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REGISTERED NUMBER: 13227190 (England and Wales)











GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

SANDFORD, HEARN, HARRIS & ASSOCIATES LTD

SANDFORD, HEARN, HARRIS & ASSOCIATES LTD (REGISTERED NUMBER: 13227190)

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










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Consolidated Statement of Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 19


SANDFORD, HEARN, HARRIS & ASSOCIATES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: G T Harris
N Hearn
J Sandford





REGISTERED OFFICE: Quad One Becquerel Avenue
Harwell Campus
Didcot
Oxfordshire
OX11 0RA





REGISTERED NUMBER: 13227190 (England and Wales)





AUDITORS: Cooper Parry Group Limited
Statutory Auditor
First Floor, Davidson House
Forbury Square
Reading
Berkshire
RG1 3EU

SANDFORD, HEARN, HARRIS & ASSOCIATES LTD (REGISTERED NUMBER: 13227190)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024


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

BUSINESS OVERVIEW
In addition to this core service, SMS offers complementary products and services, including water treatment, water sampling, air sampling, air conditioning, ventilation hygiene, and plumbing remedial services.

PERFORMANCE AND KEY DEVELOPMENTS
The year was marked by strategic investments and operational improvements, setting SMS Environmental Ltd on a strong trajectory for future growth. Recruitment efforts expanded our capacity to meet increasing demand, and while this impacted profitability and cash flow earlier in the year, productivity gains in the latter months drove significant improvements in margins and revenues.

Significant investments were also made in infrastructure, including new roles in Compliance, Recruitment, and HR, alongside upgrades to Finance and CRM systems. These enhancements were designed to improve operational efficiency and support the company's growth ambitions.

In the latter part of the year, a renewed focus on regional operations led to the recruitment of a new Regional Management team. This team will play a pivotal role in delivering the company's key strategic objectives for the coming year, including maintaining quality, improving staff retention, driving efficiency, and expanding the delivery of complementary services.

By year-end, the business had streamlined its workforce, increased productivity, and positioned itself to capitalise on new business opportunities, ensuring a robust foundation for the future.

PRINCIPAL RISKS AND UNCERTAINTIES
Several factors present risks and uncertainties that could impact SMS Environmental Ltd's operations and financial performance in the year ahead. A significant challenge is the upcoming increase in employer National Insurance contributions, effective from April 2025, which will substantially raise our cost base and place additional pressure on margins and profitability.

With the shift in government, the new Labour administration is expected to introduce changes to employment laws and regulations. These changes may require adjustments to our operations and compliance processes, with potential cost implications, particularly in areas such as employee benefits, working conditions, and health and safety standards.

The risks of ongoing inflation and potential recession also introduce uncertainty, particularly with regard to increasing input costs and the broader economic slowdown. While our services are considered a compliance purchase and thus somewhat insulated from economic instability in terms of demand, the rising costs associated with inflation and regulatory changes will impact our operational costs.

To mitigate rising costs, SMS Environmental Ltd will focus on driving operational efficiencies through technology and automation and optimising resource use. We will explore flexible workforce models, renegotiate supplier contracts, and review our pricing strategy to ensure we are offering value while protecting margins. Additionally, investing in employee training, fostering a culture of continuous improvement, and forming strategic partnerships will help manage costs effectively. These initiatives will be key to maintaining profitability and sustaining growth despite external economic pressures.

STRATEGY AND OBJECTIVES
SMS's key strategic priorities are centred on delivering a quality service that distinguishes us from the competition, attracting and retaining top talent, and expanding the delivery of complementary services. All of this is underpinned by the goal of improving operational efficiency across all areas of the business, ensuring we have the solid foundations needed to grow sustainably and make a meaningful impact on the water treatment industry.


SANDFORD, HEARN, HARRIS & ASSOCIATES LTD (REGISTERED NUMBER: 13227190)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

ECONOMIC AND MARKET ENVIRONMENTS
The economic environment continues to present challenges across all sectors in which we operate, with widespread budgetary constraints influencing decision-making. This is particularly evident in the public sector, where tight budgets are leading organisations to reassess their spending priorities.

As a compliance-driven service, water hygiene and Legionella control may not always be prioritised, especially when weighed against other pressing needs. This shift in focus can lead to a growing emphasis on cost over quality in procurement decisions, potentially affecting demand for premium services like ours, which prioritise excellence, reliability, and comprehensive compliance.

While this presents a challenge, it also underscores the importance of reinforcing the critical nature of our services. By continuing to educate clients on the risks associated with inadequate water hygiene measures and demonstrating the long-term value of our high-quality services, we aim to maintain our market position despite these headwinds.

At the same time, advancements in technology, particularly remote monitoring solutions, are reshaping the water hygiene industry. Remote monitoring enables real-time tracking of water quality and system performance, providing clients with greater visibility and assurance of compliance, while reducing the need for frequent site visits. Recognising this trend, we are strategically exploring and investing in these technologies to enhance our service offerings.

By integrating remote monitoring into our solutions, we aim to provide cost-effective, efficient, and innovative services that address budgetary constraints, while maintaining the high standards of quality and compliance for which we are known. This approach not only strengthens our value proposition but also positions us as forward-thinking leaders in the industry.

FUTURE OUTLOOK
Looking ahead, SMS Environmental Ltd is focused on building on the progress made in the past year while navigating economic challenges such as rising costs and regulatory changes. We will continue to prioritise operational efficiency, leveraging technology, improving workforce productivity, and optimising our cost base to protect margins. Strategic investments in our Regional Management team will be crucial to driving key objectives such as quality, staff retention, and the expansion of complementary services. With a solid foundation in place, we are well-positioned to capitalise on emerging opportunities and ensure sustainable success in the years to come.


SANDFORD, HEARN, HARRIS & ASSOCIATES LTD (REGISTERED NUMBER: 13227190)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

KEY PERFORMANCE INDICATORS (KPI'S)
SMS tracks the following KPIs to measure performance and progress against strategic goals:

Financial KPIs
Revenue Growth: £13.45m (2024), up 23.1% from £10.93m (2023).
Gross Profit Margin: 47.4% (2024), up from 45.7% (2023).
Average revenue per day: £453 (2024), up from £422 (2023).
Operating Profit: £551,472 (2024), down from £690,253 (2023)

Non-Financial KPIs
Customer Satisfaction: Target 90%+ NPS
Employee Retention: Target 85%
Compliance: 100% adherence to Legionella control regulations
Health and Safety: Target zero reportable incidents
Environmental Impact: Reduce carbon footprint by 5% annually

ON BEHALF OF THE BOARD:





G T Harris - Director


13 April 2025

SANDFORD, HEARN, HARRIS & ASSOCIATES LTD (REGISTERED NUMBER: 13227190)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JULY 2024


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

PRINCIPAL ACTIVITY
SMS Environmental Ltd (SMS) is the primary tradng entity in the group and provides water hygiene services to enable clients to meet their statutory obligations concerning Legionella control.

DIVIDENDS
The total distribution of dividends for the year ended 31 July 2024 was £274,000.

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

G T Harris
N Hearn
J Sandford

POLITICAL DONATIONS AND EXPENDITURE
There were no political donations made during the year.

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.

SANDFORD, HEARN, HARRIS & ASSOCIATES LTD (REGISTERED NUMBER: 13227190)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JULY 2024


AUDITORS
The auditors, Cooper Parry Group Limited, were appointed as auditor to the Company in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

ON BEHALF OF THE BOARD:





G T Harris - Director


13 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SANDFORD, HEARN, HARRIS & ASSOCIATES LTD


Opinion
We have audited the financial statements of Sandford, Hearn, Harris & Associates Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 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 July 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SANDFORD, HEARN, HARRIS & ASSOCIATES LTD


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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SANDFORD, HEARN, HARRIS & ASSOCIATES LTD


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates. We determined that the following laws and regulations were most significant: FRS102 - the Financial Reporting Standard applicable in the UK & The Republic of Ireland, the Companies Act 2006 and relevant tax compliance regulations in the UK.

We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making enquiries of management.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by meeting with management to understand where management considered there was susceptibility to fraud. Audit procedures performed by the audit team included:

- Challenging assumptions and judgements made by management in its significant accounting
estimates;
- Identifying and testing journal entries, with a focus on entries made with unusual accounting
combinations;
- Confirming with management whether they have knowledge of any actual, suspected or illegal fraud;
- Evaluating whether there was evidence of bias by management that represents a risk of material
misstatement due to fraud.

These procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance will all laws and regulations.

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
SANDFORD, HEARN, HARRIS & ASSOCIATES LTD


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.




Ben Loveday FCCA (Senior Statutory Auditor)
for and on behalf of Cooper Parry Group Limited
Statutory Auditor
First Floor, Davidson House
Forbury Square
Reading
Berkshire
RG1 3EU

15 April 2025

SANDFORD, HEARN, HARRIS & ASSOCIATES LTD (REGISTERED NUMBER: 13227190)

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

2024 2023
Notes £ £

TURNOVER 3 13,468,684 10,960,436

Cost of sales 6,762,765 5,934,636
GROSS PROFIT 6,705,919 5,025,800

Administrative expenses 6,377,809 4,703,285
328,110 322,515

Other operating income 500 1,472
OPERATING PROFIT 5 328,610 323,987

Interest receivable and similar income 16,021 12,765
344,631 336,752

Interest payable and similar expenses 6 50,381 61,357
PROFIT BEFORE TAXATION 294,250 275,395

Tax on profit 7 85,261 46,449
PROFIT FOR THE FINANCIAL YEAR 208,989 228,946

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

208,989

228,946

Profit attributable to:
Owners of the parent 262,082 320,512
Non-controlling interests (53,093 ) (91,566 )
208,989 228,946

Total comprehensive income attributable to:
Owners of the parent 262,082 320,512
Non-controlling interests (53,093 ) (91,566 )
208,989 228,946

SANDFORD, HEARN, HARRIS & ASSOCIATES LTD (REGISTERED NUMBER: 13227190)

CONSOLIDATED BALANCE SHEET
31 JULY 2024

2024 2023
Notes £ £ £
FIXED ASSETS
Intangible assets 10 116,861 -
Tangible assets 11 202,479 185,369
Investments 12 - -
319,340 185,369

CURRENT ASSETS
Debtors 13 2,855,446 2,470,491
Cash at bank and in hand 1,038,569 1,542,453
3,894,015 4,012,944
CREDITORS
Amounts falling due within one year 14 2,468,557 2,738,239
NET CURRENT ASSETS 1,425,458 1,274,705
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,744,798

1,460,074

CREDITORS
Amounts falling due after more than one
year

15

(453,302

)

(134,231

)

PROVISIONS FOR LIABILITIES 19 (118,469 ) (87,805 )
NET ASSETS 1,173,027 1,238,038

CAPITAL AND RESERVES
Called up share capital 20 30 30
Other reserves 21 868,971 868,971
Retained earnings 21 448,685 460,603
SHAREHOLDERS' FUNDS 1,317,686 1,329,604

NON-CONTROLLING INTERESTS 22 (144,659 ) (91,566 )
TOTAL EQUITY 1,173,027 1,238,038

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 13 April 2025 and were signed on its behalf by:





G T Harris - Director


SANDFORD, HEARN, HARRIS & ASSOCIATES LTD (REGISTERED NUMBER: 13227190)

COMPANY BALANCE SHEET
31 JULY 2024

2024 2023
Notes £ £ £
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 885,075 885,075
885,075 885,075

CURRENT ASSETS
Debtors 13 30 30

CREDITORS
Amounts falling due within one year 14 871,966 861,476
NET CURRENT LIABILITIES (871,936 ) (861,446 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,139

23,629

CAPITAL AND RESERVES
Called up share capital 20 30 30
Retained earnings 13,109 23,599
SHAREHOLDERS' FUNDS 13,139 23,629

Company's profit for the financial year 263,510 133,697

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 13 April 2025 and were signed on its behalf by:





G T Harris - Director


SANDFORD, HEARN, HARRIS & ASSOCIATES LTD (REGISTERED NUMBER: 13227190)

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

Called up
share Retained Other
capital earnings reserves
£ £ £
Balance at 1 August 2022 30 215,091 868,971

Changes in equity
Dividends - (75,000 ) -
Total comprehensive income - 320,512 -
Balance at 31 July 2023 30 460,603 868,971

Changes in equity
Dividends - (274,000 ) -
Total comprehensive income - 262,082 -
Balance at 31 July 2024 30 448,685 868,971
Non-controlling Total
Total interests equity
£ £ £
Balance at 1 August 2022 1,084,092 - 1,084,092

Changes in equity
Dividends (75,000 ) - (75,000 )
Total comprehensive income 320,512 (91,566 ) 228,946
Balance at 31 July 2023 1,329,604 (91,566 ) 1,238,038

Changes in equity
Dividends (274,000 ) - (274,000 )
Total comprehensive income 262,082 (53,093 ) 208,989
Balance at 31 July 2024 1,317,686 (144,659 ) 1,173,027

SANDFORD, HEARN, HARRIS & ASSOCIATES LTD (REGISTERED NUMBER: 13227190)

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

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 August 2022 30 (35,098 ) (35,068 )

Changes in equity
Dividends - (75,000 ) (75,000 )
Total comprehensive income - 133,697 133,697
Balance at 31 July 2023 30 23,599 23,629

Changes in equity
Dividends - (274,000 ) (274,000 )
Total comprehensive income - 263,510 263,510
Balance at 31 July 2024 30 13,109 13,139

SANDFORD, HEARN, HARRIS & ASSOCIATES LTD (REGISTERED NUMBER: 13227190)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JULY 2024

2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 96,055 406,521
Interest paid (47,774 ) (61,357 )
Interest element of hire purchase
payments paid

(2,607

)

-
Tax paid (39,497 ) (18,090 )
Net cash from operating activities 6,177 327,074

Cash flows from investing activities
Purchase of intangible fixed assets (120,983 ) -
Purchase of tangible fixed assets (126,940 ) (122,524 )
Interest received 16,021 12,765
Net cash from investing activities (231,902 ) (109,759 )

Cash flows from financing activities
New loans in year 575,000 -
Loan repayments in year (154,306 ) (126,738 )
Capital repayments in year 33,487 (24,393 )
Amount introduced by directors - 41,303
Amount withdrawn by directors (458,340 ) (125,420 )
Equity dividends paid (274,000 ) (75,000 )
Net cash from financing activities (278,159 ) (310,248 )

Decrease in cash and cash equivalents (503,884 ) (92,933 )
Cash and cash equivalents at
beginning of year

2

1,542,453

1,635,386

Cash and cash equivalents at end of
year

2

1,038,569

1,542,453

SANDFORD, HEARN, HARRIS & ASSOCIATES LTD (REGISTERED NUMBER: 13227190)

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


1. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM
OPERATIONS

2024 2023
£ £
Profit for the financial year 208,989 228,946
Depreciation charges 113,952 101,281
Finance costs 50,381 61,357
Finance income (16,021 ) (12,765 )
Taxation 85,261 46,449
442,562 425,268
Increase in trade and other debtors (388,205 ) (265,234 )
Increase in trade and other creditors 41,698 246,487
Cash generated from operations 96,055 406,521

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 July 2024
31/7/24 1/8/23
£ £
Cash and cash equivalents 1,038,569 1,542,453
Year ended 31 July 2023
31/7/23 1/8/22
£ £
Cash and cash equivalents 1,542,453 1,635,386


SANDFORD, HEARN, HARRIS & ASSOCIATES LTD (REGISTERED NUMBER: 13227190)

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


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/8/23 Cash flow At 31/7/24
£ £ £
Net cash
Cash at bank and in hand 1,542,453 (503,884 ) 1,038,569
1,542,453 (503,884 ) 1,038,569
Debt
Finance leases (3,330 ) (33,487 ) (36,817 )
Debts falling due within 1 year (101,286 ) (128,858 ) (230,144 )
Debts falling due after 1 year (133,093 ) (291,835 ) (424,928 )
(237,709 ) (454,180 ) (691,889 )
Total 1,304,744 (958,064 ) 346,680

SANDFORD, HEARN, HARRIS & ASSOCIATES LTD (REGISTERED NUMBER: 13227190)

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


1. STATUTORY INFORMATION

Sandford, Hearn, Harris & Associates Ltd 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 (£).


The financial statements are rounded to the nearest £.

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.

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

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
-the Company has transferred the significant risks and rewards of ownership to the buyer;
-the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
-the amount of revenue can be measured reliably;
-it is probable that the Company will receive the consideration due under the transaction; and
-the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are
provided in accordance with the stage of completion of the contract when all of the following
conditions are satisfied:
-the amount of revenue can be measured reliably;
-it is probable that the Company will receive the consideration due under the contract;
-the stage of completion of the contract at the end of the reporting period can be measured reliably; and
-the costs incurred and the costs to complete the contract can be measured reliably.

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.

Computer software is being amortised evenly over its estimated useful life of five years.

SANDFORD, HEARN, HARRIS & ASSOCIATES LTD (REGISTERED NUMBER: 13227190)

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


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Improvements to property-15% Straight line
Plant and machinery-25% Straight line
Computer equipment-33% Straight line
Other fixed assets -33% Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

SANDFORD, HEARN, HARRIS & ASSOCIATES LTD (REGISTERED NUMBER: 13227190)

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


2. ACCOUNTING POLICIES - continued

Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially, and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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.


SANDFORD, HEARN, HARRIS & ASSOCIATES LTD (REGISTERED NUMBER: 13227190)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 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.

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

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a
straight-line basis over the lease term, unless another systematic basis is representative of the time
pattern of the lessee's benefit from the use of the leased asset.

Leased assets
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

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.

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

SANDFORD, HEARN, HARRIS & ASSOCIATES LTD (REGISTERED NUMBER: 13227190)

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


2. ACCOUNTING POLICIES - continued

Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest
method so that the amount charged is at a constant rate on the carrying amount. Issue costs are
initially recognised as a reduction in the proceeds of the associated capital instrument.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are
recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Interest income
Interest income is recognised in profit or loss using the effective interest method.

Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Balance Sheet date.

3. TURNOVER

All turnover is generated within the United Kingdom.

4. EMPLOYEES AND DIRECTORS
2024 2023
£ £
Wages and salaries 7,233,862 5,538,214
Social security costs 738,567 594,134
Other pension costs 197,869 156,281
8,170,298 6,288,629

SANDFORD, HEARN, HARRIS & ASSOCIATES LTD (REGISTERED NUMBER: 13227190)

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


4. EMPLOYEES AND DIRECTORS - continued

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

Management 13 13
Operations/services 171 152
Accounts/finance 27 22
211 187

2024 2023
£ £
Directors' remuneration 178,219 126,392
Directors' pension contributions to money purchase schemes 5,104 2,784

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£ £
Hire of plant and machinery - 5,737
Other operating leases 1,168,725 1,009,226
Depreciation - owned assets 109,830 101,281
Computer software amortisation 4,122 -
Auditors' remuneration 34,650 -
Foreign exchange differences 1,293 -

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£ £
Other loan interest 47,774 21,927
Other interest payable - 41,303
Hire purchase interest payable 2,607 (1,873 )
50,381 61,357

SANDFORD, HEARN, HARRIS & ASSOCIATES LTD (REGISTERED NUMBER: 13227190)

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


7. 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 54,597 42,747

Deferred tax 30,664 3,702
Tax on profit 85,261 46,449

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
£ £
Profit before tax 294,250 275,395
Profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 21 %)

73,563

57,833

Effects of:
Expenses not deductible for tax purposes 17,469 21,275
Capital allowances in excess of depreciation (30,632 ) (25,280 )
Utilisation of tax losses (5,803 ) -
Research & development enhanced deduction - (15,956 )
Unutilised tax losses - 4,875

Deferred tax 30,664 3,702
Total tax charge 85,261 46,449

8. 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.


9. DIVIDENDS
2024 2023
£ £
Ordinary shares shares of 10p each
Final 274,000 75,000

SANDFORD, HEARN, HARRIS & ASSOCIATES LTD (REGISTERED NUMBER: 13227190)

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


10. INTANGIBLE FIXED ASSETS

Group
Computer
software
£
COST
Additions 120,983
At 31 July 2024 120,983
AMORTISATION
Amortisation for year 4,122
At 31 July 2024 4,122
NET BOOK VALUE
At 31 July 2024 116,861

11. TANGIBLE FIXED ASSETS

Group
Improvements Plant and Motor Computer
to property machinery vehicles equipment Totals
£ £ £ £ £
COST
At 1 August 2023 110,272 81,120 59,334 193,362 444,088
Additions 5,184 16,808 48,517 56,431 126,940
At 31 July 2024 115,456 97,928 107,851 249,793 571,028
DEPRECIATION
At 1 August 2023 71,896 30,490 28,710 127,623 258,719
Charge for year 31,137 20,811 20,007 37,875 109,830
At 31 July 2024 103,033 51,301 48,717 165,498 368,549
NET BOOK VALUE
At 31 July 2024 12,423 46,627 59,134 84,295 202,479
At 31 July 2023 38,376 50,630 30,624 65,739 185,369

SANDFORD, HEARN, HARRIS & ASSOCIATES LTD (REGISTERED NUMBER: 13227190)

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


12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£
COST
At 1 August 2023
and 31 July 2024 885,075
NET BOOK VALUE
At 31 July 2024 885,075
At 31 July 2023 885,075

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

Subsidiaries

S M S Environmental Limited
Registered office: Quad One Becquerel Avenue, Harwell Oxford, Didcot, England, OX11 0RA
Nature of business: Water collection, treatment and supply
%
Class of shares: holding
Ordinary 100.00

Opuz Limited
Registered office: Quad One Becquerel Avenue, Harwell Oxford, Didcot, England, OX11 0RA
Nature of business: Software development
%
Class of shares: holding
Ordinary 75.00


13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£ £ £ £
Trade debtors 2,096,508 1,576,757 - -
Other debtors 15,415 7,728 - -
Directors' current accounts 9,999 9,999 - -
Tax - 3,250 - -
Called up share capital not paid 30 30 30 30
Prepayments and accrued income 733,494 872,727 - -
2,855,446 2,470,491 30 30

SANDFORD, HEARN, HARRIS & ASSOCIATES LTD (REGISTERED NUMBER: 13227190)

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


14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£ £ £ £
Bank loans and overdrafts (see note 16) 230,144 101,286 - -
Hire purchase contracts (see note 17) 8,443 2,192 - -
Trade creditors 950,604 861,508 - -
Amounts owed to group undertakings - - 834,385 368,555
Tax 54,597 42,747 - -
Social security and other taxes 162,462 144,554 - -
VAT 484,426 373,328 - -
Other creditors 41,931 57,178 - -
Directors' current accounts 37,891 496,231 34,581 492,921
Accruals and deferred income 498,059 659,215 3,000 -
2,468,557 2,738,239 871,966 861,476

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

Group
2024 2023
£ £
Bank loans (see note 16) 424,928 133,093
Hire purchase contracts (see note 17) 28,374 1,138
453,302 134,231

16. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£ £
Amounts falling due within one year or on demand:
Bank loans 230,144 101,286
Amounts falling due between one and two years:
Bank loans - 1-2 years 182,500 92,081
Amounts falling due between two and five years:
Bank loans - 2-5 years 242,428 41,012

SANDFORD, HEARN, HARRIS & ASSOCIATES LTD (REGISTERED NUMBER: 13227190)

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


17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£ £
Net obligations repayable:
Within one year 8,443 2,192
Between one and five years 28,374 1,138
36,817 3,330

Group
Non-cancellable
operating leases
2024 2023
£ £
Within one year 959,920 852,506
Between one and five years 1,139,488 1,312,843
2,099,408 2,165,349

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£ £
Bank loans 655,072 234,379
Hire purchase contracts 36,817 -
691,889 234,379

Debts are secured by way of a fix and floating rate charge on the assets of the Group.

SANDFORD, HEARN, HARRIS & ASSOCIATES LTD (REGISTERED NUMBER: 13227190)

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


19. PROVISIONS FOR LIABILITIES

Group
2024 2023
£ £
Deferred tax 68,487 37,823

Other provisions 49,982 49,982

Aggregate amounts 118,469 87,805

Group
Deferred Other
tax provisions
£ £
Balance at 1 August 2023 37,823 49,982
Charge to Statement of Comprehensive Income during year 30,664 -
Balance at 31 July 2024 68,487 49,982

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
3,000 Ordinary shares 10p 30 30

21. RESERVES

Group
Retained Other
earnings reserves Totals
£ £ £

At 1 August 2023 460,603 868,971 1,329,574
Profit for the year 262,082 262,082
Dividends (274,000 ) (274,000 )
At 31 July 2024 448,685 868,971 1,317,656


SANDFORD, HEARN, HARRIS & ASSOCIATES LTD (REGISTERED NUMBER: 13227190)

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


22. NON-CONTROLLING INTERESTS

The movement in non-controlling interests was as follows:

2024 2023
£    £   
At beginning of period (91,566 ) -
Total comprehensive income attributable to non-controlling interests (53,093 ) (91,566 )
As at 31 July (144,659 ) (91,566 )

23. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

24. ULTIMATE CONTROLLING PARTY

The directors consider that there is no ultimate controlling party, as ownership of the company is equally shared between three shareholders.