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REGISTERED NUMBER: 08404317 (England and Wales)














HEALY GROUP LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 30 June 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 17


HEALY GROUP LIMITED

COMPANY INFORMATION
for the year ended 30 June 2024







DIRECTORS: R Healy
P Healy
W Healy
L Healy





REGISTERED OFFICE: 8 Merse Road
Redditch
West Midlands
B98 9HL





REGISTERED NUMBER: 08404317 (England and Wales)





AUDITORS: Equus Miller Limited
Chartered Certified Accountants
Statutory Auditors
Brook House
47 High Street
Henley in Arden
Warwickshire
B95 5AA

HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

GROUP STRATEGIC REPORT
for the year ended 30 June 2024

The directors present their strategic report of the company and the group for the year ended 30 June 2024.

Healy Group Limited ("the group") is a holding company of the trading entities of L Healy Limited and Waylaid Limited.

L Healy Limited is a Midlands based company providing civil engineering to a significant number of developers within the marketplace in which it continues to enjoy a commanding position.

Waylaid Limited is also a Midlands based company providing plant available for hire and sale to companies within the construction industry.

REVIEW OF BUSINESS
As reported within the directors 2023 Strategic Report, the first half of the 2023/2024 financial year, was somewhat of a challenging period for the housebuilding industry as a whole. The fall in house prices culminated in an air of caution from developers resulting in a reduction in demand for groundwork as the major housebuilders reassessed the industry. The second half of the financial year saw a return of confidence in the market and a flurry of activity from developers who were keen to complete projects that had been delayed during the earlier part of the year. Whilst the continued commitment to the business from its directors and their dedicated team, enabled the group to service this increased demand within the latter part of the 2024 financial year, the delays in releasing sites and the ensuing lower volume output for the first half year was too significant for the group to maintain its growth in market share that had been enjoyed for the past few years.

As widely reported within the national press, 2024 has been a challenging year for the industry with many companies suffering from financial distress. Regrettably, Healy Group Limited has not been immune from the fallout and has itself suffered its first significant bad debt in the history of its trading. This has been reported as an exceptional item within the group's financial statements and the directors have implemented new protocols to minimise future exposure in this regard.

The business has continued to invest in its workforce, rewarding their talent and providing continued development in their training, health and wellbeing. The directors consider that their team are instrumental in maintaining the group's excellent reputation within the industry enabling it to continue to engage with the most prestigious house builders across the midlands and wider areas.

Key performance indicators

The directors monitor the group's performance during regular financial meetings using turnover and gross profit as key metrics.

Despite the challenging economic conditions for the first half year, the directors are pleased to report that although there was a significant reduction in market activity during the first six months of the financial year, the dedication and focus of the team to facilitate the demands of its key contractors in the second half of the year, has enabled the company to maintain a similar level of throughput to that achieved in 2022. Whilst the current year's results represent an 11% reduction in income compared with the company's 2023 market share, given the economic outlook for the industry at the commencement of the financial year, the directors are pleased with the group's overall performance when its throughput and margins are considered collectively.

With regards to the group's gross margins, whilst delays in the release of projects ordinarily has the potential to create operational inefficiencies, the directors are pleased to report that their proactive approach to foresee and adapt to these delays has enabled the group to increase its margins from 11.85% to 13.84% during the financial year.
Future developments

The directors continually consider risks and uncertainties relating to the UK economy putting the group in a position of strength to proactively adapt to foreseeable market changes.

With the new government's ambitious housing targets that it aims to deliver during the lifetime of this parliament remaining a top priority and a key driver of economic growth, the outlook for the housing industry remains buoyant.

The first half year of 2024/2025 has resulted in an expansion of the group's market share and the outlook for the coming year remains positive.

The group has an exceptionally strong order book and continues to deliver projects with outstanding standards of quality facilitating its continued success with new tenders for projects and the forming of new customer relationships.

Health and safety continues to remain a key focus of the directors and a bedrock of the group's strategic planning.


HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

GROUP STRATEGIC REPORT
for the year ended 30 June 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The group's trading operations could be affected by a number of external factors that may pose a risk to its financial performance in the short, medium and long term which are: -

1. A significant downturn within the construction industry from external factors that are beyond the control of the group.

2. Uncapped price rises of general building materials resulting from supply and demand issues in particular as a result of a potential global tariff war and armed conflict.

3. A change in Government policies necessitated by lower economic growth than forecast and further changes to Stamp Duty Relief for first time buyers which has already been reduced by this parliament and could prove to be counterproductive to their new housing targets.

The directors continue to monitor the market conditions and meet regularly to discuss any foreseeable circumstances that may necessitate a change to the group's strategy in order to mitigate the business exposure to changes within the working environment.

ON BEHALF OF THE BOARD:





R Healy - Director


8 May 2025

HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

REPORT OF THE DIRECTORS
for the year ended 30 June 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of civil engineers.

DIVIDENDS
The Directors do not recommend payment of a final dividend.

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

R Healy
P Healy
W Healy
L Healy

DISCLOSURE IN THE STRATEGIC REPORT
Items required to be disclosed under Sch 7 of the Companies Act are disclosed in the strategic report.

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

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he 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, Equus Miller Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





R Healy - Director


8 May 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HEALY GROUP LIMITED

Opinion
We have audited the financial statements of Healy Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 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
HEALY GROUP LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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:

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management it's own consideration of fraud. In particular, we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also considered potential financial or other pressures, opportunity and motivations for fraud. As part of this discussion we identified the internal control established to mitigate risks related to fraud or non compliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management.

We gained an understanding of the legal and regulatory framework applicable to the both the parent company and it's subsidiaries and the industry in which the group operates, drawing on our broad sector experience, and considered the risk of acts by the company that were contrary to these laws and regulations including fraud.

We focussed on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to Health and Safety regulations, UK tax legislation and equivalent local laws and regulations.

We made enquiries of management with regards to compliance with the above laws and regulations and corroborated any necessary evidence to relevant information, for example minutes of meetings and representations of the board of Directors.

Our tests included agreeing the financial statements disclosure to underlying supporting documentation and enquiries with management.

We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits we also addressed the risk of management override of internal controls including testing journals and evaluation whether there was evidence of key staff manipulation that represented a risk of material misstatement due to fraud.

Our audit procedures were designed to respond to the risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery , misrepresentions or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected within the financial statements, the less likely we are to become aware of it.

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
HEALY GROUP LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Deborah Jane Horsley FCCA (Senior Statutory Auditor)
for and on behalf of Equus Miller Limited
Chartered Certified Accountants
Statutory Auditors
Brook House
47 High Street
Henley in Arden
Warwickshire
B95 5AA

8 May 2025

HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

CONSOLIDATED
INCOME STATEMENT
for the year ended 30 June 2024

30/6/24 30/6/23
Notes £    £    £    £   

TURNOVER 3 29,241,874 32,902,126

Cost of sales 25,194,441 29,003,343
GROSS PROFIT 4,047,433 3,898,783

Administrative expenses 3,373,272 2,611,966
OPERATING PROFIT 5 674,161 1,286,817

Income from fixed asset investments - 292
Interest receivable and similar income 114 142
114 434
674,275 1,287,251

Interest payable and similar expenses 7 280,579 238,529
PROFIT BEFORE TAXATION 393,696 1,048,722

Tax on profit 8 112,789 257,154
PROFIT FOR THE FINANCIAL YEAR 280,907 791,568
Profit attributable to:
Owners of the parent 280,907 791,568

HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
for the year ended 30 June 2024

30/6/24 30/6/23
Notes £    £   

PROFIT FOR THE YEAR 280,907 791,568


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

280,907

791,568

Total comprehensive income attributable to:
Owners of the parent 280,907 791,568

HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

CONSOLIDATED BALANCE SHEET
30 June 2024

30/6/24 30/6/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 3,185,878 3,638,825
Investments 11 1,708,300 1,708,300
4,894,178 5,347,125

CURRENT ASSETS
Stocks 12 361,293 394,215
Debtors 13 8,466,148 10,018,132
Investments 14 206 206
Cash at bank and in hand 8,238 172,821
8,835,885 10,585,374
CREDITORS
Amounts falling due within one year 15 5,362,304 6,896,634
NET CURRENT ASSETS 3,473,581 3,688,740
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,367,759

9,035,865

CREDITORS
Amounts falling due after more than one
year

16

(2,365,560

)

(3,337,501

)

PROVISIONS FOR LIABILITIES 20 (194,958 ) (172,030 )
NET ASSETS 5,807,241 5,526,334

CAPITAL AND RESERVES
Called up share capital 21 100 100
Share premium 22 2,940 2,940
Capital redemption reserve 22 1,275,000 1,150,000
Retained earnings 22 4,529,201 4,373,294
SHAREHOLDERS' FUNDS 5,807,241 5,526,334

The financial statements were approved by the Board of Directors and authorised for issue on 8 May 2025 and were signed on its behalf by:





L Healy - Director


HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

COMPANY BALANCE SHEET
30 June 2024

30/6/24 30/6/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 - -
Investments 11 1,708,500 1,708,500
1,708,500 1,708,500

CURRENT ASSETS
Debtors 13 1,264,250 1,124,250
Cash in hand 90 90
1,264,340 1,124,340
CREDITORS
Amounts falling due within one year 15 588,467 458,592
NET CURRENT ASSETS 675,873 665,748
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,384,373

2,374,248

CREDITORS
Amounts falling due after more than one
year

16

324,990

449,990
NET ASSETS 2,059,383 1,924,258

CAPITAL AND RESERVES
Called up share capital 21 100 100
Capital redemption reserve 22 1,275,000 1,150,000
Retained earnings 22 784,283 774,158
SHAREHOLDERS' FUNDS 2,059,383 1,924,258

Company's profit for the financial year 135,125 193,250

The financial statements were approved by the Board of Directors and authorised for issue on 8 May 2025 and were signed on its behalf by:





L Healy - Director


HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 30 June 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 July 2022 100 3,706,726 2,940 1,025,000 4,734,766

Changes in equity
Total comprehensive income - 666,568 - 125,000 791,568
Balance at 30 June 2023 100 4,373,294 2,940 1,150,000 5,526,334

Changes in equity
Total comprehensive income - 155,907 - 125,000 280,907
Balance at 30 June 2024 100 4,529,201 2,940 1,275,000 5,807,241

HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the year ended 30 June 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 July 2022 100 705,908 1,025,000 1,731,008

Changes in equity
Total comprehensive income - 68,250 125,000 193,250
Balance at 30 June 2023 100 774,158 1,150,000 1,924,258

Changes in equity
Total comprehensive income - 10,125 125,000 135,125
Balance at 30 June 2024 100 784,283 1,275,000 2,059,383

HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

CONSOLIDATED CASH FLOW STATEMENT
for the year ended 30 June 2024

30/6/24 30/6/23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,159,033 622,835
Interest paid (221,244 ) (193,669 )
Interest element of hire purchase payments
paid

(54,460

)

(38,109

)
Finance costs paid (4,875 ) (6,751 )
Tax paid (652 ) (115,685 )
Net cash from operating activities 877,802 268,621

Cash flows from investing activities
Purchase of tangible fixed assets (15,387 ) (42,620 )
Sale of tangible fixed assets 247,078 259,259
Interest received 114 142
Dividends received - 292
Net cash from investing activities 231,805 217,073

Cash flows from financing activities
Loan repayments in year (407,882 ) (429,704 )
Loans due to associates - 90,000
Capital repayments in year (728,456 ) (690,309 )
Amount introduced by directors 288,533 323,905
Amount withdrawn by directors (316,440 ) (263,113 )
Share buyback (125,000 ) (125,000 )
Net cash from financing activities (1,289,245 ) (1,094,221 )

Decrease in cash and cash equivalents (179,638 ) (608,527 )
Cash and cash equivalents at beginning
of year

2

172,821

781,348

Cash and cash equivalents at end of year 2 (6,817 ) 172,821

HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the year ended 30 June 2024

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

30/6/24 30/6/23
£    £   
Profit before taxation 393,696 1,048,722
Depreciation charges 665,556 818,938
Profit on disposal of fixed assets (71,524 ) (154,151 )
Finance costs 280,579 238,529
Finance income (114 ) (434 )
1,268,193 1,951,604
Decrease/(increase) in stocks 32,922 (38,905 )
Decrease/(increase) in trade and other debtors 1,551,984 (2,380,887 )
(Decrease)/increase in trade and other creditors (1,694,066 ) 1,091,023
Cash generated from operations 1,159,033 622,835

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 30 June 2024
30/6/24 1/7/23
£    £   
Cash and cash equivalents 8,238 172,821
Bank overdrafts (15,055 ) -
(6,817 ) 172,821
Year ended 30 June 2023
30/6/23 1/7/22
£    £   
Cash and cash equivalents 172,821 781,348


HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the year ended 30 June 2024

3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1/7/23 Cash flow changes At 30/6/24
£    £    £    £   
Net cash
Cash at bank
and in hand 172,821 (164,583 ) 8,238
Bank overdrafts - (15,055 ) (15,055 )
172,821 (179,638 ) (6,817 )

Liquid resources
Current asset
investments 206 - - 206
206 - - 206
Debt
Finance leases (1,279,497 ) 728,456 - (923,816 )
Debts falling due
within 1 year (275,324 ) (160,000 ) - (435,324 )
Debts falling due
after 1 year (2,635,720 ) 692,881 - (1,942,839 )
(4,190,541 ) 1,261,337 - (3,301,979 )
Total (4,017,514 ) 1,081,699 - (3,308,590 )

HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 30 June 2024

1. STATUTORY INFORMATION

Healy Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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.

Basis of consolidation
The group's consolidated financial statements consist of the financial statements of Healy Group Limited and all entities which are controlled by the company (its subsidiaries). The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control over the operating and financial decisions is obtained and cease to be consolidated from the date on which control is transferred out of the group. Control is achieved when the company has the ability and right, directly or indirectly, to govern the financial and operating policies of an entity. This enables the company to affect the amount of economic benefit generated from the entity's activities. This is evident for all of the Group's subsidiaries.

All subsidiaries have a year end of 30 June 2024.

All intercompany balances and transactions, including recognised gains arising from inter-group transactions have been eliminated in full. Unrealised losses are eliminated in the same manner as recognised gains except to the extent that they provide evidence of impairment.

Significant judgements and estimates
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of vat and trade discounts. The policies adopted for the recognition of turnover are as follows:

Construction contracts

When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to quantity surveyor's reports.

When the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable.

When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.

Sale of goods

Turnover from sale of plant is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that economic benefits associated with the transaction will flow to the company and the cost incurred in respect of the transaction can be measured reliably. This is usually on dispatch of goods.

Rendering of hire services

When the outcome of a transaction can be estimated reliably, turnover from hire of plant is recognised by reference to stage of completion at the balance sheet date. Stage of completion is measured by reference to period of hire at customers. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Interest and dividends receivable

Interest income is recognised using the effective method and dividends income is recognised as the company's right to receive payment is established.

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.
Freehold property - 2% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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

Convertible redeemable preferred ordinary shares
Following the Triennial Review 2017, the Convertible Redeemable Preferred Ordinary shares (CRPO) have been measured at cost less impairment in accordance with FRS102, 12.8.

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

Current or deferred taxation assets and liabilities are not discounted.

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


HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 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.

Retentions
It is the company's policy to absorb the cost of remedial work arising on contracts in the year in which they are incurred.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through the profit and loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

30/6/24 30/6/23
£    £   
Revenue from contract work 29,241,874 32,902,126
29,241,874 32,902,126

4. EMPLOYEES AND DIRECTORS
30/6/24 30/6/23
£    £   
Wages and salaries 12,092,076 12,847,023
Social security costs 93,950 91,927
Other pension costs 79,954 45,643
12,265,980 12,984,593

HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
30/6/24 30/6/23

Directors 4 4
Office and administration staff 10 10
Direct employees 33 31
47 45

30/6/24 30/6/23
£    £   
Directors' remuneration 717,200 679,200
Directors' pension contributions to money purchase schemes 48,000 16,000

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

Money purchase schemes 4 4

Information regarding the highest paid director is as follows:
30/6/24 30/6/23
£    £   
Emoluments etc 179,300 169,800
Pension contributions to money purchase schemes 12,000 4,000

5. OPERATING PROFIT

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

30/6/24 30/6/23
£    £   
Hire of plant and machinery 1,300,930 1,288,307
Depreciation - owned assets 291,668 345,958
Depreciation - assets on hire purchase contracts 373,887 472,979
Profit on disposal of fixed assets (71,524 ) (154,151 )
Auditors' remuneration 15,145 14,988

6. EXCEPTIONAL ITEMS
30/6/24 30/6/23
£    £   
Exceptional items (571,866 ) -

Exceptional items included in administrative expenses, relates to one bad debt and has been separately disclosed due to it's size.

7. INTEREST PAYABLE AND SIMILAR EXPENSES
30/6/24 30/6/23
£    £   
Bank loan interest 210,431 189,709
Other interest 10,813 3,960
Hire purchase 54,460 38,109
Preference dividend 4,875 6,751
280,579 238,529

HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30/6/24 30/6/23
£    £   
Current tax:
UK corporation tax 89,861 27
Prior year over provision - (200 )
Total current tax 89,861 (173 )

Deferred taxation 22,928 257,327
Tax on profit 112,789 257,154

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:

30/6/24 30/6/23
£    £   
Profit before tax 393,696 1,048,722
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

98,424

199,257

Effects of:
Expenses not deductible for tax purposes 20,251 26,245
Depreciation in excess of capital allowances 55,127 106,953
Utilisation of tax losses (61,013 ) (99,219 )

Franked investment income - (55 )
Prior year overprovision - (200 )
Tax losses carried forward - 24,173
Total tax charge 112,789 257,154

9. INDIVIDUAL INCOME STATEMENT

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


HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 July 2023 1,400,240 5,347,944 88,329 1,358,502 8,195,015
Additions - 131,961 2,059 254,142 388,162
Disposals - (327,500 ) - (274,109 ) (601,609 )
At 30 June 2024 1,400,240 5,152,405 90,388 1,338,535 7,981,568
DEPRECIATION
At 1 July 2023 115,104 3,539,045 50,150 851,891 4,556,190
Charge for year 28,005 473,474 6,036 158,040 665,555
Eliminated on disposal - (280,540 ) - (145,515 ) (426,055 )
At 30 June 2024 143,109 3,731,979 56,186 864,416 4,795,690
NET BOOK VALUE
At 30 June 2024 1,257,131 1,420,426 34,202 474,119 3,185,878
At 30 June 2023 1,285,136 1,808,899 38,179 506,611 3,638,825

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 July 2023 1,745,066 620,162 2,365,228
Additions 118,633 254,142 372,775
Disposals - (96,169 ) (96,169 )
Transfer to ownership (517,394 ) (202,005 ) (719,399 )
At 30 June 2024 1,346,305 576,130 1,922,435
DEPRECIATION
At 1 July 2023 676,294 269,990 946,284
Charge for year 251,377 122,510 373,887
Eliminated on disposal - (7,250 ) (7,250 )
Transfer to ownership (335,498 ) (153,966 ) (489,464 )
At 30 June 2024 592,173 231,284 823,457
NET BOOK VALUE
At 30 June 2024 754,132 344,846 1,098,978
At 30 June 2023 1,068,772 350,172 1,418,944

HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

11. FIXED ASSET INVESTMENTS

Group
Shares in
group
undertakings
£   
COST
At 1 July 2023
and 30 June 2024 1,708,300
NET BOOK VALUE
At 30 June 2024 1,708,300
At 30 June 2023 1,708,300
Company
Shares in
group
undertakings
£   
COST
At 1 July 2023
and 30 June 2024 1,708,500
NET BOOK VALUE
At 30 June 2024 1,708,500
At 30 June 2023 1,708,500

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

Subsidiary

L Healy Holdings Limited
Registered office: 8 Merse Road, Redditch, West Midlands, B98 9HL
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00


12. STOCKS

Group
30/6/24 30/6/23
£    £   
Stock of land and raw material 361,293 394,215

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30/6/24 30/6/23 30/6/24 30/6/23
£    £    £    £   
Trade debtors 7,826,372 9,110,567 - -
Amounts owed by group undertakings - - 1,264,250 1,124,250
Other debtors 4,748 4,748 - -
VAT 339,341 536,599 - -
Prepayments and accrued income 295,687 366,218 - -
8,466,148 10,018,132 1,264,250 1,124,250

HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

14. CURRENT ASSET INVESTMENTS

Group
30/6/24 30/6/23
£    £   
Listed investments 206 206

Market value of listed investments held by the group at 30 June 2024 - £1,824 (2023 - £1,249).

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30/6/24 30/6/23 30/6/24 30/6/23
£    £    £    £   
Bank loans and overdrafts (see note 17) 450,379 275,324 - -
Hire purchase contracts (see note 18) 501,095 577,716 - -
Trade creditors 3,380,377 5,004,455 - -
Amounts owed to group undertakings - - 587,153 457,278
Amounts owed to associates 90,000 90,000 - -
Corporation tax payable 88,286 (923 ) - -
Social security & other taxes 346,060 284,709 - -
Other creditors 6,389 2,636 - -
Wages control 2,957 - - -
Directors' loan accounts 286,143 314,050 - -
Accrued expenses 210,618 348,667 1,314 1,314
5,362,304 6,896,634 588,467 458,592

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

Group Company
30/6/24 30/6/23 30/6/24 30/6/23
£    £    £    £   
Bank loans (see note 17) 1,617,849 2,185,730 - -
Preference shares (see note 17) 324,990 449,990 324,990 449,990
Hire purchase contracts (see note 18) 422,721 701,781 - -
2,365,560 3,337,501 324,990 449,990

HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
30/6/24 30/6/23 30/6/24 30/6/23
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 15,055 - - -
Bank loans 435,324 275,324 - -
450,379 275,324 - -
Amounts falling due between one and two years:
Bank loans - 1-2 years 436,703 276,703 - -
Amounts falling due between two and five years:
Bank loans - 2-5 years 1,181,146 1,909,027 - -
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Preference shares 324,990 449,990 324,990 449,990

Details of shares shown as liabilities are as follows:

Allotted, issued and fully paid:
Number: Class: Nominal 30/6/24 30/6/23
value: £    £   
999,990 Convertible redeemable
preferred ordinary £1 324,990 449,990

In accordance with FRS 102, Convertible Redeemable Preferred Ordinary Shares (CRPO) have been classified as non-equity shares. Any dividends payable on such shares will be shown as interest.

The following rights are attached to the CRPO shares:
(i) No right to vote, attend or speak at any general meeting, but entitled to receive notice for information
only provided always that the holders of the CRPO shares shall be entitled to vote on any proposed
resolution to alter in any way the rights attaching to the CRPO shares and shall then have one vote
per share
(ii) A right to participate in the assets of the company on a winding up or in the consideration on sale or
transfer of the company
(iii) A right to a dividend at a minimum rate of 1.5p per share

The maximum number of CRPO shares to be redeemed at the option of the company in any year is 150,000. However, each holder of CRPO shares has the right to redeem up to 60,000 CRPO shares held by them each year. Therefore, if both CRPO shareholders were to exercise this right, the company would need to redeem 120,000 CRPO shares (less any number already redeemed at the option of the company), provided it could lawfully do so.

Accordingly, there is flexibility for redemption of between 0 and 150,000 CRPO shares each year. However, all CRPO shares must be redeemed by the date of the seventeenth anniversary of their date of issue of 3 July 2013.

The CRPO shares may be redeemed in full at the option of the shareholders in the event of the provisions contained in Part V, Chapter 3, TCGA 1992 (Business Asset Disposal Relief) are abolished without being replaced by provisions providing for an equivalent or more favourable relief.

No premium is payable on redemption.

HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
30/6/24 30/6/23
£    £   
Gross obligations repayable:
Within one year 550,607 629,046
Between one and five years 468,935 768,968
1,019,542 1,398,014

Finance charges repayable:
Within one year 49,512 51,330
Between one and five years 46,214 67,187
95,726 118,517

Net obligations repayable:
Within one year 501,095 577,716
Between one and five years 422,721 701,781
923,816 1,279,497

Hire purchase and finance lease creditors relate to plant and machinery.

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
30/6/24 30/6/23
£    £   
Bank overdraft 15,055 -
Bank loans 2,053,173 2,461,054
Hire purchase contracts 923,816 1,279,497
2,992,044 3,740,551

Security is offered by way of a debenture over the assets of the group.

20. PROVISIONS FOR LIABILITIES

Group
30/6/24 30/6/23
£    £   
Deferred tax
Deferred taxation 322,259 400,585
Tax losses (127,301 ) (228,555 )
194,958 172,030

HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

20. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 July 2023 172,030
Accelerated capital allowances (78,326 )
Tax losses carried forward 101,254
Balance at 30 June 2024 194,958

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30/6/24 30/6/23
value: £    £   
100 Ordinary £1 100 100

VOTING RIGHTS

(i)A member shall have one vote for every share of which he/she is the holder
(ii)A right to participate in the assets of the company on a winding up or in the consideration on sale or
transfer of the company
(iii)A right to a dividend if declared on the ordinary shares in the capital of the company

22. RESERVES

Group
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 July 2023 4,373,294 2,940 1,150,000 5,526,234
Profit for the year 280,907 280,907
Cash share issue (125,000 ) - 125,000 -
At 30 June 2024 4,529,201 2,940 1,275,000 5,807,141

Company
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 July 2023 774,158 1,150,000 1,924,158
Profit for the year 135,125 135,125
Cash share issue (125,000 ) 125,000 -
At 30 June 2024 784,283 1,275,000 2,059,283


HEALY GROUP LIMITED (REGISTERED NUMBER: 08404317)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2024 and 30 June 2023:

30/6/24 30/6/23
£    £   
G Tongue
Balance outstanding at start of year - 2,315
Amounts repaid - -
Amounts written off - -
Amounts waived - (2,315 )
Balance outstanding at end of year - -

P Healy
Balance outstanding at start of year - (98 )
Amounts repaid - 98
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Where Directors have received advances during the year, these are repayable on demand and have been subjected to HMRC's official rate of interest in use at that time.

With regards to Mr G Tongue, the £2,315 remains due to the company and has been transferred to other debtors as he is no longer a director of the company.

24. ULTIMATE CONTROLLING PARTY

There is no one ultimate controlling party.