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Registered number: 01165611









Hyde Industrial Holdings Limited









Annual Report and Financial Statements

For the year ended 30 September 2024

 
Hyde Industrial Holdings Limited
 
 
Company Information


Directors
M Ford 
G Grant 




Company secretary
M Haslam



Registered number
01165611



Registered office
185 Stamford House
Stamford Street

Stalybridge

Cheshire

SK15 1QZ




Independent auditors
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors

3 Stockport Exchange

Stockport

SK1 3GG





 
Hyde Industrial Holdings Limited
 

Contents



Page
Group strategic report
1 - 2
Directors' report
3 - 7
Independent auditors' report
8 - 11
Consolidated profit and loss account
12
Consolidated statement of comprehensive income
13
Consolidated statement of financial position
14 - 15
Company statement of financial position
16
Consolidated statement of changes in equity
17 - 18
Company statement of changes in equity
19
Consolidated statement of cash flows
20
Notes to the financial statements
21 - 39


 
Hyde Industrial Holdings Limited
 
 
Group Strategic Report
For the year ended 30 September 2024

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

Business review
 
The directors consider the profit on ordinary activities before taxation for the year of £10,795k (2023: £11,946k) to be satisfactory and in line with the expectations of the business.
Trading activities are generally buoyant, but there are certain short term budgetary constraints within the customer base which are hindering growth. It is anticipated that these constraints can be overcome in the second half of the 2025 trading period.

Principal risks and uncertainties
 
The Group uses financial instruments including cash, a bank overdraft and other items including trade debtors and trade creditors that arise directly from its operations. The existence of these financial instruments exposes the Group to a number of financial risks, which are described in further detail below.
Liquidity risk
The Group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash safely and profitably.
Credit risk
The Group's principal financial assets are cash deposits, cash, trade debtors and intercompany debtors. The credit risk associated with cash and intercompany debtors is limited. The principal credit risk arises, therefore, from its trade debtors. In order to manage credit risk, the directors set limits for customers based on a combination of payment history and third party references. Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt ageing and credit history.
Interest rate risk
The Group does not have any third party borrowings other than the bank overdraft; therefore it is not exposed to any material interest rate risk.
Currency risk
The Group is exposed to transaction foreign currency risk. In order to mitigate this risk, the Group, through the ultimate parent company, has entered into a number of foreign currency forward contracts to manage the foreign exchange exposure of contracted future foreign currency sales receipts. In entering into these forward currency contracts, the Group is simply fixing its income from future sales. Hedge accounting is not adopted by the Group.
Non-Financial risk
The group’s involvement with the ‘Nuclear’ sector continues to evolve and management is optimistic that further growth can be achieved.

Page 1

 
Hyde Industrial Holdings Limited
 

Group Strategic Report (continued)
For the year ended 30 September 2024

Directors' statement of compliance with duty to promote the success of the Group
 
In accordance with section 172 of the Companies Act 2006, the directors, collectively and individually, confirm that during the year ended 30 September 2024, they upheld their duty to promote the success of the Group for the benefit of all stakeholders, whilst acting in good faith throughout.
A key element of the historic and ongoing success of the group is the ability to build strong relationships with all stakeholders, including customers and suppliers, and the values that sit strong within the business drive the success of this.
We value and respect all of our people and encourage teamwork in all that we do, whether it be between colleagues working together, or our companies and divisions working together to meet the needs of our customer base. The commitment and quality of the people within the business has played a major role in our success. The business continues to adapt to the changing market and our people and their values are instrumental in driving this.
Our Group Human Resources department was formally setup in 2019 and continues to go from strength to strength, a particular highlight being the growth of our apprenticeship schemes. We continue to be a business with many long service staff members, which is something we pride ourselves on.
The Group's policy with regard to the environment is to ensure that we understand and effectively manage the environmental impact of our activities. We ensure that we comply with all legal requirements relating to the environment in all areas in which we conduct business.


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



M Haslam
Secretary

Date: 4 June 2025

Page 2

 
Hyde Industrial Holdings Limited
 
 
 
Directors' Report
For the year ended 30 September 2024

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

Principal activity

The principal activities of the Group involve engineering and investment.  The Company's principal activity is that of a holding company.

Directors

The directors who served during the year were:

M Ford 
G Grant 

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £9,698,829 (2023 - £9,672,517).

The directors have recommended a dividend equivalent to £75 per ordinary share in the year (2023: £49.50 per ordinary share). The directors do not recommend the payment of a final dividend.

Directors' responsibilities statement

The directors are responsible for preparing the group strategic report, the directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make 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 will continue in business.

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

Land and buildings

The directors are of the opinion that, in aggregate, the market value of the land and buildings exceeds the book value of the assets by approximately £33.2 million (2023: £30.3 million).

Page 3

 
Hyde Industrial Holdings Limited
 
 
 
Directors' Report (continued)
For the year ended 30 September 2024

Research and development activities

The Group undertakes research and development projects aimed at the ongoing improvement of its product range.

Engagement with employees

The Group continues to recognise the benefit of keeping employees informed of the progress of the business. Throughout the Group, consultative arrangements and collective bargaining procedures are well established.
We recognise that bringing on new talent is key to the long term future of the Group and the numbers of apprentices employed within the Group continues to grow. We only work with reputable training providers and ensure all the requirements of the Apprenticeship Levy are met, giving valuable and thorough on the job training to all of our apprentices.
Full and fair consideration is given to applications for employment made by disabled persons having regard to their aptitude and abilities.

Business relationships

The Group fosters long term and meaningful relationships with customers and suppliers to bring added value to everything that we do. A key element of historic and ongoing success of the group is the ability to build strong relationships with all stakeholders, including customers and suppliers, and the values that sit strong within the business drive the success of this.
In recent years, a high level of focus and resource has been devoted to business relationships to ensure that the Group successfully continued to trade throughout the Covid-19 pandemic.  By consulting closely with all of our stakeholders, we were able to adapt to changing needs and market constraints and ensure no reduction in our standards or reputation.
We operate in highly regulated markets and always maintain the required certifications to operate safely and within legislation.

Qualifying third party indemnity provisions

During the financial year, a qualifying third party indemnity provision for the benefit of all directors was in force.

Page 4

 
Hyde Industrial Holdings Limited
 
 
 
Directors' Report (continued)
For the year ended 30 September 2024

Greenhouse gas emissions, energy consumption and energy efficiency action 

The SECR disclosure covers the Group’s greenhouse gas emission (scope 1 and 2), an appropriate intensity ratio, the total
energy usage of gas, electricity and fuel for transport and production.
HM Government Environmental Reporting Guidelines: including streamlined energy and carbon reporting guidance (March 2019) has been used for the collation of data sources and reporting of emissions. UK Government GHG Conversion Factors for Company Reporting has been used for the reporting of emissions, using the 2024 version.

2024
2023
        £
        £
Energy consumption used to calculate emissions (kWh)

13,542,892

14,597,431
 
Emissions from combustion of natural gas tCO2e (Scope 2)

989

1,010
 
Emissions from purchased electricity tCO2e (Scope 2, location based)

1,400

1,525
 
Emission from combustion of fuel for transport purposes tCO2e (Scope 1)

302

379
 
Total greenhouse gas emissions based on above (tCO2e)

2,691

2,914
 
Intensity ratio; tonnes of CO2e emitted per £1m sales revenue

34

39
 
Intensity ratio; tonnes of CO2e emitted per employee

5

5
 

During the year the group purchased 6,832,291kWh (2023: 7,540,042kWh) of renewable electricity products verified by the Carbon Trust and conforming to the Greenhouse Gas Protocol. By removing this from the numbers disclosed above, the reporting would now show:

2024
2023
        £
        £
Energy consumption used to calculate emissions (kWh)

6,710,601

7,057,389
 
Emissions from combustion of natural gas tCO2e (Scope 2)

989

1,010
 
Emissions from purchased electricity tCO2e (Scope 2, location based)

-

-
 
Emission from combustion of fuel for transport purposes tCO2e (Scope 1)

302

379
 
Total greenhouse gas emissions based on above (tCO2e)

1,291

1,389
 
Intensity ratio; tonnes of CO2e emitted per £1m sales revenue

16

18
 
Intensity ratio; tonnes of CO2e emitted per employee

2

3
 

Page 5

 
Hyde Industrial Holdings Limited
 
 
 
Directors' Report (continued)
For the year ended 30 September 2024

During the financial year ending 30 September 2024, the Group continued its ongoing work to improve energy efficiency.
Across all of our sites we continue to strive to make changes by continuing the following:
1. Renewing plant and machinery on a regular basis and replacing older models with newer, more energy-efficient    upgrades.
2. Introducing LED lighting to buildings.
3. Replacing all company vehicles in a timely manner, and promoting low emission or Electric and Hybrid Vehicles.
4. Regularly reviewing the wastage levels, recycling and methods of disposal.
In addition to the ongoing improvements already mentioned, the group invested heavily in alternative strategies to reduce our emissions on a larger scale in the long-term.
The group has invested over £1.7m on having solar panels fitted at 13 of our properties, with surveys ongoing at the remaining.
We have also taken an active approach in piloting sub-metering at a sample of our sites, in order to fully understand the effects of our processes and machinery on our emissions. We hope to use this data to impact our decisions both short-term and long-term.

Disclosure of information to auditors

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

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

Group Modern Slavery Act Transparency Statement

To view our Modern Slavery Act Transparency Statement, please refer to our Group website at:
https://www.hydegroup .com/modern-slavery -act-transparency-statement
This policy covers all group entities and is regularly updated to remain in compliance with legislation.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsHurst Accountants Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 6

 
Hyde Industrial Holdings Limited
 
 
 
Directors' Report (continued)
For the year ended 30 September 2024

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





M Haslam
Secretary

Date: 4 June 2025

Page 7

 
Hyde Industrial Holdings Limited
 
 
 
Independent Auditors' Report to the Members of Hyde Industrial Holdings Limited
 

Opinion


We have audited the financial statements of Hyde Industrial Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2024, which comprise the consolidated profit and loss account, the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 September 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


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


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


Page 8

 
Hyde Industrial Holdings Limited
 
 
 
Independent Auditors' Report to the Members of Hyde Industrial Holdings Limited (continued)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the group strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the group strategic report and the directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 9

 
Hyde Industrial Holdings Limited
 
 
 
Independent Auditors' Report to the Members of Hyde Industrial Holdings Limited (continued)


Auditors' responsibilities for the audit of the financial statements
 

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


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

Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
 
The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud. 
Supporting documentation relating to the Company's policies and procedures for:
°Identifying, evaluating, and complying with laws and regulations
°Detecting and responding to the risks of fraud
The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Anti-bribery and Corruption.
 
Audit response to risks identified
Our procedures to respond to the risks identified included the following:
 
Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
Evaluation of management’s controls designed to prevent and detect irregularities.
Enquiring of management about any actual and potential litigation and claims.
Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
 
Page 10

 
Hyde Industrial Holdings Limited
 
 
 
Independent Auditors' Report to the Members of Hyde Industrial Holdings Limited (continued)


We have also considered the risk of fraud through management override of controls by:
 
Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
 
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them.  Also, 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 or intentional misrepresentations, or through collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.


Use of our report
 

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





John Glover (Senior Statutory Auditor)
for and on behalf of
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors
3 Stockport Exchange
Stockport
SK1 3GG

4 June 2025
Page 11

 
Hyde Industrial Holdings Limited
 
 
Consolidated Profit and Loss Account
For the year ended 30 September 2024

2024
2023
Note
£
£

  

Turnover
 4 
80,169,389
75,402,973

Cost of sales
  
(70,570,773)
(64,440,032)

Gross profit
  
9,598,616
10,962,941

Administrative expenses
  
(4,795,898)
(3,158,018)

Surplus on revaluation of investment properties
  
339,014
532,137

Operating profit
 5 
5,141,732
8,337,060

Interest receivable and similar income
 9 
5,653,199
3,608,488

Profit before tax
  
10,794,931
11,945,548

Tax on profit
 10 
(1,077,778)
(2,259,624)

Profit for the financial year
  
9,717,153
9,685,924

Profit for the year attributable to:
  

Non-controlling interests
  
18,324
13,407

Owners of the parent
  
9,698,829
9,672,517

  
9,717,153
9,685,924

The notes on pages 21 to 39 form part of these financial statements.

Page 12

 
Hyde Industrial Holdings Limited
 

Consolidated Statement of Comprehensive Income
For the year ended 30 September 2024

2024
2023
Note
£
£


Profit for the financial year

  

9,717,153
9,685,924

Other comprehensive income
  


Change in fair value of hedging instruments
  
623,589
1,501,065

Other comprehensive income for the year
  
623,589
1,501,065

Total comprehensive income for the year
  
10,340,742
11,186,989

Profit for the year attributable to:
  


Non-controlling interest
  
18,324
13,407

Owners of the parent Company
  
9,698,829
9,672,517

  
9,717,153
9,685,924

The notes on pages 21 to 39 form part of these financial statements.

Page 13

 
Hyde Industrial Holdings Limited
Registered number: 01165611

Consolidated Statement of Financial Position
As at 30 September 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
23,662,306
21,628,190

Investment property
 14 
5,243,805
4,904,791

  
28,906,111
26,532,981

Current assets
  

Stocks
 15 
14,487,927
11,837,023

Debtors: amounts falling due within one year
 16 
28,926,873
29,626,627

Current asset investments
 17 
106,988,000
102,000,000

Cash at bank and in hand
 18 
5,931,762
4,816,099

  
156,334,562
148,279,749

Creditors: amounts falling due within one year
 19 
(22,125,001)
(19,796,908)

Net current assets
  
 
 
134,209,561
 
 
128,482,841

Total assets less current liabilities
  
163,115,672
155,015,822

Creditors: amounts falling due after more than one year
 20 
-
(60,742)

Provisions for liabilities
  

Deferred taxation
 21 
(3,392,417)
(2,538,817)

  
 
 
(3,392,417)
 
 
(2,538,817)

Net assets
  
159,723,255
152,416,263


Capital and reserves
  

Called up share capital 
 22 
40,450
40,450

Other reserves
 23 
52,442
52,442

Cash flow hedging reserve
 23 
661,278
37,689

Profit and loss account
 23 
158,331,005
151,665,926

Equity attributable to owners of the parent Company
  
159,085,175
151,796,507

Non-controlling interests
  
638,080
619,756

  
159,723,255
152,416,263


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

M Ford
Director

Date: 4 June 2025

The notes on pages 21 to 39 form part of these financial statements.
Page 14

 
Hyde Industrial Holdings Limited
Registered number: 01165611
    
Consolidated Statement of Financial Position (continued)
As at 30 September 2024


Page 15

 
Hyde Industrial Holdings Limited
Registered number: 01165611

Company Statement of Financial Position
As at 30 September 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 13 
6,512,780
6,512,780

  
6,512,780
6,512,780

Current assets
  

Debtors: amounts falling due within one year
 16 
8,188,819
5,650,914

Current asset investments
 17 
106,988,000
102,000,000

Cash at bank and in hand
 18 
6,121,018
675,400

  
121,297,837
108,326,314

Creditors: amounts falling due within one year
 19 
(117,802,557)
(104,421,257)

Net current assets
  
 
 
3,495,280
 
 
3,905,057

Total assets less current liabilities
  
10,008,060
10,417,837

  

Creditors: amounts falling due after more than one year
 20 
-
(60,742)

  

Net assets
  
10,008,060
10,357,095


Capital and reserves
  

Called up share capital 
 22 
40,450
40,450

Capital redemption reserve
 23 
4,494
4,494

Profit and loss account
  
9,963,116
10,312,151

  
10,008,060
10,357,095


The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The profit for the company for the year was £2,684,715 (
2023: £1,913,303).
The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


M Ford
Director

Date: 4 June 2025

The notes on pages 21 to 39 form part of these financial statements.

Page 16
 

 
Hyde Industrial Holdings Limited


 

Consolidated Statement of Changes in Equity
For the year ended 30 September 2024



Called up share capital
Other reserves
Cash flow hedging reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£
£


At 1 October 2023
40,450
52,442
37,689
151,665,926
151,796,507
619,756
152,416,263



Comprehensive income for the year


Profit for the year

-
-
-
9,698,829
9,698,829
18,324
9,717,153


Gains on foreign exchange
-
-
623,589
-
623,589
-
623,589



Other comprehensive income for the year
-
-
623,589
-
623,589
-
623,589



Total comprehensive income for the year
-
-
623,589
9,698,829
10,322,418
18,324
10,340,742



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
(3,033,750)
(3,033,750)
-
(3,033,750)



Total transactions with owners
-
-
-
(3,033,750)
(3,033,750)
-
(3,033,750)



At 30 September 2024
40,450
52,442
661,278
158,331,005
159,085,175
638,080
159,723,255



The notes on pages 21 to 39 form part of these financial statements.

Page 17

 

 
Hyde Industrial Holdings Limited


 

Consolidated Statement of Changes in Equity
For the year ended 30 September 2023



Called up share capital
Other reserves
Cash flow hedging reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£
£


At 1 October 2022
40,450
52,442
(1,463,376)
143,995,684
142,625,200
606,349
143,231,549



Comprehensive income for the year


Profit for the year

-
-
-
9,672,517
9,672,517
13,407
9,685,924


Losses on foreign exchange
-
-
1,501,065
-
1,501,065
-
1,501,065



Other comprehensive income for the year
-
-
1,501,065
-
1,501,065
-
1,501,065



Total comprehensive income for the year
-
-
1,501,065
9,672,517
11,173,582
13,407
11,186,989



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
(2,002,275)
(2,002,275)
-
(2,002,275)



Total transactions with owners
-
-
-
(2,002,275)
(2,002,275)
-
(2,002,275)



At 30 September 2023
40,450
52,442
37,689
151,665,926
151,796,507
619,756
152,416,263



The notes on pages 21 to 39 form part of these financial statements.

Page 18
 
Hyde Industrial Holdings Limited
 

Company Statement of Changes in Equity
For the year ended 30 September 2024


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

£
£
£
£


At 1 October 2022
40,450
4,494
10,401,123
10,446,067


Comprehensive income for the year

Profit for the year
-
-
1,913,303
1,913,303
Total comprehensive income for the year
-
-
1,913,303
1,913,303


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(2,002,275)
(2,002,275)


Total transactions with owners
-
-
(2,002,275)
(2,002,275)



At 1 October 2023
40,450
4,494
10,312,151
10,357,095


Comprehensive income for the year

Profit for the year
-
-
2,684,715
2,684,715
Total comprehensive income for the year
-
-
2,684,715
2,684,715


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(3,033,750)
(3,033,750)


Total transactions with owners
-
-
(3,033,750)
(3,033,750)


At 30 September 2024
40,450
4,494
9,963,116
10,008,060


The notes on pages 21 to 39 form part of these financial statements.

Page 19

 
Hyde Industrial Holdings Limited
 

Consolidated Statement of Cash Flows
For the year ended 30 September 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
9,717,153
9,685,924

Adjustments for:

Depreciation of tangible assets
3,660,285
4,802,160

Profit on disposal of tangible assets
(327,425)
(1,900,816)

Interest received
(5,653,199)
(3,608,488)

Taxation charge
1,077,778
2,259,624

Increase in stocks
(2,650,904)
(1,710,547)

Increase in debtors
276,161
(4,676,484)

Increase in creditors
2,427,011
3,106,600

Corporation tax received
663,344
542,729

Surplus on revaluation of investment property
(339,014)
(532,137)

Net cash generated from operating activities

8,851,190
7,968,565


Cash flows from investing activities

Purchase of tangible fixed assets
(5,753,982)
(8,083,941)

Sale of tangible fixed assets
387,006
2,220,593

Interest received
5,653,199
3,608,488

Movement in current asset investments
(4,988,000)
(6,000,000)

Net cash used in investing activities

(4,701,777)
(8,254,860)

Cash flows from financing activities

Dividends paid
(3,033,750)
(2,002,275)

Net cash used in financing activities
(3,033,750)
(2,002,275)

Net decrease in cash and cash equivalents
1,115,663
(2,288,570)

Cash and cash equivalents at beginning of year
4,816,099
7,104,669

Cash and cash equivalents at the end of year
5,931,762
4,816,099


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
5,931,762
4,816,099

5,931,762
4,816,099


The notes on pages 21 to 39 form part of these financial statements.

Page 20

 
Hyde Industrial Holdings Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

1.


General information

Hyde Industrial Holdings Limited is a private company limited by shares and incorporated in England and Wales, registered number 01165611. Its registered office is 185 Stamford House, Stamford Street, Stalybridge, Cheshire, SK15 1QZ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

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

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own profit and loss account in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.
The accounting reference date is 30th September 2024 however the accounts are drawn up for the 52 weeks to 29th September 2024 (
2023: 52 weeks to 1st October 2023).

Therefore, the Group continues to recognise a merger reserve which arose on a past business combination that was accounted for as a merger in accordance with UK GAAP as applied at that time.

Page 21

 
Hyde Industrial Holdings Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.3

Going concern

The Group meets its day to day working capital requirements through significant available cash balances. The directors have prepared consolidated forecasts for the period to 30 June 2026. 
After review of the forecasts and significant available cash resources, the directors have a reasonable expectation that the Company and the Group has adequate resources to continue in operational existence for the foreseeable future being a period of at least 12 months from the date of approval of these financial statements. 
Accordingly, they continue to adopt the going concern basis in the preparation of these financial statements.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.5

Revenue

Turnover comprises revenue recognised by the Group in respect of goods and services supplied during the year. This is measured at the fair value of the consideration received or receivable, net of trade discounts and value added taxes. Turnover is recognised upon despatch of goods. Rental income is recognised based on the period to which the rents receivable relate.

 
2.6

Operating leases: the Group as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.7

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term, unless the rental payments are structured to increase in line with expected general inflation, in which case the Group recognises annual rent expense to amounts owed to the lessor.

The aggregate benefit of lease incentives are recognised as a reduction to the expense recognised over the lease term on a straight line basis.

Page 22

 
Hyde Industrial Holdings Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.8

Research and development

Research and development expenditure is written off in the year in which it is incurred. Uninvoiced research and development fully funded by customers is carried forward as work in progress.

 
2.9

Interest income

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

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.11

Current and deferred taxation

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

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

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

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


Page 23

 
Hyde Industrial Holdings Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.12

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2.5% per annum straight line
Long-term leasehold property
-
2.5% per annum straight line over the period of the lease if less than forty years
Plant and machinery
-
10 years straight line
Motor vehicles
-
4 years straight line
Fixtures and fittings
-
2-5 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Previously the group depreciated its plant and machinery over a period of 4 years. During the year the directors reassessed the useful economic life of these assets to 10 years. This has resulted in a reduction in the depreciation charge for the year of £2,516,527 compared to if the assets had continued to be depreciated over 4 years.

 
2.14

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

  
2.16

Work in progress

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Page 24

 
Hyde Industrial Holdings Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.17

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.18

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice
of not more than 24 hours.
In the Consolidated Statement of Cash Flows, cash is shown net of bank overdrafts that are repayable on
demand and form an integral part of the Group's cash management.

 
2.19

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 25

 
Hyde Industrial Holdings Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

2.Accounting policies (continued)

  
2.20

Financial instruments

With the exception of derivatives, the Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Profit and Loss Account.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.
The Group holds derivative instruments in the form of foreign currency sterling forward currency contracts. 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 as appropriate, unless they are included in a hedging arrangement.
The Group applies hedge accounting for transactions entered into to manage the cash flow exposures of foreign currency sales. Forward currency contracts are held to manage the exposure to fluctuations in exchange rate and are designated as cash flow hedges.
Changes in the fair values of derivatives designated as cash flow hedges, and which are effective, are recognised directly in equity. Any ineffectiveness in the hedging relationship (being the excess of cumulative changes in fair value of the hedging instrument since inception of the hedge over the cumulative change in the fair value of the hedged item since inception of the hedge) is recognised in profit or loss.
The gain or loss recognised in other comprehensive income is reclassified to profit or loss when the hedge relationship ends. Hedge accounting is discontinued when the hedging instrument expires, no longer meets the hedging criteria, the forecast transaction is no longer highly probable, the hedged instrument is derecognised or the hedging instrument is terminated.

Page 26

 
Hyde Industrial Holdings Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:
Revaluation of investment properties
The Group carries its investment properties at fair value, with changes in fair value being recognised in profit or loss. The valuation is based on an external valuation, but is inherently subjective in nature.
Financial instruments
All derivatives are measured at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where the market for a financial instrument is not active, fair value is established using a valuation technique. The Group has applied hedge accounting in the period. Valuation techniques involve a degree of estimation, the extent of which depends on the instrument's complexity and the availability of market-based data.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sales
79,875,880
75,082,162

Rental income
293,509
320,811

80,169,389
75,402,973


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
68,801,364
65,485,721

Rest of Europe
9,740,398
8,228,809

Rest of the world
1,627,627
1,688,443

80,169,389
75,402,973


Page 27

 
Hyde Industrial Holdings Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

5.


Operating profit

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

2024
2023
£
£

Depreciation of tangible fixed assets
3,660,285
4,802,160

Profit on disposal of tangible fixed assets
(327,425)
(1,900,816)

Other operating lease rentals
21,895
33,665


6.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements
160,000
152,000

Fees payable to the Company's auditors and their associates in connection with the Group's pension scheme(s) in respect of:

Taxation compliance services
55,500
52,800

Other services relating to taxation
23,700
23,700

Page 28

 
Hyde Industrial Holdings Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

7.


Employees

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


Group
Group
2024
2023
£
£


Wages and salaries
33,256,483
28,701,612

Social security costs
4,223,607
3,101,103

Cost of defined contribution scheme
1,576,878
1,263,573

39,056,968
33,066,288


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


        2024
        2023
            No.
            No.







Management
32
33



Administration
44
42



Production and distribution
519
484

595
559


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
2,566,892
2,335,330


During the year retirement benefits were accruing to no directors (2023 - NIL) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £1,980,560 (2023 - £1,782,721).


9.


Interest receivable

2024
2023
£
£


Other interest receivable
5,653,199
3,608,488

Page 29

 
Hyde Industrial Holdings Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
2,351,103
1,377,920

Adjustments in respect of previous periods
(2,126,924)
(582,082)


Total current tax
224,179
795,838

Deferred tax


Origination and reversal of timing differences
842,492
1,298,062

Changes to tax rates
-
165,724

Adjustments in respect of prior periods
11,107
-

Total deferred tax
853,599
1,463,786


Taxation on profit on ordinary activities
1,077,778
2,259,624
Page 30

 
Hyde Industrial Holdings Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 22%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
10,794,931
11,945,548


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22%)
2,698,734
2,656,128

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
37,430
204,105

Capital allowances for year in excess of depreciation
249,468
(326,696)

Adjustments to tax charge in respect of prior periods
192,146
3

Adjustment in respect of prior periods (deferred tax)
11,107
165,724

Non-taxable income
(101,544)
(660)

Adjustment in research and development tax credit leading to an decrease
in the tax charge
(2,319,069)
(582,086)

Adjust opening deferred tax to average rate
(34,493)
155,343

Other differences leading to an increase (decrease) in the tax charge
17,247
(12,188)

R&D expenditure credits
326,752
-

Marginal relief
-
(49)

Total tax charge for the year
1,077,778
2,259,624


11.


Dividends

2024
2023
£
£


Dividends paid of £75 per ordinary share (2023: £49.50)
3,033,750
2,002,275

Page 31

 
Hyde Industrial Holdings Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

12.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost


At 1 October 2023
18,807,925
50,518,862
3,613,501
5,037,272
77,977,560


Additions
-
4,350,211
786,023
617,750
5,753,984


Disposals
-
(3,785,762)
(431,324)
(1,798,100)
(6,015,186)



At 30 September 2024

18,807,925
51,083,311
3,968,200
3,856,922
77,716,358



Depreciation


At 1 October 2023
11,543,248
39,500,624
2,100,620
3,204,878
56,349,370


Charge for the year
453,660
1,769,661
691,596
745,370
3,660,287


Disposals
-
(3,785,762)
(371,743)
(1,798,100)
(5,955,605)



At 30 September 2024

11,996,908
37,484,523
2,420,473
2,152,148
54,054,052



Net book value



At 30 September 2024
6,811,017
13,598,788
1,547,727
1,704,774
23,662,306



At 30 September 2023
7,264,677
11,018,238
1,512,881
1,832,394
21,628,190

During the year, management reclassed assets between categories, this had no effect on the net book value held as at 30 September 2024.

Page 32

 
Hyde Industrial Holdings Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

13.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost 


At 1 October 2023
6,512,780



At 30 September 2024
6,512,780






Net book value



At 30 September 2024
6,512,780



At 30 September 2023
6,512,780

Page 33

 
Hyde Industrial Holdings Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Brinksway Tool Limited
Ordinary
100%
Britannia Dynamics Limited
Ordinary
100%
Crest Engineering Limited
Ordinary
100%
Hollygate Aircraft Components Limited
Ordinary
100%
Hollygate Fabrications Limited
Ordinary
100%
Hyde Additive Technologies Limited
Ordinary
100%
Hyde Aero Products Limited
Ordinary
100%
Hyde Central Services Limited
Ordinary
100%
Hyde Coatings Limited
Ordinary
100%
Hyde Details Limited
Ordinary
100%
Hyde Details (Fabrications and Welding) Limited
Ordinary
100%
Hyde Fabrications Limited
Ordinary
100%
Hyde Group Limited
Ordinary
100%
Hyde Group Engineering Limited
Ordinary
100%
Hyde Group Holdings Limited
Ordinary
100%
Hyde Group Nuclear Limited
Ordinary
100%
Hyde Investments Limited
Ordinary
100%
Hyde Precision Components Limited
Ordinary
100%
Manchester Precision Engineering Limited
Ordinary
100%
North West (Aerotooling) Limited
Ordinary
100%
Park Engineering Limited
Ordinary
100%
Peak Precision Engineering Limited
Ordinary
86%
S G Equipment Limited
Ordinary
100%
S G Instruments Limited
Ordinary
98%
Stoneswood Precision Engineering Limited
Ordinary
100%
Victoria Production Engineering Limited
Ordinary
100%

The registered office of all subsidiaries is 185 Stamford House, Stamford Street, Stalybridge, Cheshire, SK15 1QZ.

Page 34

 
Hyde Industrial Holdings Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

14.


Investment property

Group


Freehold investment property
Long term leasehold investment property
Total

£
£
£



Valuation


At 1 October 2023
4,354,791
550,000
4,904,791


Surplus on revaluation
339,014
-
339,014



At 30 September 2024
4,693,805
550,000
5,243,805

The 2024 valuations were made by the Directors  with support from an external surveyor at 30 September 2024.






15.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
180,920
492,632

Work in progress
14,307,007
11,344,391

14,487,927
11,837,023


Page 35

 
Hyde Industrial Holdings Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

16.


Debtors

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


Trade debtors
21,523,119
22,817,341
2,385
1,800

Amounts owed by group undertakings
-
-
2,487,780
843,375

Other debtors
1,115,124
596,918
807,392
710,445

Prepayments
5,189,355
4,807,340
2,449,574
2,398,880

Tax recoverable
718,867
1,398,422
2,060,433
1,688,775

Deferred taxation
-
-
847
1,033

Forward currency contracts
380,408
6,606
380,408
6,606

28,926,873
29,626,627
8,188,819
5,650,914


Amounts owed by group undertakings are repayable on demand, unsecured and bear no interest.
Forward currency contracts are measured at fair value.


17.


Current asset investments

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

Current asset investments
106,988,000
102,000,000
106,988,000
102,000,000



18.


Cash

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

Cash at bank and in hand
5,931,762
4,816,099
6,121,018
675,400

Less: bank overdrafts
-
-
(13,305,324)
(6,515,054)

5,931,762
4,816,099
(7,184,306)
(5,839,654)


Page 36

 
Hyde Industrial Holdings Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

19.


Creditors: Amounts falling due within one year

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

Bank overdrafts
-
-
13,305,324
6,515,054

Trade creditors
4,631,680
4,840,523
64,365
40,933

Amounts owed to group undertakings
-
-
104,092,910
97,448,122

Other taxation and social security
2,875,871
2,865,106
-
-

Other creditors
5,946,980
5,965,623
327,459
315,903

Accruals and deferred income
8,670,470
6,036,911
12,499
12,500

Forward currency contracts
-
88,745
-
88,745

22,125,001
19,796,908
117,802,557
104,421,257


Amounts owed to group undertakings are repayable on demand, unsecured and bear no interest.
Security for the bank overdraft consists of a cross guarantee with fellow group undertakings.
Included within other creditors is an amount of £2,997,740 
(2023: £2,880,994) owed to a director and shareholder of the Company. No interest has been charged during either period.
Forward currency contracts are measured at fair value.


20.


Creditors: Amounts falling due after more than one year

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

Forward currency contracts
-
60,742
-
60,742


Forward currency contracts are measured at fair value.


Page 37

 
Hyde Industrial Holdings Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

21.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
(2,538,817)
(1,075,031)


Charged to profit or loss
(853,600)
(1,463,786)



At end of year
(3,392,417)
(2,538,817)

Company


2024
2023


£

£






At beginning of year
1,033
89,852


Charged to profit or loss
(186)
(88,819)



At end of year
847
1,033

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

Accelerated capital allowances
(2,505,392)
(1,843,197)
847
1,033

Short term timing differences
(16,546)
174,859
-
-

Capital gains
(870,479)
(870,479)
-
-

(3,392,417)
(2,538,817)
847
1,033


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



40,450 (2023 - 40,450) Ordinary shares of £1.00 each
40,450
40,450


Page 38

 
Hyde Industrial Holdings Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

23.


Reserves

Cash flow hedge reserve

Comprises the fair value of derivatives designated as cash flow hedges, which are effective, gains and losses arising on rolled over forward currency contracts as part of effective hedging arrangements and gains and losses arising from retranslation of foreign currency trade debtors which form part of effective hedging arrangements.

Other reserves

Represents the excess of net assets acquired over the nominal value of the shares issued in obtaining an interest in the equity share capital of another group entity.

Profit and loss account

Includes all current and prior year retained profits and losses.


24.


Capital commitments

The Group had capital commitments of £1,556,759 at 30 September 2024 (2023: £884,758).
The Company had capital commitments of £Nil at 30 September 2024 (
2023: £Nil).


25.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £1,576,878 (2023 - £1,263,573). Contributions totalling £56,555 (2023 - £67,030) were payable to the fund at the reporting date and are included in creditors.


26.


Related party transactions

Transactions between group companies, which are related parties, have been eliminated on consolidation and are not disclosed in this note.
In accordance with FRS 102, paragraph 33.1A, the Company is exempt from disclosing transactions with companies that are 100% owned within the Hyde Industrial Holdings Limited group.
Transactions and balances with subsidiaries less than 100% owned are detailed below:

2024
2023
£
£
Sales to group companies

2,610,449

3,022,783
 
Purchases from group companies

2,610,449

3,022,783
 
Amounts owed by group companies

12,747,354

10,690,702
 
Amounts owed to group undertakings

12,747,354

10,690,702
 

Page 39