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Registered number: 07020920
HPH Group Ltd
Strategic Report, Director's Report and
Financial Statements
For The Year Ended 30 June 2024
MJH Accountants Limited
129 Woodplumpton Road
Fulwood
Preston
Lancashire
PR2 3LF
HPH Group Ltd
Contents
Contents

| Page
--- | ---
Strategic Report | 1—2
Director's Report | 3—4
Independent Auditor's Report | 5—7
Consolidated Statement of Comprehensive Income | 8
Consolidated Balance Sheet | 9
Company Balance Sheet | 10
Consolidated Statement of Changes in Equity | 11
Company Statement of Changes in Equity | 12
Consolidated Statement of Cash Flows | 13
Notes to the Consolidated Statement of Cash Flows | 14
Notes to the Financial Statements | 15—28

Page 1
HPH Group Ltd
Strategic Report
For The Year Ended 30 June 2024
Strategic Report
The director presents his strategic report for the year ended 30 June 2024.
Review of the Business
HPH Group Limited (“the Group”) is the parent company of a group that, during the year ended 30th June 2024, operated primarily in the UK transport and logistics sector through its wholly owned trading subsidiary, H. Parkinson Haulage Limited. The Group also owns a freehold commercial property asset, from which it generates rental and management charge income, historically supporting the operations of the subsidiary and related parties.
For the majority of the financial year, H. Parkinson Haulage Limited operated from various third-party leased premises, with the Group’s owned site used primarily as a secondary or backup yard. However, towards the end of the year, and in anticipation of vacating its leased facilities, the subsidiary began consolidating its operations at the Group’s freehold property. This transition occurred shortly before the company entered administration on 5th August 2024, following a prolonged period of financial difficulty.
The group’s results for the year reflect the culmination of these pressures. Despite reporting a positive EBITDA of £639,895, the group incurred significant non-cash charges, including depreciation and losses on disposal of fixed assets amounting to £1,286,809, and finance costs of £293,392. In addition, impairment charges totalling £1,438,937 were recognised in respect of tangible fixed assets and debtors. As a result, the group reported a loss before tax of £2,379,243, and a loss after tax of £1,936,898, after recognising a deferred tax credit of £442,345.
The loss followed two consecutive years of challenging trading and was driven by structural issues in the haulage sector; including persistent pressure on margins, difficulties in driver recruitment, inflationary cost increases, and the burden of lease exit obligations. Despite management's efforts to mitigate these issues, the business was no longer financially sustainable and entered administration shortly after the year end.
Following the administration, HPH Group Limited’s ongoing activities now relate solely to the property ownership and the provision of management serices to other related companies. The property remains occupied by related parties operating in the logistics sector, and the Group continues to receive rental and management income. The directors are focused on maintaining occupancy, preserving the value of the Group’s property assets, and ensuring the continued financial viability of the Group as a property-owning and service entity.
Although the administration of the trading subsidiary marks a significant shift in the Group’s structure and operations, the Group remains active and solvent in its new role, with income-generating capacity through its retained assets.
Key performance indicators
The directors use a number of Key performance indicators to monitor ongoing performance which include;

Key performance indicator | 2024 | 2023
Turnover | 16,179,920 | 16,295,269
Gross profit | 2,404,352 | 2,717,981
EBITDA | 639,895 | 884,616

The directors also monitor the following ratios;

- Profit, losses and turnover for each sector of the business.
- Cash headroom
- Average pence per mile
- Weekly driver wages as a percentage of general haulage sales
- Fuel costs as a percentage of general haulage sales

Page 1
Page 2
HPH Group Ltd
Strategic Report (continued)
For The Year Ended 30 June 2024
Principal Risks and Uncertainties
Following the administration of its wholly owned trading subsidiary on 5th August 2024, HPH Group Limited no longer undertakes direct trading operations.
The Group now primarily derives income through rental and management charges from related companies occupying its property assets. However, as these related companies operate in the same haulage and logistics sector, many of the risks previously faced by the subsidiary remain relevant to the Group's ongoing income streams.
The principal risks and uncertainties are as follows:
Exposure to the haulage sector
Although the Group is no longer directly involved in trading activities, its financial performance remains closely linked to the success and viability of related parties operating in the haulage and logistics sector. The industry continues to face structural challenges including margin pressure, inflationary cost increases, driver shortages, and fluctuating warehousing demand. Any material deterioration in the financial health of tenants may impact the Group’s ability to recover rental and management income.
Property and lease related liabilities
An unresolved dispute remains regarding dilapidation charges connected to previously leased premises. While the claim has evolved into a material loss claim, the directors have provided for the estimated liability in the financial statements based on information available at the balance sheet date. A portion of a deposit paid continues to be held and is expected to be offset against any agreed settlement. The provision will be revised as further information becomes available or upon settlement.
Credit risk
The Group is exposed to credit risk in relation to receivables from related parties. This includes both rental income and management charges. The directors monitor these balances closely and assess the creditworthiness of tenants to mitigate potential exposure.
Future Developments
While the Group experienced a significant change following the administration of its trading subsidiary, H. Parkinson Haulage Limited, on 5th August 2024, HPH Group Limited remains a solvent and operational entity with a clear path forward.
The Group continues to own a valuable freehold property asset, which remains occupied by related parties engaged in the logistics sector. As a result, the Group generates ongoing income through rental and management charges. The director is focused on actively managing this asset to ensure continued occupancy, protect value, and maintain reliable cash flows.
Although the Group’s consolidated balance sheet as at 30th June 2024 reflects negative reserves due to prudent impairment provisions, these relate entirely to the trading subsidiary.
Importantly, HPH Group Limited itself remains financially stable. Once the administration process is complete, the subsidiary’s liabilities will no longer form part of the Group’s consolidated accounts, and the financial statements will more clearly reflect the strength and simplicity of the Group’s revised structure.
The Group’s strategy going forward is centred on preserving its asset base, maintaining positive relationships with stakeholders, and delivering long-term financial stability.
The director remains confident in the Group’s ability to meet its obligations and continue operating as a viable and well-managed property-holding company.
On behalf of the board

Mr C Parkinson Director
27 June 2025

Page 2
Page 3
HPH Group Ltd
Company No. 07020920
Director's Report For The Year Ended 30 June 2024
Director's Report
The director presents his report and the financial statements for the year ended 30 June 2024.
Principal Activity
The group's principal activity during the year was that of a group holding company, with trading operations carried out through its wholly owned subsidiary.
The subsidiary provided road haulage and warehousing services and operated a VOSA-approved heavy goods vehicle testing facility.
Following the end of the financial year, H. Parkinson Haulage Limited entered administration and as a result, the Group’s ongoing principal activity is now the ownership and management of its freehold property asset and the generation of rental and management charge income from related parties.
Dividends
The value of dividends paid amounted to £62,443 .
The director does not recommend payment of a further dividend.
Directors
The director who held office during the year were as follows:

Mr C Parkinson

Matters covered in the Strategic Report
The Group has chosen, in accordance with section 414C(11) of the Companies Act 2006, to set out in the Group’s Strategic Report the information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the Directors’ Report. This includes information on future developments and financial risk management.
Statement of Director's Responsibilities
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing the financial statements the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Director's Report is approved:

- so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
- they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.

Page 3
Page 4
HPH Group Ltd
Director's Report (continued)
For The Year Ended 30 June 2024
Independent Auditors
The auditors, MJH Accountants Limited, have indicated their willingness to continue in office and, in accordance with section 487(2) of the Companies Act 2006, are deemed to be reappointed for the next financial year.
On behalf of the board

Mr C Parkinson Director
20 June 2025

Page 4
Page 5
Independent Auditor's Report
to the Members of
HPH Group Ltd
Independent Auditor's Report
Opinion
We have audited the financial statements of HPH Group Ltd (the "parent company") and its subsidiaries (the "group") for the year ended 30 June 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:

- give a true and fair view of the state of the group's and of the parent company's affairs as at 30 June 2024 and of the group's profit/(loss) for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Emphasis of Matter
The director's have concluded that, as at 30 June 2024, the company was no longer a going concern and, accordingly, the financial statements have been prepared on a break-up basis.
In auditing the financial statements, we have concluded that the director's use of this basis of accounting is appropriate in the circumstances.
We draw attention to note 2 to the financial statements, which explains the company’s going concern position in more detail. The decision not to prepare the accounts on a going concern basis was driven by a prolonged period of trading losses, combined with significant lease obligations that created unsustainable pressure on the company’s cash flow and working capital.
As disclosed, the company's trading subsidiary entered administration on 5 August 2024.
Our opinion is not modified in respect of this matter.
An Overview of the Scope of Our Audit
The company is a holding company with one trading subsidiary which entered administration shortly after the balance sheet date. Our group audit scope included a full audit of both the parent company and its subsidiary.
Given the circumstances, our audit approach was tailored to reflect the preparation of the financial statements on a break-up basis. Particular attention was given to the recoverability of material assets, the completeness of liabilities, and the adequacy of disclosures related to the going concern assumption and post-balance sheet events.
We performed audit procedures over all material account balances and classes of transactions to obtain sufficient appropriate audit evidence for the purposes of the group audit opinion.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Page 5
Page 6
Independent Auditor's Report (continued)
to the Members of
HPH Group Ltd
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:

- the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.

Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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

Responsibilities of Directors
As explained more fully in the Director's Responsibilities Statement set out on page 3—4, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the director is responsible for assessing the group and parent company's ability to continue as a going concern and determining the appropriate basis of preparation.
As disclosed in note 1, the directors have concluded that it is not appropriate to adopt the going concern basis of accounting and have therefore prepared the financial statements on a break-up basis.
Page 6
Page 7
Independent Auditor's Report (continued)
to the Members of
HPH Group Ltd
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness;
- Reviewing the company’s procedures for identifying and monitoring compliance with key laws and regulations;
- Scrutinising legal and professional fees for indications of regulatory or legal issues;
- Auditing the risk of fraud in revenue recognition, including through testing income cut-off, sales transaction sampling, and post-year-end credit notes to assess whether revenue has been appropriately recorded;
- Challenging the assumptions and judgments made by management, particularly in areas involving significant estimation uncertainty;
- Assessing the valuation of assets and completeness of liabilities under the break-up basis of preparation, following the company’s entry into administration;
- Making enquiries of management regarding any known or suspected instances of fraud or non-compliance with laws and regulations;

Given the nature of the company’s operations, we considered the following regulatory areas as particularly relevant to our audit:

- VOSA compliance and related road traffic regulations
- Health and Safety especially in connection with drivers hours
- Environmental compliance in connection with their fleet of vehicles and warehousing operations
- Employment law
- Companies Act 2006

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mark James Hall (Senior Statutory Auditor) for and on behalf of MJH Accountants Limited , Statutory Auditor
20 June 2025
MJH Accountants Limited 129 Woodplumpton Road Fulwood Preston Lancashire PR2 3LF

Page 7
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HPH Group Ltd
Consolidated Statement of Comprehensive Income
For The Year Ended 30 June 2024
Consolidated Statement of Comprehensive Income

| 2024 |  | 2023 as restated
--- | --- | --- | ---
| Notes | £ |  | £
TURNOVER | 3 | 16,179,920 |  | 16,295,269
Cost of sales |  | (13,775,568 ) |  | (13,577,288 )
GROSS PROFIT |  | 2,404,352 |  | 2,717,981
Distribution costs |  | (1,858,958 ) |  | (1,603,083 )
Administrative expenses |  | (2,631,245 ) |  | (1,226,465 )
OPERATING LOSS | 4 | (2,085,851 ) |  | (111,567 )
Interest payable and similar charges | 9 | (293,392 ) |  | (235,165 )
LOSS BEFORE TAXATION |  | (2,379,243 ) |  | (346,732 )
Tax on Loss | 10 | 442,345 |  | 350,118
(LOSS)/PROFIT AFTER TAXATION BEING (LOSS)/PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT |  | (1,936,898 ) |  | 3,386
OTHER COMPREHENSIVE INCOME FOR THE YEAR |  | - |  | -
Prior year adjustment |  | (59,672) |  | -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT |  | (1,996,570 ) |  | 3,386

The notes on pages 14 to 28 form part of these financial statements.
Page 8
Page 9
HPH Group Ltd
Consolidated Balance Sheet
As At 30 June 2024
Consolidated Balance Sheet
Registered number: 07020920

| 2024 | 2023 as restated
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Tangible Assets | 12 |  | 1,924,026 |  | 4,935,538
|  |  | 1,924,026 |  | 4,935,538
CURRENT ASSETS
Stocks | 14 | 39,671 |  | 7,459 |
Debtors | 15 | 2,387,289 |  | 4,220,542 |
Cash at bank and in hand |  | 200 |  | 1,131 |
|  | 2,427,160 |  | 4,229,132 |
Creditors: Amounts Falling Due Within One Year | 16 | (4,594,709 ) |  | (5,969,868 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | (2,167,549 ) |  | (1,740,736 )
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | (243,523 ) |  | 3,194,802
Creditors: Amounts Falling Due After More Than One Year | 17 |  | (200,000 ) |  | (1,196,640 )
PROVISIONS FOR LIABILITIES
Provisions For Charges | 21 |  | (383,000 ) |  | (383,000 )
Deferred Taxation | 20 |  | - |  | (442,344 )
NET (LIABILITIES)/ASSETS |  |  | (826,523 ) |  | 1,172,818
CAPITAL AND RESERVES
Called up share capital | 22 |  | 21,000 |  | 21,000
Profit and Loss Account |  |  | (847,523 ) |  | 1,151,818
SHAREHOLDERS' FUNDS |  |  | (826,523) |  | 1,172,818

The financial statements were approved by the board of directors on 20 June 2025 and were signed on its behalf by:

Mr C Parkinson Director
20 June 2025

The notes on pages 14 to 28 form part of these financial statements.
Page 9
Page 10
HPH Group Ltd
Company Balance Sheet
As At 30 June 2024
Company Balance Sheet
Registered number: 07020920

| 2024 | 2023
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Tangible Assets | 12 |  | 644,298 |  | 650,298
Investments | 13 |  | 1 |  | 21,000
|  |  | 644,299 |  | 671,298
CURRENT ASSETS
Debtors | 15 | 493,244 |  | - |
Cash at bank and in hand |  | 3,000 |  | - |
|  | 496,244 |  | - |
Creditors: Amounts Falling Due Within One Year | 16 | (35,686 ) |  | (227,708 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 460,558 |  | (227,708 )
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 1,104,857 |  | 443,590
Creditors: Amounts Falling Due After More Than One Year | 17 |  | (200,000 ) |  | (170,000 )
NET ASSETS |  |  | 904,857 |  | 273,590
CAPITAL AND RESERVES
Called up share capital | 22 |  | 21,000 |  | 21,000
Profit and Loss Account |  |  | 883,857 |  | 252,590
SHAREHOLDERS' FUNDS |  |  | 904,857 |  | 273,590

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 693,710 (2023: £ 129,069 profit).
On behalf of the board

Mr C Parkinson Director
20 June 2025

The notes on pages 14 to 28 form part of these financial statements.
Page 10
Page 11
HPH Group Ltd
Consolidated Statement of Changes in Equity
For The Year Ended 30 June 2024
Consolidated Statement of Changes in Equity

| Share Capital | Profit and Loss Account | Total
--- | --- | --- | ---
| £ | £ | £
As at 1 July 2022 | 21,000 | 1,283,514 | 1,304,514
Profit for the year and total comprehensive income | - | 3,386 | 3,386
Dividends paid | - | (135,082) | (135,082)
As at 30 June 2023 | 21,000 | 1,151,818 | 1,172,818
As at 1 July 2023 as previously stated | 21,000 | 1,211,490 | 1,232,490
Prior year adjustment | - | (59,672 ) | (59,672 )
As at 1 July 2023 as restated | 21,000 | 1,151,818 | 1,172,818
1,151,818
Loss for the year and total comprehensive income | - | (1,936,898 ) | (1,936,898)
Dividends paid | - | (62,443) | (62,443)
As at 30 June 2024 | 21,000 | (847,523 ) | (826,523)

Page 11
Page 12
HPH Group Ltd
Company Statement of Changes in Equity
For The Year Ended 30 June 2024
Company Statement of Changes in Equity

| Share Capital | Profit and Loss Account | Total
--- | --- | --- | ---
| £ | £ | £
As at 1 July 2022 | 21,000 | 258,603 | 279,603
Profit for the year and total comprehensive income | - | 129,069 | 129,069
Dividends paid | - | (135,082) | (135,082)
As at 30 June 2023 and 1 July 2023 | 21,000 | 252,590 | 273,590
Profit for the year and total comprehensive income | - | 693,710 | 693,710
Dividends paid | - | (62,443) | (62,443)
As at 30 June 2024 | 21,000 | 883,857 | 904,857

Page 12
Page 13
HPH Group Ltd
Consolidated Statement of Cash Flows
For The Year Ended 30 June 2024
Consolidated Statement of Cash Flows

| 2024 |  | 2023 as restated
| Notes | £ |  | £
Cash flows from operating activities
Net cash generated from operations | 1 | 1,436,799 |  | 463,157
Interest paid |  | (293,392 ) |  | (235,165 )
Tax refunded |  | 426,676 |  | 292,178
Net cash generated from operating activities |  | 1,570,083 |  | 520,170
Cash flows from investing activities
Purchase of tangible assets |  | (32,140 ) |  | (9,429 )
Proceeds from disposal of tangible assets |  | 745,451 |  | 313,424
Net cash generated from investing activities |  | 713,311 |  | 303,995
Cash flows from financing activities
Equity dividends paid |  | (62,443 ) |  | (135,082 )
Repayment of debenture loans |  | - |  | (800,028)
Proceeds from new other loans |  | - |  | 1,358,052
Repayment of other loans |  | (632,554) |  | -
Repayment of finance leases |  | (1,691,489 ) |  | (1,309,565 )
Amount introduced by directors |  | 27,360 |  | -
Amount withdrawn by directors |  | - |  | (10,848)
Net cash used in financing activities |  | (2,359,126 ) |  | (897,471 )
Decrease in cash and cash equivalents |  | (75,732 ) |  | (73,306 )
Cash and cash equivalents at beginning of year | 2 | (137,344 ) |  | (64,038 )
Cash and cash equivalents at end of year | 2 | (213,076 ) |  | (137,344 )

Page 13
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HPH Group Ltd
Notes to the Consolidated Statement of Cash Flows
For The Year Ended 30 June 2024
Notes to the Consolidated Statement of Cash Flows
1. Reconciliation of (loss)/profit for the financial year to cash generated from operations

| 2024 |  | 2023 as restated
--- | --- | --- | ---
| £ |  | £
(Loss)/profit for the financial year | (1,936,898 ) |  | 3,386
Adjustments for:
Tax on (loss)/profit | (442,345 ) |  | (350,118 )
Interest expense | 293,392 |  | 235,165
Depreciation of tangible assets | 1,026,474 |  | 1,070,937
Impairment of tangible assets | 1,438,937 |  | -
Loss/(profit) on disposal of tangible assets | 255,925 |  | (81,387)
Movements in working capital:
(Increase)/decrease in stocks | (32,212 ) |  | 32,362
Decrease/(increase) in trade and other debtors | 1,392,012 |  | (698,387 )
(Decrease)/increase in trade and other creditors | (558,486 ) |  | 251,199
Net cash generated from operations | 1,436,799 |  | 463,157

2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

| 2024 |  | 2023 as restated
--- | --- | --- | ---
| £ |  | £
Cash at bank and in hand | 200 |  | 1,131
Overdraft facilities repayable on demand | (213,276 ) |  | (138,475 )
Cash and cash equivalents as stated in the Statement of Cash Flows | (213,076) |  | (137,344)

3. Analysis of changes in net debt

| As at 1 July 2023 | Cash flows | New finance leases | As at 30 June 2024
--- | --- | --- | --- | ---
| £ | £ | £ | £
Cash at bank and in hand | 1,131 | (931) | - | 200
Overdraft facilities repayable on demand | (138,475) | (74,801) | - | (213,276)
Cash and cash equivalents | (137,344 ) | (75,732) | - | (213,076 )
Finance leases | (2,184,440) | 1,493,817 | (210,897) | (901,520)
Debts falling due within one year | (1,358,052 ) | 632,554 | - | (725,498 )
| (3,679,836) | 2,050,639 | (210,897) | (1,840,094)

Page 14
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HPH Group Ltd
Notes to the Financial Statements
For The Year Ended 30 June 2024
Notes to the Financial Statements
1. General Information
HPH Group Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07020920 . The registered office is Mayfield House, Chorley Road, Walton Le Dale, Preston, Lancashire, PR5 4JN.
The group consists of HPH Group Ltd and its subsidiary company H. Parkinson Haulage Limited.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102, “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, as it is a member of a group for which publicly available consolidated financial statements are prepared. Accordingly, the company has taken advantage of the following disclosure exemptions available in FRS 102 in respect of the parent company information:

- Section 7 - exemption from preparing the parent company's own cash flow statement;
- Sections 11 and 12 – exemption from certain disclosures relating to financial instruments;
- Section 33 ‘Related Party Disclosures’ – exemption from disclosing key management personnel compensation.

2.2. Basis Of Consolidation
The consolidated financial statements include the financial statements of the parent company, HPH Group Limited, and its subsidiary undertakings. A subsidiary is an entity controlled by the Group, where control is defined as the power to govern the financial and operating policies of an entity to obtain benefits from its activities.
The results of subsidiaries are included in the consolidated financial statements from the date on which control is acquired until the date on which control ceases.
All intra-group transactions, balances, income, and expenses are eliminated on consolidation. Where necessary, adjustments are made to the financial statements of subsidiaries to align their accounting policies with those adopted by the Group.
2.3. Going Concern Disclosure
These consolidated financial statements have been prepared in accordance with FRS 102 and the Companies Act 2006. However, the Group financial statements are not prepared on a going concern basis, as the Group’s sole trading subsidiary, H. Parkinson Haulage Limited, entered administration on 5 August 2024, shortly after the balance sheet date.
As a result, the Group’s consolidated financial statements have been prepared on a break-up basis, with all tangible and intangible fixed assets impaired to their recoverable amounts and all liabilities classified as current. These adjustments have resulted in adverse Group reserves of over £1 million as at 30 June 2024.
The parent company, HPH Group Limited, is not in administration and remains solvent. While the Group’s trading activities have ceased following the administration of the subsidiary, HPH Group Limited continues to derive income from its investment property which is leased to related parties operating in the same sector and from providing management services. These ongoing activities represent the entirety of the company’s future business.
Accordingly, while the consolidated financial statements are prepared on a non-going concern basis, the parent company financial statements are prepared on a going concern basis, reflecting the continued solvency and expected future operations of HPH Group Limited as a property holding company.
Given these significant changes in the Group’s structure and trading position, the going concern disclosures included in the prior year financial statements have not been repeated, as they are no longer relevant to the current financial position or basis of preparation.
Page 15
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HPH Group Ltd
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2024
2.4. Significant judgements and estimations
In preparing the group financial statements, the directors are required to make judgements, estimates, and assumptions that affect the reported amounts of assets, liabilities, income, and expenses. These are based on historical experience and other relevant factors but are inherently uncertain, particularly in the context of the subsidiary’s insolvency.
The group financial statements have not been prepared on a going concern basis. Following the entry into administration of the Group’s principal trading subsidiary, H. Parkinson Haulage Limited, on 5 August 2024, the directors determined that the going concern basis was no longer appropriate for the consolidated financial statements. This has had a material impact on the measurement and classification of the Group’s assets and liabilities.
Critical Judgements
Non-going concern basis of preparation
The directors concluded that the group was no longer a going concern as substantially all of its operations were conducted by the subsidiary, which entered administration after the balance sheet date. The group financial statements have therefore been prepared on a break-up basis. This decision has significantly affected the recognition, measurement, and presentation of assets and liabilities.
Recoverability of intercompany balances and investment
The parent company’s investment in, and intercompany balances with, the subsidiary have been fully impaired in the consolidated financial statements. This treatment reflects the administration of the subsidiary and the expectation that little or no recovery will be achieved in respect of these amounts. This conclusion is a significant judgement made by the directors.
Key Sources of Estimation Uncertainty
Recoverable amount of tangible fixed assets
The group's tangible fixed assets were primarily held within the trading subsidiary. The directors have estimated their recoverable amounts based on likely realisable values in administration. These estimates are inherently uncertain, particularly given the timing and method of disposal, and the condition of assets at the point of sale.
Impairment of trade receivables
Outstanding debtor balances at year end were reviewed in light of the subsidiary's insolvency. Provisions have been made where recovery is considered uncertain, based on historical payment patterns, known disputes, and the administration process.
Provision for dilapidation liabilities
The subsidiary remains in dispute over a claim for dilapidation costs relating to vacated leasehold properties. A provision was initially recorded in prior periods and has been reviewed at the current balance sheet date. The directors have assessed the claim based on the most recent correspondence and professional advice. The final amount payable remains uncertain and will be addressed by the administrators.
Accruals and wind-down obligations
Liabilities at the balance sheet date reflect known obligations incurred prior to administration. While no general provision has been made for administration or liquidation costs, the directors have assessed all available information when estimating creditor balances and accruals. The final outcome may differ as the administration progresses and contingent obligations are resolved.
2.5. Turnover
Turnover represents the total invoiced value of services supplied by the group during the year, excluding value added tax and trade discounts.
Revenue from haulage contracts is recognised when the collection and delivery of goods has been completed, which is the point at which the performance obligations are deemed to be satisfied.
Income from storage rental and warehouse handling is recognised on a straight-line basis over the period of the service, or at the point in time when specific handling services are rendered.
Revenue from vehicle maintenance and other incidental income streams is recognised upon completion of the service provided to the customer.
Page 16
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HPH Group Ltd
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2024
2.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Freehold | 2% on cost
Leasehold | Straight line over the length of the leases
Motor Vehicles | 8% - 20% per annum on cost
Fixtures & Fittings | 12% - 50% per annum on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Impairment of fixed assets
As the financial statements have been prepared on a non-going concern basis, the company assesses the carrying amounts of its tangible fixed assets with reference to their expected recoverable amounts in an orderly wind-down or disposal scenario.
At each reporting date, the company evaluates whether there are indicators that a tangible fixed asset may be impaired. Where such indicators exist, the recoverable amount of the asset is estimated. Under the non-going concern basis, the recoverable amount is taken to be the asset’s fair value less costs to sell.
Where it is not possible to estimate the recoverable amount of an individual asset, the company determines the recoverable amount of the group of assets to which it belongs, based on the manner in which the assets are expected to be realised during the wind-down or administration process.
If the recoverable amount of an asset (or asset group) is lower than its carrying amount, the asset is written down to its recoverable amount and the resulting impairment loss is recognised immediately in profit or loss.
Under the non-going concern basis, reversals of impairment losses are not generally anticipated. However, where there is clear and objective evidence that the recoverable amount of an asset has increased and the previous impairment no longer applies, a reversal may be recognised in line with FRS 102.
2.7. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.8. Stocks and Work in Progress
Stocks relate to fuel stocks and are stated at cost.
2.9. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
Page 17
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HPH Group Ltd
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2024
2.10. Financial Instruments
Financial instruments are recognised in the company’s balance sheet when the company becomes a party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amount presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
As the company entered administration shortly after the balance sheet date, these financial statements have been prepared on a non-going concern basis. Accordingly, financial instruments are measured with reference to their expected recoverable or settlement amounts, rather than amortised cost.
Basic financial assets
Basic financial assets include trade debtors and cash and bank balances. These are initially recognised at transaction price, including transaction costs.
Subsequent measurement reflects the expected realisable value of each asset. Where this is materially lower than the carrying amount, an impairment loss is recognised in profit or loss. Financial assets expected to be realised within one year are not amortised.
Other financial assets
The company does not hold complex or non-basic financial assets. Where applicable, investments in unlisted equity instruments are measured at cost less impairment, where fair value cannot be measured reliably.
Impairment of financial assets
At each reporting date, financial assets are reviewed for impairment. An impairment loss is recognised when there is objective evidence that the company will not recover the full contractual cash flows. This is based on customer circumstances, historical payment patterns, and other available information. The impairment loss is the difference between the carrying amount and the estimated recoverable amount.
Derecognition of financial assets
Financial assets are derecognised when the rights to receive cash flows have expired, been settled, or transferred, and the company has transferred substantially all risks and rewards of ownership.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade creditors, loans and accruals, are initially recognised at transaction price.
Under the non-going concern basis, liabilities are measured at the amount expected to be settled during the administration. Where it is probable that a liability will be settled for less than its contractual amount (e.g. under a compromise), the liability is adjusted and the resulting gain recognised in profit or loss. Liabilities expected to be settled within one year are not amortised.
Derecognition of financial liabilities
Financial liabilities are derecognised when the contractual obligations are discharged, cancelled, expire, or are settled through the administration process.
Equity instruments
Equity instruments issued by the company are recorded at the fair value of proceeds received, net of transaction costs.
No dividends were declared or paid after the balance sheet date and prior to the company entering administration. As the financial statements are not prepared on a going concern basis, equity represents the residual interest in net assets at the reporting date.
2.11. Interest Payable
Interest costs incurred by the company include charges on sales ledger factoring arrangements, bank overdrafts, and hire purchase and finance lease contracts.
Interest is recognised in profit or loss on an accruals basis, using the effective interest method where relevant. Under the non-going concern basis, interest is accrued up to the balance sheet date only, with no assumption of ongoing trading or financing costs beyond this point.
No further interest is accrued on liabilities where the company no longer expects to settle the full contractual amount due (e.g. where liabilities are expected to be compromised or extinguished in administration).
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HPH Group Ltd
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2024
2.12. Taxation
Current tax
Current tax is based on taxable profit for the year and is calculated using tax rates that have been enacted or substantively enacted by the reporting date. Taxable profit differs from the profit or loss reported in the financial statements because it excludes items of income or expense that are taxable or deductible in other years, as well as items that are never taxable or deductible.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, except as required by FRS 102.
Deferred tax liabilities are recognised in full for all taxable temporary differences.
Deferred tax assets are recognised only to the extent that it is probable they will be recovered against the reversal of deferred tax liabilities or future taxable profits.
As the financial statements are prepared on a non-going concern basis, the recoverability of deferred tax assets has been reassessed. A deferred tax asset in respect of trading losses has been recognised only to the extent that it is expected to offset the deferred tax liability arising from accelerated capital allowances. No deferred tax asset has been recognised in respect of the pension accrual, as the related liability is not expected to be paid and the timing difference is therefore unlikely to reverse.
Deferred tax is measured at the tax rates expected to apply when the timing differences reverse, based on tax laws enacted or substantively enacted at the reporting date. Deferred tax is charged or credited to the profit and loss account, except where it relates to items recognised directly in equity, in which case the deferred tax is also dealt with in equity.
Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets against current tax liabilities, and when they relate to income taxes levied by the same taxation authority.
2.13. Provisions and Contingencies
Provisions
Provisions are recognised when the group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of economic resources will be required to settle the obligation, and the amount of the obligation can be estimated reliably.
Where there are a number of similar obligations, the likelihood of an outflow is considered for the class of obligations as a whole. Provisions are measured based on the directors’ best estimate of the expenditure required to settle the obligation at the balance sheet date, reflecting the group’s position under a non-going concern basis. Provisions are not discounted due to the anticipated short-term nature of settlement.
At the reporting date, the only provision recognised relates to a dilapidation claim arising from the termination of a lease on a property previously occupied by the trading subsidiary. The provision reflects the directors’ prudent estimate of the group’s liability at the balance sheet date, based on available legal and property advice.
Contingencies
Contingent liabilities are not recognised. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the group’s control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote.
Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefits is probable.
2.14. Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock of fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2.15. Pensions
The group operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
Page 19
Page 20
HPH Group Ltd
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2024
3. Turnover
Analysis of turnover by class of business is as follows:

| 2024 |  | 2023 as restated
--- | --- | --- | ---
| £ |  | £
Management charges | 480,000 |  | -
Other | 297,293 |  | 314,871
Road haulage | 14,024,449 |  | 14,010,778
Warehousing | 1,378,178 |  | 1,969,620
| 16,179,920 |  | 16,295,269

4. Operating Loss
The operating loss is stated after charging:

| 2024 |  | 2023 as restated
--- | --- | --- | ---
| £ |  | £
Bad debts | 5,780 |  | 9,773
Operating lease rentals | 2,078,719 |  | 1,673,269
Depreciation of tangible fixed assets - owned | 248,960 |  | 163,095
Depreciation of tangible fixed assets - finance leases and hire purchase contracts | 777,514 |  | 907,842
Impairment losses - tangible fixed assets | 1,231,000 |  | -
Loss/(profit) on disposal of tangible fixed assets | 255,925 |  | (81,387 )

| 2024 |  | 2023
| £ |  | £
Impairment losses - trade debtors and other current assets | 207,937 |  | -

5. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:

| 2024 |  | 2023 as restated
--- | --- | --- | ---
| £ |  | £
Audit Services
Audit of the group and company's financial statements | 11,500 |  | 10,000
Other Services
Auditing accounts of associates | - |  | 3,600
Taxation compliance service | 500 |  | -
Other non-audit services | 8,250 |  | 4,750
| 8,750 |  | 8,350

Page 20
Page 21
HPH Group Ltd
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2024
6. Staff Costs
Staff costs, including directors' remuneration, were as follows:

| 2024 |  | 2023 as restated
--- | --- | --- | ---
| £ |  | £
Wages and salaries | 4,971,621 |  | 4,695,595
Social security costs | 471,451 |  | 458,577
Other pension costs | 88,916 |  | 102,185
| 5,531,988 |  | 5,256,357

7. Average Number of Employees
Average number of employees, including directors, during the year was as follows:

| Group |  | Company
--- | --- | --- | ---
| 2024 |  | 2023 |  | 2024 |  | 2023
Office and administration | 22 |  | 23 |  | - |  | -
Drivers | 101 |  | 83 |  | - |  | -
Garage | 6 |  | 6 |  | - |  | -
Warehouse | 10 |  | 19 |  | - |  | -
| 139 |  | 131 |  | - |  | -

8. Director's remuneration

| 2024 |  | 2023 as restated
--- | --- | --- | ---
| £ |  | £
Emoluments | 130,345 |  | 102,852
Company contributions to money purchase pension schemes | 440 |  | 1,329
| 130,785 |  | 104,181

The number of directors to whom retirement benefits were accruing was as follows:

| 2024 |  | 2023 as restated
--- | --- | --- | ---
Money purchase pension schemes | 2 |  | 2

9. Interest Payable and Similar Charges

| 2024 |  | 2023 as restated
--- | --- | --- | ---
| £ |  | £
Bank loans and overdrafts | 102,536 |  | 67,772
Finance charges payable under finance leases and hire purchase contracts | 166,297 |  | 149,654
Other finance charges | 24,559 |  | 17,739
| 293,392 |  | 235,165

Page 21
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HPH Group Ltd
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2024
10. Tax on Profit

The tax credit on the loss for the year was as follows:
| Tax Rate | 2024 |  | 2023 as restated
--- | --- | --- | --- | ---
| 2024 | 2023 | £ |  | £
Current tax
UK Corporation Tax | - | 20.5% | - |  | -
Prior period adjustment | (1 ) |  | (441,936 )
| (1 ) |  | (441,936 )
Deferred Tax
Changes in tax rates | - |  | (14,713 )
Origination and reversal of timing differences | (442,344 ) |  | 106,531
| (442,344) |  | 91,818
Total tax charge for the period | (442,345 ) |  | (350,118 )
The actual credit for the year can be reconciled to the expected credit for the year based on the loss and the standard rate of corporation tax as follows:
| 2024 |  | 2023
| £ |  | £
Profit before tax | (2,379,243) |  | (346,732)
Tax on profit at 25% (UK standard rate) | (714,811 ) |  | (71,064 )
Goodwill/depreciation not allowed for tax | 9,591 |  | 1,230
Expenses not deductible for tax purposes | 2,315 |  | 3,572
Capital allowances | (755 ) |  | (689 )
Prior period adjustment | (1 ) |  | (441,936 )
Difference in tax rates | - |  | (14,713 )
Deferred tax from unrecognised tax loss or credit | 261,316 |  | -
Deferred tax from unrecognised timing difference from a prior period | - |  | 173,482
Total tax charge for the period | (442,345) |  | (350,118)

11. Prior Period Adjustment
During the year, the directors identified a number of adjustments that were required to correct the prior year financial statements. These have been reflected as prior period adjustments in accordance with FRS 102, with comparative figures restated as applicable.
The net impact of these adjustments was a reduction in opening reserves of £59,672 as at 1 July 2023.
No adjustment was required to the opening reserves as at 1 July 2022.
The nature and financial impact of each adjustment are as follows:
Sales ledger credit and purchase ledger debit balances
Certain credit balances in trade debtors and debit balances in trade creditors were previously netted off. These have now been correctly grossed up, increasing both assets and liabilities by £153,063.
Impact on reserves: £Nil
Research and development tax credit
An additional R&D tax credit of £113,810, relating to qualifying expenditure in the year ended 30 June 2023, was not previously recognised. This has now been reflected as a prior period adjustment.
Increase to reserves: £113,810.
Deferred tax on surrendered losses
...CONTINUED
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HPH Group Ltd
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2024
11. Prior Period Adjustment - continued
As a result of the R&D claim, a deferred tax adjustment of £173,482 has been recognised, reflecting the utilisation of trading losses previously recognised as a deferred tax asset.
Reduction to reserves: £173,482.
Dilapidation provision reclassification
A provision for dilapidation costs of £383,000 was previously included within accruals. This has now been reclassified correctly as a provision.
Impact on reserves: £Nil
Write-off of fully depreciated assets
Fixtures and fittings with a gross cost and accumulated depreciation of £158,500, which had been scrapped, were removed from the fixed asset register.
Impact on reserves: £Nil
12. Tangible Assets
Group

| Land & Property
--- | ---
| Freehold | Leasehold | Motor Vehicles | Fixtures & Fittings | Total
| £ | £ | £ | £ | £
Cost
As at 1 July 2023 | 679,331 | 163,290 | 8,591,619 | 240,627 | 9,674,867
Additions | - | 23,400 | 218,929 | 708 | 243,037
Disposals | - | (43,822 ) | (3,319,385 ) | (75,050 ) | (3,438,257 )
As at 30 June 2024 | 679,331 | 142,868 | 5,491,163 | 166,285 | 6,479,647
Depreciation
As at 1 July 2023 | 76,923 | 39,449 | 4,514,788 | 108,169 | 4,739,329
Provided during the period | 6,000 | 12,769 | 971,942 | 35,763 | 1,026,474
Impairment losses | - | 104,000 | 1,056,000 | 71,000 | 1,231,000
Disposals | - | (13,772 ) | (2,378,587 ) | (48,823 ) | (2,441,182 )
As at 30 June 2024 | 82,923 | 142,446 | 4,164,143 | 166,109 | 4,555,621
Net Book Value
As at 30 June 2024 | 596,408 | 422 | 1,327,020 | 176 | 1,924,026
As at 1 July 2023 | 602,408 | 123,841 | 4,076,831 | 132,458 | 4,935,538

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

| 2024 |  | 2023 as restated
--- | --- | --- | ---
| £ |  | £
Motor Vehicles | 789,029 |  | 3,359,208

Company

| Land & Property
--- | ---
| Freehold
| £
Cost
As at 1 July 2023 | 727,221
As at 30 June 2024 | 727,221

...CONTINUED
Page 23
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HPH Group Ltd
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2024

Depreciation
As at 1 July 2023 | 76,923
Provided during the period | 6,000
As at 30 June 2024 | 82,923
Net Book Value
As at 30 June 2024 | 644,298
As at 1 July 2023 | 650,298

13. Investments
Company

| Subsidiaries
--- | ---
| £
Cost
As at 1 July 2023 | 21,000
As at 30 June 2024 | 21,000
Provision
As at 1 July 2023 | -
Impairment losses | 20,999
As at 30 June 2024 | 20,999
Net Book Value
As at 30 June 2024 | 1
As at 1 July 2023 | 21,000

Subsidiaries
Details of the company's subsidiaries as at 30 June 2024 are as follows:
.

Name of undertaking | Registered Office | Class of shares held | Direct holding | Indirect holding
--- | --- | --- | --- | ---
H. Parkinson Haulage Limited | UK | Ordinary | 100.00% | -

14. Stocks

| 2024 |  | 2023 as restated
--- | --- | --- | ---
| £ |  | £
Stock | 39,671 |  | 7,459

15. Debtors

| Group |  | Company
--- | --- | --- | ---
| 2024 |  | 2023 as restated |  | 2024 |  | 2023 as restated
| £ |  | £ |  | £ |  | £
Due within one year
Trade debtors | 1,785,027 |  | 3,132,038 |  | - |  | -
Amounts owed by group undertakings | - |  | - |  | 21,729 |  | -
Other debtors | 602,262 |  | 1,088,504 |  | 471,515 |  | -
| 2,387,289 |  | 4,220,542 |  | 493,244 |  | -

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HPH Group Ltd
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2024
16. Creditors: Amounts Falling Due Within One Year

| Group |  | Company
--- | --- | --- | ---
| 2024 |  | 2023 as restated |  | 2024 |  | 2023 as restated
| £ |  | £ |  | £ |  | £
Net obligations under finance lease and hire purchase contracts | 901,520 |  | 1,157,800 |  | - |  | -
Trade creditors | 2,168,824 |  | 2,653,419 |  | 10,450 |  | -
Bank loans and overdrafts | 213,276 |  | 138,475 |  | - |  | -
Other loans | 725,498 |  | 1,358,052 |  | - |  | -
Amounts owed to group undertakings | - |  | - |  | - |  | 223,114
Amounts owed to participating interests | - |  | 326,825 |  | - |  | -
Other creditors | 150,198 |  | 123,084 |  | 4,986 |  | 4,594
Taxation and social security | 384,766 |  | 152,810 |  | 14,000 |  | -
Accruals and deferred income | 50,627 |  | 59,403 |  | 6,250 |  | -
| 4,594,709 |  | 5,969,868 |  | 35,686 |  | 227,708

Finance lease and hire purchase obligations are secured over the assets to which they relate.
17. Creditors: Amounts Falling Due After More Than One Year

| Group |  | Company
--- | --- | --- | ---
| 2024 |  | 2023 as restated |  | 2024 |  | 2023 as restated
| £ |  | £ |  | £ |  | £
Net obligations under finance lease and hire purchase contracts | - |  | 1,026,640 |  | - |  | -
Other creditors | 200,000 |  | 170,000 |  | 200,000 |  | 170,000
| 200,000 |  | 1,196,640 |  | 200,000 |  | 170,000

Finance lease and hire purchase obligations are secured over the assets to which they relate.
18. Loans
An analysis of the maturity of loans is given below:

| Group |
--- | --- | ---
| 2024 |  | 2023 as restated
| £ |  | £
Amounts falling due within one year or on demand:
Other loans | 725,498 |  | 1,358,052

The bank overdraft and invoice discounting facility are secured over the land and buildings owned by the company and a debenture incorporating fixed and floating charges over all current and future assets within the group.
There is a cross-company guarantee in place across with group, with the parent company acting as a guarantor for its subsidiary company.
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HPH Group Ltd
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2024
19. Obligations Under Finance Leases and Hire Purchase

| Group |
--- | --- | ---
| 2024 |  | 2023 as restated
| £ |  | £
The future minimum finance lease payments are as follows:
Not later than one year | 901,520 |  | 1,157,800
Later than one year and not later than five years | - |  | 1,026,640
| 901,520 |  | 2,184,440
| 901,520 |  | 2,184,440

Finance lease payments represent rentals payable by the group for certain items of plant and machinery. These leases typically include purchase options at the end of the term and place no restrictions on the use of the assets. The average lease term ranges from 3 to 5 years. All leases are on a fixed repayment basis, with no arrangements for contingent rental payments.
Hire purchase payments represent contractual repayments for certain items of plant and machinery. The average term of these agreements is also between 3 and 5 years.
As a result of the group preparing these financial statements on a non-going concern basis, all outstanding finance lease and hire purchase obligations have been classified as current liabilities. This reflects the expectation that these obligations will either be settled or otherwise resolved within the administration or wind-down period.
20. Deferred Taxation
The provision for deferred tax is made up as follows:

| 2024 |  | 2023 as restated
--- | --- | --- | ---
| £ |  | £
Accelerated capital allowances | 91,764 |  | 619,038
Tax losses carried forward | (91,764 ) |  | (174,811 )
Other timing differences | - |  | (1,883)
| - |  | 442,344

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so and where they relate to income taxes levied by the same taxation authority.
The company has no recognised deferred tax assets or liabilities at the balance sheet date.
The group has recognised a deferred tax asset in respect of trading losses, but only to the extent that these losses are expected to be utilised against balancing charges arising on the disposal of fixed assets, following the transition to a non-going concern basis.
No deferred tax asset has been recognised in respect of other temporary differences or remaining trading losses, due to the uncertainty over the availability of future taxable profits against which they could be utilised. The recognition criteria under FRS 102 are therefore not met in relation to those amounts.
Given the group's wind-down and the administration of its principal trading subsidiary, no material deferred tax liabilities are expected to crystallise beyond those recognised.
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HPH Group Ltd
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2024
21. Provisions for Liabilities

Group
| Deferred Tax | Other Provisions | Total
--- | --- | --- | ---
| £ | £ | £
As at 1 July 2023 | 442,344 | 383,000 | 825,344
Origination and reversal of timing differences | (442,344 ) | - | (442,344 )
Balance at 30 June 2024 | - | 383,000 | 383,000

22. Share Capital

| 2024 |  | 2023 as restated
--- | --- | --- | ---
| £ |  | £
Allotted, Called up and fully paid | 21,000 |  | 21,000

23. Contingent Liabilities
As a result of the administration of the group’s principal trading subsidiary, H. Parkinson Haulage Limited, there remains some uncertainty regarding the outcome of certain unresolved matters. The directors have considered known risks at the date of approval of these financial statements. While appropriate provisions have been made where required, there may be additional exposures, including in respect of lease terminations, supplier arrangements, or other contractual matters. These are not considered probable at this stage and therefore have not been recognised as liabilities. The group will continue to monitor these developments and respond appropriately as further information becomes available.
In addition, HPH Group Limited has provided a cross-guarantee to Lloyds Bank Plc. in respect of an overdraft facility granted to H. Parkinson Haulage Limited. The facility was originally set at £250,000. Following the subsidiary’s entry into administration, the administrators have indicated that the final liability may fall within the range of £70,000 to £100,000.
At the date of approval of these financial statements, no formal demand has been made under the cross-guarantee. The timing and amount of any potential outflow remain uncertain. Accordingly, this exposure has been disclosed as a contingent liability but not recognised in the financial statements.
24. Other Commitments
The group had non-cancellable operating lease commitments at the balance sheet date relating to properties and vehicles. These leases were expected to continue under normal trading conditions.
However, as disclosed elsewhere in these financial statements, the company entered administration on 5th August 2024 and is no longer a going concern. As a result, the lease agreements are expected to be terminated, renegotiated, or otherwise settled through the administration process.
Accordingly, no future minimum lease payments are disclosed, as the contractual terms are no longer expected to apply in full, and the obligations will be addressed within the administration.
25. Pension Commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £88,916 (2023: £102,185).
At the balance sheet date contributions of £77,065 (2023: £0) were due to the fund and are included in creditors.
26. Dividends

| 2024 |  | 2023 as restated
--- | --- | --- | ---
| £ |  | £
On equity shares:
Final dividend paid | 62,443 |  | 135,082

Page 27
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HPH Group Ltd
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2024
27. Post Balance Sheet Events
On 5th August 2024, H. Parkinson Haulage Limited, the group’s principal trading subsidiary, entered into administration. The administration followed a period of sustained trading difficulties and cash flow pressures.
As a result of this development, the consolidated financial statements have been prepared on a non-going concern basis, as described in the basis of preparation note. Significant impairment provisions and classification adjustments have been made accordingly to reflect the expected outcome of the administration process.
While the administration occurred after the balance sheet date, it provides further evidence regarding the group’s position and prospects and is considered a material non-adjusting post balance sheet event.
28. Related Party Disclosures
The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.
During the year, the company made purchases from related parties of £631,380 (2023: £450,360) which comprised subcontracted haulage services, property rents and other recharges.
During the year, the company made sales and other recharges to related parties of £913,297 (2023: £463,944) which comprised recharged haulage services and asset sales.
At the balance sheet date, the group owed £359,181 (2023: £328,948) to related parties and was owed £2,897 (2023: £2,102) from other related parties.
29. Controlling Parties
The company's ultimate controlling party is Mr C. Parkinson by virtue of their interest in the share capital of the company.
Page 28