Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-312025-05-112025-05-142024-12-312025-05-112024-12-312025-05-11falsetrue2024-01-01false33false 11052295 2024-01-01 2024-12-31 11052295 2023-01-01 2023-12-31 11052295 2024-12-31 11052295 2023-12-31 11052295 2023-01-01 11052295 c:Director1 2024-01-01 2024-12-31 11052295 c:Director2 2024-01-01 2024-12-31 11052295 c:Director3 2024-01-01 2024-12-31 11052295 c:RegisteredOffice 2024-01-01 2024-12-31 11052295 d:Buildings 2024-01-01 2024-12-31 11052295 d:Buildings d:LongLeaseholdAssets 2024-01-01 2024-12-31 11052295 d:MotorVehicles 2024-01-01 2024-12-31 11052295 d:FurnitureFittings 2024-01-01 2024-12-31 11052295 d:ComputerEquipment 2024-01-01 2024-12-31 11052295 d:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 11052295 d:CurrentFinancialInstruments 2024-12-31 11052295 d:CurrentFinancialInstruments 2023-12-31 11052295 d:Non-currentFinancialInstruments 2024-12-31 11052295 d:Non-currentFinancialInstruments 2023-12-31 11052295 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 11052295 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11052295 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 11052295 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 11052295 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-12-31 11052295 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 11052295 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-12-31 11052295 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 11052295 d:ShareCapital 2024-01-01 2024-12-31 11052295 d:ShareCapital 2024-12-31 11052295 d:ShareCapital 2023-12-31 11052295 d:ShareCapital 2023-01-01 11052295 d:SharePremium 2024-01-01 2024-12-31 11052295 d:SharePremium 2024-12-31 11052295 d:SharePremium 2023-12-31 11052295 d:SharePremium 2023-01-01 11052295 d:CapitalRedemptionReserve 2024-01-01 2024-12-31 11052295 d:CapitalRedemptionReserve 2024-12-31 11052295 d:CapitalRedemptionReserve 2023-12-31 11052295 d:CapitalRedemptionReserve 2023-01-01 11052295 d:OtherMiscellaneousReserve 2024-01-01 2024-12-31 11052295 d:MergerReserve 2024-01-01 2024-12-31 11052295 d:MergerReserve 2024-12-31 11052295 d:MergerReserve 2023-12-31 11052295 d:MergerReserve 2023-01-01 11052295 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 11052295 d:RetainedEarningsAccumulatedLosses 2024-12-31 11052295 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 11052295 d:RetainedEarningsAccumulatedLosses 2023-12-31 11052295 d:RetainedEarningsAccumulatedLosses 2023-01-01 11052295 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-12-31 11052295 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 11052295 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2024-12-31 11052295 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2023-12-31 11052295 c:OrdinaryShareClass1 2024-01-01 2024-12-31 11052295 c:OrdinaryShareClass1 2024-12-31 11052295 c:OrdinaryShareClass1 2023-12-31 11052295 c:OrdinaryShareClass2 2024-01-01 2024-12-31 11052295 c:OrdinaryShareClass2 2024-12-31 11052295 c:OrdinaryShareClass2 2023-12-31 11052295 c:OrdinaryShareClass3 2024-01-01 2024-12-31 11052295 c:OrdinaryShareClass3 2024-12-31 11052295 c:OrdinaryShareClass3 2023-12-31 11052295 c:OrdinaryShareClass4 2024-01-01 2024-12-31 11052295 c:OrdinaryShareClass4 2024-12-31 11052295 c:OrdinaryShareClass4 2023-12-31 11052295 c:FRS102 2024-01-01 2024-12-31 11052295 c:Audited 2024-01-01 2024-12-31 11052295 c:FullAccounts 2024-01-01 2024-12-31 11052295 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 11052295 d:Subsidiary1 2024-01-01 2024-12-31 11052295 d:Subsidiary1 1 2024-01-01 2024-12-31 11052295 d:Subsidiary2 2024-01-01 2024-12-31 11052295 d:Subsidiary2 1 2024-01-01 2024-12-31 11052295 d:Subsidiary3 2024-01-01 2024-12-31 11052295 d:Subsidiary3 1 2024-01-01 2024-12-31 11052295 d:Subsidiary4 2024-01-01 2024-12-31 11052295 d:Subsidiary4 1 2024-01-01 2024-12-31 11052295 d:Subsidiary5 2024-01-01 2024-12-31 11052295 d:Subsidiary5 1 2024-01-01 2024-12-31 11052295 c:Consolidated 2024-12-31 11052295 c:ConsolidatedGroupCompanyAccounts 2024-01-01 2024-12-31 11052295 2 2024-01-01 2024-12-31 11052295 4 2024-01-01 2024-12-31 11052295 6 2024-01-01 2024-12-31 11052295 e:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 11052295









HD SHARMAN GROUP LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
HD SHARMAN GROUP LIMITED
 

COMPANY INFORMATION


Directors
Mr J Moeller-Jensen 
Mr B Horgan 
Mr M De Rozarieux 




Registered number
11052295



Registered office
High Peak Works
Chapel-en-le-Frith

High Peak

Derbyshire

SK23 0HW




Independent auditors
Price Bailey LLP
Chartered Accountants & Statutory Auditors

Tennyson House

Cambridge Business Park

Cambridge

CB4 0WZ





 
HD SHARMAN GROUP LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Consolidated Statement of Income and Retained Earnings
9
Consolidated Balance Sheet
10 - 11
Company Balance Sheet
12 - 13
Consolidated Statement of Changes in Equity
14
Company Statement of Changes in Equity
15
Consolidated Statement of Cash Flows
16 - 17
Consolidated Analysis of Net Debt
18
Notes to the Financial Statements
19 - 40


 
HD SHARMAN GROUP LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
This is a balanced and comprehensive review of the performance of our business during the year and its position at the year end consistent with the size and nature of our business and is written in the context of the risks and uncertainties we face.

Business review
 
This is the holding company for its wholly owned subsidiaries Gutterline Services Limited, H D Sharman Limited, ITAC Limited, Delvemade Limited and Seamsil Limited. 
Financial overview
The Group achieved an operating profit of 3,509,983, comparing favourably with the 2023 comparative of £2,586,067. This performance has resulted from the 6.4% turnover growth achieved in 2023 and an improvement in gross margin from 57% in 2023 to 61% in 2024.
The Directors are pleased with the performance of the business and expect a similar level of performance for the year ahead subject to influence of external economic factors. 
Turnover
Management consider the results for the year to be in line with the overall performance of the market.

Principal risks and uncertainties
 
The management of the business and the nature of the Group's strategy are subject to a number of risks. Management have set out below the principal risks facing the business. Where possible, processes are in place to monitor and mitigate such risks.
Economic downturn
The success of the business is reliant on demand within the commercial repair maintenance and improvement sector (RMI) demand. An economic downturn, resulting in reduction of RMI demand, will have an impact on the turnover achieved by the Group. In response to this risk, management aim to keep abreast of economic downturn, marketing and pricing strategies are modified to reflect the new market conditions.
Manufacturing of products
The Group is reliant on its products being of a high quality and relevance to the demands of the RMI sector. This exposes the Group to risks in a number of areas which are dependant on its manufacturing in respect of:
- quality of the products.
- pricing of the products.
- range of types of product offered.
Management are confident that the products produced will be of a continued high quality and will meet the markets demands.

Page 1

 
HD SHARMAN GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Financial key performance indicators
 
The Group measures its financial performance in several areas as follows:
1. Within its offering the busines manufactures, markets and sells a number of roof and gutter refurbishment systems to contractors through a number of different sales channels. In order to measure performance, and to support strategic development, the business segmentally reports its sales and profitability by product.
2. The key aspect of the Group's working capital management is credit control and cash collection. Sales ledger performance is reported monthly with particular focus on overdue balances.

Other key performance indicators
 
The Group measure its non-financial performance in several areas as follows:
1. New roofing contractor business generation is reported through the numbers trained each month as approved installers. In regards to specification led business generation the number of CPDs delivered to surveyors and other specifiers is published within monthly KPI information.
2. Conversion rate of quotes to orders is reports weekly within the business and is used to drive CRM activity and to understand lost business. The latter is recorded by reason code to best understand market dynamics.
3. Quality control is a business priority throughout the business and monthly meetings take place during which production and non-conformances are quantified in order to identify trends and improvement ideas. The same focus is also applied to customer service issues.


This report was approved by the board and signed on its behalf.





................................................
Mr M De Rozarieux
Director

Date: 11 May 2025

Page 2

 
HD SHARMAN GROUP LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Principal activity

The principal activity of the company has been that of a holding company. The principle activity of the group is the manufacture of specialist plastic and agricultural products.

Results and dividends

The profit for the year, after taxation, amounted to £2,391,776 (2023 - £1,497,004).

The final dividend payment made during the year was £2,222,619 (2023 - £1,840,688).

Directors

The directors who served during the year were:

Mr J Moeller-Jensen 
Mr B Horgan 
Mr M De Rozarieux 

Future developments

The Group plans to continue to grow across its business activities, capitalising on opportunities as deemed appropriate.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Group's financial statements and then apply them consistently;

make judgments 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 Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Engagement with employees

The Group keeps employees informed of matters affecting them as employees and the financial and economic factors affecting the performance of the Group by the method of ad-hoc internal communications.

Page 3

 
HD SHARMAN GROUP LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

No post balance sheet events to note. 

Auditors

Under section 487(2) of the Companies Act 2006Price Bailey LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





................................................
Mr M De Rozarieux
Director

Date: 11 May 2025

Page 4

 
HD SHARMAN GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HD SHARMAN GROUP LIMITED
 

Opinion


We have audited the financial statements of HD Sharman Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Income and Retained Earnings, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Analysis of Net Debt and the related notes, including a summary of significant accounting policiesThe 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's affairs as at 31 December 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 United Kingdom, including the Financial Reporting Council'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 or 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.


Page 5

 
HD SHARMAN GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HD SHARMAN GROUP LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report 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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' Responsibilities Statement set out on page 3, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the 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.


Page 6

 
HD SHARMAN GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HD SHARMAN GROUP LIMITED (CONTINUED)


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


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry
in which it operates and considered the risk of material misstatement in respect of irregularities, including fraud
and non-compliance with laws and regulations. This included those regulations directly related to the financial
statements, including financial reporting, tax legislation and industry regulations including GDPR, employment
law, health and safety and warranties.
We communicated the identified laws and regulations with the audit team and remained alert to any indications
of non-compliance throughout the audit. We carried out specific procedures to address the risks identified.
These included the following:
- agreeing the financial statement disclosures to underlying supporting documentation to assess compliance
with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiries of management including those responsible for key regulations;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks
of material misstatement due to fraud;.
In addressing the risk of management override of controls, we carried out testing of journal entries and other
adjustments for appropriateness, assessing whether the judgements made in making accounting estimates are
indicative of a potential bias and evaluating the business rationale of significant transactions outside the normal
course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including
those leading to a material misstatement in the financial statements or non-compliance with regulation. This
risk increases the more that compliance with a law or regulation is removed from the events and transactions
reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves
intentional concealment, forgery, collusion, omission or misrepresentation as to what extent the audit was
considered capable of detecting irregularities, including fraud.


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 Auditors' Report.


Page 7

 
HD SHARMAN GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HD SHARMAN GROUP LIMITED (CONTINUED)


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 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Paul Cullen FCCA (Senior Statutory Auditor)
for and on behalf of
Price Bailey LLP
Chartered Accountants
Statutory Auditors
Tennyson House
Cambridge Business Park
Cambridge
CB4 0WZ

 
Date: 
14 May 2025
Page 8

 
HD SHARMAN GROUP LIMITED
 

CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
18,061,819
16,973,913

Cost of sales
  
(7,059,500)
(7,323,048)

Gross profit
  
11,002,319
9,650,865

Distribution costs
  
(1,449,431)
(1,833,167)

Administrative expenses
  
(6,043,296)
(5,231,933)

Other operating income
 5 
391
302

Operating profit
 6 
3,509,983
2,586,067

Interest receivable and similar income
 10 
12,657
6,836

Interest payable and similar expenses
 11 
(308,809)
(449,944)

Profit before tax
  
3,213,831
2,142,959

Tax on profit
 12 
(822,055)
(645,955)

Profit after tax
  
2,391,776
1,497,004

  

  

Retained earnings at the beginning of the year
  
1,399,010
1,742,694

Profit for the year attributable to the owners of the parent
  
2,391,776
1,497,004

Dividends declared and paid
  
(2,222,619)
(1,840,688)

Retained earnings at the end of the year
  
1,568,167
1,399,010

  

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of income and retained earnings.

The notes on pages 19 to 40 form part of these financial statements.

Page 9

 
HD SHARMAN GROUP LIMITED
REGISTERED NUMBER: 11052295

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
1,686,686
2,347,267

Tangible assets
 15 
2,915,034
2,915,500

  
4,601,720
5,262,767

Current assets
  

Stocks
 17 
3,456,409
3,068,489

Debtors due within 1 year
 18 
2,910,307
2,236,470

Debtors due after more than 1 year
 18 
171,800
171,800

Cash at bank and in hand
 19 
1,840,469
1,685,405

  
8,378,985
7,162,164

Creditors: amounts falling due within one year
 20 
(4,616,081)
(3,502,164)

Net current assets
  
 
 
3,762,904
 
 
3,660,000

Total assets less current liabilities
  
8,364,624
8,922,767

Creditors: amounts falling due after more than one year
 21 
(1,250,000)
(2,250,000)

Provisions for liabilities
  

Deferred taxation
 24 
(486,400)
(434,390)

Net assets
  
 
 
6,628,224
 
 
6,238,377


Capital and reserves
  

Called up share capital 
 25 
11,936
11,200

Share premium account
 26 
393,059
173,105

Capital redemption reserve
 26 
250
250

Merger reserve
 26 
4,654,812
4,654,812

Profit and loss account
 26 
1,568,167
1,399,010

Equity attributable to owners of the parent Company
  
6,628,224
6,238,377


Page 10

 
HD SHARMAN GROUP LIMITED
REGISTERED NUMBER: 11052295

CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 May 2025.




................................................
Mr M De Rozarieux
Director

The notes on pages 19 to 40 form part of these financial statements.

Page 11

 
HD SHARMAN GROUP LIMITED
REGISTERED NUMBER: 11052295

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
Restated 2023
Note
£
£

Fixed assets
  

Investments
 16 
12,466,825
12,466,825

Current assets
  

Debtors due within 1 year
 18 
8,416,898
5,979,649

Debtors due after more than 1 year
 18 
171,800
171,800

Cash at bank and in hand
 19 
35,578
39,490

  
8,624,276
6,190,939

Creditors: amounts falling due within one year
 20 
(14,756,901)
(11,550,637)

Net current liabilities
  
 
 
(6,132,625)
 
 
(5,359,698)

Total assets less current liabilities
  
6,334,200
7,107,127

  

Creditors: amounts falling due after more than one year
 21 
(1,250,000)
(2,250,000)

  

Net assets
  
5,084,200
4,857,127


Capital and reserves
  

Called up share capital 
 25 
11,936
11,200

Share premium account
 26 
393,059
173,105

Capital redemption reserve
 26 
250
250

Merger reserve
 26 
4,654,812
4,654,812

Profit and loss account brought forward
  
17,760
(18,429)

Profit for the year
  
2,229,002
1,876,877

Dividends paid

  

(2,222,619)
(1,840,688)

Profit and loss account carried forward
  
24,143
17,760

  
5,084,200
4,857,127


Page 12

 
HD SHARMAN GROUP LIMITED
REGISTERED NUMBER: 11052295

COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 May 2025.


................................................
Mr M De Rozarieux
Director

The notes on pages 19 to 40 form part of these financial statements.

Page 13
 

 
HD SHARMAN GROUP LIMITED


 

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



Called up share capital
Share premium account
Capital redemption reserve
Merger reserve
Profit and loss account
Total equity


£
£
£
£
£
£



At 1 January 2023
11,200
173,105
250
4,654,812
1,742,694
6,582,061



Comprehensive income for the year


Profit for the year
-
-
-
-
1,497,004
1,497,004


Dividends: Equity capital
-
-
-
-
(1,840,688)
(1,840,688)





At 1 January 2024
11,200
173,105
250
4,654,812
1,399,010
6,238,377



Comprehensive income for the year


Profit for the year
-
-
-
-
2,391,776
2,391,776


Dividends: Equity capital
-
-
-
-
(2,222,619)
(2,222,619)


Shares issued during the year
-
219,954
-
-
-
219,954


Shares redeemed during the year
736
-
-
-
-
736



Total transactions with owners
736
219,954
-
-
(2,222,619)
(2,001,929)



At 31 December 2024
11,936
393,059
250
4,654,812
1,568,167
6,628,224



The notes on pages 19 to 40 form part of these financial statements.

Page 14
 
HD SHARMAN GROUP LIMITED
 

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


Called up share capital
Share premium account
Capital redemption reserve
Merger reserve
Profit and loss account
Total equity

£
£
£
£
£
£


At 1 January 2023
11,200
173,105
250
4,654,812
(18,429)
4,820,938


Comprehensive income for the year

Profit for the year
-
-
-
-
1,876,877
1,876,877


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
-
(1,840,688)
(1,840,688)



At 1 January 2024
11,200
173,105
250
4,654,812
17,760
4,857,127


Comprehensive income for the year

Profit for the year
-
-
-
-
2,229,002
2,229,002

Dividends: Equity capital
-
-
-
-
(2,222,619)
(2,222,619)

Shares issued during the year
-
219,954
-
-
-
219,954

Shares redeemed during the year
736
-
-
-
-
736


Total transactions with owners
736
219,954
-
-
(2,222,619)
(2,001,929)


At 31 December 2024
11,936
393,059
250
4,654,812
24,143
5,084,200


The notes on pages 19 to 40 form part of these financial statements.

Page 15

 
HD SHARMAN GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
2,391,776
1,497,004

Adjustments for:

Amortisation of intangible assets
660,581
663,418

Depreciation of tangible assets
376,884
323,485

Loss on disposal of tangible assets
3,855
-

Interest paid
308,810
449,944

Interest received
(12,657)
(6,836)

Taxation charge
1,034,400
645,955

(Increase)/decrease in stocks
(387,927)
377,051

(Increase) in debtors
(673,830)
(161,661)

Increase/(decrease) in creditors
1,160,397
(649,499)

Increase in amounts owed to groups
250,000
-

Corporation tax (paid)
(778,871)
(709,850)

Net cash generated from operating activities

4,333,418
2,429,011


Cash flows from investing activities

Purchase of intangible fixed assets
-
(3,458)

Purchase of tangible fixed assets
(387,773)
(548,103)

Sale of tangible fixed assets
7,500
-

Interest received
12,657
6,836

Net cash from investing activities

(367,616)
(544,725)
Page 16

 
HD SHARMAN GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


2024
2023

£
£



Cash flows from financing activities

Issue of ordinary shares
219,954
-

Purchase of ordinary shares
736
-

New secured loans
-
5,000,000

Repayment of loans
(1,500,000)
(4,750,000)

Dividends paid
(2,222,619)
(1,840,688)

Interest paid
(308,809)
(449,944)

Net cash used in financing activities
(3,810,738)
(2,040,632)

Net increase/(decrease) in cash and cash equivalents
155,064
(156,346)

Cash and cash equivalents at beginning of year
1,685,405
1,841,751

Cash and cash equivalents at the end of year
1,840,469
1,685,405


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,840,469
1,685,405


The notes on pages 19 to 40 form part of these financial statements.

Page 17

 
HD SHARMAN GROUP LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

1,685,405

155,064

1,840,469

Debt due after 1 year

(2,250,000)

1,000,000

(1,250,000)

Debt due within 1 year

(2,000,000)

500,000

(1,500,000)


(2,564,595)
1,655,064
(909,531)

The notes on pages 19 to 40 form part of these financial statements.

Page 18

 
HD SHARMAN GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

HD Sharman Group Limited is a private company limited by shares incorporated in England and Wales, United Kingdom. The address of the registered office is High Peak Works, Chapel-en-le-Frith, High Peak, Derbyshire, SK23 0HW. 
The principal activity of the company has been that of a holding company. The principal activity of the group is the manufacture of specialist plastic and agricultural products.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Group's functional and presentational currency is GBP.
The financial statements have been rounded to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Income and Retained Earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The directors have prepared projected budgets and on the basis of these budgets, the directors have considered the company to continue to operate as a going concern. The directors are confident that the company will have sufficient funds to meet its liabilities as they fall due for a period of not less than 12 months from the date of approval of these financial statements.
The directors continue to monitor cashflow closely and exercise tight credit control and, based on their forecasts and built up reserves, consider it appropriate to continue to prepare the financial statements on a going concern basis.

Page 19

 
HD SHARMAN GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Group 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.

 
2.5

Interest income

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

 
2.6

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.

 
2.7

Borrowing costs

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

 
2.8

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Group keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

Page 20

 
HD SHARMAN GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

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

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.10

Pensions

Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a
pension plan under which the Group pays fixed contributions into a separate entity. Once the
contributions have been paid the Group 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 Group in independently administered funds.

Page 21

 
HD SHARMAN GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated Statement of Comprehensive Income over its useful economic life of 10 years.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Patents are considered to have a finite useful life.
Computer software is considered to have a useful life of 4-5 years.
If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 22

 
HD SHARMAN GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.12

Tangible fixed assets

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:

Freehold property
-
2% straight line
Short term leasehold
-
2 - 15% straight line
Motor vehicles
-
20 - 25% straight line
Plant, machinery, fixtures, fittings and office equipment
-
5 - 15% Straight line
Computer equipment
-
20% straight line
Assets under construction
-
not depreciated

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.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.15

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.

Page 23

 
HD SHARMAN GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.16

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.17

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.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.19

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Page 24

 
HD SHARMAN GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)


Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.20

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the group's accounting policies, the directors are required to make significant judgements, estimates and assumptions. The estimates and associated assumptions are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on managemnt's best knowledge of the amount, events or actions, actual results ultimately may differ from those estimates.
Estimates and judgements are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimates is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.
Tangible fixed assets
Each year the company reviews the estimated useful lives and residual values of tangible fixed assets and these are adjusted if appropriate. The depreciation rates are calculated according to the useful economic life that management believe to be appropriate based on the nature of the asset in operation.
Impairment of stock and work in progress
Management have assessed the need to write off or provide against any specific items based on the levels held at period end and the expected sales of such items in the immediate period post year end. Management take into account historic sales data at the date the estimate is made.
Impairment of trade debtors
The recoverability has been assessed at the period end and up until the date of signing these financial statements. Management have based the decision to provide for any amounts based on their judgement of all the available information and their experience of the specific nature of the trade debtor in question.
Valuation and impairment of subsidiaries
In valuing the shares issued on acquisition of subsidiary and reviewing for potential impairment, management make judgements and assumptions as to expected future profits at the date the acquisition is completed.
Categorising leases
In categorising leases as finance leases of operating leases, management make judgements to whether significant risks and rewards of ownership to the company as lessee.

Page 25

 
HD SHARMAN GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

The whole of the turnover is attributable to the one principal activity of the Group.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
17,822,077
16,789,245

Rest of the world
239,742
184,668

18,061,819
16,973,913



5.


Other operating income

2024
2023
£
£

Other operating income
391
302



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Research & development charged as an expense
188,000
179,622

Depreciation of tangible fixed assets
376,896
323,485

Amortisation of intangible assets, including goodwill
660,581
663,418

Defined contribution pension
312,345
312,732


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
74,750
72,000

Fees payable to the Company's auditors in respect of:

Taxation compliance services
8,000
7,400

All non-audit services not included above
500
910

Page 26

 
HD SHARMAN GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
3,665,961
3,660,089
-
-

Social security costs
381,722
382,498
-
-

Cost of defined contribution scheme
312,345
312,731
-
-

4,360,028
4,355,318
-
-


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Directors
3
3
3
3



Production/Admin
83
84
-
-

86
87
3
3


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
323,859
295,316

Directors pension costs
22,706
8,663

346,565
303,979


During the year no directors were remunerated through the holding company (2023 - £Nil).
During the year the remuneration paid to the highest paid director amounted to £194,039 (2023 - £155,510).

During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £12,220 (2023 - £8,663).

Page 27

 
HD SHARMAN GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Interest receivable

2024
2023
£
£


Other interest receivable
12,657
6,836


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
308,809
449,944

Page 28

 
HD SHARMAN GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
770,045
632,314

Adjustments in respect of previous periods
-
(39,744)

770,045
592,570


Deferred tax


Origination and reversal of timing differences
52,010
53,385


Tax on profit
822,055
645,955

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
3,213,831
2,142,959


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
803,458
535,740

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
29,872
(36,316)

Capital allowances for year in excess of depreciation
10,673
(22,757)

Adjustments to tax charge in respect of prior periods
-
(39,744)

Other timing differences leading to an increase (decrease) in taxation
161,276
156,879

Changes in provisions leading to an increase (decrease) in the tax charge
4,031
(1,232)

Relief on share options exercised
(239,265)
-

Deferred tax
52,010
53,385

Total tax charge for the year
822,055
645,955


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 29

 
HD SHARMAN GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Dividends

2024
2023
£
£


Dividends paid
2,222,619
1,840,688


14.


Intangible assets

Group and Company





Patents
Computer software
Goodwill
Negative goodwill
Total

£
£
£
£
£



Cost


At 1 January 2024
188,962
192,042
5,738,144
(402,457)
5,716,691



At 31 December 2024

188,962
192,042
5,738,144
(402,457)
5,716,691



Amortisation


At 1 January 2024
125,000
140,706
3,224,456
(120,738)
3,369,424


Charge for the year on owned assets
-
15,482
645,099
-
660,581



At 31 December 2024

125,000
156,188
3,869,555
(120,738)
4,030,005



Net book value



At 31 December 2024
63,962
35,854
1,868,589
(281,719)
1,686,686



At 31 December 2023
63,962
51,336
2,513,688
(281,719)
2,347,267



Page 30
 


 
HD SHARMAN GROUP LIMITED


 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


15.


Tangible fixed assets


Group







Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Computer equipment
Assets under construction
Total

£
£
£
£
£
£
£
£



Cost


At 1 January 2024
831,517
4,048,713
23,995
57,565
168,617
220,772
10,778
5,361,957


Additions
88,391
176,112
-
4,338
14,596
2,581
101,755
387,773


Disposals
-
(21,505)
-
-
-
-
-
(21,505)


Transfers between classes
57,510
39,423
-
-
-
15,600
(112,533)
-



At 31 December 2024

977,418
4,242,743
23,995
61,903
183,213
238,953
-
5,728,225



Depreciation


At 1 January 2024
178,286
1,951,326
9,598
44,473
85,407
177,367
-
2,446,457


Charge for the year on owned assets
64,548
271,977
4,799
934
18,598
16,028
-
376,884


Disposals
-
(10,150)
-
-
-
-
-
(10,150)



At 31 December 2024

242,834
2,213,153
14,397
45,407
104,005
193,395
-
2,813,191



Net book value



At 31 December 2024
734,584
2,029,590
9,598
16,496
79,208
45,558
-
2,915,034



At 31 December 2023
653,231
2,097,387
14,397
13,092
83,210
43,405
10,778
2,915,500

Page 31
 
HD SHARMAN GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           15.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Short leasehold
734,584
653,231

734,584
653,231



16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
12,466,825



At 31 December 2024
12,466,825





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Gutterline Services Ltd
High Peak Works, SK23 0HW
Ordinary
100%
H D Sharman Ltd (wholly owned subsidiary of Gutterline Service Ltd)
High Peak Works, SK23 0HW
Ordinary
100%
ITAC Limited
Bankfield Mills Stoneclough, M26 1AS
Ordinary
100%
Delvemade Limited (wholly owned subsidiary of ITAC Limited)
Bankfield Mills Stoneclough, M26 1AS
Ordinary
100%
Seamsil Limited (wholly owned subsidiary of Delvemade Limited)
Bankfield Mills Stoneclough, M26 1AS
Ordinary
100%

Page 32

 
HD SHARMAN GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Gutterline Services Ltd
5,539,986
2,217,053

H D Sharman Ltd (wholly owned subsidiary of Gutterline Service Ltd)
8,089,003
2,753,906

ITAC Limited
4,702,689
282,153

Delvemade Limited (wholly owned subsidiary of ITAC Limited)
3,250,887
-

Seamsil Limited (wholly owned subsidiary of Delvemade Limited)
2
-


17.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
2,557,510
1,750,994

Work in progress (goods to be sold)
61,059
88,739

Finished goods and goods for resale
837,840
1,228,756

3,456,409
3,068,489



18.


Debtors

Group
Group
Company
Company
2024
Restated 2023
2024
Restated 2023
£
£
£
£

Due after more than one year

Other debtors
171,800
171,800
171,800
171,800

171,800
171,800
171,800
171,800

Due within one year

Trade debtors
2,204,493
1,726,859
-
-

Amounts owed by group undertakings
-
-
7,680,857
5,458,238

Other debtors
21,252
8,501
14,796
-

Called up share capital not paid
-
171
-
171

Prepayments and accrued income
684,556
500,940
721,245
521,241

3,082,101
2,408,271
8,588,698
6,151,450


Page 33

 
HD SHARMAN GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

19.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
1,840,469
1,685,405
35,578
39,490



20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
Restated 2023
2024
Restated 2023
£
£
£
£

Bank loans
1,500,000
2,000,000
1,500,000
2,000,000

Trade creditors
1,631,178
562,851
3,000
-

Amounts owed to group undertakings
250,000
-
13,195,100
9,445,836

Corporation tax
348,369
144,849
58,801
58,801

Other taxation and social security
688,798
552,478
-
16,000

Other creditors
57,787
53,718
-
-

Accruals and deferred income
139,949
188,268
-
30,000

4,616,081
3,502,164
14,756,901
11,550,637



21.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
1,250,000
2,250,000
1,250,000
2,250,000



The following liabilities were secured:
Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Loans
2,750,000
4,250,000
2,750,000
4,250,000

Details of security provided:

The aggregate amount of creditors for which security has been given totalled £2,750,000 (2023 - £4,250,000) (Group and Company). The security given relates to a charge over 1,718,000 ordinary shares in Gutterline Services Limited and 40,000 ordinary shares in ITAC Limited and a cross guarantee over the assets of Gutterline Services Limited, H.D. Sharman Limited, Delvemade Limited and Seamsil Limited.



Page 34

 
HD SHARMAN GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
1,500,000
2,000,000
1,500,000
2,000,000

Amounts falling due 1-2 years

Bank loans
250,000
1,000,000
250,000
1,000,000

Amounts falling due 2-5 years

Bank loans
1,000,000
1,250,000
1,000,000
1,250,000


2,750,000
4,250,000
2,750,000
4,250,000



23.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
1,840,469
1,685,405
35,578
39,490

Financial assets that are debt instruments measured at amortised cost
2,225,745
1,959,974
7,852,657
5,630,038

4,066,214
3,645,379
7,888,235
5,669,528


Financial liabilities

Derivative financial instruments measured at fair value through profit or loss held as part of a trading portfolio
(4,578,914)
(5,165,725)
(15,948,100)
(13,725,836)


Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.


Financial assets that are debt instruments measured at amortised cost comprise trade debtors, amounts owed by group undertakings and other debtors.


Financial liabilities measured at amortised cost comprise bank loans, trade creditors, amounts owed to group undertakings, other creditors and accruals.

Page 35

 
HD SHARMAN GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

24.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
(434,390)
(381,005)


Charged to profit or loss
(52,010)
(53,385)



At end of year
(486,400)
(434,390)

Company


2024
2023






At end of year
-
-
The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£
£

Accelerated capital allowances
(486,400)
(437,446)

Other short term timing differences
-
3,056

(486,400)
(434,390)


25.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,185,870 (2023 - 1,112,250) A Ordinary shares of £0.010000 each
11,859
11,123
360,000 (2023 - 360,000) C Ordinary shares of £0.000014 each
4
4
631,100 (2023 - 631,100) D Ordinary shares of £0.000100 each
63
63
95,000 (2023 - 95,000) E Ordinary shares of £0.000100 each
10
10

11,936

11,200


During the year the following share were alloted at par:
73,620 A Ordinary shares of £0.01 each were issued paid for cash of £220,690.

Page 36

 
HD SHARMAN GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

26.


Reserves

Share premium account

Includes any premiums received on issue of share capital. Any transaction costs associated with the
issuing of shares are deducted from share premium.

Capital redemption reserve

Includes any shares which have been bought back by the Company.

Other reserves

The other reserve is a non-distributable reserve created by the exercise of s612 merger relief for the amount that the fair value of the shares acquired in connection with the acquisition of the subsidiary company, Gutterline Services Limited, is in excess of the nominal value of the 1,700,820 A Ordinary  shares of £0.01 each, 356,697 C Ordinary shares of £0.0000138 each and 495 Deferred shares of £0.0000557 each that were issued in exchange.
Amounts used to issue bonus shares and consideration for the purchase of own shares are also deducted from the merger reserve.

Profit and loss account

Includes all current and prior period retained profits and losses less any dividends paid.

Page 37

 
HD SHARMAN GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

27.


Share-based payments

The company operates an equity settled share based remuneration scheme for certain employees.  Those employees are granted options under the scheme that are exercisable if there are certain exit events. The only other vesting condition is that the employees remain in employment through the vesting period.

Weighted average exercise price (pence)
2024
Number
2024
Weighted average exercise price
(pence)
2023
Number
2023

Outstanding at the beginning of the year

3

94,370

3
 
94,370
 
Granted during the year


-

 
-
 
Exercised during the year

3

(73,620)

 
-
 
Outstanding at the end of the year
3

20,750

3
 
94,370
 

The exercise price of options outstanding at the year end was between £3 and their weighted average contractual life was 10 years.
None of the total options outstanding at the end of the year had vested and were exercisable at the year end.



2024
2023
£
£


Equity-settled schemes
-
-

-
-

Page 38

 
HD SHARMAN GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

28.


Prior year adjustment

Prior year adjustments have been made in the year impacting the Company Balance Sheet only requiring a restatement to debtors due within one year, creditors: amounts falling due within one year, and profit for the year. 
The impact to the Consolidated Statement of Income and Retained Earnings and Balance Sheet was £Nil (£Nil : 31 December 2023). 
The impact to the Company's Balance Sheet was to increase profits by £191,199 and increase reserves by £191,199.
During the current year, management identified an accounting error on internal charges and dividends in the year ended 31 December 2023. 
As a result, wholly owned subsidiary undertaking H D Sharman Limited paid an additional £250,000 management charge which related to 2023 to H D Sharman Group Limited. The impact of this is an increase in Company profit of £250,000 and an increase in amounts owed by group undertakings of £250,000.
In addition, this has led to a restatement of the corporation tax return for the year ended 31 December 2023; the corporation tax charge has increased by £58,801 and the corporation tax creditor has increased by £58,801.


29.


Contingent liabilities

All bank loans and overdrafts of the Group are secured by fixed and floating charges). The security given relates to a charge over 1,718,000 ordinary shares in Gutterline Services Limited and 40,000 ordinary shares in ITAC Limited and a cross guarantee over the assets of Gutterline Services Limited, H.D. Sharman Limited, Delvemade Limited and Seamsil Limited.


30.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £312,345 (2023 - £312,732).
Contributions totalling £15,404 (2023 - £13,288) were payable to the fund at the balance sheet date and are included in creditors.

Page 39

 
HD SHARMAN GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

31.


Commitments under operating leases

At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
403,037
329,385

Later than 1 year and not later than 5 years
694,549
800,109

Later than 5 years
347,135
517,263

1,444,721
1,646,757


32.


Related party transactions

The Company has taken advantage of the exemption from the requirement to disclose transactions with wholly owned group companies.
The company operated a loan account with Mr M De Rozarieux, a director of the company. The amount outstanding at the period end was £171,800 (2023 - £171,800). Interest charged on the loan during the period was £Nil (2023 - £Nil). The loan is repayable in full on the tenth anniversay of the loan.
During the year the company was charged management fees of £Nil (2023 - £Nil) from Bridgehill Partners Capital 1 Ltd, a company in which Mr J Moeller-Jensen and Mr B Horgan are directors.


33.


Controlling party

There is no ultimate controlling party.


Page 40