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REGISTERED NUMBER: 06268593 (England and Wales)















Group Strategic Report, Report of the Director and

Audited Consolidated Financial Statements for the Year Ended 31 August 2024

for

SPEED GROUP (HOLDINGS) LIMITED

SPEED GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 06268593)

Contents of the Consolidated Financial Statements
for the year ended 31 August 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


SPEED GROUP (HOLDINGS) LIMITED

Company Information
for the year ended 31 August 2024







DIRECTOR: R P Lewis





REGISTERED OFFICE: Driftstone Manor
Middleway
Kingston Gorse
East Preston
West Sussex
BN16 1SB





REGISTERED NUMBER: 06268593 (England and Wales)





AUDITORS: GBJ Financial Ltd
Sterling House
27 Hatchlands Road
Redhill
Surrey
RH1 6RW

SPEED GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 06268593)

Group Strategic Report
for the year ended 31 August 2024


The director presents his strategic report of the company and the group for the year ended 31 August 2024.

PRINCIPAL RISKS AND UNCERTAINTIES
The director constantly monitors the risks and uncertainties facing the company with particular reference to the exposure on cashflow liquidity, staffing, interest rates and credit risks. He is confident that there are suitable policies in place to mitigate these and there are no material risks and uncertainties which have not been considered in advance. The company uses various financial instruments which include cash and other items, such as trade debtors and trade creditors and monitors liquidity issues that can arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations. The existence of these financial instruments exposes the company to a number of financial risks, which are described in more detail below. The main risk arising from the company's financial instruments is liquidity risk. The director reviews and agrees policies for managing this risk which is summarised below. This policy has remained unchanged from previous years.

LIQUIDITY RISK
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash into assets of the business prudently and ultimately for long-term profit. The company's policy throughout the year has been to achieve this objective through the day-to-day involvement of management teams in business decisions, rather than through setting maximum or minimum liquidity ratios.

FAIR REVIEW OF THE BUSINESS
The principal activities of the Group are those of aviation and travel related services, house building, and human resource management,

All of the business-to-business marketplaces in which the Group operates continue to be highly competitive. The Group's only consumer marketplace is UK house building. This marketplace has been buoyant but has entered a period of stagnation.

The Group’s profit for the year after tax was £0.9m (2023: £2.8m) which is a decrease of 60.9% on the prior year. Turnover was £17.5m (2023: £28.3) which is 38.1% lower than the prior year. The gross profit margin was 13.5% (2023: 19.8%), and the gross profit was 42.0% lower than the prior year.

During 2024, the demand for the Group’s aviation services reduced, whilst increased overhead and operational costs affected gross margins from that business.

The net assets of the Group were £28.7m (2023: £28.2m). Current assets have decreased from £31.6m to £31.0m, a decrease of £0.6m. Cash and cash equivalents decreased by £3.3m which was mainly due to increase in stocks of £2.18m and a decrease in current liabilities from £3.5m to £2.3m.

DEVELOPMENT AND PERFORMANCE
Our strategy is to seek niche opportunities within the aviation, procurement, and human resource marketplaces, with particular emphasis on the African continent. The group intends to continue to increase its UK house building and property development division to become less affected by African political instabilities.

KEY PERFORMANCE INDICATORS
2024 2023
Turnover £17.5m £28.3m
Gross profit £2.3m £5.6m
Gross margin 13.1% 19.8%
Profit before tax £1.3m £3.5m

ON BEHALF OF THE BOARD:





R P Lewis - Director


14 August 2025

SPEED GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 06268593)

Report of the Director
for the year ended 31 August 2024


The director presents his report with the financial statements of the company and the group for the year ended 31 August 2024.

PRINCIPAL ACTIVITIES
The principal activities of the group in the year under review were those of house building, human resource management, aviation and travel related services.

DIVIDENDS
No interim dividend was paid during the year. The director recommends a final dividend of £6 per share.

The total distribution of dividends for the year ended 31 August 2024 will be £ 600,000 .

The director does not recommend the payment of a further dividend.

DIRECTORS
R P Lewis has held office during the whole of the period from 1 September 2023 to the date of this report.

Other changes in directors holding office are as follows:

C M Hawkes - resigned 31 December 2023

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

SPEED GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 06268593)

Report of the Director
for the year ended 31 August 2024


AUDITORS
The auditors, GBJ Financial Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





R P Lewis - Director


14 August 2025

Report of the Independent Auditors to the Members of
Speed Group (Holdings) Limited


Opinion
We have audited the financial statements of Speed Group (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 31 August 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Director 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 Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Speed Group (Holdings) 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 Director.

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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has 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.

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.



We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimates. Audit procedures performed by the engagement team included:

- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

- Reviewing minutes of meetings between those charged with governance.

- Challenging assumptions and judgements made by management in determining their significant accounting estimates.

- Challenging why certain items are excluded or included from the underlying profit.

- Reviewing journal entries for appropriateness and to identify any unusual accounting entries.



There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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
Speed Group (Holdings) 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.




Jonathan Hillier (Senior Statutory Auditor)
for and on behalf of GBJ Financial Ltd
Sterling House
27 Hatchlands Road
Redhill
Surrey
RH1 6RW

14 August 2025

SPEED GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 06268593)

Consolidated Statement of Comprehensive Income
for the year ended 31 August 2024

2024 2023
Notes £    £   

TURNOVER 3 17,485,288 28,348,330

Cost of sales (15,124,630 ) (22,727,587 )
GROSS PROFIT 2,360,658 5,620,743

Administrative expenses (2,074,000 ) (2,565,760 )
286,658 3,054,983

Other operating income 47 81,050
OPERATING PROFIT 5 286,705 3,136,033

Gain/ (loss) on investments at
fair value 6 503,993 346,747
790,698 3,482,780

Interest receivable and similar income 507,634 105,452
1,298,332 3,588,232
Amounts written off investments 7 - (5,477 )
1,298,332 3,582,755

Interest payable and similar expenses 8 - (3,133 )
PROFIT BEFORE TAXATION 1,298,332 3,579,622

Tax on profit 9 (336,269 ) (750,431 )
PROFIT FOR THE FINANCIAL YEAR 962,063 2,829,191

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

962,063

2,829,191

Profit attributable to:
Owners of the parent 962,063 2,829,191

Total comprehensive income attributable to:
Owners of the parent 962,063 2,829,191

SPEED GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 06268593)

Consolidated Balance Sheet
31 August 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 12 175,317 208,559
Investments 13 - -
175,317 208,559

CURRENT ASSETS
Stocks 14 13,071,610 10,887,740
Debtors 15 2,898,577 2,812,232
Investments 16 1,770,000 1,266,007
Cash at bank and in hand 13,311,754 16,647,726
31,051,941 31,613,705
CREDITORS
Amounts falling due within one year 17 (2,373,150 ) (3,462,124 )
NET CURRENT ASSETS 28,678,791 28,151,581
TOTAL ASSETS LESS CURRENT
LIABILITIES

28,854,108

28,360,140

PROVISIONS FOR LIABILITIES 19 (168,434 ) (36,529 )
NET ASSETS 28,685,674 28,323,611

CAPITAL AND RESERVES
Called up share capital 20 100 100
Capital redemption reserve 12 12
Retained earnings 28,685,562 28,323,499
SHAREHOLDERS' FUNDS 28,685,674 28,323,611

The financial statements were approved by the director and authorised for issue on 14 August 2025 and were signed by:





R P Lewis - Director


SPEED GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 06268593)

Company Balance Sheet
31 August 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 12 48,841 63,402
Investments 13 726,164 726,164
775,005 789,566

CURRENT ASSETS
Debtors 15 15,538,495 12,185,129
Investments 16 1,770,000 1,266,007
Cash at bank 13,238,152 16,533,209
30,546,647 29,984,345
CREDITORS
Amounts falling due within one year 17 (856,620 ) (1,297,548 )
NET CURRENT ASSETS 29,690,027 28,686,797
TOTAL ASSETS LESS CURRENT
LIABILITIES

30,465,032

29,476,363

PROVISIONS FOR LIABILITIES 19 (168,434 ) (36,529 )
NET ASSETS 30,296,598 29,439,834

CAPITAL AND RESERVES
Called up share capital 20 100 100
Capital redemption reserve 12 12
Retained earnings 30,296,486 29,439,722
SHAREHOLDERS' FUNDS 30,296,598 29,439,834

Company's profit for the financial year 1,456,764 2,335,985

The financial statements were approved by the director and authorised for issue on 14 August 2025 and were signed by:





R P Lewis - Director


SPEED GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 06268593)

Consolidated Statement of Changes in Equity
for the year ended 31 August 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 September 2022 100 26,094,308 12 26,094,420

Changes in equity
Dividends - (600,000 ) - (600,000 )
Total comprehensive income - 2,829,191 - 2,829,191
Balance at 31 August 2023 100 28,323,499 12 28,323,611

Changes in equity
Dividends - (600,000 ) - (600,000 )
Total comprehensive income - 962,063 - 962,063
Balance at 31 August 2024 100 28,685,562 12 28,685,674

SPEED GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 06268593)

Company Statement of Changes in Equity
for the year ended 31 August 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 September 2022 100 27,703,737 12 27,703,849

Changes in equity
Dividends - (600,000 ) - (600,000 )
Total comprehensive income - 2,335,985 - 2,335,985
Balance at 31 August 2023 100 29,439,722 12 29,439,834

Changes in equity
Dividends - (600,000 ) - (600,000 )
Total comprehensive income - 1,456,764 - 1,456,764
Balance at 31 August 2024 100 30,296,486 12 30,296,598

SPEED GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 06268593)

Consolidated Cash Flow Statement
for the year ended 31 August 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (2,820,867 ) 9,644,960
Interest paid - (3,133 )
Tax paid (413,428 ) (606,958 )
Net cash from operating activities (3,234,295 ) 9,034,869

Cash flows from investing activities
Purchase of tangible fixed assets (20,311 ) (80,954 )
Sale of tangible fixed assets 11,000 20,700
Purchase of current asset investments - (1,266,007 )
Interest received 507,634 99,752
Dividends received - 5,700
Net cash from investing activities 498,323 (1,220,809 )

Cash flows from financing activities
Payment of finance lease obligations - (1,695 )
Equity dividends paid (600,000 ) (600,000 )
Net cash from financing activities (600,000 ) (601,695 )

(Decrease)/increase in cash and cash equivalents (3,335,972 ) 7,212,365
Cash and cash equivalents at beginning
of year

2

16,647,726

9,435,361

Cash and cash equivalents at end of
year

2

13,311,754

16,647,726

SPEED GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 06268593)

Notes to the Consolidated Cash Flow Statement
for the year ended 31 August 2024


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

2024 2023
£    £   
Profit before taxation 1,298,332 3,579,622
Depreciation charges 53,553 53,748
Profit on disposal of fixed assets (11,000 ) (3,083 )
Revaluation of investments (503,993 ) -
Finance costs - 3,133
Finance income (507,634 ) (105,452 )
329,258 3,527,968
(Increase)/decrease in stocks (2,183,870 ) 4,252,788
(Increase)/decrease in trade and other debtors (76,809 ) 1,111,619
(Decrease)/increase in trade and other creditors (889,446 ) 752,585
Cash generated from operations (2,820,867 ) 9,644,960

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 August 2024
31.8.24 1.9.23
£    £   
Cash and cash equivalents 13,311,754 16,647,726
Year ended 31 August 2023
31.8.23 1.9.22
£    £   
Cash and cash equivalents 16,647,726 9,435,361


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.9.23 Cash flow At 31.8.24
£    £    £   
Net cash
Cash at bank and in hand 16,647,726 (3,335,972 ) 13,311,754
16,647,726 (3,335,972 ) 13,311,754

Liquid resources
Current asset investments 1,266,007 503,993 1,770,000
1,266,007 503,993 1,770,000
Total 17,913,733 (2,831,979 ) 15,081,754

SPEED GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 06268593)

Notes to the Consolidated Financial Statements
for the year ended 31 August 2024


1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

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

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

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.

Reduced disclosures
In accordance with FRS102, the company has taken advantage of the exemptions from the following disclosure requirements:
- Section 7" Statement of Cash Flows" - presentation of a Statement of Cash Flow and related notes and disclosures.
- Section 33 "Related Party Disclosures" - compensation for key management personnel.

Basis of consolidation
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the asset given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination included the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

The consolidated financial statements incorporate those of Speed Group (Holdings) Limited and its subsidiaries (ie the entity that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). All financial statements are made up to 31 August 2024.

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.

Significant judgements and estimates
Critical judgements
In the course of preparing the financial statements, no significant judgements have been made in the process of applying the Group’s accounting policies that have had a significant effect on the amounts recognised in the financial statements.

Sources of estimation uncertainty
In applying the Group’s accounting policies, various transactions and balances are valued using estimates or assumptions. Should these estimates or assumptions prove incorrect, there may be an impact on the following year’s financial statements. There were no sources of material estimation uncertainty at the end of 2024.

SPEED GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 06268593)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 August 2024


2. ACCOUNTING POLICIES - continued

Turnover
Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of housing is recognised on completion of contracts. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date by reference to the flight or travel date, turnover represents the fair value of the service provided to the stage of completion of the contract activity at the balance sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - 33% on cost and 15% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 15% on cost
Improvements to property - over the term of the underlying lease

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

Stocks
Stocks and work in progress have been valued at the lower of cost and net realisable value. All properties are held for resale.

Work in progress represents all direct costs and an appropriate proportion of fixed and variable overheads to date in relation to the housing development still under construction. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

SPEED GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 06268593)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 August 2024


2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Property, plant and equipment acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance charges, are included in creditors.

Rentals payable under operating leases are charged to the profit and loss account 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.

Investments
Listed investments are stated at fair value. Investments in subsidiary companies are stated at cost.

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.

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.

Basic financial liabilities
Basic financial liabilities, including trade and other 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Equity Instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

All called up share capital is allotted and fully paid.

Going concern
The financial statements have been prepared on the going concern basis, which presumes that the group will continue in operational existence for the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements.

The director has considered the working capital requirements across the group as a whole and is satisfied that the healthy cash reserves within the group are sufficient to complete projects and meet its liabilities as they fall due for payment.

In making this assessment the director has given consideration to how the cost-of-living crisis has, and may continue to impact its business. The director is satisfied that the group has been able to continually adapt its working practices to be compliant with regulations and guidance and provide a safe working environment.

In view of the above, and after taking into account all other information that could reasonably be expected to be available, the director is confident that the group will continue in operational existence for the foreseeable future and that the going concern basis is therefore appropriate for the preparation of the group’s financial statements.

SPEED GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 06268593)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 August 2024


3. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the group.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Rendering of services 15,972,407 16,927,681
Sales of goods 1,512,881 11,420,649
17,485,288 28,348,330

The director is of the opinion that segmental reporting would be seriously prejudicial to the interests of the group and has therefore chosen not to disclose it.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 907,113 997,803
Social security costs 98,668 113,663
Other pension costs 32,266 50,555
1,038,047 1,162,021

The average number of employees during the year was as follows:
2024 2023

Operational, management and directors 13 16

2024 2023
£    £   
Directors' remuneration 316,716 365,966
Directors' pension contributions to money purchase schemes 8,581 26,091

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 266,076 280,501

SPEED GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 06268593)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 August 2024


5. OPERATING PROFIT

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

2024 2023
£    £   
Hire of plant and machinery 38 71
Depreciation - owned assets 53,553 53,748
Profit on disposal of fixed assets (11,000 ) (3,083 )
Auditors' remuneration 13,000 25,000
Foreign exchange differences 43,661 98,796

6. GAIN/ (LOSS) ON INVESTMENTS
2024 2023
£    £   
Gain/ (loss) on investments at
fair value 503,993 346,747

7. AMOUNTS WRITTEN OFF INVESTMENTS
2024 2023
£    £   
Amounts written off investment - 5,477

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Interest paid - 3,133

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 204,364 713,902

Deferred tax 131,905 36,529
Tax on profit 336,269 750,431

SPEED GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 06268593)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 August 2024


9. TAXATION - continued

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:

2024 2023
£    £   
Profit before tax 1,298,332 3,579,622
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 21.515 %)

324,583

770,156

Effects of:
Expenses not deductible for tax purposes 12,673 34,194
Income not taxable for tax purposes (125,998 ) (94,582 )
Capital allowances in excess of depreciation - (6,469 )
Depreciation in excess of capital allowances 9,319 -
Utilisation of tax losses - 5,077
Adjustments to tax charge in respect of previous periods - (13,360 )

Double taxation relief (16,213 ) (19,194 )
Capital gains - 38,080
Deferred taxation 131,905 36,529
Total tax charge 336,269 750,431

10. 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.


11. DIVIDENDS
2024 2023
£    £   
Interim 600,000 600,000

SPEED GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 06268593)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 August 2024


12. TANGIBLE FIXED ASSETS

Group
Improvements
to Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 September 2023 227,565 62,771 324,253 614,589
Additions - 2,672 17,639 20,311
Disposals - - (11,718 ) (11,718 )
At 31 August 2024 227,565 65,443 330,174 623,182
DEPRECIATION
At 1 September 2023 227,565 49,189 129,276 406,030
Charge for year - 8,485 45,068 53,553
Eliminated on disposal - - (11,718 ) (11,718 )
At 31 August 2024 227,565 57,674 162,626 447,865
NET BOOK VALUE
At 31 August 2024 - 7,769 167,548 175,317
At 31 August 2023 - 13,582 194,977 208,559

Company
Motor
vehicles
£   
COST
At 1 September 2023
and 31 August 2024 101,925
DEPRECIATION
At 1 September 2023 38,523
Charge for year 14,561
At 31 August 2024 53,084
NET BOOK VALUE
At 31 August 2024 48,841
At 31 August 2023 63,402

SPEED GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 06268593)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 August 2024


13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 September 2023
and 31 August 2024 726,164
NET BOOK VALUE
At 31 August 2024 726,164
At 31 August 2023 726,164


The principal subsidiary companies are listed in note 25.

14. STOCKS

Group
2024 2023
£    £   
Stock and work-in-progress 13,071,610 10,887,740

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 1,830,757 1,779,678 - -
Amounts owed by group undertakings - - 15,166,792 11,874,845
Other debtors 856,486 745,060 357,932 293,842
VAT 86,370 98,547 1,652 5,500
Prepayments and accrued income 124,964 188,947 12,119 10,942
2,898,577 2,812,232 15,538,495 12,185,129

16. CURRENT ASSET INVESTMENTS

Current assets investments are listed investments at fair market value.

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade creditors 605,978 941,733 (17,628 ) 18,296
Amounts owed to group undertakings - - 569,153 459,452
Tax 189,881 412,306 176,526 380,729
Social security and other taxes 111,011 34,692 12,795 15,477
Other creditors 227,023 527,232 102,774 398,594
Accruals and deferred income 1,239,257 1,546,161 13,000 25,000
2,373,150 3,462,124 856,620 1,297,548

SPEED GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 06268593)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 August 2024


18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable
operating leases
2024 2023
£    £   
Within one year 357,097 358,861
Between one and five years 77,882 131,432
434,979 490,293

Company
Non-cancellable
operating leases
2024 2023
£    £   
Within one year - 8,438

19. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 168,434 36,529 168,434 36,529

Group
Deferred
tax
£   
Balance at 1 September 2023 36,529
Provided during year 131,905
Balance at 31 August 2024 168,434

Company
Deferred
tax
£   
Balance at 1 September 2023 36,529
Provided during year 131,905
Balance at 31 August 2024 168,434

Deferred taxation is provided on the the difference between the of cost of listed current asset investments and their market value.

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100,000 Ordinary shares £0.00 1 100 100

SPEED GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 06268593)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 August 2024


21. ULTIMATE PARENT COMPANY

The directors consider that the company is the ultimate parent undertaking of the largest and smallest group of which it is a member.

22. OTHER FINANCIAL COMMITMENTS

Assets held by Driftstone Developments Limited are subject to a legal charge. Speed Group (Holdings) Limited also holds a separate charge over the same assets.

National Westminster Bank Plc holds fixed and floating charges over assets held by the Speed Group (Holdings) Limited, London Procurement Limited, JetAir (Travel Logistics) Limited and Staff Logistics Limited in relation to company liabilities to the bank including interest and expenses and amounts owed by Speed Group Limited to London Procurement Limited.

A charge is held by National Westminster Bank plc over amounts held in the bank account of Speed Group (Holdings) Limited and London Procurement Limited in relation to monies due from the companies to the same bankers.

London Procurement Limited holds a fixed and floating charge is held over all assets of JetAir (Brokers) Limited, JetAir (Central Accounting) Limited, JetAir (Travel Logistics) Limited and JetAir (Scheduled Services) Limited to secure the repayment of amounts owed by Speed Group Limited to London Procurement Limited (subordinated to the debenture held by National Westminster Bank plc).

A legal charge is held over a property held by Driftstone (Walberton) Limited.

23. RELATED PARTY DISCLOSURES

During the year, £437,493 (2023: £446,175) was paid to a connected company for services provided.

24. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is R P Lewis.

25. PRINCIPAL SUBSIDIARY COMPANIES

Company Principal activity Shareholding

Staff Logistics Ltd Human resource management 100%
JetAir (Scheduled Services) Ltd Flight management services 100%
JetAir (Brokers) Ltd Sourcing and provision of chartered aircraft 100%
JetAir (Travel Logistics) Ltd Corporate travel agency 100%
JetAir Brokers (Spain) Ltd Flight management services 100%
London Procurement Ltd Procurement services 100%
Driftstone Developments Ltd House building and property development 100%
JetAir (Central Accounting) Ltd Provision of accounting services to the group 100%
Speed Group Ltd Holding company 100%
Driftstone (Tudor Way) Ltd Property development 100%
Driftstone (Walberton) Ltd Property development 100%
Driftstone (Mountfield) Ltd Property development 100%
Driftstone (Liss) Ltd Property development 100%
Driftstone (Lindsay Road) Ltd Property development 100%
Driftstone (Grange Lane) Ltd Property development 100%
Driftstone (Titchfield Road) Ltd Property development 100%
Driftstone (Heathlands) Ltd Property development 100%

The registered office for all principal subsidiary companies is Driftstone Manor, Middleway, Kingston Gorse, East Preston, West Sussex, BN16 1SB, United Kingdom.