Company registration number 11341576 (England and Wales)
HOLIFERM LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
HOLIFERM LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 10
HOLIFERM LIMITED
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023 (unaudited)
Notes
£
£
£
£
Fixed assets
Intangible assets
3
22,992
35,467
Tangible assets
4
446,089
653,781
Investments
5
103
100
469,184
689,348
Current assets
Debtors
7
15,640,470
9,470,559
Cash at bank and in hand
12,837,350
494,864
28,477,820
9,965,423
Creditors: amounts falling due within one year
8
(1,167,656)
(1,082,049)
Net current assets
27,310,164
8,883,374
Total assets less current liabilities
27,779,348
9,572,722
Creditors: amounts falling due after more than one year
9
(1,189,984)
(1,206,424)
Net assets
26,589,364
8,366,298
Capital and reserves
Called up share capital
10
123
100
Share premium account
28,692,810
10,403,942
Profit and loss reserves
(2,103,569)
(2,037,744)
Total equity
26,589,364
8,366,298

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered 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 4 February 2025 and are signed on its behalf by:
R  Lock
Director
Company Registration No. 11341576
HOLIFERM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information

Holiferm Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 7-14 Oceans Park, Dock Road, Birkenhead, United Kingdom, CH41 1HW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

 

The company has significant cash reserves which provides sufficient liquidity to meet its liabilities as they fall due. The directors have prepared detailed budgets and cashflow analysis to support this assessment.

 

As such, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

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

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

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

Patents & licences
10% - straight line basis
HOLIFERM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Tangible fixed assets

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

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

Plant and equipment
20% - straight line basis
Fixtures and fittings
20% - straight line basis
Computer equipment
20% - straight line basis
Motor vehicles
20% - straight line basis

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

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

1.7
Impairment of fixed assets

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

1.8
Cash and cash equivalents

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

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

HOLIFERM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
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.

Basic financial liabilities

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

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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

1.10
Equity instruments

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

1.11
Taxation

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

Current tax

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

Deferred tax

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

 

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

HOLIFERM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
1.12
Employee benefits

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

 

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

 

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

1.13
Retirement benefits

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

1.14
Leases

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

 

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

 

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.15
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

HOLIFERM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
2
Employees

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

2024
2023 (unaudited)
Number
Number
Total
5
29
3
Intangible fixed assets
Patents & licences
£
Cost
At 1 June 2023 and 31 May 2024
62,373
Amortisation and impairment
At 1 June 2023
26,906
Amortisation charged for the year
12,475
At 31 May 2024
39,381
Carrying amount
At 31 May 2024
22,992
At 31 May 2023
35,467
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2023 and 31 May 2024
967,213
6,405
30,475
14,269
1,018,362
Depreciation and impairment
At 1 June 2023
337,652
4,837
18,049
4,043
364,581
Depreciation charged in the year
196,519
1,081
7,238
2,854
207,692
At 31 May 2024
534,171
5,918
25,287
6,897
572,273
Carrying amount
At 31 May 2024
433,042
487
5,188
7,372
446,089
At 31 May 2023
629,561
1,568
12,426
10,226
653,781

Included in the plant and equipment is assets held under a HP agreement with a net book value of £46,068 (2023: £59,231).

HOLIFERM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
5
Fixed asset investments
2024
2023 (unaudited)
£
£
Shares in group undertakings and participating interests
103
100
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 June 2023
100
Additions
3
At 31 May 2024
103
Carrying amount
At 31 May 2024
103
At 31 May 2023
100
6
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Holiferm Manufacturing Limited
England and Wales
Ordinary
100.00
Holiferm Technology Limited
England and Wales
Ordinary
100.00
Holiferm Services Limited
England and Wales
Ordinary
100.00
Holiferm IP Limited
England and Wales
Ordinary
100.00
7
Debtors
2024
2023 (unaudited)
Amounts falling due within one year:
£
£
Trade debtors
70,333
1,155
Amounts owed by group undertakings
15,281,752
9,091,345
Other debtors
288,385
378,059
15,640,470
9,470,559
HOLIFERM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
8
Creditors: amounts falling due within one year
2024
2023 (unaudited)
£
£
Bank loans
1,000,000
999,996
Trade creditors
62,388
1,978
Taxation and social security
70,722
49,927
Other creditors
34,546
30,148
1,167,656
1,082,049
9
Creditors: amounts falling due after more than one year
2024
2023 (unaudited)
£
£
Bank loans and overdrafts
182,933
182,937
Other creditors
1,007,051
1,023,487
1,189,984
1,206,424

Included in creditors due after one year is £1,182,933 (2023: £1,182,937) relating to secured bank loan. Also included in creditors due after one year is £7,051 (2023: £23,487) relating to hire purchase liabilities which are secured against the assets to which they relate to.

10
Called up share capital
2024
2023 (unaudited)
2024
2023 (unaudited)
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.1p each
27,857
27,857
28
28
Seed Preferred shares of 0.1p each
10,714
10,714
11
11
Series A Preferred shares of 0.1p each
28,672
28,672
28
28
B Ordinary shares of 1p each
2,776
2,776
28
28
Series A-1 Preferred shares of 0.1p each
4,590
4,590
5
5
Series B Preferred shares of 0.1p each
22,619
-
23
-
97,228
74,609
123
100

The Ordinary shares, Seed Preference shares, Series A Preferred shares,Series A-1 Preferred shares and Series B Preferred shares each carry a right to vote and a right to income and a return on capital. The B Ordinary shares do not carry these rights.

 

The Ordinary and B Ordinary shares are redeemable.

 

A total of 22,619 Series B Preferred shares of 0.1p each were allotted during the year. These were allotted on 19 September 2023 (number allotted: 19,559) and 25 September 2023 (number allotted: 3,060) at a premium of £810.82 per share.

HOLIFERM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 9 -
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was qualified and the auditor reported as follows:

Opinion

We were engaged to audit the financial statements of Holiferm Limited (the 'company') for the year ended 31 May 2024 which comprise the profit and loss account, the balance sheet, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:

Basis for qualified opinion

The financial statements for the year ended 31 May 2023 were unaudited. We were appointed as auditors during the year and we have been unable to carry out auditing procedures necessary to obtain adequate assurance regarding the opening balances and comparative figures as at 31 May 2023.

 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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.

Senior Statutory Auditor:
Helen Davies
Statutory Auditor:
Azets Audit Services
12
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023 (unaudited)
£
£
601,491
1,741,061

The operating lease commitment is in the name of Holiferm Limited. Holiferm Limited does not incur and costs in relation to the lease. The lease payments are made by the subsidiary company Holiferm Manufacturing Limited who use the property to which the lease relates.

HOLIFERM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 10 -
13
Related party transactions

At the period end, an amount of £15,281,752 (2023: £9,091,345) was owed by subsidiary companies. The amount is interest free and repayable on demand.

14
Parent company

The company is controlled by B Dolman by virtue of his controlling interest in the company's share capital.

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