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xbrli:pure iso4217:GBP xbrli:shares

Registration number: 01672046

Hunt Group Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 30 September 2024

 

Hunt Group Limited

Contents

Strategic Report

1 to 5

Directors' Report

6 to 7

Statement of Directors' Responsibilities

8

Independent Auditor's Report

9 to 12

Consolidated Profit and Loss Account

13

Consolidated Balance Sheet

14

Balance Sheet

15

Consolidated Statement of Changes in Equity

16 to 17

Statement of Changes in Equity

18

Consolidated Statement of Cash Flows

19

Notes to the Financial Statements

20 to 38

 

Hunt Group Limited

Strategic Report for the Year Ended 30 September 2024

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

Principal activity

The principal activity of the company is that of a holding company and property letting.

The principal activities of the group are that of civil engineering, general construction and structural steel design fabrication and installation; macadam surfacing, commercial and residential property development as well as the provision of short term accommodation and hospitality services.

Fair review of the business

The directors are pleased with the performance of the group in the year end 30 September 2024 with operating profit and net profit margins remaining strong. Turnover has increased back to that of previous years with the gross margin achieved remaining stable at 17% (2023 - 18%). The directors are committed to a business plan targeting organic growth in its principal market sectors. Sustainable growth is key to that plan ensuring the group has the right resources to meet changing demands.

The group has continued to be able to self-finance several development projects whilst maintaining a strong balance sheet, with a net asset position of £33 million (2023 - £29 million).

The group remains in a good position to maintain margins and to continue achieving a good level of profitability. The directors are therefore pleased with the outlook for the 2025 year end.

The group's key financial and other performance indicators during the year were as follows:

 

Unit

2024

2023

Turnover

£000

67,058

44,914

Turnover growth

%

49

(35)

Gross profit

£000

11,579

8,146

Gross profit margin

%

17

18

Operating profit

£000

5,382

2,337

Operating profit margin

%

8

5


Strategy, structure and resources

The group has maintained its structure and resources by retaining experienced staff in key areas of the business. The directors have continued to invest in people and technology to support sustainable growth and deliver their five year strategic business plan.


Digital collaboration tools

In line with the HM Government Construction 2025 Strategy, the continued investment in digital tools is supporting operational efficiencies, this includes contract management software to streamline processes from pre-construction to closeout. This helps to manage risks and drive productivity through automated processes and efficient document management, providing a clear compliant audit trail of activities.

 

Hunt Group Limited

Strategic Report for the Year Ended 30 September 2024


Corporate social responsibility

The group continues to support volunteering, fundraising, charity, and community groups. Supporting many of the clients to meet their Social Value Act 2012 and the HM Government’s Procurement Policy Note 06/20, by providing additional social benefits in the delivery of contracts.

Principal risks and uncertainties


Group performance post year end remains in line with expectations. Despite this the group still faces risks and uncertainties in the course of its day to day operations. The successful management of risk is essential to enable the group to deliver its strategic objectives.

Noted below are key risks and uncertainties applicable to the group. Control of each of these risks is essential to ensure the ongoing success of the business. As such, the management is primarily the responsibility of the directors which is supported by the management throughout the group.

Supply chain risk:

Supply chain administrations have increased within the market over the past twelve months, the directors remain diligent and have invested in a new supply chain manager and continue to use tools to select suppliers. This helps to ensure that the selection is not only fair but robust, with suitable and appropriate suppliers selected for the package. Economic, financial, and capacity checks are undertaken before any orders are placed. Strong supply chains are established and positive relationships are built by providing prompt payment, fair risk allocation and by using collaborative contracts. There is continuous monitoring of the supply of materials which may be impacted by the war in Ukraine and potential Red Sea crisis escalation.

Thanks to our excellent relationship with suppliers, built on a partnership approach to delivering high quality service to our customers, the group continues to mitigate the impact of this risk.


Financial risk:

As the group operates it is open to potential uncertainties such as financial risks, most notably credit risk and liquidity risk. The effects of credit risks are controlled by the adoption of policies that require appropriate credit checking and monitoring of new customers and also for supplier and subcontractors, particularly when placing large orders. The group has no ongoing disputes or debts. Liquidity risk is managed by monitoring the cash flow position to ensure that sufficient funds are available to meet amounts due for current and future operations. The group remains in a strong cash position but management are aware how suddenly this can fluctuate in the construction sector.

The uncertainty within the economy affects businesses across the country. This risk will be managed by keeping up to date on the latest developments, assessing how changes in regulation will affect the business and putting appropriate plans in place to maximise trade for the group. Over the group's history, growth and profit has been maximised in good years and weathered the downturns in bad years. The directors are confident that with the strong balance sheet and proven management team we will be able to maintain this performance in coming years.

 

Hunt Group Limited

Strategic Report for the Year Ended 30 September 2024


Market risk:

In order to minimise exposure to market risks, the business has diversified, undertaking projects within the core market sectors for target customers. The diverse activities within civils, building and steel supports market resilience. The group remains well positioned to deliver suitable work opportunities within both the public and private sector, generating a well-balanced workload. The continued focus on collaborative working and building long term repeat business relationships and partnerships is continuing. This has proved to support improved operating margins, reducing risks, and supporting project efficiencies. The risk of not completing contractual obligations is recognised and processes and best practices continue to be updated to enable the safe delivery, high quality, sustainable projects on time and within budget. Success in this area generates repeat custom and protects the group position and reputation within the marketplace. Investment in Salesforce software is also helping to manage client relationships and ensure balanced workload activities.


Workforce and materials risk:

If the availability of skilled workers, subcontractors or materials is insufficient to meet demand, this could lead to increased costs and therefore impact profitability. Regular contact is maintained with suppliers, negotiating contract volumes, pricing and duration. High level and site-specific programme information is provided to the subcontractor base to aid with demand planning. When selecting subcontractors, competencies are considered particularly in relation to health and safety, quality, previous performance and financial stability. With positive long-standing relationships built over many years investment continues to be made in the company's workforce, through training and development programmes, this includes the direct delivery capability to navigate any resource challenges on a project. Should there be a major negative impact on the supply chain, there are contingency suppliers in place and the company has the financial resources to mitigate the risk.


Health and safety risk:

The ISO 45001 procedures and policies, supported by an in-house professional health and safety team, help minimise health and safety risks which are inherent due to the nature of the industry. The directors take this responsibility seriously and lead from the top in order to manage risks, with procedures and policies being constantly reviewed. This commitment to health and safety is further enhanced by the membership of RoSPA and the British Safety Council and ongoing engagement with the HSE. The directors continue to prioritise a safe environment for teams, suppliers, stakeholders and have continued to use the award-winning ISO 45001 processes to promote health and safety best practices and provide training and resources to support positive behavioural changes and upskill team members and supply chain partners.

Section 172(1) statement

The Board are mindful that its strategic decisions can have long term implications for the business and its stakeholders, and these implications are carefully assessed. The subcontractors and suppliers we work in partnership with are key to the long term success of the business. We constantly review our subcontractors and suppliers, to ensure we those we have are the most reliable and high quality in order to meet the demands and expectations of our customers.

Employees are fundamental to the business. The aim is to be a responsible employer in the approach to the pay and benefits the employees receive. The health, safety and wellbeing of the group's employees is one of the primary considerations in the way the business operates.

 

Hunt Group Limited

Strategic Report for the Year Ended 30 September 2024

The strategy prioritises organic growth, through maintaining and developing strong relationships with existing customers and using this success to attract new customers for our goods and services. The relationships with suppliers are central to the ongoing success of the business. Trust and understanding are essential to the smooth operation of the business. These have grown through working closely with suppliers over a number of years.

Hunt Group holds a good and longstanding reputation in the communities they operate in and also nationwide. Over the long history of the group, the communities in which the group operates have flourished and grown. The residential developments are able to support the local community’s needs.

Staying up to date with technological advances within the industry and being aware of energy usage has helped to minimise the groups impact on the environment from pollution.

The group's continued success is reliant on the relationships built with customers and the goodwill this has developed. This is achieved, in part, through having the highest standards of conduct with business conduct with all stakeholders.

The directors actively engage with shareholders consulting them on key decisions and regularly update them on the performance of the business.

Non-financial and sustainability information

Environmental report

Emissions and energy consumption

Our two main trading subsidiaries, Britcon (UK) Limited and Specialist Surfacing Limited, measure their carbon emissions using Planet Mark Business Certification. As a group we are committed to reduce our environmental impact.

In 2024 all scope 1, 2 and 3 greenhouse gas emissions have been measured across the business using this code of conduct.

We have used the following methodologies within the calculation of our emissions and energy consumption:
• Greenhouse Gas Protocol with PAS 2060 (International Standard for Carbon Neutrality)
• The Planet Mark Code of Conduct.

During the year ended 30 September 2024, Hunt Group Limited recorded greenhouse gas emissions from:

Emissions resulting from combustion of gas and fuel (Scope 1) of 1,093.38 tonnes of CO2e per year.

Emissions resulting from purchase of electricity (Scope 2) of 38.75 tonnes of CO2e per year.

Emissions resulting from business travel in private/rental vehicles (Scope 3) of 113.50 tonnes of CO2e per year.

Intensity ratio

An emission intensity of 6.6 tCO2e per employee, based on the average headcount.

 

Hunt Group Limited

Strategic Report for the Year Ended 30 September 2024


Across the group, we continue to take proactive measures to reduce waste and improve our energy efficiency, including:
• Implementing the use of PVs to supplement diesel generated power on site.
• Using renewable diesel substitutes.
• Encouraging employees to car share, use park and ride facilities and use energy efficient electric and hybrid vehicles.
• Using Eco and A rated site accommodation with smart sockets and LEDs.
• Replacing chemical products with bio-alternatives.
• Reusing and recycling materials on site to reduce transport costs.
• Reducing the use of paper through our cloud based digital systems.
• Planting trees in collaboration with our partner Ecologi.
• Monitoring water usage and using water efficient equipment and technologies.
• Using modern methods of construction and off-site construction to mitigate waste and reduce transport.

Approved by the Board on 24 June 2025 and signed on its behalf by:

Mr D T Hunt
Director

   
     
 

Hunt Group Limited

Directors' Report for the Year Ended 30 September 2024

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

Directors of the group

The directors who held office during the year were as follows:

Mrs G P Hunt

Mr S C McQueen (ceased 16 April 2025)

Mr D R Hunt

Mr S A Hunt

Mr D T Hunt

Financial instruments

Objectives and policies

The directors take the management of risk very seriously and as such have policies and procedures in place which have been authorised by the board. Managing risk is seen as a key attribute of the group, as such, regular Board meetings are held where current management accounts are available to highlight any financial risks to be dealt with.

Price risk, credit risk, liquidity risk and cash flow risk

The business' principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to finance the business' operations.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the availability of cash balances and the monies held in investments. All of the business' cash balances are held in such a way that achieves a competitive rate of interest. The business makes use of money market facilities where funds are available.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Research and development

The group continues to utilise its technical expertise to make advancements in technology in order to supply specialist products and services to fulfil the needs of our customers. We continue to ensure our services are designed in partnership with our customers to ensure that their exacting requirements are met.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

 

Hunt Group Limited

Directors' Report for the Year Ended 30 September 2024

Approved by the Board on 24 June 2025 and signed on its behalf by:

Mr D T Hunt
Director

   
     
 

Hunt Group Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

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

select suitable accounting policies and 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; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

 

Hunt Group Limited

Independent Auditor's Report to the Members of Hunt Group Limited

Opinion

We have audited the financial statements of Hunt Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, 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, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 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 auditor 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Hunt Group Limited

Independent Auditor's Report to the Members of Hunt Group Limited

We have nothing to report in this regard.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and 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 our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities [set out on page 8], 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor 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:

 

Hunt Group Limited

Independent Auditor's Report to the Members of Hunt Group Limited

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing 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, control environment and business performance;

the group’s own assessment of the risks that irregularities may occur either as a result of fraud or error;

results of our enquiries of management about their own identification and assessment of the risks of irregularities;

the key laws and regulations under which the business operates and whether management were aware of any instances of non-compliance;

whether the management have knowledge of any actual, suspected or alleged fraud;

the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and

the matters discussed among the audit engagement team, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: contract accounting, work in progress costing and purchase/working capital transactions. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

 

We also obtained an understanding of the legal and regulatory framework that the group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the health and safety regulations, UK Companies Act, Tax legislation, and Regulations established by regulators in the key markets in which the group operates.

 

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group’s ability to operate or to avoid a material penalty. These included the operating and environmental regulations relevant to the group. In addition to the above, our procedures to respond to risks identified included the following:

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described above as having a direct effect on the financial statements;

enquiring of management, concerning any actual and potential litigation and claims;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

in addressing the risk of fraud in revenue recognition, we have performed focussed testing on trades close to the year-end, depth testing, where appropriate we have vouched to completion statements and analytical review procedures to assess accuracy and completeness of revenue recognised;

 

Hunt Group Limited

Independent Auditor's Report to the Members of Hunt Group Limited

in addressing the risk of fraud in contracts, we have we have tested the calculation of contract revenue recognised based on the proportion of contract costs in incurred for the work performed to the balance sheet date relative to the estimates total forecast costs of the contract at complete, traced contract costs to the supporting invoices to ensure they are correctly recognised, performed retrospective review of contracts to ensure estimated costs are accurate and appropriate and inquired with management regarding any unusual trends or potential loss making contracts;

in addressing the risk of fraud through the work in progress (WIP) costing, we have tested WIP additions to the inventory balance to determine whether the costs have appropriately capitalised, by tracing these through to supporting invoices;

in addressing the risk of fraud in the use of purchase ledger/working capital transactions, we have reviewed the accounting treatments adopted by management against the specific contractual terms and arrangements associated with each individual transaction and reviewed the related disclosures in the financial statements; and

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; 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.

 

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: 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 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.


Robert Smith BSc FCA (Senior Statutory Auditor)
For and on behalf of RNS Chartered Accountants, Statutory Auditor

50-54 Oswald Road
Scunthorpe
North Lincolnshire
DN15 7PQ

24 June 2025

 

Hunt Group Limited

Consolidated Profit and Loss Account for the Year Ended 30 September 2024

Note

2024
£

2023
£

Revenue

3

67,058,319

44,914,932

Cost of sales

 

(55,479,017)

(36,769,419)

Gross profit

 

11,579,302

8,145,513

Administrative expenses

 

(6,200,642)

(5,827,751)

Other operating income

2,980

19,228

Operating profit

5

5,381,640

2,336,990

Gain on financial assets at fair value through profit and loss account

 

133,000

1,612,211

Other interest receivable and similar income

6

395,902

309,848

Interest payable and similar expenses

7

(20,281)

(3,082)

   

508,621

1,918,977

Profit before tax

 

5,890,261

4,255,967

Tax on profit

11

(1,089,670)

(996,889)

Profit for the financial year

 

4,800,591

3,259,078

(Loss)/profit attributable to:

 

Owners of the company

 

3,580,490

2,775,343

Minority interests

 

1,220,101

483,735

 

4,800,591

3,259,078

The above results were derived from continuing operations.

The group has no recognised gains or losses for the year other than the results above.

 

Hunt Group Limited

(Registration number: 01672046)
Consolidated Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Goodwill

12

62,500

75,000

 

62,500

75,000

Tangible assets

13

8,070,790

6,139,533

Investment property

14

3,166,999

3,248,999

 

11,237,789

9,388,532

Current assets

 

Stocks

16

6,971,676

13,514,499

Debtors

17

14,533,278

13,716,047

Cash at bank and in hand

18

17,558,935

6,118,660

 

39,063,889

33,349,206

Creditors: Amounts falling due within one year

19

(15,875,774)

(11,996,338)

Net current assets

 

23,188,115

21,352,868

Total assets less current liabilities

 

34,488,404

30,816,400

Creditors: Amounts falling due after more than one year

19

(645,988)

(714,824)

Provisions for liabilities

20

(962,051)

(900,915)

Net assets

 

32,880,365

29,200,661

Capital and reserves

 

Called up share capital

22

100,000

100,000

Revaluation reserve

91,929

91,929

Other reserves

1,708,022

1,524,354

Retained earnings

30,425,951

27,329,129

Equity attributable to owners of the company

 

32,325,902

29,045,412

Minority interests

 

554,463

155,249

Shareholders' funds

 

32,880,365

29,200,661

Approved and authorised by the Board on 24 June 2025 and signed on its behalf by:
 

Mr D T Hunt
Director

   
     
 

Hunt Group Limited

(Registration number: 01672046)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

13

5,262,983

4,254,291

Investment property

14

3,033,999

3,248,999

Investments

15

1,656,746

1,656,746

 

9,953,728

9,160,036

Current assets

 

Debtors

17

11,472,369

15,998,016

Cash at bank and in hand

18

6,525,106

740,606

 

17,997,475

16,738,622

Creditors: Amounts falling due within one year

19

(1,763,206)

(2,368,474)

Net current assets

 

16,234,269

14,370,148

Total assets less current liabilities

 

26,187,997

23,530,184

Creditors: Amounts falling due after more than one year

19

(35,763)

(35,763)

Provisions for liabilities

20

(504,970)

(485,202)

Net assets

 

25,647,264

23,009,219

Capital and reserves

 

Called up share capital

22

100,000

100,000

Other reserves

1,575,022

1,524,354

Profit and loss account

23,972,242

21,384,865

Total equity

 

25,647,264

23,009,219

The company made a profit after tax for the financial year of £2,938,045 (2023 - profit of £3,306,309).

Approved and authorised by the Board on 24 June 2025 and signed on its behalf by:
 

Mr D T Hunt
Director

   
     
 

Hunt Group Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 September 2024
Equity attributable to the parent company

Share capital
£

Revaluation reserve
£

Other reserves
£

Profit and loss account
£

Total
£

Non- controlling interests
£

Total equity
£

At 1 October 2023

100,000

91,929

1,524,354

27,329,129

29,045,412

155,249

29,200,661

Profit for the year

-

-

-

3,580,490

3,580,490

1,220,101

4,800,591

Total comprehensive income

-

-

-

3,580,490

3,580,490

1,220,101

4,800,591

Dividends

-

-

-

(300,000)

(300,000)

(820,862)

(1,120,862)

Transfers

-

-

183,668

(183,668)

-

-

-

Other movements on reserves

-

-

-

-

-

(25)

(25)

At 30 September 2024

100,000

91,929

1,708,022

30,425,951

32,325,902

554,463

32,880,365

 

Hunt Group Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 September 2024
Equity attributable to the parent company

Share capital
£

Revaluation reserve
£

Other reserves
£

Profit and loss account
£

Total
£

Non- controlling interests
£

Total equity
£

At 1 October 2022

100,000

91,929

177,451

26,139,509

26,508,889

976,688

27,485,577

Profit for the year

-

-

-

2,775,343

2,775,343

483,735

3,259,078

Total comprehensive income

-

-

-

2,775,343

2,775,343

483,735

3,259,078

Dividends

-

-

-

(238,820)

(238,820)

(1,304,949)

(1,543,769)

Transfers

-

-

1,346,903

(1,346,903)

-

-

-

Other movements on reserves

-

-

-

-

-

(225)

(225)

At 30 September 2023

100,000

91,929

1,524,354

27,329,129

29,045,412

155,249

29,200,661

 

Hunt Group Limited

Statement of Changes in Equity for the Year Ended 30 September 2024

Share capital
£

Other reserves
£

Profit and loss account
£

Total
£

At 1 October 2023

100,000

1,524,354

21,384,865

23,009,219

Profit for the year

-

-

2,938,045

2,938,045

Total comprehensive income

-

-

2,938,045

2,938,045

Dividends

-

-

(300,000)

(300,000)

Transfers

-

50,668

(50,668)

-

At 30 September 2024

100,000

1,575,022

23,972,242

25,647,264

Share capital
£

Other reserves
£

Retained earnings
£

Total
£

At 1 October 2022

100,000

177,451

19,664,279

19,941,730

Profit for the year

-

-

3,306,309

3,306,309

Total comprehensive income

-

-

3,306,309

3,306,309

Dividends

-

-

(238,820)

(238,820)

Transfers

-

1,346,903

(1,346,903)

-

At 30 September 2023

100,000

1,524,354

21,384,865

23,009,219

 

Hunt Group Limited

Consolidated Statement of Cash Flows for the Year Ended 30 September 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

4,800,591

3,259,078

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

809,091

704,329

Changes in fair value of investment property

14

(133,000)

(1,612,211)

Profit on disposal of tangible assets

4

(207,674)

(162,009)

Profit from sales of investment properties

4

(227,545)

-

Finance income

6

(395,902)

(309,848)

Finance costs

7

20,281

3,082

Corporation tax expense

11

1,089,670

996,889

Impairment loss

5

-

424,429

 

5,755,512

3,303,739

Working capital adjustments

 

Decrease/(increase) in stocks

16

6,542,823

(4,977,819)

(Increase)/decrease in trade and other debtors

17

(1,019,847)

3,522,639

Increase/(decrease) in trade and other creditors

19

3,913,474

(5,425,078)

Cash generated from operations

 

15,191,962

(3,576,519)

Corporation taxes paid

 

(533,945)

(1,374,575)

Net cash flow from operating activities

 

14,658,017

(4,951,094)

Cash flows from investing activities

 

Interest received

6

395,902

309,848

Acquisitions of tangible assets

13

(2,852,924)

(2,168,407)

Proceeds from sale of tangible assets

 

332,750

223,167

Proceeds from sale of investment properties

 

442,545

-

Non-controlling interests disposal of subsidiary

 

(25)

(225)

Net cash flows from investing activities

 

(1,681,752)

(1,635,617)

Cash flows from financing activities

 

Interest paid

7

(20,281)

(3,082)

Repayment of other borrowing

 

(394,847)

(128,570)

Dividends paid

(1,120,862)

(1,543,769)

Net cash flows from financing activities

 

(1,535,990)

(1,675,421)

Net increase/(decrease) in cash and cash equivalents

 

11,440,275

(8,262,132)

Cash and cash equivalents at 1 October

 

6,118,660

14,380,792

Cash and cash equivalents at 30 September

18

17,558,935

6,118,660

 

Hunt Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
26-30 Midland Road
Scunthorpe
North Lincolnshire
DN16 1DQ

Registered number: 01672046

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The Company and Group's functional and presentational currency is GBP.

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

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 September 2024.

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

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired

 

Hunt Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full. Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Judgements and key sources of estimation uncertainty

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

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the group's activities.

Contract revenue recognition

Turnover is only recognised on a construction contract where the outcome can be estimated reliably. Turnover and costs are recognised by reference to the stage of completion of contract activity at the year end date. This is normally measured by surveys of work performed to date. Contracts are only treated as construction contracts when they have been specifically negotiated for the construction of a development or property.

Tax

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

The current 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 group operates and generates taxable income.

 

Hunt Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at deemed cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

over 50 years

Leasehold property

20% per annum on cost

Furniture, fittings and equipment

20% per annum on cost

Motor vehicles

25% per annum on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors are experienced within the building trade regionally and nationally and hence are in a position to reliably estimate this. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over 10 years

 

Hunt Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Sales retentions are held within debtors until they are received.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are recorded at fair value, net of transaction costs.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Hunt Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the group's revenue for the year from continuing operations is as follows:

2024
£

2023
£

Contract revenue

35,875,524

26,877,599

Sale of goods

9,671,424

1,715,147

Rendering of services

20,949,718

15,721,245

Rental income from investment property

561,653

600,941

67,058,319

44,914,932

The amount of contract revenue recognised as revenue in the year was £35,875,524 (2023 - £26,877,599).

Contract revenue is determined based on the completion stage of the project. Qualified Quantity Surveyors are employed to ensure this is done accurately.

The gross amount due from customers for contract work, included in debtors at 30 September 2024, was £3,025,506 (2023 - £2,174,972).

The gross amount due to customers for contract work, included in creditors at 30 September 2024, was £2,959,397 (2023 - £1,408,939).

 

Hunt Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

4

Other gains and losses

The analysis of the group's other gains and losses for the year is as follows:

2024
£

2023
£

Gain on disposal of property, plant and equipment

207,674

162,009

Gain on investment properties

227,545

-

435,219

162,009

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

796,591

700,149

Amortisation expense

12,500

4,180

Impairment loss

-

424,429

Operating lease expense - plant and machinery

783,689

910,888

Profit on disposal of property, plant and equipment

(207,674)

(162,009)

Gain on investment properties

(227,545)

-

6

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

383,672

295,401

Other finance income

12,230

14,447

395,902

309,848

7

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

39

125

Interest expense on other finance liabilities

20,242

2,957

20,281

3,082

 

Hunt Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

9,188,656

8,559,373

Social security costs

1,031,727

901,872

Pension costs, defined contribution scheme

288,295

181,656

10,508,678

9,642,901

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Production

115

112

Administration and support

28

29

Other departments

45

39

188

180

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

363,986

366,850

Contributions paid to money purchase schemes

6,825

5,233

370,811

372,083

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

1

1

In respect of the highest paid director:

2024
£

2023
£

Remuneration

158,843

156,575

 

Hunt Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

10

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

9,431

9,922

Audit of the financial statements of subsidiaries

41,771

36,887

51,202

46,809

Other fees to auditors

Taxation compliance services

5,700

5,200


 

11

Taxation

Tax charged in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

1,035,190

768,010

UK corporation tax adjustment to prior periods

(155,254)

(57,973)

879,936

710,037

Deferred taxation

Arising from origination and reversal of timing differences

209,734

286,852

Tax expense in the profit and loss account

1,089,670

996,889

 

Hunt Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 25%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

5,890,261

4,255,967

Corporation tax at standard rate

1,472,565

1,063,992

Decrease from effect of different UK tax rates on some earnings

(1,743)

(33,997)

Effect of revenues exempt from taxation

-

(403,052)

Effect of expense not deductible in determining taxable profit

17,685

314

Effect of tax losses

-

(104,144)

Deferred tax expense

209,734

286,852

Deferred tax credit relating to changes in tax rates or laws

-

(70,407)

(Decrease)/increase from tax losses for which no deferred tax asset was recognised

(172,046)

272,914

Deferred tax (credit)/expense from unused tax losses

(123,295)

73,327

Prior period under provision

(155,254)

(57,973)

Tax decrease from effect of capital allowances and depreciation

(157,976)

(30,937)

Total tax charge

1,089,670

996,889

Deferred tax

Group

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

-

527,884

Revaluation of property

228,064

-

Revaluation of investment property to fair value

-

434,167

228,064

962,051

2023

Asset
£

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

-

483,637

Revaluation of property

253,368

-

Revaluation of investment property to fair value

-

417,278

Tax losses carried forward

123,295

-

376,663

900,915

 

Hunt Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

There are £383,212 of unused tax losses (2023 - £945,782) for which no deferred tax asset is recognised in the balance sheet.

The amount of unused tax losses is £383,212 (2023 - £1,438,962). There is no expiry date on timing differences or unused tax losses.

Company

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

-

70,803

Revaluation of property

228,064

-

Revaluation of investment property to fair value

-

434,167

228,064

504,970

2023

Asset
£

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

-

67,924

Revaluation of property

253,368

-

Revaluation of investment property to fair value

-

417,278

Tax losses carried forward

123,295

-

376,663

485,202

12

Intangible assets

Group

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

250,000

250,000

At 30 September 2024

250,000

250,000

Amortisation

At 1 October 2023

175,000

175,000

Amortisation charge

12,500

12,500

At 30 September 2024

187,500

187,500

Carrying amount

At 30 September 2024

62,500

62,500

At 30 September 2023

75,000

75,000

 

Hunt Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

13

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

5,312,846

5,688,284

2,054,039

13,055,169

Additions

1,440,361

430,891

981,672

2,852,924

Disposals

(108,500)

(432,150)

(253,617)

(794,267)

At 30 September 2024

6,644,707

5,687,025

2,782,094

15,113,826

Depreciation

At 1 October 2023

763,186

5,055,524

1,096,926

6,915,636

Charge for the year

33,476

345,391

417,724

796,591

Eliminated on disposal

-

(431,836)

(237,355)

(669,191)

At 30 September 2024

796,662

4,969,079

1,277,295

7,043,036

Carrying amount

At 30 September 2024

5,848,045

717,946

1,504,799

8,070,790

At 30 September 2023

4,549,660

632,760

957,113

6,139,533

Included within the net book value of land and buildings above is £4,921,582 (2023 - £3,895,960) in respect of freehold land and buildings and £926,463 (2023 - £653,700) in respect of long leasehold land and buildings.
 

 

Hunt Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Company

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

4,905,955

330,987

18,865

5,255,807

Additions

1,142,922

-

8,675

1,151,597

Disposals

(108,500)

-

-

(108,500)

At 30 September 2024

5,940,377

330,987

27,540

6,298,904

Depreciation

At 1 October 2023

656,296

326,355

18,865

1,001,516

Charge for the year

33,086

958

361

34,405

At 30 September 2024

689,382

327,313

19,226

1,035,921

Carrying amount

At 30 September 2024

5,250,995

3,674

8,314

5,262,983

At 30 September 2023

4,249,659

4,632

-

4,254,291

Included within the net book value of land and buildings above is £4,629,280 (2023 - £3,603,658) in respect of freehold land and buildings and £621,715 (2023 - £646,001) in respect of long leasehold land and buildings.
 

14

Investment properties

Group

2024
£

At 1 October

3,248,999

Disposals

(215,000)

Fair value adjustments

133,000

At 30 September

3,166,999

The value of the investment properties is assessed each year by the directors. The directors are experienced within the building trade regionally and nationally and hence are in a position to reliable estimate this. The directors use observable market prices, adjusted if necessary for any difference in nature, location or condition of a specific asset.

Historic cost of investment properties is £1,024,811 (2023 - £1,307,369).

There has been no valuation of investment property by an independent valuer.

 

Hunt Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Company

2024
£

At 1 October

3,248,999

Disposals

(215,000)

At 30 September

3,033,999

The value of the investment properties is assessed each year by the directors. The directors are experienced within the building trade regionally and nationally and hence are in a position to reliable estimate this. The directors use observable market prices, adjusted if necessary for any difference in nature, location or condition of a specific asset.

Historic cost of investment properties is £1,024,811 (2023 - £1,307,369).

There has been no valuation of investment property by an independent valuer.

15

Investments

Company

2024
£

2023
£

Investments in subsidiaries

1,656,746

1,656,746

Subsidiaries

£

Cost or valuation

At 1 October 2023

1,656,746

At 30 September 2024

1,656,746

Carrying amount

At 30 September 2024

1,656,746

At 30 September 2023

1,656,746

 

Hunt Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Group

Details of undertakings

Details of the investments in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Those subsidiaries marked with a * are a direct investment of the parent company.

The registered office of the subsidiaries is the same as that as the parent company.

 

Hunt Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Subsidiary undertakings

The principal activity of Britcon (UK) Limited is that of civil engineering, general construction and structural steel design, fabrication & installation.

The principal activity of Specialist Surfacing Limited is that of Macadam surfacing.

The principal activity of H.G. Holdings Limited is that of a holding company and property maintenance company.

The principal activity of H.G. Homes (Bottesford) Limited is that of residential property development. This company was dissolved on 13 February 2025.

The principal activity of H.G. Homes (West Common) Limited is that of residential property development. This company was dissolved on 16 January 2025.

The principal activity of H.G. Homes (Scotter) Limited is that of residential property development.

The principal activity of Lincolnshire Lakes Limited is that of land forestry.

The principal activity of Priority Space (Skylon) Limited is that of commercial property development. The directors are in discussions with an insolvency practitioner with a view to winding up this company.

The principal activity of H.G. Sites (DSA3) Limited is that of commercial property development.

The principal activity of HGSPS (Mansfield) Limited is that of commercial property development. This company was dissolved on 18 February 2025.

The principal activity of Priority Land Limited is that of a dormant company.

The principal activity of H.G. Sites Limited is that of a dormant company.

The principal activity of Highways Alliance Limited is that of a dormant company.

The principal activity of Hunt Leisure is that of a hotel, restaurant and public house.

The principal activity of HGSPS (Goole) Limited is that of commercial property development.

16

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Raw materials and consumables

273,543

298,510

-

-

Work in progress

6,698,133

13,215,989

-

-

6,971,676

13,514,499

-

-

 

Hunt Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

17

Debtors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

13,376,317

12,673,956

74,123

78,290

Amounts owed by related parties

24

-

-

10,789,489

15,011,727

Other debtors

 

274,861

266,797

165,818

235,932

Prepayments

 

654,036

337,662

73,861

34,493

Accrued income

 

-

6,952

-

5,944

Deferred tax assets

11

228,064

376,663

228,064

376,663

Corporation tax

 

-

54,017

-

100,000

Social security and other taxes

 

-

-

141,014

154,967

 

14,533,278

13,716,047

11,472,369

15,998,016

18

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash on hand

3,985

2,563

-

-

Cash at bank

17,554,950

6,116,097

6,525,106

740,606

17,558,935

6,118,660

6,525,106

740,606

19

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Trade creditors

 

10,692,144

6,754,992

19,327

32,758

Amounts due to related parties

24

1,004,037

1,330,049

1,281,393

2,055,910

Social security and other taxes

 

1,187,091

488,597

24,886

19,718

Outstanding defined contribution pension costs

 

62,914

101,269

1,732

-

Other creditors

 

378,115

278,392

148,048

134,387

Accruals

 

2,259,499

3,043,039

287,820

125,701

Corporation tax liability

 

291,974

-

-

-

 

15,875,774

11,996,338

1,763,206

2,368,474

Due after one year

 

Other financial liabilities

 

645,988

714,824

35,763

35,763

 

Hunt Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

20

Deferred tax and other provisions

Group

Deferred tax
£

Total
£

At 1 October 2023

900,915

900,915

Increase in existing provisions

61,136

61,136

At 30 September 2024

962,051

962,051

Company

Deferred tax
£

Total
£

At 1 October 2023

485,202

485,202

Increase in existing provisions

19,768

19,768

At 30 September 2024

504,970

504,970

21

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £288,295 (2023 - £181,656).

Contributions totalling £62,914 (2023 - £101,269) were payable to the scheme at the end of the year and are included in creditors.

22

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

66,000

66,000

66,000

66,000

Ordinary B shares of £1 each

5,000

5,000

5,000

5,000

Ordinary C shares of £1 each

25,000

25,000

25,000

25,000

Ordinary D shares of £1 each

4,000

4,000

4,000

4,000

100,000

100,000

100,000

100,000

Rights, preferences and restrictions
Ordinary A, B, C and D shares have full rights in the company regarding voting, dividends and capital distribution. Dividends may be declared to one share class without declaring a dividend to other share classes.

 

Hunt Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

23

Dividends

Interim dividends paid

   

2024
£

 

2023
£

Interim dividend of £3.00 (2023 - £2.00) per each Ordinary A shares

 

198,000

 

132,000

Interim dividend of £3.00 (2023 - £2.00) per each Ordinary B shares

 

15,000

 

10,000

Interim dividend of £3.00 (2023 - £2.00) per each Ordinary C shares

 

75,000

 

50,000

Interim dividend of £3.00 (2023 - £11.71) per each Ordinary D shares

 

12,000

 

46,820

   

300,000

 

238,820

24

Related party transactions

Company

Summary of transactions with key management

Mr D T Hunt and Mrs G P Hunt
During the year the company repaid the directors £653,779 (2023 - advance by the directors of £18,252). At the year end the total amount due by the company was £134,180 (2023 - £787,959). No interest has been paid on this loan in the year.

Mr S A Hunt
During the year the director made an advance to the company of £337,767 (2023 - the director repaid a loan of £185,658 and made an advance to the company of £32,169). At the year end £369,936 was owing to the director (2023 - £32,169). No interest has been paid on this loan in the year.

Directors of a subsidiary company
At the balance sheet date the amount due to directors of a subsidiary company was £499,921 (2023 - £578,756) of which £nil (2023 - £68,835) is due after one year. No interest is payable in respect of this balance.

 

Summary of transactions with subsidiaries

Group companies (Intercompany transactions)
During the year the company made sales of goods and services to the value of £1,298,963 (2023 - £12,257) and purchases of goods and services to the value of £1,091,196 (2023 - £217,858) from group companies that are not 100% owned by the parent.

At the balance sheet date the amount due from group companies, not 100% owned by the parent was £8,308,231 (2023 - £13,267,532).

 

Hunt Group Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

25

Non adjusting events after the financial period

HGSPS (Goole) Limited have a conditional contract to purchase land once planning is approved. Planning was approved in February 2025 and negotiations are underway to purchase the land.