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Registered number: 08743631









HOLBUD GROUP LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

 
HOLBUD GROUP LIMITED
 
 
COMPANY INFORMATION


Directors
M G Khaku 
H R Merali 
S A Merali 




Registered number
08743631



Registered office
61 Charlotte Street

London

W1T 4PF




Independent auditor
Barnes Roffe Audit Limited
Chartered Accountants 
Statutory Auditor

Leytonstone House

3 Hanbury Drive

London

E11 1GA




Bankers
National Westminster Bank Plc
Investec Bank Plc
BIC-BRED (Suisse) SA
Banque de Commerce et de Placements
Arab Bank (Switzerland)
ING Bank
Banque Cantonale de Geneve
Banque Cantonale Vaudoise
Varengold Bank
Volksbank
Sohar International Bank




Solicitors
Clyde & Co LLP
St Botolph Building

138 Houndsditch

London

EC3A 7AR





 
HOLBUD GROUP LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 3
Directors' report
 
4 - 5
Independent auditor's report
 
6 - 9
Consolidated statement of comprehensive income
 
10
Consolidated balance sheet
 
11 - 12
Company balance sheet
 
13
Consolidated statement of changes in equity
 
14
Company statement of changes in equity
 
15
Consolidated statement of cash flows
 
16 - 17
Consolidated analysis of net debt
 
18
Notes to the financial statements
 
19 - 42


 
HOLBUD GROUP LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

Introduction
 
The directors present the strategic report for the year ended 31 October 2024.

Fair review of the business

The principal activities of the group continued to be those of trading in commodities, commercial brokerage of
cargo ships, property development and property letting.
The group experienced challenging conditions in certain markets resulting in higher-than-expected costs, which resulted in a decrease in gross margin. 
The group have various property businesses which have performed well during the year.  The focus of these businesses is developing to sell and/or to build long term value by maximising the potential of the property.  The effect of rising interest rates on the London property market has led to properties being kept until conditions improve, however with the market now improving it is likely that further property sales will be made going forward.  
The key financial highlights of the group are as follows:

2024
2023
£
£
Turnover

1,493,844,825

1,345,243,512
 
Gross profit

18,195,052

30,337,200
 
Profit before tax

4,717,577

15,385,278
 
EBITDA

8,998,751

21,767,532
 

The group continues to work hard to maintain gross profit margins on trading and to remain competitive in it's geographical markets and actively explore new markets for potential. The results of the company are consistent with the expectations of the directors who are pleased with the performance of the company during the year.
Subsequent to the year end the group is focusing its activities in the less challenging markets with the effect of maximising profitability.  The company continues to have substantial resources and is very well placed to react quickly as conditions in certain markets improve. 

Page 1

 
HOLBUD GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

Principal risks and uncertainties
 
The group is subject to changes in commodity prices, however the group seeks to trade across a range of commodities thus reducing the risk.
The group is aware of the effect that climate change can have on both the sales and purchases of the group and is always reviewing both its supply and customer markets and endeavouring to research and establish new markets to cover existing and future contracts.
The group’s principal financial instruments comprise bank balances, documentary advances, trade debtors and trade creditors. The main purpose of these instruments is to raise funds and finance operations. The associated liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility using overdraft facilities and documentary advances at floating rates of interest. The group also uses regular customers and regular suppliers to reduce risk however due to the number of customers and suppliers it is not reliant on any key customer or supplier to support its business.
The group is aware of the effect of interest rate increases on current borrowings. The group is hopeful that these will start to reduce and so is managing loans on a short term basis until this happens.  
The currency risk is managed by buying and selling in the same currency.

Directors' statement of compliance with duty to promote the success of the Group
 
As the Directors of Holbud Group Limited, we have a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider, in good faith, would be most likely to promote the group’s success for the benefit of its members as a whole, and to have regard to the long-term effect of our decisions on the group and its stakeholders and in doing so must have regard to the following:
• the likely consequences of any decision in the long term,
• the interests of the group’s employees,
• the need to foster the group’s business relationships with suppliers, customers and others,
• the impact of the group’s operations on the community and the environment,
• the desirability of the group maintaining a reputation for high standards of business conduct, and
• the need to act fairly as between members of the group.
Our key stakeholders, and the ways in which we engage with them, are as follows: 
Employees
Our business success is strongly linked to the skills of its employees and this is reflected in the high levels of service that we provide. 
To ensure that we maintain the high standards, retention and recruitment of our employees is critical and we therefore provide appropriate levels of training to support their development. 
The group places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees.
 
Page 2

 
HOLBUD GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024


Customers and suppliers
We are aware that the our customers and suppliers are an important part of our success. We have strong relationships with our customers and are in constant discussions with them to ensure that we understand their evolving needs and adapt our services accordingly. We have strong supplier partnerships which ensures that we are in constant communication and they are aware of our standards and requirements. 
Our conduct guarantees that we treat all suppliers and customers fairly and we ensure all performance obligations are met, if not exceeded. 
Standards of Business Conduct
The group is committed to conduct business with the highest integrity and the compliance with the law and have standards in place which must be adhered to by everyone who represents the group. These standards embody the fundamental principles that govern our ethical and legal obligations. These standards not only comply with the group's policies but also with laws and regulations applicable.


This report was approved by the board on 27 June 2025 and signed on its behalf.



H R Merali
Director

Page 3

 
HOLBUD GROUP LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

The directors present their report and the financial statements for the year ended 31 October 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £2,941,650 (2023 - £11,843,726).

The directors deemed no dividends should have been proposed or declared within the year.

Directors

The directors who served during the year were:

M G Khaku 
H R Merali 
S A Merali 

Future developments

The directors aim to maintain the management policies which have resulted in the group's growth and sustainability in recent years.

Page 4

 
HOLBUD GROUP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

Greenhouse gas emissions, energy consumption and energy efficiency action

The Group's annual emissions resulting from the purchase of electricity and gas by the business for its own use was 28,591 kg CO2e (2023 - 37,215 kg CO2e).
The total annual quantity of energy consumed from activities for which the Company is involved amounted to 138,900 KWh 
(2023 - 181,017 KWh).

The usage was calculated from third party billing information received in the year.

Tonnes of CO2e per £100m sales revenue amounted to 1.914 (2023 - 2.766).

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Post balance sheet events

Subsequent to the year end tensions in the Middle East have given way to war.  Whist the directors do not currently believe that this will have any impact on the company’s business they are aware that the position could change depending on the ongoing situation.  The potential risk to the business relates to the collection of debts and whilst the non-collection of these is considered unlikely the directors consider it appropriate that this is disclosed.  Given that the nature of this it is not possible to quantify what the financial impact on the business would be.  The directors have considered the worst case scenario and have concluded that this would not impact on the company’s ability to continue as a going concern.

Auditors

After the year end Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006. 

This report was approved by the board on 27 June 2025 and signed on its behalf.
 





H R Merali
Director

Page 5

 
HOLBUD GROUP LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOLBUD GROUP LIMITED
 

Opinion


We have audited the financial statements of Holbud Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 October 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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's affairs as at 31 October 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's 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 United Kingdom, including the Financial Reporting Council'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 or 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 other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 6

 
HOLBUD GROUP LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOLBUD GROUP LIMITED (CONTINUED)


Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
 

In the light of 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 Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records 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 Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

Page 7

 
HOLBUD GROUP LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOLBUD GROUP LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
 
Ensuring that the engagement team collectively had the appropriate competence, capabilities and skills to identify non-compliance with applicable laws and regulations;
We identified the laws and regulations applicable to the Company through discussions with directors, and from our commercial knowledge and experience of the relevant sector;
The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, are as follows - Companies Act 2006, FRS 102, Employment legislation and Tax legislation;
We assessed the extent of the compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence;
Laws and regulations were communicated within the audit team at the planning meeting, and the audit team remained alert to instances of non-compliance throughout the audit;
As auditors of all group companies we were able to cover the above matters at a group and component level and thereby ensure the audit team were aware of the above matters across all group companies.
 
We assessed the susceptibility of the Company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
 
Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
Reviewing the financial statements and testing the disclosures against supporting documentation;
Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
Inspecting and testing journal entries to identify unusual or unexpected transactions; and
Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias.

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

A further description of our responsibilities 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 Auditor's report.
Page 8

 
HOLBUD GROUP LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOLBUD GROUP LIMITED (CONTINUED)



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 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.




Andrew May FCCA (Senior statutory auditor)
for and on behalf of
Barnes Roffe Audit Limited
Chartered Accountants
Statutory Auditor
Leytonstone House
3 Hanbury Drive
London
E11 1GA

 
Date: 
30 June 2025
Page 9

 
HOLBUD GROUP LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
1,493,844,825
1,345,243,512

Cost of sales
  
(1,475,649,773)
(1,314,906,312)

Gross profit
  
18,195,052
30,337,200

Administrative expenses
  
(8,067,989)
(8,423,474)

Fair value movements
  
(1,706,022)
(250,000)

Operating profit
 5 
8,421,041
21,663,726

Income from fixed assets investments
  
382
-

Amounts written off investments
  
-
(698)

Profit on disposal of investments
  
274,501
-

Interest receivable and similar income
 10 
503,486
123,495

Interest payable and similar expenses
 11 
(4,951,319)
(6,401,245)

Profit before tax
  
4,248,091
15,385,278

Tax on profit
 12 
(1,306,441)
(3,541,552)

Profit for the financial year
  
2,941,650
11,843,726

Other comprehensive income for the year
  

Unrealised surplus/(deficit) on revaluation of tangible fixed assets
  
997,858
(83,308)

Currency translation differences
  
(10,128,511)
(9,091,128)

Other comprehensive income for the year
  
(9,130,653)
(9,174,436)

Total comprehensive income for the year
  
(6,189,003)
2,669,290

Profit for the year attributable to:
  

Owners of the parent company
  
(2,941,650)
(11,843,726)

  
(2,941,650)
(11,843,726)

The notes on pages 19 to 42 form part of these financial statements.

Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

Page 10

 
HOLBUD GROUP LIMITED
REGISTERED NUMBER: 08743631

CONSOLIDATED BALANCE SHEET
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
13,753,880
12,900,344

Investment property
 16 
32,307,123
36,033,674

  
46,061,003
48,934,018

Current assets
  

Stocks
 17 
36,108,151
53,276,890

Debtors: amounts falling due within one year
 18 
309,020,050
337,004,796

Current asset investments
 19 
5,498
4,753

Cash at bank and in hand
 20 
90,826,405
57,550,867

  
435,960,104
447,837,306

Creditors: amounts falling due within one year
 21 
(253,031,671)
(280,757,828)

Net current assets
  
 
 
182,928,433
 
 
167,079,478

Total assets less current liabilities
  
228,989,436
216,013,496

Creditors: amounts falling due after more than one year
 22 
(19,364,349)
-

Provisions for liabilities
  

Deferred taxation
 25 
(3,800,390)
(3,999,796)

  
 
 
(3,800,390)
 
 
(3,999,796)

Net assets
  
205,824,697
212,013,700


Capital and reserves
  

Called up share capital 
 26 
5,000,000
5,000,000

Revaluation reserve
 27 
16,124,649
16,902,704

Profit and loss account
 27 
184,700,048
190,110,996

Equity attributable to owners of the parent Company
  
205,824,697
212,013,700


Page 11

 
HOLBUD GROUP LIMITED
REGISTERED NUMBER: 08743631
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 June 2025.




H R Merali
Director

The notes on pages 19 to 42 form part of these financial statements.

Page 12

 
HOLBUD GROUP LIMITED
REGISTERED NUMBER: 08743631

COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 15 
5,000,202
5,000,202

  

Creditors: amounts falling due within one year
 21 
(100,850)
(100,850)

Net current liabilities
  
 
 
(100,850)
 
 
(100,850)

Net assets
  
4,899,352
4,899,352


Capital and reserves
  

Called up share capital 
 26 
5,000,000
5,000,000

Profit and loss account brought forward
  
(100,648)
(100,648)

Profit for the year

  

-
-

Profit and loss account carried forward
  
(100,648)
(100,648)

  
4,899,352
4,899,352


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 June 2025.


H R Merali
Director

The notes on pages 19 to 42 form part of these financial statements.

Page 13

 
HOLBUD GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 November 2022
5,000,000
17,114,603
187,229,807
209,344,410


Comprehensive income for the year

Profit for the year
-
-
11,843,726
11,843,726

Currency translation differences
-
-
(9,091,128)
(9,091,128)

Deficit on revaluation of freehold property
-
(83,308)
-
(83,308)
Total comprehensive income for the year
-
(83,308)
2,752,598
2,669,290

Transfer to/from profit and loss account
-
(128,591)
128,591
-



At 1 November 2023
5,000,000
16,902,704
190,110,996
212,013,700


Comprehensive income for the year

Profit for the year
-
-
2,941,650
2,941,650

Currency translation differences
-
-
(10,128,511)
(10,128,511)

Surplus on revaluation of freehold property
-
997,858
-
997,858
Total comprehensive income for the year
-
997,858
(7,186,861)
(6,189,003)

Transfer to/from profit and loss account
-
(1,775,913)
1,775,913
-


At 31 October 2024
5,000,000
16,124,649
184,700,048
205,824,697


The notes on pages 19 to 42 form part of these financial statements.

Page 14

 
HOLBUD GROUP LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 November 2022
5,000,000
(100,648)
4,899,352
Total comprehensive income for the year
-
-
-



At 1 November 2023
5,000,000
(100,648)
4,899,352
Total comprehensive income for the year
-
-
-


At 31 October 2024
5,000,000
(100,648)
4,899,352


The notes on pages 19 to 42 form part of these financial statements.

Page 15

 
HOLBUD GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
2,941,650
11,843,726

Adjustments for:

Depreciation of tangible assets
107,842
104,504

Loss on disposal of tangible assets
(24,671)
35,359

Interest paid
4,951,319
6,401,245

Interest received
(503,486)
(123,495)

Taxation charge
1,306,441
3,541,552

Decrease/(increase) in stocks
17,168,739
(27,255,294)

Decrease in debtors
30,359,248
571,353,613

Increase/(decrease) in creditors
4,899,090
(493,988,783)

Net fair value losses recognised in P&L
1,706,022
250,698

Corporation tax (paid)
(3,108,551)
(5,081,107)

Foreign exchange
(135,491)
(361,405)

Bank charges
56,660
83,898

Profit on disposal of investment properties
(274,501)
-

Dividends received
(382)
-

Net cash generated from operating activities

59,449,929
66,804,511


Cash flows from investing activities

Purchase of tangible fixed assets
(16,751)
(332,716)

Sale of tangible fixed assets
56,000
24,123

Purchase of investment properties
(80,217)
(161,481)

Interest received
503,486
123,495

Dividends received
382
-

Net cash from investing activities

462,900
(346,579)
Page 16

 
HOLBUD GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024


2024
2023

£
£



Cash flows from financing activities

Movement on trade facilities
(11,310,776)
(56,709,084)

Repayment of loans
(348,000)
(3,748,314)

Repayment of finance leases
(8,774)
(9,836)

Interest paid
(4,998,624)
(6,253,503)

Net cash used in financing activities
(16,666,174)
(66,720,737)

Net increase/(decrease) in cash and cash equivalents
43,246,655
(262,805)

Cash and cash equivalents at beginning of year
57,550,867
66,626,703

Foreign exchange gains and losses
(9,971,117)
(8,813,031)

Cash and cash equivalents at the end of year
90,826,405
57,550,867


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
90,826,405
57,550,867

90,826,405
57,550,867


The notes on pages 19 to 42 form part of these financial statements.

Page 17

 
HOLBUD GROUP LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 OCTOBER 2024





At 1 November 2023
Cash flows
Other non-cash changes
At 31 October 2024
£

£

£

£

Cash at bank and in hand

57,550,867

43,246,655

(9,971,117)

90,826,405

Debt due after 1 year

-

-

(19,364,349)

(19,364,349)

Debt due within 1 year

(39,674,350)

11,658,776

19,354,993

(8,660,581)

Finance leases

(39,768)

8,774

-

(30,994)

Liquid investments

4,753

-

745

5,498


17,841,502
54,914,205
(9,979,728)
62,775,979

The notes on pages 19 to 42 form part of these financial statements.

Page 18

 
HOLBUD GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

Holbud Group Limited ("the Company") is a private limited company incorporated in England and Wales. The registered office is 61 Charlotte Street, London, W1T 4PF.
The Group consists of Holbud Group Limited and all of its subsidiaries.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

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

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 31 October 2016.

 
2.3

Going concern

The directors have a reasonable expectation that the Group has adequate resources to continue
in operational existence for the foreseeable future. The Group therefore continues to adopt the
going concern basis in preparing its financial statements.

Page 19

 
HOLBUD GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income. All other foreign exchange gains and losses are presented in the Consolidated statement of comprehensive income. 

Page 20

 
HOLBUD GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Sale of property
 
Revenue from the sale of properties is recognised when all of the following conditions are satisfied:
    the Group has transferred the significant risks and rewards of ownership to the buyer;
    the Group retains neither continuing managerial involvement to the degree usually associated
    with ownership nor effective control over the goods sold;
    the amount of revenue can be measured reliably; 
    it is probable that the Group will receive the consideration due under the transaction; and
    the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rental Income
The Group generates rental income from investment properties let to third parties. Sales invoices are raised monthly in advance for services provided. Revenue is recognised in the accounting period in which the services are rendered. Sales are made with credit terms.
 

Page 21

 
HOLBUD GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.6

Operating leases: the Group as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 22

 
HOLBUD GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following annual bases.


Freehold property
-
Not depreciated
Motor vehicles
-
20% straight line
Fixtures and fittings
-
10% - 33% per annum reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 23

 
HOLBUD GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.13

Revaluation of tangible fixed assets

Individual freehold properties are carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers or the directors.
Revaluation gains and losses are recognised in the Consolidated statement of comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

  
2.14

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to
determine whether there is any indication that the assets are impaired. Where there is any indication
that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the
asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount
by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of
assessing impairment, assets are grouped at the lowest levels for which there are separately
identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses ecognised in prior periods may no longer exist or may have decreased.

 
2.15

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Consolidated statement of comprehensive income.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 24

 
HOLBUD GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.17

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.18

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.19

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 
In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.20

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Purchase invoices in respect of goods are recognised based on the date of the Bill of Lading when the significant risks and rewards of ownership are deemed to have been transferred. 

 
2.21

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 
Page 25

 
HOLBUD GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)


2.21
Financial instruments (continued)


Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic 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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

Page 26

 
HOLBUD GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical judgments in applying the entity's accounting policies
To calculate whether stock is held at lower of cost and NRV, the directors have had to apply judgements regarding the future costs to develop the site and the expected sales values of each unit.
Critical accounting estimates and assumptions
Impairment of debtors
The Group makes an estimate of the recoverable value of trade debtors. When assessing impairment of trade debtors, management considers historical experience of the customers as well as the current relationships and ongoing trade with the relevant customers. See note 18 for the net carrying amount of the trade debtors.
Investment property valuation
The directors assess the market valuation of the investment property annually. Market valuation is based
upon the directors knowledge and experience of the property market in which the company operates or on third party valuations if required.
The directors annually assess whether the investment property is impaired. Impairment reviews consist of
assessing a number of factors including impairment due to market conditions that may only be transient or factors that indicate permanent impairment. Impairment losses are recognised in the Statement of
comprehensive income account.


4.


Turnover

2024
2023
£
£

Commodity Sales
1,490,373,862
1,340,179,015

Rental income
2,031,494
3,650,000

Sale of services
1,439,469
1,414,497

1,493,844,825
1,345,243,512


The geographical markets supplied have not been disclosed as the directors feel this information would be seriously prejudicial to the interest of the group.

Page 27

 
HOLBUD GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation
107,842
104,504

Exchange differences
(135,491)
(361,405)

(Profit)/Loss on disposal of fixed assets
(24,671)
35,359


6.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditor and its associates:


2024
2023
£
£

Fees payable to the Company's auditor and its associates for the audit of the consolidated and parent Company's financial statements
96,688
92,300

Fees payable to the Company's auditor and its associates in respect of:

Accountancy compliance services
41,450
41,450

Taxation compliance services
16,250
16,250

Tax consultancy
55,339
85,477

Page 28

 
HOLBUD GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
2,814,050
2,805,547

Social security costs
340,257
312,868

Cost of defined contribution scheme
124,355
102,502

3,278,662
3,220,917


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Management
6
7
4
4



Administration
39
38
-
-

45
45
4
4


8.


Directors' remuneration




During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £475,642 (2023 - £360,266).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2023 - £1,321).


9.


Income from investments

2024
2023
£
£



Income from current asset investments
382
-



Page 29

 
HOLBUD GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

10.


Interest receivable and similar income

2024
2023
£
£


Interest on bank deposits
503,486
123,495


11.


Interest payable and similar charges

2024
2023
£
£


Bank interest payable
4,647,706
6,180,130

Other interest
303,613
221,115

4,951,319
6,401,245


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,505,847
3,482,270

Adjustments in respect of previous periods
-
(113,993)

Total current tax
1,505,847
3,368,277

Deferred tax


Origination and reversal of timing differences
(199,406)
173,275

Total deferred tax
(199,406)
173,275

Taxation on profit on ordinary activities
 
1,306,441
 
3,541,552
Page 30

 
HOLBUD GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax rate in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
4,248,091
15,385,278


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
1,179,394
3,461,688

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
47,533
8,514

Fair value movement on investment property
309,320
56,294

Change in tax rate leading to movement on b/fwd deferred tax
-
4,435

Deferred tax on revaluations
(199,404)
128,590

Under/(over) provision in prior years
-
(113,993)

Capital allowances in excess of depreciation
9,448
(3,976)

Profit on disposal of investment properties
(67,305)
-

Losses not utilised
27,455
-

Total tax charge for the year
1,306,441
3,541,552


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £NIL  (2023 - £NIL).

Page 31

 
HOLBUD GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

14.


Tangible fixed assets

Group






Freehold property
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 November 2023
11,751,317
307,385
1,553,527
13,612,229


Additions
-
500
16,251
16,751


Disposals
-
(89,511)
-
(89,511)


Revaluations
997,859
-
-
997,859


Exchange adjustments
(21,903)
-
-
(21,903)



At 31 October 2024

12,727,273
218,374
1,569,778
14,515,425



Depreciation


At 1 November 2023
-
108,177
603,708
711,885


Charge for the year on owned assets
-
33,278
59,792
93,070


Charge for the year on financed assets
-
14,772
-
14,772


Disposals
-
(58,182)
-
(58,182)



At 31 October 2024

-
98,045
663,500
761,545



Net book value



At 31 October 2024
12,727,273
120,329
906,278
13,753,880



At 31 October 2023
11,751,317
199,208
949,819
12,900,344

Page 32

 
HOLBUD GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

           14.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
12,727,273
11,751,317


After due consideration to current market prices of similar properties at the year end, the property has not been revalued by the directors and £12,727,273 is considered to be an appropriate value on an open market value basis. 

Cost or valuation at 31 October 2024 is as follows:

Land and buildings
£


At cost
8,396,833
At valuation:

31 October 2023
4,330,440



12,727,273

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£

Group


Cost
8,396,833
8,396,833

Accumulated depreciation
(142,649)
(142,649)

Net book value
8,254,184
8,254,184

Freehold land and buildings with a carrying amount of £12,727,273 (2023 - £11,751,317) have been pledged to secure borrowings of the Company. The Company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity. 

Page 33

 
HOLBUD GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 November 2023
5,000,202



At 31 October 2024
5,000,202





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Business

Class of shares

Holding

124 Seymour Place Limited
Dormant
Ordinary
100%
30 Grays Inn Limited
Property business
Ordinary
100%
44 Holland Villas Road Limited
Property business
Ordinary
100%
Charlotte Street Investments Limited
Dormant
Ordinary
100%
Holbud Limited
Commodity trader
Ordinary
100%
HSM Brokers Limited
Shipping brokers
Ordinary
100%
Merchant Land Investments Limited
Property business
Ordinary
100%
Sugarice Limited
Dormant
Ordinary
100%
114 Windmill Road Limited
Property business
Ordinary
100%
Merchant Land Portfolio 1 Limited
Property business
Ordinary
100%
Merchant Land Portfolio 2 Limited
Property business
Ordinary
100%
Merchant Land Portfolio 3 Limited
Property business
Ordinary
100%

The registered address of the above companies is 61 Charlotte Street, London, United Kingdom, W1T 4PF.

Page 34

 
HOLBUD GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 31 October 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

124 Seymour Place Limited
(3,011,562)
(72)

30 Grays Inn Limited
3,430,151
3,618

44 Holland Villas Road Limited
(969,268)
(47,655)

Charlotte Street Investments Limited
(5,900)
-

Holbud Limited
169,692,767
5,229,118

HSM Brokers Limited
16,098,907
423,422

Merchant Land Investments Limited
14,977,462
(698,580)

Sugarice Limited
1,439,454
(358)

114 Windmill Road Limited
(621,731)
(245,107)

Merchant Land Portfolio 1 Limited
370,894
(405,723)

Merchant Land Portfolio 2 Limited
742,929
(173,604)

Merchant Land Portfolio 3 Limited
362,469
47,898

Page 35

 
HOLBUD GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

16.


Investment property

Group


Investment property

£



Valuation


At 1 November 2023
36,033,674


Additions at cost
80,217


Disposals
(2,100,000)


Surplus on revaluation
(1,706,768)



At 31 October 2024
32,307,123

Investment properties comprises freehold properties. The fair value of the investment property represents open market value calculated by the Directors arrived at after reviewing the most recent external professional valuations and market evidence of transaction prices for similar properties. 
The 2024 valuations were made on an open market value on a fair value basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
18,027,118
19,840,053

Accumulated depreciation and impairments
(1,567,344)
(1,567,344)

16,459,774
18,272,709




17.


Stocks

Group
Group
2024
2023
£
£

Property and goods for resale
36,108,151
53,276,890


At the balance sheet date, the value of stock secured by outstanding bank loans amounted to £19,118,867 (2023 - £18,840,071).
The difference between the purchase price of stock and their replacement cost is not material.

Page 36

 
HOLBUD GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

18.


Debtors

Group
Group
2024
2023
£
£


Trade debtors
304,541,214
334,893,141

Other debtors
4,114,918
1,839,281

Prepayments
363,918
272,374

309,020,050
337,004,796


Included within trade debtors is a provision amounting to £2,056,993 in respect of a trade debtor of
£21,484,722. The provision has been estimated by the directors due to quality issues raised by a client.
The final settlement of the amount is yet to be agreed.


19.


Current asset investments

Group
Group
2024
2023
£
£

Listed investments
5,498
4,753



20.


Cash and cash equivalents

Group
Group
2024
2023
£
£

Cash at bank and in hand
90,826,405
57,550,867


Page 37

 
HOLBUD GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

21.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
8,660,172
39,673,941
-
-

Trade creditors
239,257,376
234,463,408
-
-

Amounts owed to group undertakings
-
-
86,850
86,850

Corporation tax
3,508,793
5,111,497
-
-

Other taxation and social security
82,594
90,016
-
-

Obligations under finance lease and hire purchase contracts
30,994
39,768
-
-

Other creditors
179,213
189,308
-
-

Accruals and deferred income
1,312,529
1,189,890
14,000
14,000

253,031,671
280,757,828
100,850
100,850


Bank loans amounting to £25,865,522 (2023 - £31,571,648) are secured on the freehold property, investment property and property held as stock within the group.


22.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Bank loans
19,364,349
-


Certain bank loans are secured against the assets to which they relate and a first legal charge over freehold and investment properties. 


23.


Hire purchase contracts


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
30,994
39,768

Page 38

 
HOLBUD GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

24.


Financial instruments

Group
Group
2024
2023
£
£

Financial assets

Financial assets measured at fair value through profit or loss
32,312,621
36,038,427

Financial assets that are debt instruments measured at amortised cost
308,656,132
336,732,423

340,968,753
372,770,850


Financial liabilities

Financial liabilities measured at amortised cost
(268,396,494)
(275,074,979)


Financial assets measured at fair value through profit or loss comprise listed investments and investment properties. 


Financial assets that are debt instruments measured at amortised cost comprise trade debtors, other debtors and accrued income.


Financial liabilities measured at amortised cost comprise trade creditors, bank loans, other creditors and accruals.

Page 39

 
HOLBUD GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

25.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
(3,999,796)
(3,826,521)


Charged to profit or loss
199,406
(126,896)


Charged to other comprehensive income
-
(46,379)



At end of year
(3,800,390)
(3,999,796)

Company


2024
2023






At end of year
-
-
The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£
£

Accelerated capital allowances
(278,742)
(280,443)

Revaluations on freehold land and buildings
(344,745)
(344,745)

Investment property revaluations
(3,176,903)
(3,374,608)

(3,800,390)
(3,999,796)


26.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



5,000,000 (2023 - 5,000,000) Ordinary shares of £1.00 each
5,000,000
5,000,000


Page 40

 
HOLBUD GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

27.


Reserves

Revaluation reserve

The revaluation reserve represents the cumulative revaluation of investment properties and freehold property, net of deferred tax.

Profit and loss account

The profit and loss account represents cumulative profit or losses, net of dividends and other adjustments.


28.


Contingent liabilities

The Company has given a guarantee to secure the borrowings of its subsidiary undertakings. The total amount secured at the year end was £4,750,000 (2023 - £10,271,418).


29.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £124,355 (2023 - £102,502)
Group pension contributions outstanding at the balance sheet date amounted to £Nil (
2023 - £Nil) and are included within other creditors.


30.


Commitments receivable under operating leases

At 31 October 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
1,136,951
1,369,485

Later than 1 year and not later than 5 years
1,053,716
975,753

Later than 5 years
-
130,342

2,190,667
2,475,580


31.


Transactions with directors

During the year, advances and credits have been granted to the directors.
During the year, £102,400 (2023 - £Nil) was advanced to directors and £2,040 
(2023 - £9,250) was repaid. At the year end, the directors owed the Company £397,458 (2023 - £297,098).
Loans and advances are interest-free and repayable on demand. 

Page 41

 
HOLBUD GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

32.


Post balance sheet events

Subsequent to the year end tensions in the Middle East have given way to war.  Whist the directors do not currently believe that this will have any impact on the company’s business they are aware that the position could change depending on the ongoing situation.  The potential risk to the business relates to the collection of debts and whilst the non-collection of these is considered unlikely the directors consider it appropriate that this is disclosed.  Given that the nature of this it is not possible to quantify what the financial impact on the business would be.  The directors have considered the worst case scenario and have concluded that this would not impact on the company’s ability to continue as a going concern. 
Subsequent to the year end the group disposed of property for the value held in the financial statements of £1,850,000. 


33.


Related party transactions

Transactions with group companies are not disclosed by virtue of the exemption claimed under FRS 102 paragraph 33.1A. The group publishes consolidated accounts
During the year, donations of £1,401,000 
(2023 - £2,507,000) was made to a charity whose trustees were the directors of Holbud Limited.

Page 42