REGISTERED NUMBER: 11588243 (England and Wales) |
H5 GROUP LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
REGISTERED NUMBER: 11588243 (England and Wales) |
H5 GROUP LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
H5 GROUP LIMITED (REGISTERED NUMBER: 11588243) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 8 |
Consolidated Other Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 17 |
H5 GROUP LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
Tattersall House |
East Parade |
Harrogate |
North Yorkshire |
HG1 5LT |
H5 GROUP LIMITED (REGISTERED NUMBER: 11588243) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their strategic report of the company and the group for the year ended 31 March 2024. |
REVIEW OF BUSINESS |
Turnover for the year ended 31 March 2024 was £8,707,912 which was an increase of £3,223,579 compared with last year (2023: £5,484,333). Operating profit for the year ended 31 March 2024 was £3,125,583 which is an increase of £1,247,824 compared with the prior year (2023: £1,877,759). |
PRINCIPAL RISKS AND UNCERTAINTIES |
Liquidity risk |
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. |
Credit risk |
The principal credit risk arises from the company's trade debtors. In order to manage the risk, the company uses third party credit references and customer payment history to establish the correct credit limit for each customer. These credit limits are reviewed on a regular basis and take into account the most recent collection history and spend. |
ON BEHALF OF THE BOARD: |
H5 GROUP LIMITED (REGISTERED NUMBER: 11588243) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of business and domestic software development. |
DIVIDENDS |
An interim dividend of £714.29 per share was paid on 31 March 2024. The directors recommend that no final dividend be paid. |
The total distribution of dividends for the year ended 31 March 2024 will be £ 100,000 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
H5 GROUP LIMITED (REGISTERED NUMBER: 11588243) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
AUDITORS |
The auditors, DSC Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
H5 GROUP LIMITED |
Opinion |
We have audited the financial statements of H5 Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 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 31 March 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 |
H5 GROUP 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. |
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 gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and the inspection of other regulatory and legal correspondence. We addressed the risk of management override of internal controls, including testing journals and estimates and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud and the completeness of incoming resources. We did not identify any key audit matters relating to irregularities, including fraud. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
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 |
H5 GROUP 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. |
for and on behalf of |
Chartered Accountants |
Statutory Auditors |
Tattersall House |
East Parade |
Harrogate |
North Yorkshire |
HG1 5LT |
H5 GROUP LIMITED (REGISTERED NUMBER: 11588243) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 8,707,912 | 5,484,333 |
Cost of sales | 26 | 14,700 |
GROSS PROFIT | 8,707,886 | 5,469,633 |
Administrative expenses | 5,847,404 | 3,892,306 |
2,860,482 | 1,577,327 |
Other operating income | 265,101 | 300,432 |
OPERATING PROFIT | 4 | 3,125,583 | 1,877,759 |
Interest receivable and similar income | 2,536 | 103 |
3,128,119 | 1,877,862 |
Gain/loss on revaluation of investment property |
1,813,844 |
- |
PROFIT BEFORE TAXATION | 4,941,963 | 1,877,862 |
Tax on profit | 5 | 1,265,790 | 367,478 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 3,676,173 | 1,510,384 |
H5 GROUP LIMITED (REGISTERED NUMBER: 11588243) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 3,676,173 | 1,510,384 |
OTHER COMPREHENSIVE INCOME |
Forex differences on translation | (4,764 | ) | - |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
(4,764 |
) |
- |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
3,671,409 |
1,510,384 |
Total comprehensive income attributable to: |
Owners of the parent | 3,671,409 | 1,510,384 |
H5 GROUP LIMITED (REGISTERED NUMBER: 11588243) |
CONSOLIDATED BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 | - | 921 |
Tangible assets | 9 | 1,724,207 | 2,394,978 |
Investments | 10 | - | - |
Investment property | 11 | 3,450,000 | - |
5,174,207 | 2,395,899 |
CURRENT ASSETS |
Debtors | 12 | 2,001,525 | 1,074,430 |
Prepayments and accrued income | 2,069,297 | 1,911,366 |
Cash at bank and in hand | 1,212,429 | 810,592 |
5,283,251 | 3,796,388 |
CREDITORS |
Amounts falling due within one year | 13 | 1,549,848 | 1,348,672 |
NET CURRENT ASSETS | 3,733,403 | 2,447,716 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
8,907,610 |
4,843,615 |
PROVISIONS FOR LIABILITIES | 14 | (457,828 | ) | (12,721 | ) |
ACCRUALS AND DEFERRED INCOME | 15 | (194,845 | ) | (232,565 | ) |
NET ASSETS | 8,254,937 | 4,598,329 |
H5 GROUP LIMITED (REGISTERED NUMBER: 11588243) |
CONSOLIDATED BALANCE SHEET - continued |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 16 | 140 | 140 |
Share premium | 17 | 286,201 | 286,201 |
Revaluation reserve | 17 | 1,360,383 | - |
Capital redemption reserve | 17 | 700 | 700 |
Other reserves | 17 | (4,764 | ) | - |
Retained earnings | 17 | 6,612,277 | 4,311,288 |
SHAREHOLDERS' FUNDS | 8,254,937 | 4,598,329 |
The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2025 and were signed on its behalf by: |
J F Cook - Director |
Mrs P L Cook - Director |
H5 GROUP LIMITED (REGISTERED NUMBER: 11588243) |
COMPANY BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
Investments | 10 |
Investment property | 11 |
CURRENT ASSETS |
Debtors | 12 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 250,000 | 149,980 |
The financial statements were approved by the Board of Directors and authorised for issue on |
H5 GROUP LIMITED (REGISTERED NUMBER: 11588243) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1 April 2022 | 741 | 2,950,904 | 286,201 |
Changes in equity |
Issue of share capital | (601 | ) | - | - |
Dividends | - | (150,000 | ) | - |
Total comprehensive income | - | 1,510,384 | - |
Balance at 31 March 2023 | 140 | 4,311,288 | 286,201 |
Changes in equity |
Dividends | - | (100,000 | ) | - |
Total comprehensive income | - | 2,400,989 | - |
Balance at 31 March 2024 | 140 | 6,612,277 | 286,201 |
Capital |
Revaluation | redemption | Other | Total |
reserve | reserve | reserves | equity |
£ | £ | £ | £ |
Balance at 1 April 2022 | - | 700 | - | 3,238,546 |
Changes in equity |
Issue of share capital | - | - | - | (601 | ) |
Dividends | - | - | - | (150,000 | ) |
Total comprehensive income | - | - | - | 1,510,384 |
Balance at 31 March 2023 | - | 700 | - | 4,598,329 |
Changes in equity |
Dividends | - | - | - | (100,000 | ) |
Total comprehensive income | 1,360,383 | - | (4,764 | ) | 3,756,608 |
Balance at 31 March 2024 | 1,360,383 | 700 | (4,764 | ) | 8,254,937 |
H5 GROUP LIMITED (REGISTERED NUMBER: 11588243) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2024 |
H5 GROUP LIMITED (REGISTERED NUMBER: 11588243) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,434,541 | 859,976 |
Tax paid | (543,392 | ) | (135,070 | ) |
Net cash from operating activities | 1,891,149 | 724,906 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (1,268,614 | ) | (636,225 | ) |
Sale of tangible fixed assets | 41,766 | 260,470 |
Interest received | 2,536 | 103 |
Net cash from investing activities | (1,224,312 | ) | (375,652 | ) |
Cash flows from financing activities |
Amount introduced by directors | 730,000 | 260,000 |
Amount withdrawn by directors | (895,000 | ) | (207,083 | ) |
Equity dividends paid | (100,000 | ) | (150,000 | ) |
Net cash from financing activities | (265,000 | ) | (97,083 | ) |
Increase in cash and cash equivalents | 401,837 | 252,171 |
Cash and cash equivalents at beginning of year |
2 |
810,592 |
558,421 |
Cash and cash equivalents at end of year | 2 | 1,212,429 | 810,592 |
H5 GROUP LIMITED (REGISTERED NUMBER: 11588243) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 4,941,963 | 1,877,862 |
Depreciation charges | 245,999 | 186,643 |
Loss/(profit) on disposal of fixed assets | 10,353 | (109,538 | ) |
Gain on revaluation of fixed assets | (1,813,844 | ) | - |
Cash generated by foreign subsidiaries | 87,687 | - |
Finance income | (2,536 | ) | (103 | ) |
3,469,622 | 1,954,864 |
Increase in trade and other debtors | (1,077,549 | ) | (1,329,146 | ) |
Increase in trade and other creditors | 42,468 | 234,258 |
Cash generated from operations | 2,434,541 | 859,976 |
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 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 1,212,429 | 810,592 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 810,592 | 558,421 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 810,592 | 401,837 | 1,212,429 |
810,592 | 401,837 | 1,212,429 |
Total | 810,592 | 401,837 | 1,212,429 |
H5 GROUP LIMITED (REGISTERED NUMBER: 11588243) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
H5 Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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 |
Freehold property | - |
Plant and machinery | - |
Motor vehicles | - |
Investment property |
Investment property has been valued by the directors using market data such as comparable sales. 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. |
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. |
H5 GROUP LIMITED (REGISTERED NUMBER: 11588243) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 4,123,715 | 2,390,363 |
Social security costs | 323,203 | 238,073 |
Other pension costs | 73,162 | 46,319 |
4,520,080 | 2,674,755 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Directors | 2 | 2 |
Administration | 233 | 169 |
The average number of employees by undertakings that were proportionately consolidated during the year was 235 (2023 - 171 ) . |
2024 | 2023 |
£ | £ |
Directors' remuneration | 24,000 | 24,000 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets | 251,110 | 185,721 |
Loss/(profit) on disposal of fixed assets | 10,353 | (109,538 | ) |
Patents and licences amortisation | 921 | 920 |
Auditors' remuneration | 20,000 | - |
Foreign exchange differences | 79,105 | (106,967 | ) |
H5 GROUP LIMITED (REGISTERED NUMBER: 11588243) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
5. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 829,381 | 377,588 |
Deferred tax | 436,409 | (10,110 | ) |
Tax on profit | 1,265,790 | 367,478 |
Tax effects relating to effects of other comprehensive income |
2024 |
Gross | Tax | Net |
£ | £ | £ |
Forex differences on translation | (4,764 | ) | - | (4,764 | ) |
6. | 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. |
7. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Interim | 100,000 | 150,000 |
H5 GROUP LIMITED (REGISTERED NUMBER: 11588243) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
8. | INTANGIBLE FIXED ASSETS |
Group |
Patents |
and |
licences |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 | 4,603 |
AMORTISATION |
At 1 April 2023 | 3,682 |
Amortisation for year | 921 |
At 31 March 2024 | 4,603 |
NET BOOK VALUE |
At 31 March 2024 | - |
At 31 March 2023 | 921 |
9. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2023 | 2,059,712 | 646,795 | 1,061 |
Additions | 720,870 | 215,405 | 62,824 |
Disposals | - | - | (15,191 | ) |
Reclassification/transfer | (1,716,774 | ) | - | - |
At 31 March 2024 | 1,063,808 | 862,200 | 48,694 |
DEPRECIATION |
At 1 April 2023 | 49,506 | 533,274 | 606 |
Charge for year | 48,614 | 71,699 | 4,012 |
Eliminated on disposal | - | - | (3,276 | ) |
Revaluation adjustments | (80,618 | ) | - | - |
At 31 March 2024 | 17,502 | 604,973 | 1,342 |
NET BOOK VALUE |
At 31 March 2024 | 1,046,306 | 257,227 | 47,352 |
At 31 March 2023 | 2,010,206 | 113,521 | 455 |
H5 GROUP LIMITED (REGISTERED NUMBER: 11588243) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
9. | TANGIBLE FIXED ASSETS - continued |
Group |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2023 | 310,747 | 4,460 | 3,022,775 |
Additions | 128,069 | 141,446 | 1,268,614 |
Disposals | (76,000 | ) | - | (91,191 | ) |
Reclassification/transfer | - | - | (1,716,774 | ) |
At 31 March 2024 | 362,816 | 145,906 | 2,483,424 |
DEPRECIATION |
At 1 April 2023 | 43,259 | 1,152 | 627,797 |
Charge for year | 93,121 | 33,664 | 251,110 |
Eliminated on disposal | (35,796 | ) | - | (39,072 | ) |
Revaluation adjustments | - | - | (80,618 | ) |
At 31 March 2024 | 100,584 | 34,816 | 759,217 |
NET BOOK VALUE |
At 31 March 2024 | 262,232 | 111,090 | 1,724,207 |
At 31 March 2023 | 267,488 | 3,308 | 2,394,978 |
Cost or valuation at 31 March 2024 is represented by: |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
Cost | 1,063,808 | 862,200 | 48,694 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
Cost | 362,816 | 145,906 | 2,483,424 |
H5 GROUP LIMITED (REGISTERED NUMBER: 11588243) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
10. | FIXED ASSET INVESTMENTS |
Company |
Other |
investments |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Audit Partnership Limited |
Registered office: 9 Fusion Court, Aberford Road, Garforth, Leeds, LS25 2GH |
Nature of business: Business and domestic software development |
% |
Class of shares: | holding |
Ordinary | 100.00 |
H5 Direct Limited |
Registered office: 9 Fusion Court, Aberford Road, Garforth, Leeds, LS25 2GH |
Nature of business: Buying and selling of own real estate |
% |
Class of shares: | holding |
Ordinary | 100.00 |
APL Audit Operations India LLP |
Registered office: No 006 Ground Floor No 121/1 Shri, 9th Cross Bank Avenue, Babusahebpalya, Bangalore, 560043 |
Nature of business: Overseas LLP |
% |
Class of shares: | holding |
N/A | 100.00 |
H5 GROUP LIMITED (REGISTERED NUMBER: 11588243) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
11. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
Revaluations | 1,813,844 |
Reclassification/transfer | 1,636,156 |
At 31 March 2024 | 3,450,000 |
NET BOOK VALUE |
At 31 March 2024 | 3,450,000 |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2024 | 1,733,226 |
Cost | 1,716,774 |
3,450,000 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 1,875,964 | 1,042,050 |
Other debtors | 118,084 | 32,380 |
Deferred tax | 7,477 | - | - | - |
2,001,525 | 1,074,430 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade creditors | 83,901 | 57,043 |
Tax | 552,577 | 266,588 |
Social security and other taxes | 114,203 | 81,133 |
VAT | 120,808 | 125,619 | - | - |
Other creditors | 25,547 | 770,076 |
Directors' current accounts | 652,812 | 48,213 | 482 | 482 |
1,549,848 | 1,348,672 |
No interest was charged on the directors current account balance. |
H5 GROUP LIMITED (REGISTERED NUMBER: 11588243) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
14. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax | 457,828 | 12,721 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2023 | 12,721 |
Charge to Income Statement during year | 445,107 |
Balance at 31 March 2024 | 457,828 |
15. | ACCRUALS AND DEFERRED INCOME |
Group |
2024 | 2023 |
£ | £ |
Accruals and deferred income | 194,845 | 232,565 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
A Ordinary | £1 | 140 | 140 |
17. | RESERVES |
Group |
Retained | Share | Revaluation |
earnings | premium | reserve |
£ | £ | £ |
At 1 April 2023 | 4,311,288 | 286,201 | - |
Profit for the year | 3,676,173 |
Dividends | (100,000 | ) |
Revaluation reserve | (1,813,844 | ) | - | 1,813,844 |
Deferred tax | 453,461 | - | (453,461 | ) |
Foreign subsidiary/branch |
reserves | 85,199 | - | - |
At 31 March 2024 | 6,612,277 | 286,201 | 1,360,383 |
H5 GROUP LIMITED (REGISTERED NUMBER: 11588243) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
17. | RESERVES - continued |
Group |
Capital |
redemption | Other |
reserve | reserves | Totals |
£ | £ | £ |
At 1 April 2023 | 700 | - | 4,598,189 |
Profit for the year | 3,676,173 |
Dividends | (100,000 | ) |
Foreign subsidiary/branch |
reserves | - | - | 85,199 |
Other comprehensive income | - | (4,764 | ) | (4,764 | ) |
At 31 March 2024 | 700 | (4,764 | ) | 8,254,797 |