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Registration number: 02858442

Hollywell Building Services Limited

Annual Report and Financial Statements

for the Year Ended 30 September 2024

 

Hollywell Building Services Limited

Contents

Company Information

1

Strategic Report

2

Director's Report

3

Statement of Director's Responsibilities

4

Independent Auditor's Report

5 to 7

Profit and Loss Account

8

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Statement of Cash Flows

12

Notes to the Financial Statements

13 to 23

 

Hollywell Building Services Limited

Company Information

Director

Robert Stephen

Registered office

New Barnes Mill
Cottonmill Lane
St Albans
Herts
AL1 2HA

Auditors

Thomas Alexander & Co Ltd 590 Green Lanes
Palmers Green
London
N13 5RY

 

Hollywell Building Services Limited

Strategic Report for the Year Ended 30 September 2024

The director presents his strategic report for the year ended 30 September 2024.

Principal activity

The principal activity of the company is building services and property development

Fair review of the business

The results for the year and the financial position at the year end were considered satisfactory by the director.

The company has performed well, and sales have grown strongly which had been expected by the director. The company has a strong balance sheet at the year end date and is comfortably able to meet its cashflow requirements.

The key performance indicators for the company are turnover and gross profit margin. Turnover has shown healthy growth for the year in question, gross profit margin has fallen slightly but remains healthy.

Principal risks and uncertainties

The company is diversified in that it operates in both the building and property development trade. It is not reliant upon one particular customer, therefore it is not subject to major risks and uncertainties.

Approved and authorised by the director on 31 March 2025
 

.........................................
Robert Stephen
Director

 

Hollywell Building Services Limited

Director's Report for the Year Ended 30 September 2024

The director presents his report and the financial statements for the year ended 30 September 2024.

Director of the company

The director who held office during the year was as follows:

Robert Stephen

Financial instruments

Objectives and policies

The director regularly reviews the cash flow requirements of the company to ensure that the company is not placed under any undue financial risk.

Price risk, credit risk, liquidity risk and cash flow risk

The director considers the company to have sufficient funds available to finance its current operations as well as future planned activities.

The director regularly reviews interest rate exposure to ensure the company's borrowings do not expose it to excessive credit risk.

Future developments

The company will maintain its building services activities and will continue to look for opportunities to grow its property development activities. There are no future developments of which the director is aware that will have a negative impact on the financial statements of the company.

Disclosure of information to the auditors

The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.

Reappointment of auditors

The auditors Thomas Alexander & Co Ltd are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved and authorised by the director on 31 March 2025
 

.........................................
Robert Stephen
Director

 

Hollywell Building Services Limited

Statement of Director's Responsibilities

The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

 

Hollywell Building Services Limited

Independent Auditor's Report to the Members of Hollywell Building Services Limited

Opinion

We have audited the financial statements of Hollywell Building Services Limited (the 'company') for the year ended 30 September 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

The director are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Hollywell Building Services Limited

Independent Auditor's Report to the Members of Hollywell Building Services Limited

Opinion on other matter 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 Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Director's Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of director's remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of the director

As explained more fully in the Statement of Director's Responsibilities [set out on page 4], the director is 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 director determines is 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 director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor 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 an auditor’s report 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:

 

Hollywell Building Services Limited

Independent Auditor's Report to the Members of Hollywell Building Services Limited

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

• We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are [the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation]

• We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

• We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

• Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 an auditor’s report 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.

......................................
Vassos Chrysostomou (Senior Statutory Auditor)
For and on behalf of Thomas Alexander & Co Ltd, Statutory Auditor
 590 Green Lanes
Palmers Green
London
N13 5RY

31 March 2025

 

Hollywell Building Services Limited

Profit and Loss Account for the Year Ended 30 September 2024

Note

2024
£

2023
£

Turnover

3

30,123,828

25,930,232

Cost of sales

 

(21,640,891)

(18,399,912)

Gross profit

 

8,482,937

7,530,320

Administrative expenses

 

(5,877,957)

(5,697,276)

Other operating income

4

-

65,267

Operating profit

6

2,604,980

1,898,311

Other interest receivable and similar income

7

62,031

41,049

Interest payable and similar expenses

8

(27,496)

(8,284)

   

34,535

32,765

Profit before tax

 

2,639,515

1,931,076

Tax on profit

12

(570,831)

(469,263)

Profit for the financial year

 

2,068,684

1,461,813

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Hollywell Building Services Limited

Statement of Comprehensive Income for the Year Ended 30 September 2024

2024
£

2023
£

Profit for the year

2,068,684

1,461,813

Total comprehensive income for the year

2,068,684

1,461,813

 

Hollywell Building Services Limited

(Registration number: 02858442)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

13

722,525

3,830,198

Current assets

 

Stocks

14

1,662,835

1,464,858

Debtors

15

9,327,087

8,386,662

Cash at bank and in hand

 

2,252,570

2,082,200

 

13,242,492

11,933,720

Creditors: Amounts falling due within one year

17

(4,360,072)

(4,583,755)

Net current assets

 

8,882,420

7,349,965

Total assets less current liabilities

 

9,604,945

11,180,163

Creditors: Amounts falling due after more than one year

17

(105,928)

(248,531)

Provisions for liabilities

18

(126,990)

(138,289)

Net assets

 

9,372,027

10,793,343

Capital and reserves

 

Called up share capital

100

100

Retained earnings

9,371,927

10,793,243

Shareholders' funds

 

9,372,027

10,793,343

Approved and authorised by the director on 31 March 2025
 

.........................................
Robert Stephen
Director

 

Hollywell Building Services Limited

Statement of Changes in Equity for the Year Ended 30 September 2024

Share capital
£

Retained earnings
£

Total
£

At 1 October 2023

100

10,793,243

10,793,343

Profit for the year

-

2,068,684

2,068,684

Dividends

-

(3,490,000)

(3,490,000)

At 30 September 2024

100

9,371,927

9,372,027

Share capital
£

Retained earnings
£

Total
£

At 1 October 2022

100

9,446,430

9,446,530

Profit for the year

-

1,461,813

1,461,813

Dividends

-

(115,000)

(115,000)

At 30 September 2023

100

10,793,243

10,793,343

 

Hollywell Building Services Limited

Statement of Cash Flows for the Year Ended 30 September 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

2,068,684

1,461,813

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

216,216

240,902

Profit on disposal of tangible assets

5

(25,015)

(17,431)

Profit on disposal of land and buildings

5

(490,000)

-

Finance income

7

(62,031)

(41,049)

Finance costs

8

27,496

8,284

Income tax expense

12

570,831

469,263

 

2,306,181

2,121,782

Working capital adjustments

 

Increase in stocks

14

(197,977)

(247,037)

Increase in trade debtors

15

(940,425)

(3,084,052)

(Decrease)/increase in trade creditors

17

(367,719)

646,399

Cash generated from operations

 

800,060

(562,908)

Income taxes paid

12

(415,000)

(589,013)

Net cash flow from operating activities

 

385,060

(1,151,921)

Cash flows from investing activities

 

Interest received

7

62,031

41,049

Acquisitions of tangible assets

(143,511)

(573,782)

Proceeds from sale of tangible assets

 

3,549,983

60,675

Net cash flows from investing activities

 

3,468,503

(472,058)

Cash flows from financing activities

 

Interest paid

8

(27,496)

(8,284)

Repayment of other borrowing

 

(207)

119

Payments to finance lease creditors

 

(165,490)

329,698

Dividends paid

23

(3,490,000)

(115,000)

Net cash flows from financing activities

 

(3,683,193)

206,533

Net increase/(decrease) in cash and cash equivalents

 

170,370

(1,417,446)

Cash and cash equivalents at 1 October

 

2,082,200

3,499,646

Cash and cash equivalents at 30 September

 

2,252,570

2,082,200

 

Hollywell Building Services Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
New Barnes Mill
Cottonmill Lane
St Albans
Herts
AL1 2HA

The principal place of business is:
New Barnes Mill
Cottonmill Lane
St Albans
Herts
AL1 2HA

These financial statements were authorised for issue by the director on 31 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Revenue is recognised based upon the stage of completion of contruction contracts. This is determined by the proportion of costs incurred to date relative to the total estimated costs of the project. The completion stage is regularly agreed between the company, customers and quantity surveyors. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Hollywell Building Services Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% straight line

Fixtures and fittings

15% straight line

Motor Vehicles

15% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for building, maintenance and construction services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stock and Work in Progress represents the costs incurred on contracts that are not yet completed and raw materials held. WIP is valued at cost plus attributable profit, less any foreseeable losses and staged bills raised. Stock of materials is stated at the lower of cost and estimated selling price. Cost is determined using the first-in, first-out (FIFO) method. Any impairment in the value of stock is recognised in the profit and loss account.

 

Hollywell Building Services Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Hollywell Building Services Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sales

30,123,828

25,930,232

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2024
£

2023
£

Rent received

-

65,267

5

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2024
£

2023
£

Gain on disposal of Tangible assets

25,015

17,431

Gain on disposal of Land and Buildings

490,000

-

515,015

17,431

6

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

216,216

240,902

Operating lease expense - plant and machinery

306,384

330,549

Profit on disposal of property, plant and equipment

(25,015)

(17,431)

7

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

62,031

41,049

 

Hollywell Building Services Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

8

Interest payable and similar expenses

2024
£

2023
£

Interest on obligations under finance leases and hire purchase contracts

27,496

8,284

9

Staff costs

The aggregate payroll costs (including director's remuneration) were as follows:

2024
£

2023
£

Wages and salaries

3,900,273

3,318,681

Social security costs

422,404

363,514

Pension costs, defined contribution scheme

96,850

88,362

Other employee expense

75,090

10,526

4,494,617

3,781,083

The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

109

74

109

74

10

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

12,000

12,000

11

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

9,450

7,850


 

 

Hollywell Building Services Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

12

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

582,130

364,713

Deferred taxation

Arising from origination and reversal of timing differences

(11,299)

104,550

Tax expense in the income statement

570,831

469,263

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 25% (2023 - 22%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

2,639,515

1,931,076

Corporation tax at standard rate

659,879

424,837

Tax increase/(decrease) from effect of capital allowances and depreciation

17,553

(80,520)

Tax (decrease)/increase from other short-term timing differences

(11,299)

104,550

Effect of expense not deductible in determining taxable profit (tax loss)

(95,302)

20,396

Total tax charge

570,831

469,263

A Deferred tax liability has been recognised for the timing difference arising from the Net Book Value of company fixed assets versus the Tax Written Down Value of those assets.

 

Hollywell Building Services Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

13

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2023

3,000,000

576,068

1,524,764

179,847

5,280,679

Additions

-

48,914

61,819

32,778

143,511

Disposals

(3,000,000)

-

(118,136)

-

(3,118,136)

At 30 September 2024

-

624,982

1,468,447

212,625

2,306,054

Depreciation

At 1 October 2023

-

468,606

826,280

155,595

1,450,481

Charge for the year

-

36,855

166,959

12,402

216,216

Eliminated on disposal

-

-

(83,168)

-

(83,168)

At 30 September 2024

-

505,461

910,071

167,997

1,583,529

Carrying amount

At 30 September 2024

-

119,521

558,376

44,628

722,525

At 30 September 2023

3,000,000

107,462

698,484

24,252

3,830,198

Included within the net book value of land and buildings above is £Nil (2023 - £3,000,000) in respect of freehold land and buildings.
 

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

2024
£

2023
£

Motor Vehicles

418,223

574,376

   

14

Stocks

2024
 £

2023
 £

Stock and work in progress

1,662,835

1,464,858

15

Debtors

 

Hollywell Building Services Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

2024
£

2023
£

Trade debtors

3,436,541

2,317,848

Other debtors

5,174,955

4,697,590

Prepayments

60,911

759,600

Gross amount due from customers for contract work

654,680

611,624

9,327,087

8,386,662

16

Cash and cash equivalents

2024
 £

2023
 £

Cash on hand

97

97

Cash at bank

127,221

749,024

Short-term deposits

2,125,252

1,333,079

2,252,570

2,082,200

17

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

21

136,090

159,184

Trade creditors

 

2,492,223

2,970,564

Social security and other taxes

 

512,622

973,725

Outstanding defined contribution pension costs

 

24,331

19,502

Other payables

 

425,279

129,475

Accruals

 

472,689

201,597

Income tax liability

12

296,838

129,708

 

4,360,072

4,583,755

Due after one year

 

Loans and borrowings

21

105,928

248,531

18

Provisions for liabilities

Deferred tax
£

Total
£

At 1 October 2023

138,289

138,289

Increase (decrease) in existing provisions

(11,299)

(11,299)

At 30 September 2024

126,990

126,990

 

Hollywell Building Services Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

19

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £96,850 (2023 - £88,362).

Contributions totalling £24,331 (2023 - £19,502) were payable to the scheme at the end of the year and are included in creditors.

20

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

21

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

105,928

248,531

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

136,090

158,977

Other borrowings

-

207

136,090

159,184

22

Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

136,090

158,977

Later than one year and not later than five years

105,928

248,531

242,018

407,508

 

Hollywell Building Services Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

211,516

226,669

Later than one year and not later than five years

344,082

570,751

555,598

797,420

The amount of non-cancellable operating lease payments recognised as an expense during the year was £226,669 (2023 - £226,669).

23

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £34,900.00 (2023 - £1,150.00) per each Ordinary shares

3,490,000

115,000

 

 
 

Hollywell Building Services Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

24

Related party transactions

Summary of transactions with other related parties


Connected Company Debtors
Included in other debtors is an amount of £4,823,605 (2023: £4,697,590) owed by Sopwell Properties Ltd, a company under common control. During the year, the company paid rent and service charges at a commercial rate of £228,796 (2022: £213,543) to Sopwell Properties Ltd.
During the year, the company also disposed of land and buildings to Sopwell Properties Ltd at an arms length commercial value of £3.49m

Also included in other debtors is an amount of £351,350 owed by Wadham Executive Ltd, a company under common control.

25

Ultimate controlling party

The ultimate controlling party is Mr R Stephen.