HOLT FAMILY (HOLDINGS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Company Registration No. 07732945 (England and Wales)
HOLT FAMILY (HOLDINGS) LIMITED
COMPANY INFORMATION
Directors
Mr D B Holt
Mr D M Holt
Mrs E L Pix
Mr R L Holt
Company number
07732945
Registered office
Linden Lea
Gilstead Lane
Bingley
West Yorkshire
BD16 3LN
Auditor
Azets Audit Services
Carlton House
Grammar School Street
Bradford
BD1 4NS
HOLT FAMILY (HOLDINGS) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 31
HOLT FAMILY (HOLDINGS) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

The directors present the strategic report for the year ended 30 September 2024.

Fair review of the business

The principal activity of the company continued to be that of running and operating the nursing home businesses, namely The Glen Nursing Home Ltd, Five Rise Nursing Home Limited and The Avenue Care Home (Bradford) Limited to a high standard whilst continuing to meet all regulations as set out by the current regulators the Care Quality Commission (CQC).

The directors consider the results to be very pleasing with continued profits year on year despite rising costs particularly relating to wages.

The directors continue to remain active members of the management and operating team at The Glen Nursing Home, Five Rise Nursing Home and The Avenue Care Home (Bradford). The retention of the strong management team and experienced staff is a continued focus for the group.

The directors also continue to review and assess on a monthly basis the financial performance of the homes within the group and have implemented a quarterly directors meeting to review results and discuss plans moving forward.

Principal risks and uncertainties

The performance of the group continued to exceeded expectations and the group therefore performed better than anticipated.

As ever the CQC regulations and the impact of any negative reports is a key risk for the group.

The Glen Nursing Home and Five Rise Nursing Home have good and outstanding ratings retrospectively and whilst The Avenue suffered a minor set back in one area all other areas were rated as good.

The directors are monitoring closely the impact of increasing employment costs from April 25 alongside continuing to watch how general on going inflationary rises in costs have on the cash flow within the business.

Development and performance

Turnover in the coming period is expected to increase, marginally, across the three homes.

The directors note the increase in fees will not be the significant increases seen in the prior few years as the room rates are closely monitored so that they remain competitive but reflect the quality environment and care on offer.

This year will see the full result over the whole period of the uplifted capacity of beds at The Glen Nursing Home which will help the turnover result.

It is worth noting that the predicted council fee increase may not fully cover the increased employment costs so a focus on ensuring all room are charged at current room rates as new residents arrive alongside tight management of the staffing levels and agency costs is a key focus for the management team.

The refinanicng of the lending for exsisting loans and the construction of extension was completed in the prior year and the directors arepleased to see that post year end the reduction in the base rate has reduced, albeit marginally at present, the borrowing costs in the business.

Despite the increase in borrowing required the additional profit achieved from the additional rooms has been a success.

Future plans

Whilst the success of the of the extension at The Glen Nursing Home with the additional beds being filled immediately and the positive uplift in the profits of the business the directors are maintaining a cautious view to further development of the current sites.

The directors are always looking at opportunities develop current sites, and possibly look at building addiitonal homes, but they are aware of the increased borrowing costs.

Therefore, at present, the continued approach of ensuring current sites are in an excellent standard is deemed preferential to further developments.

However, should an opportunity present itself it will be reviewed on a case by case basis.

HOLT FAMILY (HOLDINGS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Key performance indicators

The group operating profit margin has increased to 20.7% (2023 - 18.8%).

The group’s liquidity ratios have increased from the prior year. Current assets are covering current liabilities 1.40 times (2023 - 1.25 times).

The most recent CQC inspections reflect, The Glen Nursing Home achieved an overall Good rating, Five Rise Nursing Home achieved an overall Outstanding rating and The Avenue Care Home achieved an overall Requires Improvement rating.

On behalf of the board

Mr D M Holt
Director
14 May 2025
HOLT FAMILY (HOLDINGS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 September 2024.

Principal activities

The principal activity of the company and group continued to be that of care and residential accommodation.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr D B Holt
Mr D M Holt
Mrs E L Pix
Mr R L Holt
Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £917,674. The directors do not recommend payment of a further dividend.

Auditor

Azets Audit Services were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Strategic report

The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

On behalf of the board
Mr D M Holt
Director
14 May 2025
HOLT FAMILY (HOLDINGS) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

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

 

 

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

HOLT FAMILY (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HOLT FAMILY (HOLDINGS) LIMITED
- 5 -
Opinion

We have audited the financial statements of Holt Family (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

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

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are 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. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

HOLT FAMILY (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HOLT FAMILY (HOLDINGS) LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

HOLT FAMILY (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HOLT FAMILY (HOLDINGS) LIMITED
- 7 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Capability of the audit in detecting irregularities, including fraud

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in 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.

Alison Whalley (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
14 May 2025
Chartered Accountants
Statutory Auditor
Carlton House
Grammar School Street
Bradford
BD1 4NS
HOLT FAMILY (HOLDINGS) LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
13,773,284
10,998,294
Cost of sales
(1,713,108)
(989,085)
Gross profit
12,060,176
10,009,209
Administrative expenses
(9,223,455)
(7,979,646)
Other operating income
11,461
36,865
Operating profit
4
2,848,182
2,066,428
Interest receivable and similar income
7
5,014
4,129
Interest payable and similar expenses
8
(873,290)
(676,592)
Profit before taxation
1,979,906
1,393,965
Tax on profit
9
(526,042)
(342,840)
Profit for the financial year
1,453,864
1,051,125
Profit for the financial year is all attributable to the owners of the parent company.
HOLT FAMILY (HOLDINGS) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
2024
2023
£
£
Profit for the year
1,453,864
1,051,125
Other comprehensive income
-
-
Total comprehensive income for the year
1,453,864
1,051,125
Total comprehensive income for the year is all attributable to the owners of the parent company.
HOLT FAMILY (HOLDINGS) LIMITED
GROUP BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
14,350,641
13,888,101
Current assets
Debtors
14
898,288
959,151
Cash at bank and in hand
2,070,944
1,480,153
2,969,232
2,439,304
Creditors: amounts falling due within one year
15
(2,119,821)
(1,949,974)
Net current assets
849,411
489,330
Total assets less current liabilities
15,200,052
14,377,431
Creditors: amounts falling due after more than one year
16
(10,906,311)
(10,795,213)
Provisions for liabilities
Deferred tax liability
19
372,581
197,247
(372,581)
(197,247)
Net assets
3,921,160
3,384,971
Capital and reserves
Called up share capital
21
504
504
Profit and loss reserves
4,054,167
3,517,978
Equity attributable to owners of the parent company
4,054,671
3,518,482
Non-controlling interests
(133,511)
(133,511)
3,921,160
3,384,971
The financial statements were approved by the board of directors and authorised for issue on 14 May 2025 and are signed on its behalf by:
14 May 2025
Mr D M Holt
Director
Company registration number 07732945 (England and Wales)
HOLT FAMILY (HOLDINGS) LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
9,102,119
8,551,733
Investments
12
400
400
9,102,519
8,552,133
Current assets
Debtors
14
5,764,510
6,004,949
Cash at bank and in hand
25,396
238,854
5,789,906
6,243,803
Creditors: amounts falling due within one year
15
(3,689,881)
(3,506,711)
Net current assets
2,100,025
2,737,092
Total assets less current liabilities
11,202,544
11,289,225
Creditors: amounts falling due after more than one year
16
(10,804,429)
(10,671,038)
Provisions for liabilities
Deferred tax liability
19
120,680
37,104
(120,680)
(37,104)
Net assets
277,435
581,083
Capital and reserves
Called up share capital
21
504
504
Profit and loss reserves
276,931
580,579
Total equity
277,435
581,083

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £614,026 (2023 - £328,029 profit).

The financial statements were approved by the board of directors and authorised for issue on 14 May 2025 and are signed on its behalf by:
14 May 2025
Mr D M Holt
Director
Company registration number 07732945 (England and Wales)
HOLT FAMILY (HOLDINGS) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
Balance at 1 October 2022
504
3,302,448
3,302,952
(133,511)
3,169,441
Year ended 30 September 2023:
Profit and total comprehensive income
-
1,051,125
1,051,125
-
1,051,125
Dividends
10
-
(835,595)
(835,595)
-
(835,595)
Balance at 30 September 2023
504
3,517,978
3,518,482
(133,511)
3,384,971
Year ended 30 September 2024:
Profit and total comprehensive income
-
1,453,864
1,453,864
-
1,453,864
Dividends
10
-
(917,674)
(917,674)
-
(917,674)
Balance at 30 September 2024
504
4,054,167
4,054,671
(133,511)
3,921,160
HOLT FAMILY (HOLDINGS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2022
504
1,088,145
1,088,649
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
328,029
328,029
Dividends
10
-
(835,595)
(835,595)
Balance at 30 September 2023
504
580,579
581,083
Year ended 30 September 2024:
Profit and total comprehensive income
-
614,026
614,026
Dividends
10
-
(917,674)
(917,674)
Balance at 30 September 2024
504
276,931
277,435
HOLT FAMILY (HOLDINGS) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
3,405,186
2,694,761
Interest paid
(873,290)
(676,592)
Income taxes paid
(341,721)
(335,222)
Net cash inflow from operating activities
2,190,175
1,682,947
Investing activities
Purchase of tangible fixed assets
(905,101)
(1,252,937)
Proceeds from disposal of tangible fixed assets
-
80,718
Repayment of loans
-
389,168
Interest received
5,014
4,129
Net cash used in investing activities
(900,087)
(778,922)
Financing activities
Repayment of bank loans
244,501
325,948
Payment of finance leases obligations
(26,124)
99,921
Dividends paid to equity shareholders
(917,674)
(835,595)
Net cash used in financing activities
(699,297)
(409,726)
Net increase in cash and cash equivalents
590,791
494,299
Cash and cash equivalents at beginning of year
1,480,153
985,854
Cash and cash equivalents at end of year
2,070,944
1,480,153
HOLT FAMILY (HOLDINGS) LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
1,381,837
1,037,722
Interest paid
(862,672)
(660,298)
Income taxes (paid)/refunded
(17,000)
440
Net cash inflow from operating activities
502,165
377,864
Investing activities
Purchase of tangible fixed assets
(706,650)
(794,344)
Repayment of loans
-
0
389,168
Interest received
-
0
4,129
Dividends received
664,200
664,200
Net cash (used in)/generated from investing activities
(42,450)
263,153
Financing activities
Repayment of bank loans
244,501
325,948
Dividends paid to equity shareholders
(917,674)
(835,595)
Net cash used in financing activities
(673,173)
(509,647)
Net (decrease)/increase in cash and cash equivalents
(213,458)
131,370
Cash and cash equivalents at beginning of year
238,854
107,484
Cash and cash equivalents at end of year
25,396
238,854
HOLT FAMILY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
1
Accounting policies
Company information

Holt Family (Holdings) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Carlton House, Grammar School Street, Bradford.

 

The group consists of Holt Family (Holdings) Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Holt Family (Holdings) Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 September 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

HOLT FAMILY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Plant and equipment
20% straight line
Fixtures and fittings
25% reducing balance
Computers
33% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company 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.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

HOLT FAMILY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

HOLT FAMILY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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

HOLT FAMILY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 20 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

HOLT FAMILY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.16
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

HOLT FAMILY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Care and residential accommodation
13,773,284
10,998,294
2024
2023
£
£
Other revenue
Interest income
5,014
4,129
Grants received
9,205
6,269
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(9,205)
(6,269)
Depreciation of owned tangible fixed assets
442,560
440,113
(Profit)/loss on disposal of tangible fixed assets
-
17,349
Amortisation of intangible assets
-
31
Operating lease charges
79,329
71,668
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
15,060
13,550
Audit of the financial statements of the company's subsidiaries
55,500
46,580
70,560
60,130
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
237
218
-
0
-
0
HOLT FAMILY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
6
Employees
(Continued)
- 23 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
6,169,210
5,476,267
-
0
-
0
Social security costs
459,002
375,361
-
-
Pension costs
92,172
87,324
-
0
-
0
6,720,384
5,938,952
-
0
-
0
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
4,312
-
0
Other interest income
702
4,129
Total income
5,014
4,129
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
4,312
-
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
862,672
661,050
Other finance costs:
Interest on finance leases and hire purchase contracts
10,618
13,687
Other interest
-
1,855
Total finance costs
873,290
676,592
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
350,000
299,991
HOLT FAMILY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
9
Taxation
2024
2023
£
£
(Continued)
- 24 -
Deferred tax
Origination and reversal of timing differences
176,042
42,849
Total tax charge
526,042
342,840

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,979,906
1,393,965
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
494,977
348,491
Tax effect of expenses that are not deductible in determining taxable profit
7,076
643
Tax effect of income not taxable in determining taxable profit
-
0
(64)
Tax effect of utilisation of tax losses not previously recognised
(8,075)
-
0
Unutilised tax losses carried forward
32,105
120,231
Effect of change in corporation tax rate
-
(40,780)
Group relief
(179,808)
(119,665)
Capital allowances and depreciation add back
3,822
(13,760)
Pension adjustment
(97)
4,896
Deferred tax
176,042
42,848
Taxation charge
526,042
342,840
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
917,674
835,595
HOLT FAMILY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 25 -
11
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 October 2023
14,447,691
338,702
251,258
18,623
276,442
15,332,716
Additions
706,650
-
0
178,943
9,718
9,790
905,101
At 30 September 2024
15,154,341
338,702
430,201
28,341
286,232
16,237,817
Depreciation and impairment
At 1 October 2023
1,102,836
135,466
124,537
10,595
71,182
1,444,616
Depreciation charged in the year
254,977
67,740
61,924
6,400
51,519
442,560
At 30 September 2024
1,357,813
203,206
186,461
16,995
122,701
1,887,176
Carrying amount
At 30 September 2024
13,796,528
135,496
243,740
11,346
163,531
14,350,641
At 30 September 2023
13,344,856
203,236
126,721
8,028
205,260
13,888,101
Company
Freehold land and buildings
£
Cost
At 1 October 2023
9,512,026
Additions
706,650
At 30 September 2024
10,218,676
Depreciation and impairment
At 1 October 2023
960,293
Depreciation charged in the year
156,264
At 30 September 2024
1,116,557
Carrying amount
At 30 September 2024
9,102,119
At 30 September 2023
8,551,733
HOLT FAMILY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 26 -
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
400
400
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023 and 30 September 2024
400
Carrying amount
At 30 September 2024
400
At 30 September 2023
400
13
Subsidiaries

Details of the company's subsidiaries at 30 September 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Five Rise Nursing Home Limited
England and Wales
Ordinary
100.00
The Glen Nursing Home Limited
England and Wales
Ordinary
100.00
Holt Family CNH Limited
England and Wales
Ordinary
100.00
The Avenue Care Home Bradford Limited
England and Wales
Ordinary
100.00
HOLT FAMILY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 27 -
14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
758,727
822,872
-
0
-
0
Corporation tax recoverable
29,143
-
0
29,143
-
0
Amounts owed by group undertakings
-
-
5,721,409
5,957,505
Other debtors
13,931
49,556
13,631
47,444
Prepayments and accrued income
96,487
86,015
327
-
0
898,288
958,443
5,764,510
6,004,949
Amounts falling due after more than one year:
Deferred tax asset (note 19)
-
0
708
-
0
-
0
Total debtors
898,288
959,151
5,764,510
6,004,949
15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
17
591,353
480,243
591,353
480,243
Obligations under finance leases
18
22,293
26,124
-
0
-
0
Trade creditors
814,762
886,461
35,999
233,281
Amounts owed to group undertakings
-
0
-
0
2,900,708
2,708,874
Corporation tax payable
125,701
88,279
-
0
(12,143)
Other taxation and social security
107,721
92,844
-
-
Other creditors
174,656
138,173
139,021
74,166
Accruals and deferred income
283,335
237,850
22,800
22,290
2,119,821
1,949,974
3,689,881
3,506,711
16
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
17
10,804,429
10,671,038
10,804,429
10,671,038
Obligations under finance leases
18
101,882
124,175
-
0
-
0
10,906,311
10,795,213
10,804,429
10,671,038
HOLT FAMILY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 28 -
17
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
11,395,782
11,151,281
11,395,782
11,151,281
Payable within one year
591,353
480,243
591,353
480,243
Payable after one year
10,804,429
10,671,038
10,804,429
10,671,038

The bank loan value comprises one loan and one drawdown facility. The loans have been provided with interest rates of 7.1% and are repayable within 20 to 22 years.The loans an drawdown facility are secured by fixed charges over the property and guarantees provided by the subsidiary companies.

18
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
22,293
26,124
-
0
-
0
In two to five years
101,882
124,175
-
0
-
0
124,175
150,299
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
470,921
421,137
-
708
Tax losses
(98,340)
(223,890)
-
-
372,581
197,247
-
708
HOLT FAMILY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
19
Deferred taxation
(Continued)
- 29 -
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
185,553
125,964
-
-
Tax losses
(64,873)
(88,860)
-
-
120,680
37,104
-
-
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 October 2023
196,539
37,104
Charge to profit or loss
176,042
83,576
Liability at 30 September 2024
372,581
120,680
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
92,172
87,324

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Issued and fully paid
125 Ordinary A shares of £1 each
125
125
125 Ordinary B shares of £1 each
125
125
125 Ordinary C shares of £1 each
125
125
125 Ordinary D shares of £1 each
125
125
1 Ordinary E shares of £1 each
1
1
1 Ordinary F shares of £1 each
1
1
1 Ordinary G shares of £1 each
1
1
1 Ordinary H shares of £1 each
1
1
504
504
HOLT FAMILY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 30 -
22
Related party transactions
Transactions with related parties

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Entities with control, joint control or significant influence over the group
2,653
21,058
Company
Entities with control, joint control or significant influence over the company
2,653
21,058

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Other related parties
13,630
47,443
Company
Other related parties
13,630
47,443
23
Directors' transactions

Dividends totalling £917,674 (2023 - £835,595) were paid in the year in respect of shares held by the company's directors.

Advances or credits have been granted to the group by its directors as follows:

HOLT FAMILY (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 31 -
24
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,453,864
1,051,125
Adjustments for:
Taxation charged
526,042
342,840
Finance costs
873,290
676,592
Investment income
(5,014)
(4,129)
(Gain)/loss on disposal of tangible fixed assets
-
17,349
Amortisation and impairment of intangible assets
-
31
Depreciation and impairment of tangible fixed assets
442,560
440,113
Movements in working capital:
Decrease/(increase) in debtors
89,298
(48,475)
Increase in creditors
25,146
219,315
Cash generated from operations
3,405,186
2,694,761
25
Analysis of changes in net debt - company
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
238,854
(213,458)
25,396
Borrowings excluding overdrafts
(11,151,281)
(244,501)
(11,395,782)
(10,912,427)
(457,959)
(11,370,386)
26
Analysis of changes in net debt - group
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
1,480,153
590,791
2,070,944
Borrowings excluding overdrafts
(11,151,281)
(244,501)
(11,395,782)
Obligations under finance leases
(150,299)
26,124
(124,175)
(9,821,427)
372,414
(9,449,013)
2024-09-302023-10-01falsefalseCCH SoftwareCCH Accounts Production 2025.100Mr D B HoltMr D M HoltMrs E L PixMr R L 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