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 |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Chartered Accountants and Statutory Auditor |
15-17 Church Street |
Stourbridge |
West Midlands |
DY8 1LU |
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 |
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 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
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 |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 29 June 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 29 June 2024 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
Freehold property | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
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 |
Additions |
At 29 June 2024 |
DEPRECIATION |
At 30 June 2023 |
Charge for year |
At 29 June 2024 |
NET BOOK VALUE |
At 29 June 2024 |
At 29 June 2023 |
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 |
Additions | 21 |
At 29 June 2024 | 21 | 2,405,480 |
NET BOOK VALUE |
At 29 June 2024 | 2,405,480 |
At 29 June 2023 | 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 |
Registered office: Jubilee Works, Gorsey Lane, Coleshill, Birmingham, B46 1JU |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Jubilee Works, Gorsey Lane, Coleshill, Birmingham, B46 1JU |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Level Street, Brierley Hill, West Midlands, DY5 1UE |
Nature of business: |
% |
Class of shares: | holding |
Associated company |
Registered office: c/o Folkes Worton LLP, 15-17 Church Street, Stourbridge, West Midlands, DY8 1LU. |
Nature of business: |
% |
Class of shares: | holding |
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 |
Amounts owed by group undertakings | - | - |
Amounts owed by associates | 24,979 | - |
Other debtors | 703,966 | 101,149 |
Tax | 91,420 | 94,348 |
VAT | - | - |
Prepayments | 420,463 | 721,635 |
3,897,344 | 3,583,626 |
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 |
Hire purchase contracts and finance leases (see note 17) | 281,725 |
228,062 |
Trade creditors | 2,337,779 | 2,221,551 |
Amounts owed to group undertakings | - | - |
Tax | 138,517 | 58,734 |
Social security and other taxes | 180,327 | 230,087 |
Other creditors | 1,368,381 | 793,408 |
Directors' current accounts | 4,979 | 5,476 | 4,979 | 5,476 |
Accruals | 228,762 | 412,146 |
4,733,385 | 4,059,464 |
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 |
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 |
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 |
Amounts falling due between one and two | years: |
Bank loans | 141,000 | 173,000 |
Amounts falling due between two and five | years: |
Bank loans | 231,667 | 253,667 |
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 |
Charge to Income Statement during year |
Balance at 29 June 2024 |
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: | £ | £ |
Ordinary A | £1 | 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 |
Profit for the year |
Dividends | ( |
) |
At 29 June 2024 |
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. |