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Registered number: 10763187
Highview Group Holdings Limited
Strategic Report, Director's Report and
Financial Statements
For The Year Ended 30 September 2024
Contents
Page
Strategic Report 1
Director's Report 2
Independent Auditor's Report 3—5
Consolidated Profit and Loss Account 6
Consolidated Statement of Comprehensive Income 7
Consolidated Balance Sheet 8
Company Balance Sheet 9
Consolidated Statement of Changes in Equity 10
Company Statement of Changes in Equity 11
Consolidated Statement of Cash Flows 12
Notes to the Consolidated Statement of Cash Flows 13
Company Statement of Cash Flows 14
Notes to the Company Statement of Cash Flows 15
Notes to the Financial Statements 16—23
Page 1
Strategic Report
The director presents his strategic report for the year ended 30 September 2024.
Principal Activity
The group's principal activity continues to be that of a holding company.
Review of the Business
The profit for the year after taxation amounted to £394,418 (2023: £256,273). The company paid dividends of £28,936 (2023: £95,266) during the year.
Principal Risks and Uncertainties
The company has exposures to the risks listed below. To a lesser extent the company is exposed to obtaining the continuation of work as indicated under future developments.
Liquidity risk
The objective of the company in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due.
In order to achieve this the company manages its cash and borrowing requirements in order to minimise interest expenses, whilst ensuring that the company has sufficient liquid resources to meet the operating needs of the business.
Customer credit risk
The company may offer credit terms to its customers, which allow payment of the debt after delivery of the products. The company is at risk to the extent that the customer may be unable to pay the debt on the specified due date. The risk is mitigated by the strong on-going customer relationships and by credit controls in place.
On behalf of the board
Mr Terry Lake
Director
9th May 2025
Page 1
Page 2
Director's Report
The director presents his report and the financial statements for the year ended 30 September 2024.
Directors
The director who held office during the year were as follows:
Mr Terry Lake
Statement of Director's Responsibilities
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the director 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 the financial statements the director is required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company and 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. He is 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.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Director's Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.
Independent Auditors
The auditors, Pocknells Audit Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr Terry Lake
Director
9th May 2025
Page 2
Page 3
Independent Auditor's Report
Opinion
We have audited the financial statements of Highview Group Holdings Limited (the "parent company") and its subsidiaries (the "group") for the year ended 30 September 2024 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement, Company Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
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 30 September 2024 and of the group's profit/(loss) for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent company's ability to continue as a going concern for a period of at least 12 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 other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. 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 Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.
Page 3
Page 4
Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's 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 or returns; or
  • certain disclosures of director's remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the Director's Responsibilities Statement set out on page 2, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director 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 director is responsible for assessing the group and 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.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
- We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006) and the relevant direct and indirect tax compliance regulations in the United Kingdom, health and safety regulations and General Data Protection Requirements.
- We understood how Highview Group Limited is complying with those frameworks by making enquiries of management to understand the process in place to maintain and communicate its policies and procedures in these areas. We corroborated our enquiries through our review of board minutes, correspondence with relevant authorities and supporting documentation, and noted that there was no contradictory evidence.
- We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by considering the risk of management override and by assuming revenue to be a fraud risk. We tested manual journals, revenue recognition and cut off. We selected and tested specific transactions, including manual journals, agreeing back to source documentation ensuring appropriate authorisation of the transactions.
- Based on this understanding we designed our audit procedures to identify non compliance with such laws and regulations. Our procedures involved:
-Enquiry of management and those charged with governance as to any fraud identified or suspected in the period, any actual or potential litigation or claims or breaches of significant laws or regulations applicable to the company;
-Auditing the risk of management override of controls, through selecting and testing a sample of journal entries, meeting certain criteria defined as associated to the risk of management override and other adjustments for appropriateness;
-Enquiry of management, coupled with testing of journal entries, in order to identify and understand any significant transactions outside the normal course of business;
-Challenging the judgements made by management through corroborating the basis for those judgements and considering contradicting evidence; and
-Reading the financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Page 4
Page 5
Jeremy Boyden BA (Hons) FCA (Senior Statutory Auditor)
for and on behalf of Pocknells Audit Limited , Statutory Auditor
9th May 2025
Pocknells Audit Limited
46 Hullbridge Road
South Woodham Ferrers
Essex
CM3 5NG
Page 5
Page 6
Consolidated Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 19,951,194 14,653,840
Cost of sales (16,033,640 ) (11,449,239 )
GROSS PROFIT 3,917,554 3,204,601
Administrative expenses (3,222,123 ) (2,830,828 )
OPERATING PROFIT 3 695,431 373,773
Profit on disposal of fixed assets 6,500 40,304
Interest payable and similar charges 8 (207,098 ) (154,350 )
PROFIT BEFORE TAXATION 494,833 259,727
Tax on Profit 9 (100,415 ) (3,454 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 394,418 256,273
Profit attributable to:
Owners of the parent 332,250 228,599
Non-controlling interest 62,168 27,674
394,418 256,273
The notes on pages 13 to 23 form part of these financial statements.
Page 6
Page 7
Consolidated Statement of Comprehensive Income
2024 2023
£ £
PROFIT FOR THE FINANCIAL YEAR 394,418 256,273
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 394,418 256,273
Total comprehensive income attributable to:
Owners of the parent 332,250 228,599
Non-controlling interest 62,168 27,674
394,418 256,273
Page 7
Page 8
Consolidated Balance Sheet
Registered number: 10763187
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 10 400,432 206,527
400,432 206,527
CURRENT ASSETS
Stocks 12 26,284 25,817
Debtors 13 6,280,492 5,040,226
Cash at bank and in hand 1,336,319 1,623,843
7,643,095 6,689,886
Creditors: Amounts Falling Due Within One Year 14 (5,857,892 ) (4,964,961 )
NET CURRENT ASSETS (LIABILITIES) 1,785,203 1,724,925
TOTAL ASSETS LESS CURRENT LIABILITIES 2,185,635 1,931,452
Creditors: Amounts Falling Due After More Than One Year 15 (555,181 ) (502,400 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 18 (25,919 ) -
NET ASSETS 1,604,535 1,429,052
CAPITAL AND RESERVES
Called up share capital 19 775 1,000
Capital redemption reserve 225 -
Profit and Loss Account 1,428,693 1,315,378
Equity attributable to owners of the parent 1,429,693 1,316,378
Non-controlling interest 174,842 112,674
TOTAL EQUITY 1,604,535 1,429,052
On behalf of the board
Mr Terry Lake
Director
9th May 2025
The notes on pages 13 to 23 form part of these financial statements.
Page 8
Page 9
Company Balance Sheet
Registered number: 10763187
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investments 11 1,830 1,100
1,830 1,100
CURRENT ASSETS
Debtors 13 681,473 781,847
Cash at bank and in hand 6 6
681,479 781,853
Creditors: Amounts Falling Due Within One Year 14 (90,824 ) (469 )
NET CURRENT ASSETS (LIABILITIES) 590,655 781,384
TOTAL ASSETS LESS CURRENT LIABILITIES 592,485 782,484
NET ASSETS 592,485 782,484
CAPITAL AND RESERVES
Called up share capital 19 775 1,000
Capital redemption reserve 225 -
Profit and Loss Account 591,485 781,484
SHAREHOLDERS' FUNDS 592,485 782,484
In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 28,936 (2023: £ 95,266 profit).
On behalf of the board
Mr Terry Lake
Director
9th May 2025
The notes on pages 13 to 23 form part of these financial statements.
Page 9
Page 10
Consolidated Statement of Changes in Equity
Share Capital Capital Redemption Profit and Loss Account Total Attributable to Parent
£ £ £ £
As at 1 October 2022 1,000 - 1,182,045 1,183,045
Profit for the year and total comprehensive income - - 228,599 228,599
Dividends paid - - (95,266) (95,266)
As at 30 September 2023 and 1 October 2023 1,000 - 1,315,378 1,316,378
Profit for the year and total comprehensive income - - 332,250 332,250
Dividends paid - - (28,936) (28,936)
Purchase of own shares - 225 (189,999 ) (189,774)
As at 30 September 2024 775 225 1,428,693 1,429,693
Non-controlling interest Total
£ £
As at 1 October 2022 85,000 1,268,045
Profit for the year and total comprehensive income 27,674 256,273
Dividends paid - (95,266)
As at 30 September 2023 and 1 October 2023 112,674 1,429,052
Profit for the year and total comprehensive income 62,168 394,418
Dividends paid - (28,936)
Purchase of own shares - (189,774)
As at 30 September 2024 174,842 1,604,535
Page 10
Page 11
Company Statement of Changes in Equity
Share Capital Capital Redemption Profit and Loss Account Total
£ £ £ £
As at 1 October 2022 1,000 - 781,484 782,484
Profit for the year and total comprehensive income - - 95,266 95,266
Dividends paid - - (95,266) (95,266)
As at 30 September 2023 and 1 October 2023 1,000 - 781,484 782,484
Profit for the year and total comprehensive income - - 28,936 28,936
Dividends paid - - (28,936) (28,936)
Purchase of own shares - 225 (189,999 ) (189,774)
As at 30 September 2024 775 225 591,485 592,485
Page 11
Page 12
Consolidated Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 397,385 1,213,470
Interest paid (207,098 ) (154,351 )
Tax paid (6,707 ) (118,148 )
Net cash generated from operating activities 183,580 940,971
Cash flows from investing activities
Purchase of tangible assets (268,698 ) (258,813 )
Proceeds from disposal of tangible assets 6,500 92,186
Net cash used in investing activities (262,198 ) (166,627 )
Cash flows from financing activities
Purchase/redemption of own shares (189,999 ) -
Equity dividends paid (28,936 ) (95,266 )
Proceeds from new bank borrowings - 83,420
Repayment of bank borrowings (190,730 ) -
Repayment of finance leases 200,759 (28,890 )
Net cash used in financing activities (208,906 ) (40,736 )
(Decrease)/increase in cash and cash equivalents (287,524 ) 733,608
Cash and cash equivalents at beginning of year 2 1,623,843 890,235
Cash and cash equivalents at end of year 2 1,336,319 1,623,843
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Notes to the Consolidated Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2024 2023
£ £
Profit for the financial year 394,418 256,273
Adjustments for:
Tax on profit 100,415 3,454
Interest expense 207,098 154,350
Depreciation of tangible assets 74,793 82,758
Profit on disposal of tangible assets (6,500) (40,304)
Movements in working capital:
(Increase)/decrease in stocks (467 ) 22,491
Increase in trade and other debtors (1,240,266 ) (1,266,276 )
Increase in trade and other creditors 867,894 2,000,724
Net cash generated from operations 397,385 1,213,470
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 1,336,319 1,623,843
3. Analysis of changes in net funds
As at 1 October 2023 Cash flows As at 30 September 2024
£ £ £
Cash at bank and in hand 1,623,843 (287,524) 1,336,319
Finance leases (184,530) (200,759) (385,289)
Debts falling due within one year (180,592 ) 72,282 (108,310 )
Debts falling due after more than one year (341,993) 118,448 (223,545)
916,728 (297,553) 619,175
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Company Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 190,729 -
Net cash generated from operating activities 190,729 -
Cash flows from investing activities
Purchase of other fixed asset investments (730 ) -
Dividends received 28,936 95,266
Net cash generated from investing activities 28,206 95,266
Cash flows from financing activities
Purchase/redemption of own shares (189,999 ) -
Equity dividends paid (28,936 ) (95,266 )
Net cash used in financing activities (218,935 ) (95,266 )
Increase/(decrease) in cash and cash equivalents - -
Cash and cash equivalents at beginning of year 2 6 6
Cash and cash equivalents at end of year 2 6 6
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Notes to the Company Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2024 2023
£ £
Profit for the financial year 28,936 95,266
Adjustments for:
Income from shares in group undertakings (28,936) (95,266)
Movements in working capital:
Decrease in trade and other debtors 100,374 -
Increase in trade and other creditors 90,355 -
Net cash generated from operations 190,729 -
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 6 6
3. Analysis of changes in net funds
As at 1 October 2023 Cash flows As at 30 September 2024
£ £ £
Cash at bank and in hand 6 - 6
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Notes to the Financial Statements
1. General Information
Highview Group Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10763187 . The registered office is First Floor, 39 High Street, Billericay, Essex, CM12 9BA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 30 September 2024.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.
Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.
Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.
Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.
2.3. Business Combinations
Business combinations are accounted for by applying the purchase method.
The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.
Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.
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2.4. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% reducing balance
Fixtures & Fittings 15% reducing balance
Computer Equipment 25% reducing balance
2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.8. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
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2.9. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Operating Profit
The operating profit is stated after charging:
2024 2023
£ £
Bad debts (2,575) -
Depreciation of tangible fixed assets 74,793 82,758
4. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 15,000 -
5. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 1,679,848 1,491,917
Social security costs 217,763 140,498
Other pension costs 51,900 29,172
1,949,511 1,661,587
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6. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
Group Company
2024 2023 2024 2023
Office and administration 1 1 1 1
1 1 1 1
7. Director's remuneration
2024 2023
£ £
Emoluments 465,916 271,667
Company contributions to money purchase pension schemes 14,003 9,200
479,919 280,867
Information regarding the highest paid director was as follows:
2024 2023
£ £
Emoluments 170,000 110,417
Company contributions to money purchase pension schemes 5,120 3,400
175,120 113,817
8. Interest Payable and Similar Charges
2024 2023
£ £
Bank loans and overdrafts 31,686 50,058
Interest payable on other loans 51 176
Factoring charges 159,292 97,855
Finance charges payable under finance leases and hire purchase contracts 16,069 6,261
207,098 154,350
9. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax - 25.0% 74,496 3,454
Deferred Tax
Deferred taxation 25,919 -
Total tax charge for the period 100,415 3,454
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
...CONTINUED
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2024 2023
£ £
Profit before tax 494,833 259,727
Tax on profit at 25% (UK standard rate) 123,708 64,932
Expenses not deductible for tax purposes 59,068 31,140
Tax losses utilised 53 445
Capital allowances (37,423 ) (8,348 )
Short term timing differences 25,919 -
Research and Development tax credit (70,910 ) (74,164 )
Difference in tax rates - (10,551 )
Total tax charge for the period 100,415 3,454
10. Tangible Assets
Group
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 October 2023 264,737 18,893 24,353 307,983
Additions 268,698 - - 268,698
As at 30 September 2024 533,435 18,893 24,353 576,681
Depreciation
As at 1 October 2023 74,056 11,916 15,484 101,456
Provided during the period 71,416 1,047 2,330 74,793
As at 30 September 2024 145,472 12,963 17,814 176,249
Net Book Value
As at 30 September 2024 387,963 5,930 6,539 400,432
As at 1 October 2023 190,681 6,977 8,869 206,527
Company
The company had no tangible fixed assets as at 30 September 2024 or 30 September 2023.
11. Investments
Company
Unlisted
£
Cost
As at 1 October 2023 1,100
Additions 730
As at 30 September 2024 1,830
Provision
As at 1 October 2023 -
As at 30 September 2024 -
...CONTINUED
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Net Book Value
As at 30 September 2024 1,830
As at 1 October 2023 1,100
12. Stocks
2024 2023
£ £
Stock 26,284 25,817
13. Debtors
Group Company
2024 2023 2024 2023
£ £ £ £
Due within one year
Trade debtors 2,130,218 2,846,955 - -
Amounts recoverable on contracts 2,967,431 1,373,798 - -
Amounts owed by group undertakings - - 681,473 781,847
Other debtors 1,182,843 819,473 - -
6,280,492 5,040,226 681,473 781,847
14. Creditors: Amounts Falling Due Within One Year
Group Company
2024 2023 2024 2023
£ £ £ £
Net obligations under finance lease and hire purchase contracts 53,653 24,123 - -
Trade creditors 2,754,837 2,502,256 - -
Bank loans and overdrafts 108,310 180,592 - -
Other creditors 712,541 83,945 90,824 469
Corporation tax 145,407 77,618 - -
Taxation and social security 166,151 45,619 - -
Accruals and deferred income 1,916,993 2,050,808 - -
5,857,892 4,964,961 90,824 469
15. Creditors: Amounts Falling Due After More Than One Year
Group
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 331,636 160,407
Bank loans 223,545 341,993
555,181 502,400
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16. Loans
An analysis of the maturity of loans is given below:
Group
2024 2023
£ £
Amounts falling due within one year or on demand:
Bank loans 108,310 180,592
Group
2024 2023
£ £
Amounts falling due between one and five years:
Bank loans 223,545 341,993
17. Obligations Under Finance Leases and Hire Purchase
Group
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 53,653 24,123
Later than one year and not later than five years 331,636 160,407
385,289 184,530
385,289 184,530
18. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 25,919 -
19. Share Capital
2024 2023
Allotted, called up and fully paid £ £
1 Ordinary Shares of £ 775.00 each 775 1,000
20. Pension Commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £51,900 (2023: £29,172).
At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.
21. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 28,936 95,266
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22. Controlling Parties
The company's ultimate controlling party is Terry Lake by virtue of their interest in the share capital of the company.
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