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REGISTERED NUMBER: 10505980 (England and Wales)















ABSOLUTE GROUP HOLDINGS UK LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 JUNE 2024






ABSOLUTE GROUP HOLDINGS UK LIMITED (REGISTERED NUMBER: 10505980)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive Income 9

Consolidated Statement of Financial Position 10

Company Statement of Financial Position 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Statement of Cash Flows 14

Notes to the Consolidated Statement of Cash Flows 15

Notes to the Consolidated Financial Statements 17


ABSOLUTE GROUP HOLDINGS UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 JUNE 2024







DIRECTORS: Mr A McManus
Mrs S McManus
Mr V A Pepperell
Mrs D L Pepperell





REGISTERED OFFICE: Jubilee Works, Jubilee Estate
Gorsey Lane
Coleshill
Birmingham
West Midlands
B46 1JU





REGISTERED NUMBER: 10505980 (England and Wales)





AUDITORS: Folkes Worton LLP
Chartered Accountants and Statutory Auditor
15-17 Church Street
Stourbridge
West Midlands
DY8 1LU

ABSOLUTE GROUP HOLDINGS UK LIMITED (REGISTERED NUMBER: 10505980)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 29 JUNE 2024


The directors present their strategic report of the company and the group for the year ended 29 June 2024.

PRINCIPLE ACTIVITY
The principal activities of the group are that of commercial roofing contractors and the manufacturing of bespoke engineered products for the roofing sector.

The group has 2 main trading areas:

Absolute Roofing Solutions Limited specialises in all aspects of roofing refurbishments including, asbestos replacement, roof sheeting comprising of built up and composite panel systems, built up felt roofing, gutter maintenance and re lining and reactive roof maintenance. We work with clients from the original survey continuing throughout the project right up to practical completion to ensure that the best possible service is provided at every stage of the process.

Oakham Sheet Metal Company Limited (Oakham) and J.P.M. Press Brake Sections Limited (JPM) are both well known, well respected and long-standing manufacturers of gutters and flashings for the roofing industry. Oakham specializes in the manufacture of flashings, gutters and downpipes, whilst JPM focuses on the fabrication of single skin and insulated gutters including ancillary items such as stop ends, outlets, corners, weirs and rainwater pipes etc.

Our manufacturing businesses each have over 40 years of experience and our roofing business has been operating for over 10 years.

REVIEW OF BUSINESS
We are proud to remain a privately owned group and operate from 3 locations, our roofing business in Coleshill and our manufacturing businesses in Brierley Hill and West Bromwich.

The group has seen continued growth, evidenced by a 1.6% increase in group revenues from FY2023 to FY2024, which has been predominantly down to organic growth.

Trading conditions remain difficult and at times challenging especially across the construction and refurbishment sector. Despite this the group is exceptionally pleased to be able to, once again, report growth which has been achieved through the hard work and persistence of all of our teams.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors are constantly on-guard monitoring and mitigating business risks which arise by having a widespread product and customer base. The principle risks and uncertainties faced by the business include shortage of skilled labour, raw material prices, the construction sector conditions and financial instruments/interest rate risks.

Shortage of skilled labour: a key risk to productivity is the lack of skilled labour which has been a recurring challenge in recent years. Whilst this appears to have reduced slightly, we continue to invest in our people and management systems to improve the efficiency in both our manufacturing and contract management.

Raw material prices: when raw material prices are volatile the directors believe the key risk is the group's ability to pass increases on to our customers. The group manages this risk by a mix of developing strong supplier relationships and customer communication. The group is committed to operate transparent pricing with our customers and is focused on balancing price increases with maintaining a competitive price.

Construction sector conditions: given the principal activities of the group, both our roofing operation and our manufacturing businesses are all exposed to what has been a volatile construction sector. A slowdown in certain areas of construction impacted on parts of the group. However, as the group is active in both new construction and refurbishments this was manageable. This remains a risk to the group and we will continue to identify opportunities of diversification to reduce this further.

Financial instruments/interest rates: the group has and continues to use bank and other borrowings to fund the working capital demand of the business. The business therefore operates under credit, liquidity and interest risks. The main trading entities operate an invoice discounting facility through which a degree of headroom exists. This allows flexibility in funding and allows, to some degree, the interest risk to be managed.


ABSOLUTE GROUP HOLDINGS UK LIMITED (REGISTERED NUMBER: 10505980)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 29 JUNE 2024

STRATEGY
The group's strategy is to grow the business by the provision of a competitively priced, flexible and efficient service for the whole industrial and commercial roofing sector. In addition, the group will look for opportunities to grow both organically and via acquisition, where products and services are complementary or open to new markets. The group continues to investigate new opportunities as they become available.

FINANCIAL KEY PERFORMANCE INDICATORS (KPIS)
The directors believe that the KPIs are those that communicate the financial performance and strength of the group as a whole. These are summarised below:
FY2204 FY2023
Sales (£   ) 15,060 14,828
Gross profit margin (%) 21.6 22.5
EBITDA (£   ) 1,014 1,014
Debtor days 64.4 65.6
Creditor days 72.4 70.6

The group is pleased to report a successful year that has been delivered by particularly strong sales activity and ongoing cost control exercises.

ON BEHALF OF THE BOARD:





Mr A McManus - Director


27 June 2025

ABSOLUTE GROUP HOLDINGS UK LIMITED (REGISTERED NUMBER: 10505980)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 29 JUNE 2024


The directors present their report with the financial statements of the company and the group for the year ended 29 June 2024.

PRINCIPAL ACTIVITY
The principal activities of the group are those of commercial roofing contractors and the manufacturing of bespoke engineered products for the roofing sector.

DIVIDENDS
Interim dividends per share were paid during the year as follows:
Ordinary A £1 - £4988.7820
Ordinary B £1 - £4988.7820

The total distribution of dividends for the year ended 29 June 2024 will be £ 243,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 30 June 2023 to the date of this report.

Mr A McManus
Mrs S McManus
Mr V A Pepperell
Mrs D L Pepperell

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- 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 company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ABSOLUTE GROUP HOLDINGS UK LIMITED (REGISTERED NUMBER: 10505980)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 29 JUNE 2024


AUDITORS
The auditors, Folkes Worton LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr A McManus - Director


27 June 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ABSOLUTE GROUP HOLDINGS UK LIMITED


Opinion
We have audited the financial statements of Absolute Group Holdings UK Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 June 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 of the parent company affairs as at 29 June 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ABSOLUTE GROUP HOLDINGS UK LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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 four, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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.

Based on our understanding of the group, the company and their industry, we identified the principal risks of non-compliance with laws and regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgements. In response to the above identified risks, audit procedures were designed to appropriately drawn conclusions. Audit procedures such as:

- Reviewing and challenging journal entries, in particular unusual account combinations;
- Challenging assumptions and judgements made by management in their significant accounting estimates; and
- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remains a risk of not detecting irregularities, as these may include collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ABSOLUTE GROUP HOLDINGS UK LIMITED


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 a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




John Hegney FCCA (Senior Statutory Auditor)
for and on behalf of Folkes Worton LLP
Chartered Accountants and Statutory Auditor
15-17 Church Street
Stourbridge
West Midlands
DY8 1LU

27 June 2025

ABSOLUTE GROUP HOLDINGS UK LIMITED (REGISTERED NUMBER: 10505980)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 JUNE 2024

Period
1/7/22
Year Ended to
29/6/24 29/6/23
Notes £    £   

TURNOVER 15,060,669 14,828,748

Cost of sales 11,797,342 11,533,809
GROSS PROFIT 3,263,327 3,294,939

Administrative expenses 3,082,132 2,826,210
181,195 468,729

Other operating income 481,614 262,718
OPERATING PROFIT 4 662,809 731,447

Interest receivable and similar income 2,061 66
664,870 731,513

Interest payable and similar expenses 5 350,509 266,945
PROFIT BEFORE TAXATION 314,361 464,568

Tax on profit 6 177,062 22,975
PROFIT FOR THE FINANCIAL YEAR 137,299 441,593

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

137,299

441,593

Profit attributable to:
Owners of the parent 137,299 441,593

Total comprehensive income attributable to:
Owners of the parent 137,299 441,593

ABSOLUTE GROUP HOLDINGS UK LIMITED (REGISTERED NUMBER: 10505980)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
29 JUNE 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 9 38,886 53,584
Tangible assets 10 4,135,738 4,194,655
Investments 11
Interest in associate 21 -
4,174,645 4,248,239

CURRENT ASSETS
Stocks 12 163,936 195,585
Debtors 13 3,897,344 3,583,626
Cash at bank and in hand 350,973 215,397
4,412,253 3,994,608
CREDITORS
Amounts falling due within one year 14 4,733,385 4,059,464
NET CURRENT LIABILITIES (321,132 ) (64,856 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,853,513

4,183,383

CREDITORS
Amounts falling due after more than one
year

15

(2,329,238

)

(2,595,617

)

PROVISIONS FOR LIABILITIES 19 (500,770 ) (458,560 )
NET ASSETS 1,023,505 1,129,206

CAPITAL AND RESERVES
Called up share capital 20 100 100
Retained earnings 21 1,023,405 1,129,106
SHAREHOLDERS' FUNDS 1,023,505 1,129,206

The financial statements were approved by the Board of Directors and authorised for issue on 27 June 2025 and were signed on its behalf by:





Mr A McManus - Director


ABSOLUTE GROUP HOLDINGS UK LIMITED (REGISTERED NUMBER: 10505980)

COMPANY STATEMENT OF FINANCIAL POSITION
29 JUNE 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 1,754,979 1,812,761
Investments 11 2,405,480 2,405,459
4,160,459 4,218,220

CURRENT ASSETS
Debtors 13 597,336 147,835
Cash at bank 38,339 11,146
635,675 158,981
CREDITORS
Amounts falling due within one year 14 1,501,642 934,521
NET CURRENT LIABILITIES (865,967 ) (775,540 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,294,492

3,442,680

CREDITORS
Amounts falling due after more than one
year

15

(1,678,493

)

(1,826,909

)

PROVISIONS FOR LIABILITIES 19 (2,880 ) (2,569 )
NET ASSETS 1,613,119 1,613,202

CAPITAL AND RESERVES
Called up share capital 20 100 100
Retained earnings 21 1,613,019 1,613,102
SHAREHOLDERS' FUNDS 1,613,119 1,613,202

Company's profit for the financial year 242,917 299,368

The financial statements were approved by the Board of Directors and authorised for issue on 24 April 2025 and were signed on its behalf by:





Mr A McManus - Director


ABSOLUTE GROUP HOLDINGS UK LIMITED (REGISTERED NUMBER: 10505980)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 JUNE 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2022 100 887,513 887,613

Changes in equity
Dividends - (200,000 ) (200,000 )
Total comprehensive income - 441,593 441,593
Balance at 29 June 2023 100 1,129,106 1,129,206

Changes in equity
Dividends - (243,000 ) (243,000 )
Total comprehensive income - 137,299 137,299
Balance at 29 June 2024 100 1,023,405 1,023,505

ABSOLUTE GROUP HOLDINGS UK LIMITED (REGISTERED NUMBER: 10505980)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 JUNE 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2022 100 1,513,734 1,513,834

Changes in equity
Dividends - (200,000 ) (200,000 )
Total comprehensive income - 299,368 299,368
Balance at 29 June 2023 100 1,613,102 1,613,202

Changes in equity
Dividends - (243,000 ) (243,000 )
Total comprehensive income - 242,917 242,917
Balance at 29 June 2024 100 1,613,019 1,613,119

ABSOLUTE GROUP HOLDINGS UK LIMITED (REGISTERED NUMBER: 10505980)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 JUNE 2024

Period
1/7/22
Year Ended to
29/6/24 29/6/23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,188,236 1,267,938
Interest paid (309,280 ) (236,068 )
Interest element of hire purchase and finance
lease rental payments paid

(41,229

)

(30,877

)
Tax paid (52,141 ) (59,530 )
Net cash from operating activities 785,586 941,463

Cash flows from investing activities
Purchase of tangible fixed assets (26,030 ) (1,881,884 )
Purchase of fixed asset investments (21 ) -
Sale of tangible fixed assets 1,183 36,670
Sale of fixed asset investments - 2
Interest received 2,061 66
Net cash from investing activities (22,807 ) (1,845,146 )

Cash flows from financing activities
New loans in year - 1,176,131
Loan repayments in year (105,501 ) (90,349 )
Capital repayments in year (253,226 ) (185,114 )
Amount withdrawn by directors (497 ) (37,201 )
Equity dividends paid (243,000 ) (200,000 )
Advances to associates (24,979 ) -
Net cash from financing activities (627,203 ) 663,467

Increase/(decrease) in cash and cash equivalents 135,576 (240,216 )
Cash and cash equivalents at beginning of
year

2

215,397

455,613

Cash and cash equivalents at end of year 2 350,973 215,397

ABSOLUTE GROUP HOLDINGS UK LIMITED (REGISTERED NUMBER: 10505980)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 JUNE 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

Period
1/7/22
Year Ended to
29/6/24 29/6/23
£    £   
Profit before taxation 314,361 464,568
Depreciation charges 351,806 316,366
Profit on disposal of fixed assets (493 ) (23,650 )
Finance costs 350,509 266,945
Finance income (2,061 ) (66 )
1,014,122 1,024,163
Decrease in stocks 31,649 257,267
(Increase)/decrease in trade and other debtors (291,667 ) 576,286
Increase/(decrease) in trade and other creditors 434,132 (589,778 )
Cash generated from operations 1,188,236 1,267,938

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 29 June 2024
29/6/24 30/6/23
£    £   
Cash and cash equivalents 350,973 215,397
Period ended 29 June 2023
29/6/23 1/7/22
£    £   
Cash and cash equivalents 215,397 455,613


ABSOLUTE GROUP HOLDINGS UK LIMITED (REGISTERED NUMBER: 10505980)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 JUNE 2024


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 30/6/23 Cash flow changes At 29/6/24
£    £    £    £   
Net cash
Cash at bank
and in hand 215,397 135,576 350,973
215,397 135,576 350,973
Debt
Hire purchase and
finance leases (827,284 ) 253,226 (252,851 ) (826,909 )
Debts falling due
within 1 year (110,000 ) (82,915 ) - (192,915 )
Debts falling due
after 1 year (1,943,576 ) 188,416 - (1,755,160 )
(2,880,860 ) 358,727 (252,851 ) (2,774,984 )
Total (2,665,463 ) 494,303 (252,851 ) (2,424,011 )

ABSOLUTE GROUP HOLDINGS UK LIMITED (REGISTERED NUMBER: 10505980)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024


1. STATUTORY INFORMATION

Absolute Group Holdings UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company, Absolute Group Holdings Limited, together with all entities controlled by the parent company (its subsidiaries) and the group's share of its interests in joint ventures and associates.

All financial statements are made up to 29 June 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group's financial statements from the date that control commences until the date that control ceases.

On 25 March 2024, the group acquired a 20.8% holding in Porphyry Holdings Limited. First accounts for this company will be prepared for the period ending 31 March 2025. The results of this company for the period to 29 June 2024 are not material to the group and the associate is not consolidated in these financial statements.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods).

Revenue from contracts for roofing services is recognised by reference to the stage of completion when the stage of completion, costs incurred and cost to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

ABSOLUTE GROUP HOLDINGS UK LIMITED (REGISTERED NUMBER: 10505980)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 JUNE 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 4% on cost and 2% on cost
Improvements to property - 25% on cost and 10% on cost
Plant and machinery - 25% on cost, 20% on cost and 10% on reducing balance
Fixtures and fittings - 25% on cost, 25% on reducing balance and 20% on cost
Motor vehicles - 25% on reducing balance and at varying rates on cost
Computer equipment - 33% on cost, 25% on cost and 20% on cost

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds and the carrying value of the asset, and is credited or charged to profit and loss.

Investments in subsidiaries and associates
Investments in subsidiary and associate undertakings are recognised at cost.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit and loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

ABSOLUTE GROUP HOLDINGS UK LIMITED (REGISTERED NUMBER: 10505980)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 JUNE 2024


2. ACCOUNTING POLICIES - continued

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

ABSOLUTE GROUP HOLDINGS UK LIMITED (REGISTERED NUMBER: 10505980)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 JUNE 2024


2. ACCOUNTING POLICIES - continued

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3. EMPLOYEES AND DIRECTORS
Period
1/7/22
Year Ended to
29/6/24 29/6/23
£    £   
Wages and salaries 1,893,263 1,665,084
Social security costs 210,330 222,330
Other pension costs 36,964 31,266
2,140,557 1,918,680

The average number of employees during the year was as follows:
Period
1/7/22
Year Ended to
29/6/24 29/6/23

Production 31 26
Sales 11 10
Administration and finance 21 16
63 52

Period
1/7/22
Year Ended to
29/6/24 29/6/23
£    £   
Directors' remuneration 37,770 33,600
Directors' pension contributions to money purchase schemes 4,800 4,800

ABSOLUTE GROUP HOLDINGS UK LIMITED (REGISTERED NUMBER: 10505980)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 JUNE 2024


3. EMPLOYEES AND DIRECTORS - continued

The above represents only the emoluments of the directors of Absolute Group Holdings Limited. Directors of subsidiary companies who are not also directors of Absolute Group Holdings UK Limited are considered to be key management personnel and their emoluments were as follows:
Period
1/7/22
Year Ended to
29/6/24 29/6/23
£ £
Remuneration 255,618 212,423
Pension contributions to money purchase schemes 2,635 2,642
258,253 213,065

Information regarding the highest paid director is as follows:
Period
1/7/22
Year Ended to
29/6/24 29/6/23
£ £
Remuneration 103,623 107,423
Pension contributions to money purchase schemes 1,317 1,321

4. OPERATING PROFIT

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

Period
1/7/22
Year Ended to
29/6/24 29/6/23
£    £   
Hire of plant and machinery 1,387,056 1,455,931
Depreciation - owned assets 337,108 301,668
Profit on disposal of fixed assets (493 ) (23,650 )
Goodwill amortisation 14,698 14,698
Auditors' remuneration 24,375 22,250

5. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1/7/22
Year Ended to
29/6/24 29/6/23
£    £   
Bank interest - 8
Bank loan interest 171,034 106,933
Other interest costs 7,984 12,491
Invoice finance charges 130,262 116,636
Hire purchase interest 21,950 12,772
Finance lease charges 19,279 18,105
350,509 266,945

ABSOLUTE GROUP HOLDINGS UK LIMITED (REGISTERED NUMBER: 10505980)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 JUNE 2024


6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
1/7/22
Year Ended to
29/6/24 29/6/23
£    £   
Current tax:
UK corporation tax 138,517 (26,983 )
Prior year tax adjustment (3,665 ) (30,898 )
Total current tax 134,852 (57,881 )

Deferred tax 42,210 80,856
Tax on profit 177,062 22,975

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1/7/22
Year Ended to
29/6/24 29/6/23
£    £   
Profit before tax 314,361 464,568
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 20.480 %)

78,590

95,144

Effects of:
Expenses not deductible for tax purposes 21,972 15,048
Depreciation in excess of capital allowances 24,266 20,428
Utilisation of tax losses 40,394 -
Adjustments to tax charge in respect of previous periods 11,840 (30,898 )
Research and development enhanced expenditure - (76,747 )
Total tax charge 177,062 22,975

7. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


ABSOLUTE GROUP HOLDINGS UK LIMITED (REGISTERED NUMBER: 10505980)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 JUNE 2024


8. DIVIDENDS
Period
1/7/22
Year Ended to
29/6/24 29/6/23
£    £   
Ordinary A shares of £1 each
Interim 121,500 100,000
Ordinary B shares of £1 each
Interim 121,500 100,000
243,000 200,000

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 30 June 2023
and 29 June 2024 73,492
AMORTISATION
At 30 June 2023 19,908
Amortisation for year 14,698
At 29 June 2024 34,606
NET BOOK VALUE
At 29 June 2024 38,886
At 29 June 2023 53,584

ABSOLUTE GROUP HOLDINGS UK LIMITED (REGISTERED NUMBER: 10505980)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 JUNE 2024


10. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 30 June 2023 3,211,318 41,819 1,202,203
Additions - 26,275 7,459
Disposals - - (1,050 )
At 29 June 2024 3,211,318 68,094 1,208,612
DEPRECIATION
At 30 June 2023 59,372 41,180 680,131
Charge for year 82,452 947 86,634
Eliminated on disposal - - (360 )
At 29 June 2024 141,824 42,127 766,405
NET BOOK VALUE
At 29 June 2024 3,069,494 25,967 442,207
At 29 June 2023 3,151,946 639 522,072

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 30 June 2023 165,872 960,358 67,554 5,649,124
Additions 14,232 217,978 12,937 278,881
Disposals - - - (1,050 )
At 29 June 2024 180,104 1,178,336 80,491 5,926,955
DEPRECIATION
At 30 June 2023 145,915 486,660 41,211 1,454,469
Charge for year 9,222 144,733 13,120 337,108
Eliminated on disposal - - - (360 )
At 29 June 2024 155,137 631,393 54,331 1,791,217
NET BOOK VALUE
At 29 June 2024 24,967 546,943 26,160 4,135,738
At 29 June 2023 19,957 473,698 26,343 4,194,655

The net book value of assets held under finance leases and hire purchase contracts at the balance sheet date was £876,246.

ABSOLUTE GROUP HOLDINGS UK LIMITED (REGISTERED NUMBER: 10505980)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 JUNE 2024


10. TANGIBLE FIXED ASSETS - continued

Company
Improvements
Freehold to Plant and Computer
property property machinery equipment Totals
£    £    £    £    £   
COST
At 30 June 2023 1,845,358 - 96,000 - 1,941,358
Additions - 18,693 - 6,961 25,654
At 29 June 2024 1,845,358 18,693 96,000 6,961 1,967,012
DEPRECIATION
At 30 June 2023 42,872 - 85,725 - 128,597
Charge for year 71,654 255 10,275 1,252 83,436
At 29 June 2024 114,526 255 96,000 1,252 212,033
NET BOOK VALUE
At 29 June 2024 1,730,832 18,438 - 5,709 1,754,979
At 29 June 2023 1,802,486 - 10,275 - 1,812,761

11. FIXED ASSET INVESTMENTS

Group
Interest
in
associate
£   
COST
Additions 21
At 29 June 2024 21
NET BOOK VALUE
At 29 June 2024 21
Company
Shares in Interest
group in
undertakings associate Totals
£    £    £   
COST
At 30 June 2023 2,405,459 - 2,405,459
Additions - 21 21
At 29 June 2024 2,405,459 21 2,405,480
NET BOOK VALUE
At 29 June 2024 2,405,459 21 2,405,480
At 29 June 2023 2,405,459 - 2,405,459

ABSOLUTE GROUP HOLDINGS UK LIMITED (REGISTERED NUMBER: 10505980)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 JUNE 2024


11. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Absolute Roofing Solutions Limited
Registered office: Jubilee Works, Gorsey Lane, Coleshill, Birmingham, B46 1JU
Nature of business: Commercial roofing contractor
%
Class of shares: holding
Ordinary 100.00

Oakham Sheet Metal Company Limited
Registered office: Jubilee Works, Gorsey Lane, Coleshill, Birmingham, B46 1JU
Nature of business: Manufacture of bespoke engineered products
%
Class of shares: holding
Ordinary 100.00

J.P.M. Press Brake Sections Limited
Registered office: Level Street, Brierley Hill, West Midlands, DY5 1UE
Nature of business: Manufacture of bespoke engineered products
%
Class of shares: holding
Ordinary 100.00

Associated company

Porphyry Holdings Limited
Registered office: c/o Folkes Worton LLP, 15-17 Church Street, Stourbridge, West Midlands, DY8 1LU.
Nature of business: Construction holding company
%
Class of shares: holding
Ordinary 20.80


12. STOCKS

Group
2024 2023
£    £   
Stocks 163,936 195,585

ABSOLUTE GROUP HOLDINGS UK LIMITED (REGISTERED NUMBER: 10505980)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 JUNE 2024


13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 2,656,516 2,666,494 274,110 18,532
Amounts owed by group undertakings - - - 39,276
Amounts owed by associates 24,979 - 24,979 -
Other debtors 703,966 101,149 225,560 -
Tax 91,420 94,348 - -
VAT - - 11,339 7,627
Prepayments 420,463 721,635 61,348 82,400
3,897,344 3,583,626 597,336 147,835

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 16) 192,915 110,000 152,915 70,000
Hire purchase contracts and finance leases (see note 17)
281,725

228,062

-

-
Trade creditors 2,337,779 2,221,551 34,702 27,854
Amounts owed to group undertakings - - 740,252 373,102
Tax 138,517 58,734 15,707 16,626
Social security and other taxes 180,327 230,087 8,283 -
Other creditors 1,368,381 793,408 468,501 425,705
Directors' current accounts 4,979 5,476 4,979 5,476
Accruals 228,762 412,146 76,303 15,758
4,733,385 4,059,464 1,501,642 934,521

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 16) 1,755,160 1,943,576 1,678,493 1,826,909
Hire purchase contracts and finance leases (see note 17)
545,184

599,222

-

-
Other creditors 28,894 52,819 - -
2,329,238 2,595,617 1,678,493 1,826,909

ABSOLUTE GROUP HOLDINGS UK LIMITED (REGISTERED NUMBER: 10505980)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 JUNE 2024


16. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 192,915 110,000 152,915 70,000
Amounts falling due between one and two years:
Bank loans 141,000 173,000 71,000 73,000
Amounts falling due between two and five years:
Bank loans 231,667 253,667 225,000 237,000
Amounts falling due in more than five years:
Repayable by instalments
Bank loans 1,382,493 1,516,909 1,382,493 1,516,909

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts Finance leases
2024 2023 2024 2023
£    £    £    £   
Net obligations repayable:
Within one year 133,419 116,847 148,306 111,215
Between one and five years 365,519 305,693 179,665 293,529
498,938 422,540 327,971 404,744

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 8,723 28,239
Between one and five years 261,324 88,364
270,047 116,603

ABSOLUTE GROUP HOLDINGS UK LIMITED (REGISTERED NUMBER: 10505980)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 JUNE 2024


18. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank loans 1,948,075 2,053,576
Hire purchase contracts and finance leases 826,909 827,284
Other creditors 645,992 201,489
3,420,976 3,082,349

Bank borrowing is secured by fixed and floating charges over all property or undertaking of the company.

Liabilities under finance leases and hire purchase contracts are secured on the assets acquired thereunder.

Other creditors include commercial finance liabilities which are secured by fixed and floating charges over the assets of the group and company.

19. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 500,770 458,560 2,880 2,569

Group
Deferred
tax
£   
Balance at 30 June 2023 458,560
Charge to Statement of Comprehensive Income during year 42,210
Balance at 29 June 2024 500,770

Company
Deferred
tax
£   
Balance at 30 June 2023 2,569
Charge to Income Statement during year 311
Balance at 29 June 2024 2,880

ABSOLUTE GROUP HOLDINGS UK LIMITED (REGISTERED NUMBER: 10505980)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 JUNE 2024


20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
50 Ordinary A £1 50 50
50 Ordinary B £1 50 50
100 100

21. RESERVES

Group
Retained
earnings
£   

At 30 June 2023 1,129,106
Profit for the year 137,299
Dividends (243,000 )
At 29 June 2024 1,023,405

Company
Retained
earnings
£   

At 30 June 2023 1,613,102
Profit for the year 242,917
Dividends (243,000 )
At 29 June 2024 1,613,019


22. CONTINGENT LIABILITIES

Lloyds Bank plc has an omnibus guarantee and set-off agreement in place securing all liabilities due to them within each individual company against the assets of all companies within the agreement. The companies included in this agreement are Absolute Group Holdings UK Limited, Absolute Roofing Solutions Limited, Oakham Sheet Metal Company Limited, J.P.M. Press Brake Sections Limited, Absolute Building and Maintenance Limited, Absolute Roof Tiling Limited, Absolute Waterproofing Limited and Absolute Solar Solutions Limited.

The total liabilities for all companies due to Lloyds Bank plc at the balance sheet date was £3,084,452 (2023 £2,465,130) of which £2,594,067 (2023 £2,255,064) related to the group and is included in creditors.

ABSOLUTE GROUP HOLDINGS UK LIMITED (REGISTERED NUMBER: 10505980)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 JUNE 2024


23. RELATED PARTY DISCLOSURES

During the year transactions were entered into at market value with companies in which the directors and members of Absolute Group Holdings UK Limited hold an interest. Details of these transactions and the balances owed to or by these companies are as follows:
Sales to Purchases from
2024 2023 2024 2023
£ £ £ £
Absolute Building & Maintenance Limited 118,783 225,212 121,308 78,408
Absolute Electrical & Renewables Limited 11,635 79,372 117,555 37,600
Absolute Roof Tiling Limited 326,335 420,180 131,902 25,841
Absolute Scaffold Limited 46,988 - 598,960 -
Absolute Self Storage Limited 18,630 11,573 7,437 1,476
Absolute Solar Solutions Limited - - 3,000 -
Absolute Waterproofing Limited 608,061 123,334 133,167 307,698
Onyx Interiors Limited 122,433 - - -

Balances owed by Balances owed to
2024 2023 2024 2023
£ £ £ £
Absolute Building & Maintenance Limited 52,133 91,983 111,689 84,380
Absolute Electrical & Renewables Limited 833 960 6,192 10,000
Absolute Roof Tiling Limited 277,235 314,386 29,160 6
Absolute Scaffold Limited 3,093 11,410 76,252 118,908
Absolute Self Storage Limited 2,007 7,647 - -
Absolute Solar Solutions Limited 8,397 8,397 2,000 2,000
Absolute Waterproofing Limited 93,012 27,002 508,968 416,524
McManus Investment Holdings Limited 23,688 - - -
Onyx Interiors Limited 47,733 - - -
Pepperell Investment Holdings Limited 95,560 - - -

24. ULTIMATE CONTROLLING PARTY

The directors, Mr Anthony McManus and Mr Victor Pepperell, by virtue of their shareholdings consider themselves to be the ultimate controlling parties.