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REGISTERED NUMBER: 09545651 (England and Wales)













GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

FOR

HRCC HOLDINGS LIMITED

HRCC HOLDINGS LIMITED (REGISTERED NUMBER: 09545651)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Statement of 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 16


HRCC HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: J R Bailey
D G Southouse





REGISTERED OFFICE: 30-34 North Street
Hailsham
East Sussex
BN27 1DW





REGISTERED NUMBER: 09545651 (England and Wales)





AUDITORS: Watson Associates (Audit Services) Ltd
Statutory Auditor
30 - 34 North Street
Hailsham
East Sussex
BN27 1DW

HRCC HOLDINGS LIMITED (REGISTERED NUMBER: 09545651)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

The directors present their strategic report of the company and the group for the year ended 31 August 2024.

REVIEW OF BUSINESS
We are satisfied with the performance during the year, which has seen an increase in sales of 41.2% on the prior year. The gross profit has fallen to 16.0% compared to 22.7% in the prior year which was in line with our expectations. The net profit has still increased and remains strong for the year.

PRINCIPAL RISKS AND UNCERTAINTIES
As with any business the company faces various risks such as competition from other companies, price fluctuations from suppliers and the risk associated with any potential economic downturn. However, the group is well positioned to deal with any of these potential risks.

The group has a good order pipeline and will be in a strong position to maintain market share, contracts with key customers and market share.

ON BEHALF OF THE BOARD:





J R Bailey - Director


5 March 2025

HRCC HOLDINGS LIMITED (REGISTERED NUMBER: 09545651)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 AUGUST 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 August 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of a holding company.

DIVIDENDS
The total distribution of dividends for the year ended 31 August 2024 will be £ 61,563 .

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

J R Bailey
D G Southouse

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), 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 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, Watson Associates (Audit Services) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J R Bailey - Director


5 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HRCC HOLDINGS LIMITED

Opinion
We have audited the financial statements of HRCC Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the Consolidated Statement of 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 31 August 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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

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

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

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

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

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

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HRCC HOLDINGS LIMITED


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

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

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HRCC HOLDINGS LIMITED


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:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and
determined that the most significant are those that relate to:
- FRS 102 - this is the financial reporting framework with which the company's financial statements must
comply
- Companies Act 2006 - this is the Act of Parliament with which the company must adhere to in the
preparation of its financial statements
- Local tax legislation
Audit procedures performed by the engagement team to detect irregularities, including fraud from instances
of non-compliance with laws and regulations included:
- Discussions with management, including consideration of known or suspected instances of non-compliance
with laws and regulations and fraud;
- Reading key correspondence from appropriate regulatory bodies;
- Reviewing source documents for evidence of unusual or unexpected relationships;
- Reviewing relevant meeting minutes including those of the board of directors;
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks
of material misstatement due to fraud;
- In addressing the risk of fraud through management override of controls, testing the appropriateness of
journal entries and other adjustments; assessing whether the judgements made in making accounting
estimates are indicative of a potential bias; and evaluating the business rationale of any significant
transactions that are unusual or outside the normal course of business whilst also taking into account future
events that are inherently uncertain. We focused on the valuation of stock and debtors; and the assessment
of impairment of tangible assets;
- Testing transactions entered into that are outside of the normal course of the Company's business.
No contradictory evidence was identified which suggested instances of non-compliance with laws and
regulations or instances of fraud.
We considered the risk of fraud through management override and, in response, we incorporated testing of
manual journal entries into our audit approach. We tested journal entries throughout the year, in particular
those posted with unusual account combinations and those posted by unexpected users. We also considered
the influence of personnel and procedures designed to address this risk consisted of a review of the
organisational structure and relationships within the company.
No transactions were identified outside the normal course of business.
Based on the results of our risk assessment we designed our audit procedures to identify and to address
material misstatements in relation to fraud. The segregation of duties were identified as being limited and
these were assessed through transactional testing.
We did not identify any transactions that met the risk criteria. No additional testing was carried out.
We identified areas of laws 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 other management (as required by auditing standards), and from inspection of the group's
regulatory and legal correspondence and discussed with the directors and other management the policies and
procedures regarding compliance with laws and regulations. We communicated identified laws and
regulations throughout our team and remained alert to any indications of non-compliance throughout the
audit.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HRCC HOLDINGS LIMITED


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 James Moore FCCA (Senior Statutory Auditor)
for and on behalf of Watson Associates (Audit Services) Ltd
Statutory Auditor
30 - 34 North Street
Hailsham
East Sussex
BN27 1DW

5 March 2025

HRCC HOLDINGS LIMITED (REGISTERED NUMBER: 09545651)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024

2024 2023
Notes £    £   

TURNOVER 18,136,571 12,846,071

Cost of sales (15,234,482 ) (9,927,210 )
GROSS PROFIT 2,902,089 2,918,861

Distribution costs 92,425 92,425
Administrative expenses (1,850,024 ) (2,160,997 )
OPERATING PROFIT 5 1,144,490 850,289

Interest receivable and similar income 3,927 -
1,148,417 850,289

Interest payable and similar expenses 6 (120,158 ) (99,762 )
PROFIT BEFORE TAXATION 1,028,259 750,527

Tax on profit 7 (218,766 ) (5,779 )
PROFIT FOR THE FINANCIAL YEAR 809,493 744,748

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

809,493

744,748

Profit attributable to:
Owners of the parent 809,493 744,748

Total comprehensive income attributable to:
Owners of the parent 809,493 744,748

HRCC HOLDINGS LIMITED (REGISTERED NUMBER: 09545651)

CONSOLIDATED BALANCE SHEET
31 AUGUST 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 10 (92,424 ) (184,849 )
Tangible assets 11 5,015,602 4,737,609
Investments 12 - -
4,923,178 4,552,760

CURRENT ASSETS
Stocks 13 1,831,038 1,684,429
Debtors 14 1,917,401 940,233
Cash at bank and in hand 705,595 43,467
4,454,034 2,668,129
CREDITORS
Amounts falling due within one year 15 (3,044,350 ) (1,887,798 )
NET CURRENT ASSETS 1,409,684 780,331
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,332,862

5,333,091

CREDITORS
Amounts falling due after more than one
year

16

(1,150,587

)

(1,117,512

)

PROVISIONS FOR LIABILITIES 20 (714,345 ) (495,579 )
NET ASSETS 4,467,930 3,720,000

CAPITAL AND RESERVES
Called up share capital 21 102,106 102,106
Share premium 22 138,275 138,275
Revaluation reserve 22 375,000 375,000
Retained earnings 22 3,852,549 3,104,619
SHAREHOLDERS' FUNDS 4,467,930 3,720,000

The financial statements were approved by the Board of Directors and authorised for issue on 5 March 2025 and were signed on its behalf by:





J R Bailey - Director


HRCC HOLDINGS LIMITED (REGISTERED NUMBER: 09545651)

COMPANY BALANCE SHEET
31 AUGUST 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 2,310,624 2,313,280
Investments 12 1,731,530 1,731,530
4,042,154 4,044,810

CURRENT ASSETS
Debtors 14 1,310 -
Cash at bank 307,360 4,420
308,670 4,420
CREDITORS
Amounts falling due within one year 15 (845,529 ) (1,105,002 )
NET CURRENT LIABILITIES (536,859 ) (1,100,582 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,505,295

2,944,228

CREDITORS
Amounts falling due after more than one
year

16

(91,141

)

(201,141

)

PROVISIONS FOR LIABILITIES 20 (127,656 ) (128,320 )
NET ASSETS 3,286,498 2,614,767

CAPITAL AND RESERVES
Called up share capital 21 102,106 102,106
Share premium 22 138,275 138,275
Revaluation reserve 22 375,000 375,000
Retained earnings 22 2,671,117 1,999,386
SHAREHOLDERS' FUNDS 3,286,498 2,614,767

Company's profit for the financial year 733,294 550,564

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 5 March 2025 and were signed on its behalf by:





J R Bailey - Director


HRCC HOLDINGS LIMITED (REGISTERED NUMBER: 09545651)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024

Called up
share Retained Share Revaluation Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 September 2022 102,106 2,420,671 138,275 375,000 3,036,052

Changes in equity
Dividends - (60,800 ) - - (60,800 )
Total comprehensive income - 744,748 - - 744,748
Balance at 31 August 2023 102,106 3,104,619 138,275 375,000 3,720,000

Changes in equity
Dividends - (61,563 ) - - (61,563 )
Total comprehensive income - 809,493 - - 809,493
Balance at 31 August 2024 102,106 3,852,549 138,275 375,000 4,467,930

HRCC HOLDINGS LIMITED (REGISTERED NUMBER: 09545651)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024

Called up
share Retained Share Revaluation Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 September 2022 102,106 1,509,622 138,275 375,000 2,125,003

Changes in equity
Dividends - (60,800 ) - - (60,800 )
Total comprehensive income - 550,564 - - 550,564
Balance at 31 August 2023 102,106 1,999,386 138,275 375,000 2,614,767

Changes in equity
Dividends - (61,563 ) - - (61,563 )
Total comprehensive income - 733,294 - - 733,294
Balance at 31 August 2024 102,106 2,671,117 138,275 375,000 3,286,498

HRCC HOLDINGS LIMITED (REGISTERED NUMBER: 09545651)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,427,058 1,416,191
Interest paid (25,531 ) (39,352 )
Interest element of hire purchase
payments paid

(93,781

)

(60,410

)
Tax paid - (63,045 )
Net cash from operating activities 1,307,746 1,253,384

Cash flows from investing activities
Purchase of tangible fixed assets (470,701 ) (587,516 )
Sale of tangible fixed assets 190,086 73,051
Interest received 3,927 -
Net cash from investing activities (276,688 ) (514,465 )

Cash flows from financing activities
New loans in year 250,000 -
Loan repayments in year (57,836 ) (88,829 )
Loan note repayments in year (109,999 ) (119,999 )
Capital repayments in year (390,068 ) (257,455 )
Amount introduced by directors 100 -
Amount withdrawn by directors (3,250 ) (6,100 )
Shares issued post year end 3,686 -
Equity dividends paid (61,563 ) (60,800 )
Net cash from financing activities (368,930 ) (533,183 )

Increase in cash and cash equivalents 662,128 205,736
Cash and cash equivalents at
beginning of year

2

43,467

(162,269

)

Cash and cash equivalents at end of
year

2

705,595

43,467

HRCC HOLDINGS LIMITED (REGISTERED NUMBER: 09545651)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024

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

2024 2023
£    £   
Profit before taxation 1,028,259 750,527
Depreciation charges 381,733 289,811
(Profit)/loss on disposal of fixed assets (10,656 ) 26,475
Finance costs 120,158 99,762
Finance income (3,927 ) -
1,515,567 1,166,575
Increase in stocks (146,609 ) (746,409 )
(Increase)/decrease in trade and other debtors (973,959 ) 1,687,947
Increase/(decrease) in trade and other creditors 1,032,059 (691,922 )
Cash generated from operations 1,427,058 1,416,191

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 31 August 2024
31.8.24 1.9.23
£    £   
Cash and cash equivalents 705,595 43,467
Year ended 31 August 2023
31.8.23 1.9.22
£    £   
Cash and cash equivalents 43,467 102
Bank overdrafts - (162,371 )
43,467 (162,269 )


HRCC HOLDINGS LIMITED (REGISTERED NUMBER: 09545651)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024

3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.9.23 Cash flow changes At 31.8.24
£    £    £    £   
Net cash
Cash at bank
and in hand 43,467 662,128 705,595
43,467 662,128 705,595
Debt
Finance leases (1,207,858 ) 390,068 - (1,280,670 )
Debts falling due
within 1 year (178,721 ) 4,169 - (174,552 )
Debts falling due
after 1 year (223,639 ) (86,336 ) - (309,975 )
(1,610,218 ) 307,901 - (1,765,197 )
Total (1,566,751 ) 970,029 - (1,059,602 )

HRCC HOLDINGS LIMITED (REGISTERED NUMBER: 09545651)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1. STATUTORY INFORMATION

HRCC Holdings 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 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 as modified by the revaluation of certain assets.

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

The group recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the group retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably; and when it is probable that future economic benefits will flow to the entity.

In respect of construction contracts and the rendering of services, turnover represents revenue measured by reference to the stage of completion of the contract activity or of the service transaction at the end of the reporting period.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

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

Tangible fixed assets
Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being the fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

HRCC HOLDINGS LIMITED (REGISTERED NUMBER: 09545651)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.

Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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 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.

HRCC HOLDINGS LIMITED (REGISTERED NUMBER: 09545651)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

No significant judgements have had to be made by management in preparing these financial statements.

There were no key assumptions made concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,031,818 2,059,283
Social security costs 212,068 220,045
Other pension costs 73,841 31,846
2,317,727 2,311,174

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

Directors 2 2
Employees 43 47
45 49

2024 2023
£    £   
Directors' remuneration 67,980 137,454

5. OPERATING PROFIT

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

2024 2023
£    £   
Depreciation - owned assets 184,024 186,222
Depreciation - assets on hire purchase contracts 290,134 196,014
(Profit)/loss on disposal of fixed assets (10,657 ) 26,477
Goodwill amortisation (92,425 ) (92,425 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 1,183 8,738
Bank loan interest 1,951 2,643
Interest on loan notes 23,243 27,339
Other interest - 632
Hire purchase 93,781 60,410
120,158 99,762

HRCC HOLDINGS LIMITED (REGISTERED NUMBER: 09545651)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Deferred tax 218,766 5,779
Tax on profit 218,766 5,779

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:

2024 2023
£    £   
Profit before tax 1,028,259 750,527
Profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 25 %)

257,065

187,632

Effects of:
Expenses not deductible for tax purposes 8,896 12,172
Capital allowances in excess of depreciation (126,813 ) (261,202 )
Utilisation of tax losses (159,590 ) (6,835 )
R&D tax credit - (56,831 )
Profit & loss on disposal (2,664 ) 6,619
Deferred tax 218,766 5,779
Group relief - (264 )
Trading losses c/fwd - 95,603
Amortisation 23,106 23,106
Total tax charge 218,766 5,779

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2024 2023
£    £   
Ordinary A shares of £1 each
Interim 27,500 35,800
Ordinary C shares of £1 each
Interim 6,563 -
Ordinary D shares of £1 each
Interim 27,500 25,000
61,563 60,800

HRCC HOLDINGS LIMITED (REGISTERED NUMBER: 09545651)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 September 2023
and 31 August 2024 (924,248 )
AMORTISATION
At 1 September 2023 (739,399 )
Amortisation for year (92,425 )
At 31 August 2024 (831,824 )
NET BOOK VALUE
At 31 August 2024 (92,424 )
At 31 August 2023 (184,849 )

11. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST OR VALUATION
At 1 September 2023 2,300,000 209,654 2,223,753
Additions - 6,278 579,499
Disposals - - (282,276 )
At 31 August 2024 2,300,000 215,932 2,520,976
DEPRECIATION
At 1 September 2023 - 26,140 779,229
Charge for year - 42,244 252,802
Eliminated on disposal - - (141,075 )
At 31 August 2024 - 68,384 890,956
NET BOOK VALUE
At 31 August 2024 2,300,000 147,548 1,630,020
At 31 August 2023 2,300,000 183,514 1,444,524

HRCC HOLDINGS LIMITED (REGISTERED NUMBER: 09545651)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

11. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST OR VALUATION
At 1 September 2023 133,269 1,556,754 6,423,430
Additions 5,187 340,617 931,581
Disposals (35,609 ) (217,033 ) (534,918 )
At 31 August 2024 102,847 1,680,338 6,820,093
DEPRECIATION
At 1 September 2023 65,490 814,962 1,685,821
Charge for year 9,777 169,335 474,158
Eliminated on disposal (29,798 ) (184,615 ) (355,488 )
At 31 August 2024 45,469 799,682 1,804,491
NET BOOK VALUE
At 31 August 2024 57,378 880,656 5,015,602
At 31 August 2023 67,779 741,792 4,737,609

Cost or valuation at 31 August 2024 is represented by:

Improvements
Freehold to Plant and
property property machinery
£    £    £   
Valuation in 2021 500,000 - -
Cost 1,800,000 215,932 2,520,976
2,300,000 215,932 2,520,976

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
Valuation in 2021 - - 500,000
Cost 102,847 1,680,338 6,320,093
102,847 1,680,338 6,820,093

If freehold property had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,800,000 1,800,000

Freehold land and buildings were valued on an open market basis basis on 13 July 2021 by GJ Surveying and Management .

HRCC HOLDINGS LIMITED (REGISTERED NUMBER: 09545651)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

11. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST OR VALUATION
At 1 September 2023 1,237,473 708,371 1,945,844
Additions 488,654 255,685 744,339
Disposals (195,825 ) (27,840 ) (223,665 )
Transfer to ownership - (40,390 ) (40,390 )
At 31 August 2024 1,530,302 895,826 2,426,128
DEPRECIATION
At 1 September 2023 237,998 255,865 493,863
Charge for year 183,589 106,545 290,134
Eliminated on disposal (73,795 ) (11,507 ) (85,302 )
Transfer to ownership - (29,140 ) (29,140 )
At 31 August 2024 347,792 321,763 669,555
NET BOOK VALUE
At 31 August 2024 1,182,510 574,063 1,756,573
At 31 August 2023 999,475 452,506 1,451,981

Company
Freehold Motor
property vehicles Totals
£    £    £   
COST OR VALUATION
At 1 September 2023
and 31 August 2024 2,300,000 20,750 2,320,750
DEPRECIATION
At 1 September 2023 - 7,470 7,470
Charge for year - 2,656 2,656
At 31 August 2024 - 10,126 10,126
NET BOOK VALUE
At 31 August 2024 2,300,000 10,624 2,310,624
At 31 August 2023 2,300,000 13,280 2,313,280

Cost or valuation at 31 August 2024 is represented by:

Freehold Motor
property vehicles Totals
£    £    £   
Valuation in 2021 500,000 - 500,000
Cost 1,800,000 20,750 1,820,750
2,300,000 20,750 2,320,750

HRCC HOLDINGS LIMITED (REGISTERED NUMBER: 09545651)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

11. TANGIBLE FIXED ASSETS - continued

Company

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,800,000 1,800,000

Freehold land and buildings were valued on an open market basis on 13 July 2021 by GJ Surveying and Management .

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 September 2023
and 31 August 2024 1,731,530
NET BOOK VALUE
At 31 August 2024 1,731,530
At 31 August 2023 1,731,530

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

Subsidiary

Hailsham Roadway Construction Co Ltd
Registered office: Woodside Depot, Polegate road, Hailsham, East Sussex, BN27 3PG
Nature of business: Roadway and hard surface construction
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 3,005,387 3,021,612
Profit for the year 533,775 476,759


13. STOCKS

Group
2024 2023
£    £   
Raw materials 133,995 118,858
Work-in-progress 1,697,043 1,565,571
1,831,038 1,684,429

HRCC HOLDINGS LIMITED (REGISTERED NUMBER: 09545651)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 1,563,915 764,323 - -
Other debtors 52,177 21,498 - -
Directors' current accounts - 100 - -
VAT 180,615 53,503 - -
Prepayments and accrued income 120,694 100,809 1,310 -
1,917,401 940,233 1,310 -

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 17) 54,552 58,721 - -
Other loans (see note 17) 120,000 120,000 120,000 120,000
Hire purchase contracts (see note 18) 440,058 313,985 - -
Trade creditors 1,769,834 1,015,657 33 -
Amounts owed to group undertakings - - 715,655 977,568
Social security and other taxes 152,994 115,733 - -
Other creditors 19,766 12,829 3,686 -
Directors' current accounts 2,750 6,000 2,750 6,000
Accruals and deferred income 484,396 244,873 - -
Accrued expenses - - 3,405 1,434
3,044,350 1,887,798 845,529 1,105,002

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

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 17) 218,833 22,500 - -
Other loans (see note 17) 91,142 201,139 91,141 201,141
Hire purchase contracts (see note 18) 840,612 893,873 - -
1,150,587 1,117,512 91,141 201,141

HRCC HOLDINGS LIMITED (REGISTERED NUMBER: 09545651)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 54,552 58,721 - -
Loan notes 120,000 120,000 120,000 120,000
174,552 178,721 120,000 120,000
Amounts falling due between one and two years:
Bank loans - 1-2 years 57,202 10,000 - -
Loan notes 91,142 119,999 91,141 120,001
148,344 129,999 91,141 120,001
Amounts falling due between two and five years:
Bank loans - 2-5 years 161,631 12,500 - -
Loan notes - 81,140 - 81,140
161,631 93,640 - 81,140

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 440,058 313,985
Between one and five years 840,612 893,873
1,280,670 1,207,858

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank loans 273,385 81,221
Loan notes 211,142 321,139
484,527 402,360

Charge over Browning, Hailsham Road and Polegate and Woodside Depot, Polegate Road, Hailsham, BN27 3PG dated 27 September 2004.

HRCC HOLDINGS LIMITED (REGISTERED NUMBER: 09545651)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

20. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 714,345 495,579 127,656 128,320

Group
Deferred
tax
£   
Balance at 1 September 2023 495,579
Charge to Statement of Comprehensive Income during year 218,766
Balance at 31 August 2024 714,345

Company
Deferred
tax
£   
Balance at 1 September 2023 128,320
Credit to Income Statement during year (664 )
Balance at 31 August 2024 127,656

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
36,500 Ordinary A £1 36,500 36,500
27,000 Ordinary B £1 27,000 27,000
1,053 Ordinary C £1 2,106 2,106
36,500 Ordinary D £1 36,500 36,500
102,106 102,106

22. RESERVES

Group
Retained Share Revaluation
earnings premium reserve Totals
£    £    £    £   

At 1 September 2023 3,104,619 138,275 375,000 3,617,894
Profit for the year 809,493 809,493
Dividends (61,563 ) (61,563 )
At 31 August 2024 3,852,549 138,275 375,000 4,365,824

HRCC HOLDINGS LIMITED (REGISTERED NUMBER: 09545651)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

22. RESERVES - continued

Company
Retained Share Revaluation
earnings premium reserve Totals
£    £    £    £   

At 1 September 2023 1,999,386 138,275 375,000 2,512,661
Profit for the year 733,294 733,294
Dividends (61,563 ) (61,563 )
At 31 August 2024 2,671,117 138,275 375,000 3,184,392