Company registration number 03909303 (England and Wales)
A & E Holdings Limited
Annual Report and Consolidated
Financial Statements
for the year ended 31 December 2024
A & E Holdings Limited
Company Information
Directors
K G Brownlee
Dr A C Dieter
Company number
03909303
Registered office
West House
King Cross Road
Halifax
West Yorkshire
HX1 1EB
Auditor
B M Howarth Ltd
West House
King Cross Road
Halifax
West Yorkshire
HX1 1EB
Bankers
HSBC Bank plc
47 Eastgate Street
Chester
Cheshire
CH1 1XW
A & E Holdings Limited
Contents
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Group statement of income and retained earnings
7
Group statement of financial position
8
Company statement of financial position
9
Group statement of cash flows
10
Notes to the financial statements
11 - 20
A & E Holdings Limited
Strategic Report
for the year ended 31 December 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
Business review
The results for the group show turnover of £22.4m (2023: £21.6m) and a pre tax profit of £4.6m (2023: £3.9m) for the year. The gross profit margin is 52.3% (2023: 49.4%). The performance meets the directors' expectation for the year.
Net assets for the group have increased to £22.9m (2023: £22.4m) with a cash balance of £6.3m (2023: £4.9m), stocks of £7.4m (2023: £8.2m) and tangible assets of £8.0m (2023: £7.9m). This has been achieved through good cash flow management.
The group has reacted to increase capacity in key areas to cope with demand in specific sectors and fulfil the requirements of our customers. The group invested heavily to further enhance their position in the marketplace.
Financial risks and uncertainties
Financial risks affecting the group include the risk of reduced liquidity, finance cost risk and exchange rate risk. These risks are managed on a daily basis by controlling the cash flow including the purchase of raw materials and other services in relation to future orders.
All debts are rigorously chased as they fall due. Competitive pressure is also a continuing risk for the group. The group manages the risk by maintaining strong relations with its customers, reacting efficiently to meet their demands and supplying quality products and services. The group has an exceptionally high level of customer retention and repeat customer business.
Payment of creditors
The group's policy is to pay creditors in line with each of the suppliers credit terms.
Future developments
The group carries forward a significant order book and the directors believe that 2025 will be another strong year financially.
The group has sufficient resources and the directors are committed to continue to invest in assets throughout 2025 and beyond to support the group’s prospects in the short and long term.
K G Brownlee
Director
10 March 2025
A & E Holdings Limited
Directors' Report
for the year ended 31 December 2024
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the group continued to be that of engineers and designers of hydraulic equipment.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £3,000,000. The directors recommend payment of a final dividend amounting to £1,000,000.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
K G Brownlee
Dr W Dieter
(Resigned 8 June 2024)
Dr A C Dieter
(Appointed 16 August 2024)
Auditor
The auditor, B M Howarth Ltd, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards 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 group and company will continue in business.
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.
Strategic report
The truegroup 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.
A & E Holdings Limited
Directors' Report (continued)
for the year ended 31 December 2024
- 3 -
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.
On behalf of the board
K G Brownlee
Director
10 March 2025
A & E Holdings Limited
Independent Auditor's Report
to the members of A & E Holdings Limited
- 4 -
Opinion
We have audited the financial statements of A & E Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of income and retained earnings, the group statement of financial position, the company statement of financial position, the group 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:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
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:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
A & E Holdings Limited
Independent Auditor's Report (continued)
to the members of A & E Holdings Limited
- 5 -
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:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the group and the sectors in which it operates, our audit work considers the risk of material misstatement on the financial statements as a result of non-compliance with laws and regulations, this includes fraud. These laws and regulations include, but are not limited to, those that relate to the form and content of the financial statements, such as the Company accounting policies, the financial reporting framework and the UK Companies Act 2006.
We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements and determined that the principal risks related to management bias in accounting estimates and understatement or overstatement of revenue. Our audit procedures included, but were not limited to:
Agreement of the financial statements disclosures to underlying supporting documentation;
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
Challenging assumptions, accounting estimates and judgements made by Directors;
Identifying and testing journal entries to ensure they are appropriate.
Sample testing of income and expenditure to ensure correct cut-off has been applied.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.
There are inherent limitations in audit procedures, the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A & E Holdings Limited
Independent Auditor's Report (continued)
to the members of A & E Holdings Limited
- 6 -
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.
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.
Charles R Moorby (Senior Statutory Auditor)
For and on behalf of B M Howarth Ltd, Statutory Auditor
Chartered Accountants
West House
King Cross Road
Halifax
West Yorkshire
HX1 1EB
10 March 2025
A & E Holdings Limited
Group Statement of Income and Retained Earnings
for the year ended 31 December 2024
- 7 -
2024
2023
Notes
£
£
Turnover
2
22,422,144
21,636,307
Cost of sales
(10,687,487)
(10,944,969)
Gross profit
11,734,657
10,691,338
Administrative expenses
(7,323,293)
(6,871,466)
Operating profit
3
4,411,364
3,819,872
Interest receivable
158,750
102,477
Profit before taxation
4,570,114
3,922,349
Tax on profit
8
(1,111,122)
(1,028,495)
Profit for the financial year
3,458,992
2,893,854
Retained earnings brought forward
21,340,008
19,446,154
Dividends
(3,000,000)
(1,000,000)
Retained earnings carried forward
21,799,000
21,340,008
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
The income statement has been prepared on the basis that all operations are continuing operations.
A & E Holdings Limited
Group Statement of financial position
as at 31 December 2024
31 December 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
9
9,976
11,423
Tangible assets
10
7,972,878
7,912,157
Investments
12
58,860
58,860
8,041,714
7,982,440
Current assets
Stocks
13
7,446,354
8,248,811
Debtors
15
4,309,638
5,611,616
Cash at bank and in hand
6,333,942
4,883,073
18,089,934
18,743,500
Creditors: amounts falling due within one year
14
(2,400,922)
(3,500,328)
Net current assets
15,689,012
15,243,172
Total assets less current liabilities
23,730,726
23,225,612
Provisions for liabilities
16
(880,316)
(834,194)
Net assets
22,850,410
22,391,418
Capital and reserves
Called up share capital
17
307,216
307,216
Share premium account
145,294
145,294
Other reserves
59,000
59,000
Capital redemption reserve
539,900
539,900
Profit and loss reserves
21,799,000
21,340,008
Total equity
22,850,410
22,391,418
The financial statements were approved by the board of directors and authorised for issue on 10 March 2025 and are signed on its behalf by:
10 March 2025
K G Brownlee
Director
A & E Holdings Limited
Company Statement Of Financial Position
as at 31 December 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
1,062,112
1,062,112
Creditors: amounts falling due within one year
14
(69,702)
(69,702)
Net current liabilities
(69,702)
(69,702)
Net assets
992,410
992,410
Capital and reserves
Called up share capital
17
307,216
307,216
Share premium account
145,294
145,294
Capital redemption reserve
539,900
539,900
Total equity
992,410
992,410
As permitted by s408 Companies Act 2006, the company has not presented its own statement of income and retained earnings and related notes. The company’s profit for the year was £3,000,000 (2023: £1,000,000).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 10 March 2025 and are signed on its behalf by:
10 March 2025
K G Brownlee
Director
Company registration number 03909303 (England and Wales)
A & E Holdings Limited
Group Statement of Cash Flows
for the year ended 31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
5,861,430
1,794,307
Income taxes paid
(1,098,901)
(549,372)
Net cash inflow from operating activities
4,762,529
1,244,935
Investing activities
Purchase of intangible assets
-
(8,070)
Proceeds from disposal of intangibles
8
-
Purchase of tangible fixed assets
(486,147)
(922,789)
Proceeds from disposal of tangible fixed assets
15,729
24,994
Interest received
158,750
102,477
Net cash used in investing activities
(311,660)
(803,388)
Financing activities
Dividends paid to equity shareholders
(3,000,000)
(1,000,000)
Net cash used in financing activities
(3,000,000)
(1,000,000)
Net increase/(decrease) in cash and cash equivalents
1,450,869
(558,453)
Cash and cash equivalents at beginning of year
4,883,073
5,441,526
Cash and cash equivalents at end of year
6,333,942
4,883,073
A & E Holdings Limited
Notes to the Financial Statements
for the year ended 31 December 2024
- 11 -
1
Accounting policies
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 group.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of the exemptions available for parent company information presented within the consolidated financial statements.
Basis of consolidation
The consolidated financial statements incorporate those of A & E Holdings Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.
All financial statements are made up to 31 December 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.
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.
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
Intangible fixed assets other than goodwill
Intangible fixed assets other than goodwill are initially recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
A & E Holdings Limited
Notes to the Financial Statements (continued)
for the year ended 31 December 2024
1
Accounting policies
(continued)
- 12 -
Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Certifications & licences
10 years straight line
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Freehold buildings
50 years straight line
Plant and equipment
10% on written down value
Fixtures and fittings
10% on written down value
Motor vehicles
25% on written down value
Freehold land is not depreciated.
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 income statement.
Fixed asset investments
In the parent company financial statements, investments in subsidiaries are measured at cost less impairment.
Impairment of fixed assets
Investments in subsidiaries and unlisted investments are tested for impairment on an annual basis against the net assets of each subsidiary.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for stock obsolescence based on historical experience and knowledge of product sales. Any revision in the provision required is recognised immediately through profit or loss.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
A & E Holdings Limited
Notes to the Financial Statements (continued)
for the year ended 31 December 2024
1
Accounting policies
(continued)
- 13 -
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.
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.
Research and development expenditure
Research and development expenditure is charged to profits in the period in which it is incurred.
2
Turnover and other revenue
2024
2023
£
£
United Kingdom
6,058,152
6,271,233
Rest of World
16,363,992
15,365,074
22,422,144
21,636,307
3
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Exchange losses
30,816
69,229
Depreciation of owned tangible fixed assets
386,072
317,678
Loss on disposal of tangible fixed assets
23,625
27,182
Amortisation of intangible assets
1,439
969
Operating lease charges
111,452
104,005
Auditors remuneration
- audit of the group and company
3,000
3,000
- audit of the subsidiaries
25,250
24,000
A & E Holdings Limited
Notes to the Financial Statements (continued)
for the year ended 31 December 2024
- 14 -
4
Employees
The average monthly number of persons (including directors) employed by the group during the year was:
2024
2023
Number
Number
Production
55
55
Engineering & quality
24
23
Sales, accounts & administration
24
26
103
104
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
4,341,058
4,212,411
Social security costs
462,412
432,473
Pension costs
119,251
108,336
4,922,721
4,753,220
5
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
232,833
250,000
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
212,000
200,000
6
Retirement benefit schemes
Group
2024
2023
Charge to profit or loss
119,251
108,336
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.
A & E Holdings Limited
Notes to the Financial Statements (continued)
for the year ended 31 December 2024
- 15 -
7
Dividends
2024
2023
2024
2023
Recognised as distributions to equity holders:
Per share
Per share
Total
Total
£
£
£
£
Ordinary shares
Interim paid
204.00
67.99
3,000,000
1,000,000
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,065,000
672,819
Adjustments in respect of prior periods
(18,879)
Total current tax
1,065,000
653,940
Deferred tax
Origination and reversal of timing differences
46,122
374,555
Total tax charge for the year
1,111,122
1,028,495
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
4,570,114
3,922,349
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
1,142,529
922,536
Tax effect of expenses that are not deductible in determining taxable profit
5,163
7,112
Adjustments in respect of prior years
(18,879)
Effect of change in corporation tax rate
-
186,776
Depreciation on assets not qualifying for tax allowances
19,305
12,039
Research and development tax credit
(55,875)
(69,981)
Enhanced capital allowances
(11,108)
Taxation charge for the year
1,111,122
1,028,495
A & E Holdings Limited
Notes to the Financial Statements (continued)
for the year ended 31 December 2024
- 16 -
9
Intangible fixed assets
Group
Goodwill
Certifications & licences
Total
£
£
£
Cost
At 1 January 2024
42,994
14,393
57,387
Disposals
(8)
(8)
At 31 December 2024
42,994
14,385
57,379
Amortisation and impairment
At 1 January 2024
42,994
2,970
45,964
Amortisation charged for the year
1,439
1,439
At 31 December 2024
42,994
4,409
47,403
Carrying amount
At 31 December 2024
9,976
9,976
At 31 December 2023
11,423
11,423
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
10
Tangible fixed assets
Group
Freehold buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
5,799,981
2,411,790
1,328,143
5,941
9,545,855
Additions
133,234
186,007
166,906
486,147
Disposals
(96,787)
(87,359)
(184,146)
At 31 December 2024
5,933,215
2,501,010
1,407,690
5,941
9,847,856
Depreciation and impairment
At 1 January 2024
342,519
879,796
406,418
4,965
1,633,698
Depreciation charged in the year
95,101
170,557
120,170
244
386,072
Eliminated in respect of disposals
(75,749)
(69,043)
(144,792)
At 31 December 2024
437,620
974,604
457,545
5,209
1,874,978
Carrying amount
At 31 December 2024
5,495,595
1,526,406
950,145
732
7,972,878
At 31 December 2023
5,457,462
1,531,994
921,725
976
7,912,157
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
A & E Holdings Limited
Notes to the Financial Statements (continued)
for the year ended 31 December 2024
- 17 -
11
Subsidiaries
The company owns 100% of the Ordinary share capital of the following companies incorporated in England
and Wales.
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Alton Precision Engineering Ltd
27a Chemical Lane, Staffordshire, ST6 4PB
Ordinary
0
100.00
Quality Hydraulic Power Ltd
West House, King Cross Road, Halifax, West Yorkshire, HX1 1EB
Ordinary
100.00
-
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
11
1,062,112
1,062,112
Unlisted investments
58,860
58,860
58,860
58,860
1,062,112
1,062,112
13
Stocks
Group
2024
2023
£
£
Raw materials
5,962,894
6,260,874
Work in progress
1,483,460
1,987,937
7,446,354
8,248,811
14
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
1,321,786
2,069,487
Amounts owed to group undertakings
69,702
69,702
Corporation tax payable
263,918
297,819
Other taxation and social security
250,848
246,560
-
-
Other creditors
4,819
4,247
Accruals and deferred income
559,551
882,215
2,400,922
3,500,328
69,702
69,702
A & E Holdings Limited
Notes to the Financial Statements (continued)
for the year ended 31 December 2024
- 18 -
15
Debtors
2024
2023
Group
£
£
Trade debtors
4,064,785
5,309,074
Other debtors
66,859
65,217
Prepayments and accrued income
177,994
237,325
4,309,638
5,611,616
16
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
880,316
834,194
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
834,194
-
Charge to profit or loss
46,122
-
Liability at 31 December 2024
880,316
-
A & E Holdings Limited
Notes to the Financial Statements (continued)
for the year ended 31 December 2024
- 19 -
17
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Issued and fully paid
14,706 Ordinary shares of £1 each
14,706
14,706
Preference share capital
Issued and fully paid
150,000 Preference 'A' shares of £1 each
150,000
150,000
142,510 Preference 'B' shares of £1 each
142,510
142,510
292,510
292,510
Total equity share capital
307,216
307,216
Preference ‘A’ and ‘B’ shares are redeemable at the option of the company.
Preference ‘A’ and ‘B’ shares carry a non-cumulative coupon of 3% and 5% respectively.
Until all of the issued Preference ‘A’ shares have been redeemed the shares carry voting rights as a class equal to 5% of the total voting capital of the company.
Preference ‘B’ shares carry voting rights as a class equal to 5% of the total voting capital of the company until all of the Preference ’A’ shares have been redeemed at which point the Preference ‘B’ shares shall cease to carry any voting rights.
18
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
2024
2023
£
£
Within one year
129,563
183,197
Between two and five years
112,837
75,116
242,400
258,313
19
Related party transactions
The company has taken advantage of the exemption available from the requirement to disclose transactions with those group companies which are consolidated in the group financial statements of A & E Holdings Limited.
During the year the group made sales of £4,456,846 (2023: £5,193,900) to other group companies in the Hydac group (which are not included in these consolidated accounts) and purchases of £448,214 (2023: £560,853). The amount due from these companies at 31 December 2024 was £726,443 (2023: £806,847) and the amounts due to these companies at that date was £54,919 (2023: £85,528).
A & E Holdings Limited
Notes to the Financial Statements (continued)
for the year ended 31 December 2024
- 20 -
20
Controlling party
In the opinion of the directors, the ultimate parent undertaking in the current financial year is TIB GmbH, a company registered in Germany.
The smallest group and largest group for which consolidated financial statements are prepared is that headed up by A & E Holdings Limited.
21
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
3,458,992
2,893,854
Adjustments for:
Taxation charged
1,111,122
1,028,495
Investment income
(158,750)
(102,477)
Loss on disposal of tangible fixed assets
23,625
27,182
Amortisation of intangible assets
1,439
969
Depreciation of tangible fixed assets
386,072
317,678
Movements in working capital:
Decrease/(increase) in stocks
802,457
(1,179,010)
Decrease/(increase) in debtors
1,301,978
(1,073,215)
Decrease in creditors
(1,065,505)
(119,169)
Cash generated from operations
5,861,430
1,794,307
22
Company information
A & E Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is West House, King Cross Road, Halifax, West Yorkshire, HX1 1EB.
The group consists of A & E Holdings Limited and all of its subsidiaries.
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