements were approved by the Board of Directors and authorised for issue on 28 January 2025 and were signed on its behalf by:





Mr S R E Hollingsworth - Director


Hollingsworth Group Ltd (Registered number: 14392588)

Company Balance Sheet
30 April 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Debtors 11 124 110
TOTAL ASSETS LESS CURRENT
LIABILITIES

124

110

CAPITAL AND RESERVES
Called up share capital 16 124 110
SHAREHOLDERS' FUNDS 124 110

Company's profit for the financial year 3,860,000 -

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 28 January 2025 and were signed on its behalf by:





Mr S R E Hollingsworth - Director


Hollingsworth Group Ltd (Registered number: 14392588)

Consolidated Statement of Changes in Equity
for the year ended 30 April 2024

Called up
share Retained Non-controlling Total
capital earnings Total interests equity
£    £    £    £    £   
Balance at 1 May 2022 110 12,133,992 12,134,102 24 12,134,126

Changes in equity
Profit for the year - 3,978,960 3,978,960 - 3,978,960
Other comprehensive income - (11,301,152 ) (11,301,152 ) - (11,301,152 )
Total comprehensive income - (7,322,192 ) (7,322,192 ) - (7,322,192 )
Dividends - (450,000 ) (450,000 ) - (450,000 )
Increase in share capital - - - 446,759 446,759
Balance at 30 April 2023 110 4,361,800 4,361,910 446,783 4,808,693

Changes in equity
Profit for the year - 3,391,251 3,391,251 - 3,391,251
Total comprehensive income - 3,391,251 3,391,251 - 3,391,251
Dividends - (189,474 ) (189,474 ) - (189,474 )
Increase in share capital 14 - 14 - 14
Acquisition of NCI - 446,836 446,836 - 446,836
Gifts to HG Employee Ownership
Trust

-

(4,978,522

)

(4,978,522

)

-

(4,978,522

)
Total transactions with owners,
recognised directly in equity

14

(4,721,160

)

(4,721,146

)

-

(4,721,146

)
Acquisition of non-controlling
interest

-

-

-

(446,783

)

(446,783

)
Balance at 30 April 2024 124 3,031,891 3,032,015 - 3,032,015

Hollingsworth Group Ltd (Registered number: 14392588)

Company Statement of Changes in Equity
for the year ended 30 April 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 May 2022 110 - 110

Changes in equity
Profit for the year - - -
Balance at 30 April 2023 110 - 110

Changes in equity
Profit for the year - 3,860,000 3,860,000
Total comprehensive income - 3,860,000 3,860,000
Increase in share capital 14 - 14
Gifts to HG Employee Ownership
Trust

-

(3,860,000

)

(3,860,000

)
Balance at 30 April 2024 124 - 124

Hollingsworth Group Ltd (Registered number: 14392588)

Consolidated Cash Flow Statement
for the year ended 30 April 2024

2024 2023
(Unaudited)
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 6,441,697 2,349,658
Interest element of hire purchase payments
paid

(28,117

)

(23,155

)
Tax paid (1,476,398 ) (226,730 )
Net cash from operating activities 4,937,182 2,099,773

Cash flows from investing activities
Purchase of tangible fixed assets (242,700 ) (907,187 )
Sale of tangible fixed assets 14,209 171,113
Sale of fixed asset investments (76 ) -
Cash acquired through reorganisation - 2,283,673
Interest received 5,702 2
Net cash from investing activities (222,865 ) 1,547,601

Cash flows from financing activities
Capital repayments in year (54,639 ) 440,520
Amount introduced by directors 266,000 -
Amount withdrawn by directors (17,108 ) (254,381 )
Share issue 14 110
Gifts to HG Employee Ownership Trust (4,978,522 ) -
Equity dividends paid (189,474 ) (450,000 )
Net cash from financing activities (4,973,729 ) (263,751 )

(Decrease)/increase in cash and cash equivalents (259,412 ) 3,383,623
Cash and cash equivalents at beginning
of year

2

3,383,623

-

Cash and cash equivalents at end of year 2 3,124,211 3,383,623

Hollingsworth Group Ltd (Registered number: 14392588)

Notes to the Consolidated Cash Flow Statement
for the year ended 30 April 2024

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

2024 2023
(Unaudited)
£    £   
Profit before taxation 4,596,946 3,106,786
Depreciation charges 285,223 289,659
Profit on disposal of fixed assets (7,695 ) (43,494 )
Finance costs 28,117 23,155
Finance income (5,702 ) (2 )
4,896,889 3,376,104
Decrease/(increase) in trade and other debtors 1,644,983 (4,195,495 )
(Decrease)/increase in trade and other creditors (100,175 ) 3,169,049
Cash generated from operations 6,441,697 2,349,658

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2024
30/4/24 1/5/23
£    £   
Cash and cash equivalents 3,124,211 3,383,623
Year ended 30 April 2023
30/4/23 1/5/22
(Unaudited)
£    £   
Cash and cash equivalents 3,383,623 -


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/5/23 Cash flow At 30/4/24
£    £    £   
Net cash
Cash at bank 3,383,623 (259,412 ) 3,124,211
3,383,623 (259,412 ) 3,124,211
Debt
Finance leases (440,520 ) 54,639 (385,881 )
(440,520 ) 54,639 (385,881 )
Total 2,943,103 (204,773 ) 2,738,330

Hollingsworth Group Ltd (Registered number: 14392588)

Notes to the Consolidated Financial Statements
for the year ended 30 April 2024

1. STATUTORY INFORMATION

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

Basis of consolidation
The consolidated financial statements incorporate those of Hollingsworth Group Limited and its subsidiaries. All intra-group transactions and balances are eliminated on consolidation.

The 2023 comparatives have been accounted for under merger accounting.

Merger accounting was applied to the group reconstruction that took place in October 2022 and the acquisition of Hollingsworth Bros (UK) Limited and its 76% owned subsidiary, Hollingsworth Ellery (UK) Limited, by Hollingsworth Group Limited. The directors have applied merger accounting as they believe it better represents the transaction and Group reconstruction rather than treating it as an acquisition.

The merger method of accounting is applied to the group reconstruction as if the entities had always been combined. The total comprehensive income, assets and liabilities of the entities are amended, where necessary,to align accounting policies. The carrying values of the entities' assets and liabilities are not adjusted to fair value. Any difference between the nominal value of shares issued plus the fair value of other consideration and the nominal value of shares received is taken to other reserves in equity.

All 2023 comparatives are shown as full years to 30 April 2023.

In accordance with Section 408 of the Companies Act 2006, the Company has elected not to present its own Statement of Comprehensive Income. The Company's profit for the period and total comprehensive income was £3.86m (2023: £Nil).

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover, derived from the principle activity, is calculated on the basis of the value of work executed during the period, excluding retentions.

The basis for not recognising retentions income is that the directors feel that retentions cannot be measured reliably until point of receipt.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Long leasehold - 10% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

Hollingsworth Group Ltd (Registered number: 14392588)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 April 2024

2. ACCOUNTING POLICIES - continued

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.

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.

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

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Long-term contracts
Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses.

Contract costs are recognised as the higher of actual costs to date or costs as a proportion of final costs, using the reference of turnover to date as a proportion of final turnover.

Revenue derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

3. EMPLOYEES AND DIRECTORS
2024 2023
(Unaudited)
£    £   
Wages and salaries 2,684,965 2,255,228
Social security costs 298,795 250,619
Other pension costs 87,205 90,226
3,070,965 2,596,073

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

Productive staff 46 44
Admin 4 4
50 48

2024 2023
(Unaudited)
£    £   
Directors' remuneration 380,594 251,934

Hollingsworth Group Ltd (Registered number: 14392588)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 April 2024

3. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
2024 2023
(Unaudited)
£    £   
Emoluments etc 28,462 9,100

4. OPERATING PROFIT

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

2024 2023
(Unaudited)
£    £   
Hire of plant and machinery 1,130,244 930,593
Depreciation - owned assets 133,963 129,133
Depreciation - assets on hire purchase contracts 151,261 160,527
Profit on disposal of fixed assets (7,695 ) (43,494 )
Auditors' remuneration 20,000 -
Auditors' remuneration for non audit work 38,642 31,199

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
(Unaudited)
£    £   
Hire purchase 28,117 23,155

6. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2024 2023
(Unaudited)
£    £   
Current tax:
UK corporation tax 1,153,686 542,760

Deferred tax 52,009 (1,414,934 )
Tax on profit 1,205,695 (872,174 )

UK corporation tax has been charged at 25 % .

Hollingsworth Group Ltd (Registered number: 14392588)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 April 2024

6. TAXATION - continued

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

2024 2023
(Unaudited)
£    £   
Profit before tax 4,596,946 3,106,786
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 25 %)

1,149,237

776,697

Effects of:
Expenses not deductible for tax purposes (1,665 ) (568 )
Capital allowances in excess of depreciation - (82,969 )
Depreciation in excess of capital allowances 12,389 -
Marginal rate relief - (150,400 )
Deferred tax movement 45,734 (1,414,934 )
Total tax charge/(credit) 1,205,695 (872,174 )

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Disposal of investment properties (11,301,152 ) - (11,301,152 )

7. 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.


8. DIVIDENDS
2024 2023
(Unaudited)
£    £   
shares of each
Interim - 20,000
shares of each
Interim 189,474 430,000
189,474 450,000

Hollingsworth Group Ltd (Registered number: 14392588)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 April 2024

9. TANGIBLE FIXED ASSETS

Group
Short Long Plant and
leasehold leasehold machinery
£    £    £   
COST
At 1 May 2023 336,495 120,000 691,226
Additions - - 138,754
Disposals (336,495 ) - (8,236 )
At 30 April 2024 - 120,000 821,744
DEPRECIATION
At 1 May 2023 336,495 103,956 325,123
Charge for year - 12,000 80,299
Eliminated on disposal (336,495 ) - (6,904 )
At 30 April 2024 - 115,956 398,518
NET BOOK VALUE
At 30 April 2024 - 4,044 423,226
At 30 April 2023 - 16,044 366,103

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 May 2023 138,802 297,187 1,168,931 2,752,641
Additions - - 110,000 248,754
Disposals - (39,027 ) (44,500 ) (428,258 )
At 30 April 2024 138,802 258,160 1,234,431 2,573,137
DEPRECIATION
At 1 May 2023 93,558 155,912 623,480 1,638,524
Charge for year 6,787 34,024 152,114 285,224
Eliminated on disposal - (35,299 ) (43,122 ) (421,820 )
At 30 April 2024 100,345 154,637 732,472 1,501,928
NET BOOK VALUE
At 30 April 2024 38,457 103,523 501,959 1,071,209
At 30 April 2023 45,244 141,275 545,451 1,114,117

Hollingsworth Bros (UK) Ltd, a 100% subsidiary of the Company, has entered into a Debenture agreement with a bank since the year end. Under the Debenture Agreement, the bank has a Fixed and Floating Charge over Hollingsworth Bros (UK) Ltd's assets.

Hollingsworth Group Ltd (Registered number: 14392588)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 April 2024

9. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 May 2023 - 59,517 660,211 719,728
Additions 48,087 - 110,000 158,087
At 30 April 2024 48,087 59,517 770,211 877,815
DEPRECIATION
At 1 May 2023 - 4,892 198,375 203,267
Charge for year 4,788 13,656 132,817 151,261
At 30 April 2024 4,788 18,548 331,192 354,528
NET BOOK VALUE
At 30 April 2024 43,299 40,969 439,019 523,287
At 30 April 2023 - 54,625 461,836 516,461

10. FIXED ASSET INVESTMENTS

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

Subsidiaries

Hollingsworth Bros (UK) Limited
Registered office: United Kingdom
Nature of business: Civil Engineering
%
Class of shares: holding
Ordinary 100.00
30/4/24 30/4/23
£    £   
Aggregate capital and reserves 1,419,317 1,949,234
Profit for the year 2,497,297 2,865,021

Hollingsworth Ellery (UK) Limited
Registered office: United Kingdom
Nature of business: Civil Engineering
%
Class of shares: holding
Ordinary 100.00
30/4/24 30/4/23
£    £   
Aggregate capital and reserves 1,612,607 2,859,536
Profit for the year 1,493,753 1,397,939


Hollingsworth Group Ltd (Registered number: 14392588)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 April 2024

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
(Unaudited)
£    £    £    £   
Trade debtors 2,160,863 3,683,277 - -
Amts recoverable on contracts 243,122 461,535 - -
Amounts owed by associates - 6,000 - -
Other debtors - 72 124 110
Directors' current accounts - 248,892 - -
Prepayments 146,527 50,611 - -
2,550,512 4,450,387 124 110

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2024 2023
(Unaudited
£    £   
Hire purchase contracts (see note 14) 241,113 207,064
Trade creditors 2,399,155 2,653,430
Tax (6,682 ) 316,030
Social security and other taxes 100,842 82,201
Wages control 26,483 25,552
VAT 505,118 367,028
Other creditors 8,514 -
Rent due to pension fund 3,762 3,762
Accruals and deferred income 25,000 37,076
3,303,305 3,692,143

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

Group
2024 2023
(Unaudited
£    £   
Hire purchase contracts (see note 14) 144,768 233,456

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
(Unaudited
£    £   
Net obligations repayable:
Within one year 241,113 207,064
Between one and five years 144,768 233,456
385,881 440,520

Hollingsworth Group Ltd (Registered number: 14392588)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 April 2024

15. PROVISIONS FOR LIABILITIES

Group
2024 2023
(Unaudited
£    £   
Deferred tax 265,844 213,835

Group
Deferred
tax
£   
Balance at 1 May 2023 213,835
Utilised during year (8,445 )
Change in tax rate 60,454
Balance at 30 April 2024 265,844

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
110 Ordinary £1 124 110

17. RESERVES

Group
Retained
earnings
£   

At 1 May 2023 4,361,800
Profit for the year 3,391,251
Dividends (189,474 )
Acquisition of NCI 446,836
Gifts to HG Employee Ownership
Trust

(4,978,522

)

At 30 April 2024 3,031,891

The Profit or Loss Reserve represents the cumulative profit or loss, net of contributions paid to the Employee Ownership Trust.

18. ULTIMATE CONTROLLING PARTY

Until 18th January 2024, the Group was controlled by the Directors by virtue of their shareholdings.

On the 18th January 2024, Hollingsworth Group Limited's issued share capital was acquired by HG EOT Ltd
as trustee for the Employee Ownership Trust. Since that date, the Company and Group are controlled by the HG Employee Ownership Trust, which in turn is controlled by the sole trustee HG EOT Limited.

19. BUSINESS COMBINATIONS

On 31 October 2022, Hollingsworth Group Limited acquired 100% of the shares in Hollingsworth Bros (UK) Limited through a share for share exchange as part of a group re-structure.

Ultimate ownership of the group did not change as part of the group re-structure. The ultimate owners at that point were Shaun and Paul Hollingsworth.