IRIS Accounts Production v24.3.2.46 06180131 Board of Directors 31.10.24 1.11.23 31.10.24 31.10.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. true true true false true true false false false true true false Fair value model Ordinary 0 A Ordinary 0 B Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh061801312023-10-31061801312024-10-31061801312023-11-012024-10-31061801312022-10-31061801312022-11-012023-10-31061801312023-10-3106180131ns15:EnglandWales2023-11-012024-10-3106180131ns14:PoundSterling2023-11-012024-10-3106180131ns10:Director12023-11-012024-10-3106180131ns10:Consolidated2024-10-3106180131ns10:ConsolidatedGroupCompanyAccounts2023-11-012024-10-3106180131ns10:PrivateLimitedCompanyLtd2023-11-012024-10-3106180131ns10:Consolidatedns10:MediumEntities2023-11-012024-10-3106180131ns10:Consolidatedns10:Audited2023-11-012024-10-3106180131ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-11-012024-10-3106180131ns10:Medium-sizedCompaniesRegimeForAccounts2023-11-012024-10-3106180131ns10:Consolidated2023-11-012024-10-3106180131ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-11-012024-10-3106180131ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForAccounts2023-11-012024-10-3106180131ns10:FullAccounts2023-11-012024-10-3106180131ns5:Subsidiary12023-11-012024-10-3106180131ns10:OrdinaryShareClass12023-11-012024-10-3106180131ns10:OrdinaryShareClass22023-11-012024-10-3106180131ns10:OrdinaryShareClass32023-11-012024-10-3106180131ns10:Director22023-11-012024-10-3106180131ns10:CompanySecretary12023-11-012024-10-3106180131ns10:RegisteredOffice2023-11-012024-10-3106180131ns10:Consolidated2022-11-012023-10-3106180131ns5:CurrentFinancialInstruments2024-10-3106180131ns5:CurrentFinancialInstruments2023-10-3106180131ns5:Non-currentFinancialInstruments2024-10-3106180131ns5:Non-currentFinancialInstruments2023-10-3106180131ns5:ShareCapital2024-10-3106180131ns5:ShareCapital2023-10-3106180131ns5:RevaluationReserve2024-10-3106180131ns5:RevaluationReserve2023-10-3106180131ns5:FurtherSpecificReserve3ComponentTotalEquity2024-10-3106180131ns5:FurtherSpecificReserve3ComponentTotalEquity2023-10-3106180131ns5:RetainedEarningsAccumulatedLosses2024-10-3106180131ns5:RetainedEarningsAccumulatedLosses2023-10-3106180131ns5:ShareCapital2022-10-3106180131ns5:RetainedEarningsAccumulatedLosses2022-10-3106180131ns5:RevaluationReserve2022-10-3106180131ns5:FurtherSpecificReserve3ComponentTotalEquity2022-10-3106180131ns5:RetainedEarningsAccumulatedLosses2022-11-012023-10-3106180131ns5:RevaluationReserve2022-11-012023-10-3106180131ns5:FurtherSpecificReserve3ComponentTotalEquity2022-11-012023-10-3106180131ns5:RetainedEarningsAccumulatedLosses2023-11-012024-10-3106180131ns5:RevaluationReserve2023-11-012024-10-3106180131ns5:FurtherSpecificReserve3ComponentTotalEquity2023-11-012024-10-3106180131ns5:PlantMachinery2023-11-012024-10-3106180131ns5:MotorVehicles2023-11-012024-10-3106180131ns5:PlantMachinery2023-10-3106180131ns5:PlantMachinery2024-10-3106180131ns5:PlantMachinery2023-10-3106180131ns5:CostValuation2023-10-31061801311ns5:Subsidiary12023-11-012024-10-3106180131ns5:Subsidiary12024-10-3106180131ns5:Subsidiary12023-10-3106180131ns5:Subsidiary12022-11-012023-10-3106180131ns5:WithinOneYearns5:CurrentFinancialInstruments2024-10-3106180131ns5:WithinOneYearns5:CurrentFinancialInstruments2023-10-3106180131ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-10-3106180131ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-10-3106180131ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-10-3106180131ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-10-3106180131ns5:Secured2024-10-3106180131ns5:Secured2023-10-3106180131ns5:DeferredTaxation2023-10-3106180131ns5:DeferredTaxation2023-11-012024-10-3106180131ns5:DeferredTaxation2024-10-3106180131ns10:OrdinaryShareClass12024-10-3106180131ns10:OrdinaryShareClass22024-10-3106180131ns10:OrdinaryShareClass32024-10-3106180131ns5:RetainedEarningsAccumulatedLosses2023-10-3106180131ns5:RevaluationReserve2023-10-3106180131ns5:FurtherSpecificReserve3ComponentTotalEquity2023-10-31
REGISTERED NUMBER: 06180131 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 October 2024

for

Hibiscus Holdings Plc

Hibiscus Holdings Plc (Registered number: 06180131)






Contents of the Consolidated Financial Statements
for the Year Ended 31 October 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 6

Consolidated Balance Sheet 7

Company Balance Sheet 8

Consolidated Statement of Changes in Equity 9

Company Statement of Changes in Equity 10

Consolidated Cash Flow Statement 11

Notes to the Consolidated Cash Flow Statement 12

Notes to the Consolidated Financial Statements 13


Hibiscus Holdings Plc

Company Information
for the Year Ended 31 October 2024







DIRECTORS: B Killerby
J Killerby





SECRETARY: M Bolton





REGISTERED OFFICE: Unit 6-7 Hudswell Road
Leeds
West Yorkshire
LS10 1AG





REGISTERED NUMBER: 06180131 (England and Wales)





AUDITORS: KJA Kilner Johnson Ltd (Statutory Auditors)
Network House
Stubs Beck Lane
Cleckheaton
BD19 4TT

Hibiscus Holdings Plc (Registered number: 06180131)

Group Strategic Report
for the Year Ended 31 October 2024

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

FAIR REVIEW OF THE BUSINESS
The group has repeated its consistent record in both turnover and profits for the year ended 31 October 2024. The group has performed well in a tough business climate during 2024, and has maintained its margins, with Gross Profit Margin for the year at 41.8% (2023: 42.1%). Operating Profit Margin for the year is 8.2% (2023: 10.6%), with a decrease from 2023 as a result of pay increases across the business to retain skilled staff at competitive remuneration packages. The statutory increase in Employers NI during the year has also resulted in increased costs of employment.

The group has strived to maintain its high standards of quality and customer service through investment in plant and machinery during the year of £24,000. It has continued to establish trusted relationships with its suppliers as an organically grown group with over 30 years of trading history. The group reputation as a market leader in the chemical label printing industry continues in good stead.

PRINCIPAL RISKS AND UNCERTAINTIES
Financial, credit, liquidity and cashflow risks are considered low as the group continues to show profitability. Working capital is managed and reviewed on a weekly basis. The group maintains a healthy balance sheet, highlighting the strong working capital cycle. The business continues to be run efficiently with a consistent and highly skilled management team.

A major business risk has been the general election held in July 2024 and the resultant changes in taxation policy. The situation in the red sea continues to affect the group’s supply chain with extended lead times.

STRATEGY
The strategy of sustainable growth in customer base and maintaining profitability margins has successfully navigated the group through challenging economical periods, and the board are seeking a continuation.

KEY PERFORMANCE INDICATORS
The Board monitors the progress of the group by reference to the following KPI's :



2024 2023

Turnover £4,562,373 £4,637,987
Gross profit percentage 41.8% 42.1%
Operating profit percentage 8.2% 10.6%

The main non-financial KPI is customer satisfaction resulting from repeat orders.

FUTURE DEVELOPMENTS
The group is now well placed for further growth and are seeking opportunities to significantly increase turnover by entering new markets.

ON BEHALF OF THE BOARD:





J Killerby - Director


16 April 2025

Hibiscus Holdings Plc (Registered number: 06180131)

Report of the Directors
for the Year Ended 31 October 2024

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

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the manufacture of specialist labels and software for hazardous goods.

DIVIDENDS
No interim dividends were paid during the year ended 31 October 2024.

The directors recommend final dividends per share as follows:

Ordinary £1 shares NIL
A Ordinary £1 shares 6
B Ordinary £1 shares 8.22

The total distribution of dividends for the year ended 31 October 2024 will be £ 336,904 .

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

B Killerby
J Killerby

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

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

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

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

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

AUDITORS
The auditors, KJA Kilner Johnson Ltd (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J Killerby - Director


16 April 2025

Report of the Independent Auditors to the Members of
Hibiscus Holdings Plc

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

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

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

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

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

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

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

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

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

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

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

Report of the Independent Auditors to the Members of
Hibiscus Holdings Plc


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:

While planning our audit, we have enquired of management and those charged with governance around any actual or potential litigation and claims against the company for non-compliance with specific laws and regulations. The same has been done in respect of any instances of fraud or irregularities. The responses received have been communicated with the engagement team at the planning stage.
We have not been informed of any specific laws or regulatory related issues that could materially impact the financial statements in addition to this, there has been no suspected fraud or irregularities reported to us.
While planning our audit the engagement partner selected appropriately trained staff to be engaged in the audit and the team are allocated based on their competence and capabilities.
The audit work undertaken is a substantive work based audit approach, reviewing to source documentation where appropriate and includes a review and walkthrough of the systems which management have put in place. These tests are directional. Therefore, they are designed in a way to maximise audit effectiveness and the possible identification of any material fraud, irregularities, or instances of systems and procedure breaches. Our testing did not identify any issues that require additional reporting.
These tests and other areas of our audit work are designed to enhance our ability to detect cases of material fraud and certain irregularities. It should be noted that our audit is carried out using a material based approach and therefore does not test every transaction, as such it would not detect all instances of irregularities and specifically fraud which is inherently more difficult to detect.

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.

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.




Samantha Hutton FCCA (Senior Statutory Auditor)
for and on behalf of KJA Kilner Johnson Ltd (Statutory Auditors)
Network House
Stubs Beck Lane
Cleckheaton
BD19 4TT

16 April 2025

Hibiscus Holdings Plc (Registered number: 06180131)

Consolidated
Statement of Comprehensive
Income
for the Year Ended 31 October 2024

2024 2023
as restated
Notes £    £    £    £   

TURNOVER 4,562,373 4,637,987

Cost of sales 2,657,287 2,683,481
GROSS PROFIT 1,905,086 1,954,506

Distribution costs 47,926 46,675
Administrative expenses 1,481,433 1,416,012
1,529,359 1,462,687
OPERATING PROFIT 4 375,727 491,819

Interest receivable and similar income 1,590 -
377,317 491,819

Interest payable and similar expenses 5 87,666 73,974
PROFIT BEFORE TAXATION 289,651 417,845

Tax on profit 6 90,955 94,611
PROFIT FOR THE FINANCIAL YEAR 198,696 323,234

Hibiscus Holdings Plc (Registered number: 06180131)

Consolidated Balance Sheet
31 October 2024

2024 2023
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 1,419,521 1,424,540
Investments 11 - -
Investment property 12 - -
1,419,521 1,424,540

CURRENT ASSETS
Stocks 13 433,819 525,002
Debtors 14 816,707 687,300
Cash at bank and in hand 23,153 461,890
1,273,679 1,674,192
CREDITORS
Amounts falling due within one year 15 1,320,609 1,641,149
NET CURRENT (LIABILITIES)/ASSETS (46,930 ) 33,043
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,372,591

1,457,583

CREDITORS
Amounts falling due after more than one year 16 (193,554 ) (150,426 )

PROVISIONS FOR LIABILITIES 20 (366,466 ) (356,378 )
NET ASSETS 812,571 950,779

CAPITAL AND RESERVES
Called up share capital 21 50,000 50,000
Retained earnings 22 762,571 900,779
SHAREHOLDERS' FUNDS 812,571 950,779

The financial statements were approved by the Board of Directors and authorised for issue on 16 April 2025 and were signed on its behalf by:





J Killerby - Director


Hibiscus Holdings Plc (Registered number: 06180131)

Company Balance Sheet
31 October 2024

2024 2023
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 376,559 412,540
Investments 11 50,000 50,000
Investment property 12 2,050,000 2,050,000
2,476,559 2,512,540

CURRENT ASSETS
Debtors 14 - 1,831
Cash at bank 3,115 438,435
3,115 440,266
CREDITORS
Amounts falling due within one year 15 92,173 591,554
NET CURRENT LIABILITIES (89,058 ) (151,288 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,387,501

2,361,252

CREDITORS
Amounts falling due after more than one year 16 (843,152 ) (667,468 )

PROVISIONS FOR LIABILITIES 20 (367,127 ) (356,378 )
NET ASSETS 1,177,222 1,337,406

CAPITAL AND RESERVES
Called up share capital 21 50,000 50,000
Revaluation reserve 22 - 924,891
Fair value reserve 22 675,000 -
Retained earnings 22 452,222 362,515
SHAREHOLDERS' FUNDS 1,177,222 1,337,406

Company's profit for the financial year 176,720 315,081

The financial statements were approved by the Board of Directors and authorised for issue on 16 April 2025 and were signed on its behalf by:





J Killerby - Director


Hibiscus Holdings Plc (Registered number: 06180131)

Consolidated Statement of Changes in Equity
for the Year Ended 31 October 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2022 50,000 928,045 978,045

Changes in equity
Dividends - (350,500 ) (350,500 )
Total comprehensive income - 461,234 461,234
Balance at 31 October 2023 50,000 1,038,779 1,088,779
Prior year adjustment - (138,000 ) (138,000 )
As restated 50,000 900,779 950,779

Changes in equity
Dividends - (336,904 ) (336,904 )
Total comprehensive income - 198,696 198,696
Balance at 31 October 2024 50,000 762,571 812,571

Hibiscus Holdings Plc (Registered number: 06180131)

Company Statement of Changes in Equity
for the Year Ended 31 October 2024

Called up Fair
share Retained Revaluation value Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 November 2022 50,000 397,934 924,891 - 1,372,825

Changes in equity
Dividends - (350,500 ) - - (350,500 )
Total comprehensive income - 315,081 - - 315,081
Balance at 31 October 2023 50,000 362,515 924,891 - 1,337,406

Changes in equity
Dividends - (336,904 ) - - (336,904 )
Total comprehensive income - 426,611 (924,891 ) 675,000 176,720
Balance at 31 October 2024 50,000 452,222 - 675,000 1,177,222

Hibiscus Holdings Plc (Registered number: 06180131)

Consolidated Cash Flow Statement
for the Year Ended 31 October 2024

2024 2023
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 69,970 635,118
Interest paid (72,873 ) (60,796 )
Interest element of hire purchase payments paid (1,353 ) -
Finance costs paid (13,440 ) (13,178 )
Tax paid (78,802 ) (125,213 )
Net cash from operating activities (96,498 ) 435,931

Cash flows from investing activities
Purchase of tangible fixed assets (43,605 ) (152,776 )
Interest received 1,590 -
Net cash from investing activities (42,015 ) (152,776 )

Cash flows from financing activities
New loans in year - 550,000
Loan repayments in year (552,056 ) (89,373 )
Capital repayments in year (10,350 ) -
Amount introduced by directors 4,693 353,058
Amount withdrawn by directors (5,136 ) (316,282 )
Invoice financing advance 601,296 -
Employee schemes (1,767 ) -
Equity dividends paid (336,904 ) (350,500 )
Net cash from financing activities (300,224 ) 146,903

(Decrease)/increase in cash and cash equivalents (438,737 ) 430,058
Cash and cash equivalents at beginning of year 2 461,890 31,832

Cash and cash equivalents at end of year 2 23,153 461,890

Hibiscus Holdings Plc (Registered number: 06180131)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 October 2024

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

2024 2023
as restated
£    £   
Profit before taxation 289,651 417,845
Depreciation charges 116,323 92,526
Finance costs 87,666 73,974
Finance income (1,590 ) -
492,050 584,345
Decrease/(increase) in stocks 91,183 (30,173 )
(Increase)/decrease in trade and other debtors (127,640 ) 39,495
(Decrease)/increase in trade and other creditors (385,623 ) 41,451
Cash generated from operations 69,970 635,118

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 October 2024
31.10.24 1.11.23
£    £   
Cash and cash equivalents 23,153 461,890
Year ended 31 October 2023
31.10.23 1.11.22
as restated
£    £   
Cash and cash equivalents 461,890 31,832


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.11.23 Cash flow changes At 31.10.24
£    £    £    £   
Net cash
Cash at bank
and in hand 461,890 (438,737 ) 23,153
461,890 (438,737 ) 23,153
Debt
Finance leases - 10,350 (67,699 ) (57,349 )
Debts falling due
within 1 year (641,538 ) 549,455 - (92,083 )
Debts falling due
after 1 year (150,426 ) 2,600 - (147,826 )
(791,964 ) 562,405 (67,699 ) (297,258 )
Total (330,074 ) 123,668 (67,699 ) (274,105 )

Hibiscus Holdings Plc (Registered number: 06180131)

Notes to the Consolidated Financial Statements
for the Year Ended 31 October 2024

1. STATUTORY INFORMATION

Hibiscus Holdings Plc 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Basis of consolidation
The consolidated financial statements include the results of the Company and all its subsidiary undertakings made up to the same accounting date. All intra-Group balances, transactions, income and expenses are eliminated in full on consolidation. The results of subsidiary undertakings acquired or disposed of during the period are included or excluded from the consolidated income statement from the effective date of acquisition or disposal.

Significant judgements and estimates
In the company the property is treated as an investment property and shown at fair value which is an accounting estimate. In the consolidated accounts, the property is treated as freehold property and is shown at depreciated cost because it is a group asset which is owned by one group member and rented to another group member.

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 entity recognises goods sales at the point at which goods are manufactured, packaged and exit the business premises for delivery to the customer.

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

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.

During the year, the business ERP system was incorrectly valuing internally manufactured finished goods. As a result, management restated the accounting policy for internally manufactured finished goods and valued internally manufactured finished goods at upto 75% of the selling price.

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.


Hibiscus Holdings Plc (Registered number: 06180131)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024

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

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

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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

3. EMPLOYEES AND DIRECTORS
2024 2023
as restated
£    £   
Wages and salaries 1,118,473 1,080,244
Social security costs 109,498 107,769
Other pension costs 30,946 28,079
1,258,917 1,216,092

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

Office and management 10 7
Production and sales 21 23
31 30

2024 2023
as restated
£    £   
Directors' remuneration 53,479 48,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 -

Hibiscus Holdings Plc (Registered number: 06180131)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
as restated
£    £   
Other operating leases 136,303 116,239
Depreciation - owned assets 98,336 92,526
Depreciation - assets on hire purchase contracts 17,987 -
Auditors' remuneration 15,000 13,000
Foreign exchange differences - 93

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
as restated
£    £   
Bank loan interest 35,225 31,250
Invoice discounting interest 37,120 29,546
Interest payable 528 -
Hire purchase 1,353 -
Invoice discounting fees 13,440 13,178
87,666 73,974

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
as restated
£    £   
Current tax:
UK corporation tax 89,520 77,855
Deferred tax (8,654 ) -
Total current tax 80,866 77,855

Deferred tax 10,089 16,756
Tax on profit 90,955 94,611

UK corporation tax has been charged at 25 % (2023 - 22.50 %).

Hibiscus Holdings Plc (Registered number: 06180131)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024

6. TAXATION - continued

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

2024 2023
as restated
£    £   
Profit before tax 289,651 417,845
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 -
22.500 %)

72,413

94,015

Effects of:
Expenses not deductible for tax purposes 883 15,644
Capital allowances in excess of depreciation - (21,397 )
Utilisation of tax losses (1,816 ) (26,834 )
Adjustments to tax charge in respect of previous periods 11,910 -
Deferred tax 10,089 16,756
Change in effective tax rates - 11,252
Other reconciling items (2,524 ) 5,175
Total tax charge 90,955 94,611

7. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

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


8. DIVIDENDS
2024 2023
as restated
£    £   
Ordinary shares of £1 each
Final - 350,500
A Ordinary shares of £1 each
Final 199,885 -
B Ordinary shares of £1 each
Final 137,019 -
336,904 350,500

9. PRIOR YEAR ADJUSTMENT

A prior year adjustment of £138,000 has been made in the consolidated accounts to reflect accumulated depreciation on freehold property up to 31 October 2023.

A prior period error was realised in the accounting classification of investment property in Hibiscus Holdings PLC, the company. The balance was incorrectly accounted and recognised as freehold property in prior periods. The correction made in the prior period has nil effect on the brought forward reserves.

Hibiscus Holdings Plc (Registered number: 06180131)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024

10. TANGIBLE FIXED ASSETS

Group
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 November 2023 1,150,000 990,533 - 2,140,533
Additions - 39,355 71,949 111,304
At 31 October 2024 1,150,000 1,029,888 71,949 2,251,837
DEPRECIATION
At 1 November 2023 138,000 577,993 - 715,993
Charge for year 23,000 75,336 17,987 116,323
At 31 October 2024 161,000 653,329 17,987 832,316
NET BOOK VALUE
At 31 October 2024 989,000 376,559 53,962 1,419,521
At 31 October 2023 1,012,000 412,540 - 1,424,540

Cost or valuation at 31 October 2024 is represented by:

Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
Valuation in 2022 1,150,000 - - 1,150,000
Cost - 1,029,888 71,949 1,101,837
1,150,000 1,029,888 71,949 2,251,837

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST OR VALUATION
Additions 71,949
At 31 October 2024 71,949
DEPRECIATION
Charge for year 17,987
At 31 October 2024 17,987
NET BOOK VALUE
At 31 October 2024 53,962

Hibiscus Holdings Plc (Registered number: 06180131)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024

10. TANGIBLE FIXED ASSETS - continued

Company
Plant and
machinery
£   
COST OR VALUATION
At 1 November 2023 990,533
Additions 39,355
At 31 October 2024 1,029,888
DEPRECIATION
At 1 November 2023 577,993
Charge for year 75,336
At 31 October 2024 653,329
NET BOOK VALUE
At 31 October 2024 376,559
At 31 October 2023 412,540

Cost or valuation at 31 October 2024 is represented by:

Plant and
machinery
£   
Cost 1,029,888

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 November 2023
and 31 October 2024 50,000
NET BOOK VALUE
At 31 October 2024 50,000
At 31 October 2023 50,000

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

Subsidiary

Hibiscus Plc
Registered office: Hudswell Road, Leeds, LS10 1AG
Nature of business: Specialist printing
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 868,575 701,374
Profit for the year 383,201 387,154


Hibiscus Holdings Plc (Registered number: 06180131)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024

12. INVESTMENT PROPERTY - continued

12. INVESTMENT PROPERTY
Company
Total
£   
FAIR VALUE
At 1 November 2023
and 31 October 2024 2,050,000
NET BOOK VALUE
At 31 October 2024 2,050,000
At 31 October 2023 2,050,000

A prior year adjustment has been made to reclassify the property as an investment property. It was previously shown as freehold property. It continues to be shown at fair value under FRS 102 section 16-4A so there is no effect on profit in either year.The reserves have been amended accordingly.

Fair value at 31 October 2024 is represented by:
£   
Valuation in 2022 900,000
Cost 1,150,000
2,050,000

If Investment property had not been revalued it would have been included at the following historical cost:

2024 2023
as restated
£    £   
Cost 1,150,000 1,150,000
Aggregate depreciation (161,000 ) (138,000 )

Investment property was valued on an open market basis on 17 October 2022 by Dove Haigh Phillips .

13. STOCKS

Group
2024 2023
as restated
£    £   
Raw materials 108,376 129,498
Work-in-progress 7,098 3,865
Finished goods 318,345 391,639
433,819 525,002

Hibiscus Holdings Plc (Registered number: 06180131)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
as restated as restated
£    £    £    £   
Trade debtors 763,702 663,963 - -
Other debtors 1,767 1,168 - -
VAT - - - 1,831
Prepayments and accrued income 51,238 22,169 - -
816,707 687,300 - 1,831

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
as restated as restated
£    £    £    £   
Bank loans and overdrafts (see note 17) 87,821 591,112 87,820 591,111
Other loans (see note 17) 4,262 50,426 - -
Hire purchase contracts (see note 18) 11,621 - - -
Trade creditors 368,425 324,232 - -
Tax 79,919 77,855 - -
Social security and other taxes 28,757 25,639 - -
VAT 71,946 71,230 353 -
Other creditors 612,575 433,983 - -
Directors' loan accounts - 443 - 443
Accruals and deferred income 55,283 66,229 4,000 -
1,320,609 1,641,149 92,173 591,554

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

Group Company
2024 2023 2024 2023
as restated as restated
£    £    £    £   
Bank loans (see note 17) 147,826 150,426 147,826 150,426
Hire purchase contracts (see note 18) 45,728 - - -
Amounts owed to group undertakings - - 695,326 517,042
193,554 150,426 843,152 667,468

Hibiscus Holdings Plc (Registered number: 06180131)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
as restated as restated
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 87,821 591,112 87,820 591,111
Other loans 4,262 50,426 - -
92,083 641,538 87,820 591,111
Amounts falling due between one and two years:
Bank loans - 1-2 years 87,818 87,818 87,818 87,818
Amounts falling due between two and five years:
Bank loans - 2-5 years 60,008 62,608 60,008 62,608

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
as restated
£    £   
Gross obligations repayable:
Within one year 12,273 -
Between one and five years 46,380 -
58,653 -

Finance charges repayable:
Within one year 652 -
Between one and five years 652 -
1,304 -

Net obligations repayable:
Within one year 11,621 -
Between one and five years 45,728 -
57,349 -

Group
Non-cancellable operating leases
2024 2023
as restated
£    £   
Within one year 57,959 37,180
Between one and five years 63,549 70,558
121,508 107,738

Hibiscus Holdings Plc (Registered number: 06180131)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024

19. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2024 2023 2024 2023
as restated as restated
£    £    £    £   
Bank loans 235,647 - 235,646 741,537
Other loans 4,262 - - -
Hire purchase contracts 57,349 - - -
Invoice discounting 601,299 406,581 - -
898,557 406,581 235,646 741,537

The company has an invoice finance facility. The debt outstanding at the year end is secured with a charge over trade debtors.

All freehold and leasehold property owned by the group is secured by a loan from Santander UK PLC loan.

20. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
as restated as restated
£    £    £    £   
Deferred tax
Other timing differences (661 ) - - -
Deferred tax 367,127 356,378 367,127 356,378
366,466 356,378 367,127 356,378

Group
Deferred
tax
£   
Balance at 1 November 2023 356,378
Provided during year 10,749
Credit to Statement of Comprehensive Income during year (661 )
Balance at 31 October 2024 366,466

Company
Deferred
tax
£   
Balance at 1 November 2023 356,378
Provided during year (9,815 )
Prior year adjustment 20,564
Balance at 31 October 2024 367,127

Hibiscus Holdings Plc (Registered number: 06180131)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: as restated
£    £   
50,000 Ordinary £1 - 50,000
33,333 A Ordinary £1 33,333 -
16,667 B Ordinary £1 16,667 -
50,000 50,000

22. RESERVES

Group
Retained
earnings
£   

At 1 November 2023 1,038,779
Prior year adjustment (138,000 )
900,779
Profit for the year 198,696
Dividends (336,904 )
At 31 October 2024 762,571

Company
Fair
Retained Revaluation value
earnings reserve reserve Totals
£    £    £    £   

At 1 November 2023 362,515 924,891 - 1,287,406
Profit for the year 176,720 176,720
Dividends (336,904 ) (336,904 )
Transfer in year 249,891 (924,891 ) 675,000 -
At 31 October 2024 452,222 - 675,000 1,127,222


23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2024 and 31 October 2023:

2024 2023
as restated
£    £   
J Killerby
Balance outstanding at start of year (443 ) 350,057
Amounts advanced 204,578 -
Amounts repaid (204,135 ) (350,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - (443 )

Hibiscus Holdings Plc (Registered number: 06180131)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2024

23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

B Killerby
Balance outstanding at start of year - -
Amounts advanced 137,019 -
Amounts repaid (137,019 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -