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Registered number: 03946707









Hyde Group Holdings Limited









Annual Report and Financial Statements

For the Year Ended 30 September 2024

 
Hyde Group Holdings Limited
 
 
Company Information


Directors
M Ford 
D Grant 
M O'Connor 




Company secretary
M Haslam



Registered number
03946707



Registered office
185 Stamford House
Stamford Street

Stalybridge

Cheshire

SK15 1QZ




Independent auditors
Hurst Accountants Limited
Chartered accountants

3 Stockport Exchange

Stockport

SK1 3GG





 
Hyde Group Holdings Limited
 

Contents



Page
Group strategic report
1 - 2
Directors' report
3 - 7
Independent auditors' report
8 - 11
Consolidated statement of comprehensive income
12
Consolidated statement of financial position
13
Company statement of financial position
14
Consolidated statement of changes in equity
15
Company statement of changes in equity
16
Consolidated statement of cash flows
17
Notes to the financial statements
18 - 32


 
Hyde Group 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 £7,172k (2023: £5,221k) 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 Group 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 environmental 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 Group 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 Group's principle activity is the manufacture of engineering products, primarily within the aerospace sector.

Directors

The directors who served during the year were:

D Cooper (resigned 7 April 2025)
M Ford 
D Grant 
M O'Connor 

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £7,135,343 (2023 -£4,357,654).

The directors have not recommended a dividend (2023: £Nil).

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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website.  Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Page 3

 
Hyde Group 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 Group Holdings Limited
 
 
 
Directors' Report (continued)
For the Year Ended 30 September 2024

Greenhouse gas emissions, energy consumption and energy efficiency 

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)

12,354,706

14,130,488
 
Emissions from combustion of natural gas tCO2e (Scope 2)

936

983
 
Emissions from purchased electricity tCO2e (Scope 2, location based)

1,224

1,472
 
Emission from combustion of fuel for transport purposes tCO2e (Scope 1)

293

365
 
Total greenhouse gas emissions based on above (tCO2e)

2,453

2,821
 
Intensity ratio; tonnes of CO2e emitted per £1m sales revenue

31

38
 
Intensity ratio; tonnes of CO2e emitted per employee

5

6
 

During the year the group purchased 5,974,271kWh (2023: 6,548,780kWh) 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)

6,380,435

7,581,708
 
Emissions from combustion of natural gas tCO2e (Scope 2)

936

983
 
Emissions from purchased electricity tCO2e (Scope 2, location based)

-

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

293

365
 
Total greenhouse gas emissions based on above (tCO2e)

1,229

1,348
 
Intensity ratio; tonnes of CO2e emitted per £1m sales revenue

15

18
 
Intensity ratio; tonnes of CO2e emitted per employee

2

3
 

Page 5

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

Opinion


We have audited the financial statements of Hyde Group Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2024, which comprise 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 Group Holdings Limited
 
 
 
Independent Auditors' Report to the Members of Hyde Group 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 Group Holdings Limited
 
 
 
Independent Auditors' Report to the Members of Hyde Group 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 Group Holdings Limited
 
 
 
Independent Auditors' Report to the Members of Hyde Group 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 Group Holdings Limited
 
 
Consolidated Statement of Comprehensive Income
For the Year Ended 30 September 2024

2024
2023
Note
£
£

  

Turnover
 4 
79,875,880
75,092,512

Cost of sales
  
(70,193,891)
(67,253,396)

Gross profit
  
9,681,989
7,839,116

Administrative expenses
  
(2,509,768)
(2,618,402)

Operating profit
 5 
7,172,221
5,220,714

Tax on profit
 8 
(18,554)
(849,653)

Profit for the financial year
  
7,153,667
4,371,061

Profit for the year attributable to:
  

Non-controlling interests
  
18,324
13,407

Owners of the parent Company
  
7,135,343
4,357,654

  
7,153,667
4,371,061

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 18 to 32 form part of these financial statements.

Page 12

 
Hyde Group Holdings Limited
Registered number: 03946707

Consolidated Statement of Financial Position
As at 30 September 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 9 
16,768,818
14,252,894

  
16,768,818
14,252,894

Current assets
  

Stocks
 11 
14,487,927
11,837,023

Debtors: amounts falling due within one year
 12 
94,761,602
94,716,962

Cash at bank and in hand
 13 
5,269,683
3,410,614

  
114,519,212
109,964,599

Creditors: amounts falling due within one year
 14 
(11,363,797)
(12,335,291)

Net current assets
  
 
 
103,155,415
 
 
97,629,308

Total assets less current liabilities
  
119,924,233
111,882,202

Provisions for liabilities
  

Deferred taxation
 15 
(2,142,878)
(1,254,514)

  
 
 
(2,142,878)
 
 
(1,254,514)

Net assets
  
117,781,355
110,627,688


Capital and reserves
  

Called up share capital 
 16 
100
100

Profit and loss account
 17 
117,143,175
110,007,832

Equity attributable to owners of the parent Company
  
117,143,275
110,007,932

Non-controlling interests
  
638,080
619,756

  
117,781,355
110,627,688


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 18 to 32 form part of these financial statements.

Page 13

 
Hyde Group Holdings Limited
Registered number: 03946707

Company Statement of Financial Position
As at 30 September 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 9 
51,049
104,733

Investments
 10 
5,993,580
5,993,580

  
6,044,629
6,098,313

Current assets
  

Debtors: amounts falling due within one year
 12 
520,597
484,602

Cash at bank and in hand
 13 
1,753,341
1,733,397

  
2,273,938
2,217,999

Creditors: amounts falling due within one year
 14 
(99,893)
(112,835)

Net current assets
  
 
 
2,174,045
 
 
2,105,164

Total assets less current liabilities
  
8,218,674
8,203,477

  

  

Net assets
  
8,218,674
8,203,477


Capital and reserves
  

Called up share capital 
 16 
100
100

Profit and loss account carried forward
  
8,218,574
8,203,377

  
8,218,674
8,203,477


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 parent company for the year was £15,197 (
2023: £13,575).
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 18 to 32 form part of these financial statements.

Page 14
 

 
Hyde Group Holdings Limited


 

Consolidated Statement of Changes in Equity
For the Year Ended 30 September 2024



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


£
£
£
£
£
£



At 1 October 2022
100
4,574,753
101,075,425
105,650,278
606,349
106,256,627



Comprehensive income for the year


Profit for the year
-
-
4,357,654
4,357,654
13,407
4,371,061

Total comprehensive income for the year
-
-
4,357,654
4,357,654
13,407
4,371,061


Transfer to/from profit and loss account
-
(4,574,753)
4,574,753
-
-
-





At 1 October 2023
100
-
110,007,832
110,007,932
619,756
110,627,688



Comprehensive income for the year


Profit for the year
-
-
7,135,343
7,135,343
18,324
7,153,667

Total comprehensive income for the year
-
-
7,135,343
7,135,343
18,324
7,153,667



At 30 September 2024
100
-
117,143,175
117,143,275
638,080
117,781,355



The notes on pages 18 to 32 form part of these financial statements.

Page 15
 
Hyde Group Holdings Limited
 

Company Statement of Changes in Equity
For the Year Ended 30 September 2024


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£


At 1 October 2022
100
4,000,000
4,189,802
8,189,902


Comprehensive income for the year

Profit for the year
-
-
13,575
13,575
Total comprehensive income for the year
-
-
13,575
13,575

Transfer to/from profit and loss account
-
(4,000,000)
4,000,000
-



At 1 October 2023
100
-
8,203,377
8,203,477


Comprehensive income for the year

Profit for the year
-
-
15,197
15,197
Total comprehensive income for the year
-
-
15,197
15,197


At 30 September 2024
100
-
8,218,574
8,218,674


The notes on pages 18 to 32 form part of these financial statements.


 

Page 16

 
Hyde Group 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
7,153,667
4,371,061

Adjustments for:

Depreciation of tangible assets
3,149,825
4,296,880

Loss on disposal of tangible assets
(325,625)
(451,868)

Taxation charge
18,554
849,653

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

(Increase) in debtors
(707,981)
(4,234,940)

(Decrease)/increase in creditors
(1,033,327)
2,271,707

Corporation tax received
1,594,984
209,832

Net cash generated from operating activities

7,199,193
5,601,778


Cash flows from investing activities

Purchase of tangible fixed assets
(5,725,330)
(8,027,381)

Sale of tangible fixed assets
385,206
484,143

Net cash used in investing activities
(5,340,124)
(7,543,238)


Net increase/(decrease) in cash and cash equivalents
1,859,069
(1,941,460)

Cash and cash equivalents at beginning of year
3,410,614
5,352,074

Cash and cash equivalents at the end of year
5,269,683
3,410,614


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
5,269,683
3,410,614

5,269,683
3,410,614


The notes on pages 18 to 32 form part of these financial statements.

Page 17

 
Hyde Group Holdings Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

1.


General information

Hyde Group Holdings Limited is a private company limited by shares and incorporated in England and Wales, registered number 03946707. 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 Statement of Comprehensive Income in these financial statements.
 
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).

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 Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

As detailed in the financial statements of the holding company Hyde Industrial Holdings Limited, the group
meets its day to day working capital requirements through significant available cash balances.
The directors of Hyde Industrial Holdings Limited (the ultimate parent company) have prepared consolidated
forecasts for the period to 30 June 2026 which include forecast results for this company.
After review of the forecasts, significant available group cash resources and consideration of the parental
support from the ultimate parent company, the directors have a reasonable expectation that 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.

Page 18

 
Hyde Group Holdings Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

 
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 is measured as the fair value of the consideration received or receivable, excluding discounts, rebates,
value added tax and other sales taxes.
Revenue from the sale of good is recognised when the significant risks and rewards of ownership of the goods
have passed to the buyer (usually on delivery to the customer), the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the cost incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.6

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 equal 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.

 
2.7

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.

 
2.8

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.

Page 19

 
Hyde Group Holdings Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

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

The current 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.


 
2.10

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.

Page 20

 
Hyde Group Holdings Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

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:

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.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

  
2.12

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.

 
2.13

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.

 
2.14

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.

 
2.15

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 21

 
Hyde Group Holdings Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

 
2.16

Financial instruments

The Group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable.
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.
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 Statement of Comprehensive Income.
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.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet 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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make significant judgements and estimates that
affect amounts recognised for assets and liabilities at the reporting date and the amounts of revenue and expenses
incurred during the period. Actual outcomes may differ from these judgements, estimates and assumptions.
The directors believe that judgements, estimates and assumptions do not have a significant risk of causing a material
difference to the carrying amounts of the assets and liabilities within the next financial year.


4.


Turnover

The whole of the turnover is attributable to the sale of goods.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
68,507,855
65,175,260

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

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

79,875,880
75,092,512


Page 22

 
Hyde Group Holdings Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
3,149,825
4,296,880

Other operating lease rentals - property
2,017,308
1,998,734

Profit on disposal of tangible fixed assets
(325,625)
(451,868)


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
128,000
128,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 23

 
Hyde Group 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
21,770,383
19,813,931

Social security costs
2,208,489
1,939,976

Cost of defined contribution scheme
1,182,141
1,099,026

25,161,013
22,852,933


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


        2024
        2023
            No.
            No.







Management
32
33



Administration
32
30



Production and distribution
473
441

537
504

In the current and prior year, the directors of the Company were remunerated through other companies within the Group headed up by its ultimate parent company, Hyde Industrial Holdings Limited.


8.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,181,771
63,961

Adjustments in respect of previous periods
(2,135,578)
(455,626)

Group taxation relief
83,998
(164,444)


Total current tax
(869,809)
(556,109)

Deferred tax


Origination and reversal of timing differences
870,599
1,328,630

Adjustments in respect of previous periods
17,764
77,132

Total deferred tax
888,363
1,405,762


Taxation on profit on ordinary activites
18,554
849,653
Page 24

 
Hyde Group Holdings Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024
 
8.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
7,172,221
5,220,714


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 -22%)
1,793,057
1,148,987

Effects of:


Expenses not deductible for tax purposes
37,430
27,849

Capital allowances for year in excess of depreciation
(3,625)
(94,792)

Income not taxable for tax purposes
-
(660)

Adjustments to tax charge in respect of prior periods
183,492
126,459

Adjustment in respect of prior periods (deferred tax)
17,764
77,132

Adjust opening deferred tax to average rate
-
159,001

Other timing differences leading to an increase (decrease) in taxation
(17,247)
(12,188)

R&D expenditure credits
326,752
-

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

Marginal relief
-
(49)

Total tax charge for the year
18,554
849,653

Page 25

 
Hyde Group Holdings Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

9.


Tangible fixed assets

Group






Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost 


At 1 October 2023
49,927,575
3,361,671
4,853,562
58,142,808


Additions
4,350,211
757,371
617,750
5,725,332


Disposals
(3,194,475)
(413,379)
(1,711,775)
(5,319,629)



At 30 September 2024

51,083,311
3,705,663
3,759,537
58,548,511



Depreciation


At 1 October 2023
38,909,338
1,959,409
3,021,167
43,889,914


Charge for the year
1,769,661
634,796
745,370
3,149,827


Disposals
(3,194,475)
(353,798)
(1,711,775)
(5,260,048)



At 30 September 2024

37,484,524
2,240,407
2,054,762
41,779,693



Net book value



At 30 September 2024
13,598,787
1,465,256
1,704,775
16,768,818



At 30 September 2023
11,018,237
1,402,262
1,832,395
14,252,894

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

Page 26

 
Hyde Group Holdings Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

           9.Tangible fixed assets (continued)


Company






Plant and machinery
Motor vehicles
Total

£
£
£

Cost 


At 1 October 2023
41,785
493,355
535,140


Additions
-
25,000
25,000


Disposals
-
(62,739)
(62,739)



At 30 September 2024

41,785
455,616
497,401



Depreciation


At 1 October 2023
41,785
388,622
430,407


Charge for the year
-
78,684
78,684


Disposals
-
(62,739)
(62,739)



At 30 September 2024

41,785
404,567
446,352



Net book value



At 30 September 2024
-
51,049
51,049



At 30 September 2023
-
104,733
104,733






Page 27

 
Hyde Group Holdings Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

10.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost 


At 1 October 2023
5,993,580



At 30 September 2024
5,993,580





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Brinksway Tool Limited
Ordinary
98%
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 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 Nuclear 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 28

 
Hyde Group Holdings Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

11.


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



12.


Debtors

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


Trade debtors
21,437,031
22,754,847
-
-

Amounts owed by group undertakings
70,864,030
69,288,734
242,193
318,373

Other debtors
226,413
137,014
4,554
4,058

Prepayments and accrued income
2,234,128
1,917,655
172,529
62,496

Tax recoverable
-
618,712
-
-

Deferred taxation
-
-
101,321
99,675

94,761,602
94,716,962
520,597
484,602


Amounts owed by group undertakings are repayable on demand, unsecured and bear no interest.


13.


Cash

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

Cash at bank and in hand
5,269,683
3,410,614
1,753,341
1,733,397


Page 29

 
Hyde Group Holdings Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

14.


Creditors: Amounts falling due within one year

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

Trade creditors
4,426,155
4,544,502
5,706
4,057

Amounts owed to group undertakings
-
-
-
1,752

Corporation tax
61,833
-
-
-

Other taxation and social security
2,733,153
3,114,994
-
-

Other creditors
2,393,016
1,152,684
24,338
24,338

Accruals and deferred income
1,749,640
3,523,111
69,849
82,688

11,363,797
12,335,291
99,893
112,835


Amounts owed to group undertakings are payable on demand, unsecured and bear no interest.


15.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
(1,254,514)
151,248


Charged to profit or loss
(888,364)
(1,405,762)



At end of year
(2,142,878)
(1,254,514)

Page 30

 
Hyde Group Holdings Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024
 
15.Deferred taxation (continued)

Company


2024
2023


£

£






At beginning of year
99,675
109,371


Charged to profit or loss
1,646
(9,696)



At end of year
101,321
99,675

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

Accelerated capital allowances
(2,105,254)
(1,401,295)
101,321
99,675

Short term timing differences
(37,624)
146,781
-
-

(2,142,878)
(1,254,514)
101,321
99,675


16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 -100) Ordinary shares of £1.00 each
100
100

There is a single class of ordinary shares.  There are no restrictions on dividends and the repayment of capital.



17.


Reserves

Profit and loss account

Includes all current and prior year retained profits and losses.


18.


Contingent liabilities

The Group is party to an inter-company cross guarantee in favour of its bankers. The cross guarantee is for all amounts due to the bank by all of the group companies headed by Hyde Industrial Holdings Limited.

Page 31

 
Hyde Group Holdings Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

19.


Capital commitments

At 30 September 2024, the Group had capital commitments of £1,556,759 (2023 - £884,758).
At 30 September 2024, the Company had capital commitments of £29,001 (
2023 - £Nil).


20.


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 £1,182,141 (2023 - £1,099,026). Contributions totalling £47,078 (2023 - £58,240) were payable to the fund at the reporting date and are included in creditors.


21.


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
2,446,012
2,856,049
Purchases from group companies
2,610,449
3,022,783
Amounts owed by group undertakings
12,366,609
10,098,255
Amounts owed to group undertakings
1,592,553
890,342


22.


Controlling party

The immediate and ultimate parent undertaking is Hyde Industrial Holdings Limited which is registered in England and Wales.
The largest group of undertakings for which group accounts have been drawn up is that headed by Hyde Industrial Holdings Limited and the smallest group of such undertakings, including the company, is that headed by Hyde Group Holdings Limited.
Copies of the group financial statements can be obtained from that Company's registered office.

 
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