Registration number:
Hunt Group Limited
for the Year Ended 30 September 2024
Hunt Group Limited
Contents
|
Strategic Report |
|
|
Directors' Report |
|
|
Statement of Directors' Responsibilities |
|
|
Independent Auditor's Report |
|
|
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 |
|
|
Notes to the Financial Statements |
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 |
|
• |
Emissions resulting from purchase of electricity (Scope 2) of |
|
• |
Emissions resulting from business travel in private/rental vehicles (Scope 3) of |
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
|
|
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:
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
|
|
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.
For and on behalf of
50-54 Oswald Road
North Lincolnshire
DN15 7PQ
Hunt Group Limited
Consolidated Profit and Loss Account for the Year Ended 30 September 2024
|
Note |
2024 |
2023 |
|
|
Revenue |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
|
|
|
|
Operating profit |
|
|
|
|
Gain on financial assets at fair value through profit and loss account |
|
|
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar expenses |
( |
( |
|
|
508,621 |
1,918,977 |
||
|
Profit before tax |
|
|
|
|
Tax on profit |
( |
( |
|
|
Profit for the financial year |
|
|
|
|
(Loss)/profit attributable to: |
|||
|
Owners of the company |
|
|
|
|
Minority interests |
|
|
|
|
|
|
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 |
|
|
|
|
|
|
||
|
Tangible assets |
|
|
|
|
Investment property |
|
|
|
|
|
|
||
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
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
|
|
Hunt Group Limited
(Registration number: 01672046)
Balance Sheet as at 30 September 2024
|
Note |
2024 |
2023 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Investment property |
|
|
|
|
Investments |
|
|
|
|
|
|
||
|
Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Other reserves |
|
|
|
|
Profit and loss account |
|
|
|
|
Total equity |
|
|
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
|
|
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 |
|
|
|
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
|
|
|
Total comprehensive income |
- |
- |
- |
|
|
|
|
|
Dividends |
- |
- |
- |
( |
( |
( |
( |
|
Transfers |
- |
- |
183,668 |
(183,668) |
- |
- |
- |
|
Other movements on reserves |
- |
- |
- |
- |
- |
(25) |
(25) |
|
At 30 September 2024 |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
|
|
|
Total comprehensive income |
- |
- |
- |
|
|
|
|
|
Dividends |
- |
- |
- |
( |
( |
( |
( |
|
Transfers |
- |
- |
1,346,903 |
(1,346,903) |
- |
- |
- |
|
Other movements on reserves |
- |
- |
- |
- |
- |
(225) |
(225) |
|
At 30 September 2023 |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Total comprehensive income |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
Transfers |
- |
50,668 |
(50,668) |
- |
|
At 30 September 2024 |
|
|
|
|
|
Share capital |
Other reserves |
Retained earnings |
Total |
|
|
At 1 October 2022 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Total comprehensive income |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
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 |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Changes in fair value of investment property |
( |
( |
|
|
Profit on disposal of tangible assets |
( |
( |
|
|
Profit from sales of investment properties |
( |
- |
|
|
Finance income |
( |
( |
|
|
Finance costs |
|
|
|
|
Corporation tax expense |
|
|
|
|
Impairment loss |
- |
424,429 |
|
|
|
|
||
|
Working capital adjustments |
|||
|
Decrease/(increase) in stocks |
|
( |
|
|
(Increase)/decrease in trade and other debtors |
( |
|
|
|
Increase/(decrease) in trade and other creditors |
|
( |
|
|
Cash generated from operations |
|
( |
|
|
Corporation taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
|
( |
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
|
|
|
|
Proceeds from sale of investment properties |
|
- |
|
|
Non-controlling interests disposal of subsidiary |
(25) |
(225) |
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Repayment of other borrowing |
( |
( |
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
|
Cash and cash equivalents at 1 October |
|
|
|
|
Cash and cash equivalents at 30 September |
17,558,935 |
6,118,660 |
|
Hunt Group Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
|
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
Registered number: 01672046
|
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
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.
|
Turnover |
The analysis of the group's revenue for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
Contract revenue |
|
|
|
Sale of goods |
|
|
|
Rendering of services |
|
|
|
Rental income from investment property |
|
|
|
|
|
The amount of contract revenue recognised as revenue in the year was £
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
|
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 |
|
|
|
Gain on investment properties |
|
- |
|
435,219 |
162,009 |
|
Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Impairment loss |
- |
|
|
Operating lease expense - plant and machinery |
|
|
|
Profit on disposal of property, plant and equipment |
( |
( |
|
Gain on investment properties |
(227,545) |
- |
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Interest income on bank deposits |
|
|
|
Other finance income |
|
|
|
|
|
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest expense on other finance liabilities |
|
|
|
|
|
Hunt Group Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Production |
|
|
|
Administration and support |
|
|
|
Other departments |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
370,811 |
372,083 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2024 |
2023 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
|
2024 |
2023 |
|
|
Remuneration |
|
|
Hunt Group Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of these financial statements |
9,431 |
9,922 |
|
Audit of the financial statements of subsidiaries |
41,771 |
36,887 |
|
|
|
|
|
Other fees to auditors |
||
|
Taxation compliance services |
|
|
|
Taxation |
Tax charged in the profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
( |
( |
|
879,936 |
710,037 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Tax expense in the profit and loss account |
|
|
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
The differences are reconciled below:
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Decrease from effect of different UK tax rates on some earnings |
( |
( |
|
Effect of revenues exempt from taxation |
- |
( |
|
Effect of expense not deductible in determining taxable profit |
|
|
|
Effect of tax losses |
- |
( |
|
Deferred tax expense |
|
|
|
Deferred tax credit relating to changes in tax rates or laws |
- |
( |
|
(Decrease)/increase from tax losses for which no deferred tax asset was recognised |
( |
|
|
Deferred tax (credit)/expense from unused tax losses |
( |
|
|
Prior period under provision |
( |
( |
|
Tax decrease from effect of capital allowances and depreciation |
( |
( |
|
Total tax charge |
|
|
Deferred tax
Group
Deferred tax assets and liabilities
|
2024 |
Asset |
Liability |
|
Difference between accumulated depreciation and amortisation and capital allowances |
- |
|
|
Revaluation of property |
|
- |
|
Revaluation of investment property to fair value |
- |
|
|
|
|
|
2023 |
Asset |
Liability |
|
Difference between accumulated depreciation and amortisation and capital allowances |
- |
|
|
Revaluation of property |
|
- |
|
Revaluation of investment property to fair value |
- |
|
|
Tax losses carried forward |
|
- |
|
|
|
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 |
- |
|
|
Revaluation of property |
|
- |
|
Revaluation of investment property to fair value |
- |
|
|
|
|
|
2023 |
Asset |
Liability |
|
Difference between accumulated depreciation and amortisation and capital allowances |
- |
|
|
Revaluation of property |
|
- |
|
Revaluation of investment property to fair value |
- |
|
|
Tax losses carried forward |
|
- |
|
|
|
|
Intangible assets |
Group
|
Goodwill |
Total |
|
|
Cost or valuation |
||
|
At 1 October 2023 |
|
|
|
At 30 September 2024 |
|
|
|
Amortisation |
||
|
At 1 October 2023 |
|
|
|
Amortisation charge |
|
|
|
At 30 September 2024 |
|
|
|
Carrying amount |
||
|
At 30 September 2024 |
|
|
|
At 30 September 2023 |
|
|
Hunt Group Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
|
Tangible assets |
Group
|
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
||||
|
At 1 October 2023 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
( |
( |
( |
( |
|
At 30 September 2024 |
|
|
|
|
|
Depreciation |
||||
|
At 1 October 2023 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
( |
( |
( |
|
At 30 September 2024 |
|
|
|
|
|
Carrying amount |
||||
|
At 30 September 2024 |
|
|
|
|
|
At 30 September 2023 |
|
|
|
|
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 |
|
|
|
|
|
Additions |
|
- |
|
|
|
Disposals |
( |
- |
- |
( |
|
At 30 September 2024 |
|
|
|
|
|
Depreciation |
||||
|
At 1 October 2023 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
At 30 September 2024 |
|
|
|
|
|
Carrying amount |
||||
|
At 30 September 2024 |
|
|
|
|
|
At 30 September 2023 |
|
|
- |
|
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.
|
Investment properties |
Group
|
2024 |
|
|
At 1 October |
|
|
Disposals |
( |
|
Fair value adjustments |
|
|
At 30 September |
|
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 |
|
|
Disposals |
( |
|
At 30 September |
|
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.
|
Investments |
Company
|
2024 |
2023 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 October 2023 |
|
|
At 30 September 2024 |
|
|
Carrying amount |
|
|
At 30 September 2024 |
|
|
At 30 September 2023 |
|
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:
|
Undertaking |
Holding |
Proportion of voting rights and shares held |
||
|
2024 |
2023 |
|||
|
Subsidiary undertakings |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
The principal activity of Specialist Surfacing Limited is |
|
The principal activity of H.G. Holdings Limited is |
|
The principal activity of H.G. Homes (Bottesford) Limited is |
|
The principal activity of H.G. Homes (West Common) Limited is |
|
The principal activity of H.G. Homes (Scotter) Limited is |
|
The principal activity of Lincolnshire Lakes Limited is |
|
The principal activity of Priority Space (Skylon) Limited is |
|
The principal activity of H.G. Sites (DSA3) Limited is |
|
The principal activity of HGSPS (Mansfield) Limited is |
|
The principal activity of Priority Land Limited is |
|
The principal activity of H.G. Sites Limited is |
|
The principal activity of Highways Alliance Limited is |
|
The principal activity of Hunt Leisure is |
|
The principal activity of HGSPS (Goole) Limited is |
|
Stocks |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Raw materials and consumables |
|
|
- |
- |
|
Work in progress |
|
|
- |
- |
|
|
|
- |
- |
|
Hunt Group Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
|
Debtors |
|
Group |
Company |
||||
|
Note |
2024 |
2023 |
2024 |
2023 |
|
|
Trade debtors |
|
|
|
|
|
|
Amounts owed by related parties |
- |
- |
|
|
|
|
Other debtors |
|
|
|
|
|
|
Prepayments |
|
|
|
|
|
|
Accrued income |
- |
|
- |
|
|
|
Deferred tax assets |
|
|
|
|
|
|
Corporation tax |
- |
|
- |
|
|
|
Social security and other taxes |
- |
- |
141,014 |
154,967 |
|
|
|
|
|
|
||
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Cash on hand |
|
|
- |
- |
|
Cash at bank |
|
|
|
|
|
|
|
|
|
|
|
Creditors |
|
Group |
Company |
||||
|
Note |
2024 |
2023 |
2024 |
2023 |
|
|
Due within one year |
|||||
|
Trade creditors |
|
|
|
|
|
|
Amounts due to related parties |
|
|
|
|
|
|
Social security and other taxes |
|
|
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
- |
|
|
Other creditors |
|
|
|
|
|
|
Accruals |
|
|
|
|
|
|
Corporation tax liability |
291,974 |
- |
- |
- |
|
|
|
|
|
|
||
|
Due after one year |
|||||
|
Other financial liabilities |
|
|
|
|
|
Hunt Group Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
|
Deferred tax and other provisions |
Group
|
Deferred tax |
Total |
|
|
At 1 October 2023 |
|
|
|
Increase in existing provisions |
|
|
|
At 30 September 2024 |
|
|
|
|
||
Company
|
Deferred tax |
Total |
|
|
At 1 October 2023 |
|
|
|
Increase in existing provisions |
|
|
|
At 30 September 2024 |
|
|
|
|
||
|
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 £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
66,000 |
|
66,000 |
|
|
|
5,000 |
|
5,000 |
|
|
|
25,000 |
|
25,000 |
|
|
|
4,000 |
|
4,000 |
|
|
|
|
|
|
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
|
Dividends |
Interim dividends paid
|
2024 |
2023 |
|||
|
Interim dividend of £ |
|
|
||
|
Interim dividend of £ |
|
|
||
|
Interim dividend of £ |
|
|
||
|
Interim dividend of £ |
|
|
||
|
|
|
|
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
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
|
Non adjusting events after the financial period |
|
|