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Company Registration Number: 05417720



















HACS HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024













img3352.png

 
HACS HOLDINGS LIMITED
 

COMPANY INFORMATION


Director
M R Smith 




Registered number
05417720



Registered office
Nidderdale House
Station Yard

Ripley

Harrogate

North Yorkshire

HG3 3BA




Independent auditors
Armstrong Watson Audit Limited
Chartered Accountants & Statutory Auditors

Third Floor

10 South Parade

Leeds

LS1 5QS





 
HACS HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 2
Director's Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Consolidated Statement of Comprehensive Income
 
9
Consolidated Statement of Financial Position
 
10
Company Statement of Financial Position
 
11 - 12
Consolidated Statement of Changes in Equity
 
13
Company Statement of Changes in Equity
 
14
Consolidated Statement of Cash Flows
 
15
Consolidated Analysis of Net Debt
 
16
Notes to the Financial Statements
 
17 - 37


 
HACS HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors have pleasure in presenting their report and the financial statements of the Group for the year ended 31 December 2024.

Business review
 
The principal activity of the group for the year under review was that of building, construction and plant hire. The group trades from their registered office at Nidderdale House, Station Yard, Ripley, Harrogate, North Yorkshire, HG3 3BA.
The group's trading activities are organised as follows:
- HACS Holdings Limited is engaged in property management and a holding company to a trading group
- HACS Construction Limited is engaged in building and civil engineering
- HACS Plant Hire Limited is engaged in plant hire
The directors aim to present a balanced and comprehensive review of the development and performance of the group's business during the year and the group's position at the year end. The review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties faced.

Principal risks and uncertainties
 
The business environment in which the group operates continues to be challenging. The principal risks continue to be the general economic climate, staff, third party suppliers and health and safety.
With these risks and uncertainties in mind, the directors are aware that any plans for future development of the business may be subject to unforeseen future events outside our control.
Financial risk 
The group's operations expose it to a variety of financial risks that include the effect of changes in credit, liquidity and interest rate risk. The group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group by monitoring levels of debt finance and the related finance costs. The group does not use derivative financial instruments to manage interest rate costs.
Credit risk
The group has implemented policies that require appropriate credit checks on corporate customers before sales are made.
Liquidity risk 
The directors believe that the group has sufficient funds available to support its activities in the future. However they have taken the precaution to put in place the ability to call off additional bank funding going forwards into 2025 following the global economic impacts in the current and previous accounting year.

Page 1

 
HACS HOLDINGS LIMITED
 

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

Financial key performance indicators
 
The directors consider the key financial performance indicators are those that communicate the financial performance and strength of the group as a whole, being turnover and gross margin.
During the year turnover has increased by £983,256 from £21,921,608 in 2023 to £22,904,864 in 2024.
Gross profit has decreased from £2,972,598 in 2023 to £2,937,014 in 2024.
Overall, profit before taxation has increased from £652,630 in 2023 to £735,310 in 2024. 
After taxation and dividends, shareholders funds for the group have increased from £3,285,603 in 2023 to £3,678,612 in 2024 which continues to demonstrate the strength of the group as a whole.


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



................................................
M R Smith
Director

Date: 18 August 2025

Page 2

 
HACS HOLDINGS LIMITED
 

 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The director presents his report and the financial statements for the year ended 31 December 2024.

Director's responsibilities statement

The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated 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 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 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 for the Group's financial statements 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 Group will continue in business.

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006He 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.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £538,026 (2023 - £479,960).

Dividends of £145,017 (2023 - £218,041) were paid during the year.

Director

The director who served during the year was:

M R Smith 

Future developments

The directors are not expecting to make any significant changes in the nature of the business in the near future.

Matters covered in the Group Strategic Report

Information is not shown in the directors' report because it is shown in the strategic report instead under S414C (11). The strategic report includes a business review, principal risks and uncertainties and financial key performance indicators.

Page 3

 
HACS HOLDINGS LIMITED
 

 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

he 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 auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006Armstrong Watson Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

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





................................................
M R Smith
Director

Date: 18 August 2025

Page 4

 
HACS HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HACS HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of HACS Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows, the Consolidated Analysis of Net Debt and the related notes 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 December 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 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 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 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 director with respect to going concern are described in the relevant sections of this report.





Page 5

 
HACS HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HACS HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is 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.


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 Director's 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 Director's 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 Director's 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 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 directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 3, 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 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 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 have no realistic alternative but to do so.


Page 6

 
HACS HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HACS HOLDINGS LIMITED (CONTINUED)


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 an Auditors' 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:
•  the engagement partner ensured that the engagement team collectively had the appropriate competence,
 capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
•  we identified the laws and regulations applicable to the company through discussions with directors and    other management and review of appropriate industry knowledge;
•  we assessed the extent of compliance with the laws and regulations identified above through making    enquiries of management; and
•  identified laws and regulations were communicated within the audit team regularly and the team remained  alert to instances of non-compliance throughout the audit.
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; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
 regulations.
To address the risk of fraud through management bias and override of controls, we:
• performed analytical procedures as a risk assessment tool to identify any unusual or unexpected     relationships;
• tested journal entries to identify unusual transactions; and tested the operating effectiveness of key    controls over purchase cycles on a sample basis.
• reviewed the application of accounting policies with focus on those with heightened estimation uncertainty.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures
which included, but were not limited to:
• agreeing financial statement disclosures to underlying supporting documentation; and
• enquiring of management as to actual and potential litigation and claims.
 
Page 7

 
HACS HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HACS HOLDINGS LIMITED (CONTINUED)



Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.


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 Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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 Auditors' 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.





Matthew Osbourne (Senior Statutory Auditor)
for and on behalf of
Armstrong Watson Audit Limited
Chartered Accountants & Statutory Auditors
Leeds

18 August 2025
Page 8

 
HACS HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
22,904,864
21,921,608

Cost of sales
  
(19,967,850)
(18,949,010)

Gross profit
  
2,937,014
2,972,598

Administrative expenses
  
(2,698,521)
(2,530,983)

Other operating income
 5 
573,171
298,138

Operating profit
 6 
811,664
739,753

Interest receivable and similar income
 10 
14,645
1,429

Interest payable and similar expenses
 11 
(90,999)
(88,552)

Profit before taxation
  
735,310
652,630

Tax on profit
 12 
(197,284)
(172,670)

Profit for the financial year
  
538,026
479,960

  

Total comprehensive income for the year
  
538,026
479,960

Profit for the year attributable to:
  

Non-controlling interests
  
22,279
23,511

Owners of the parent Company
  
515,747
456,449

  
538,026
479,960

Total comprehensive income for the year attributable to:
  

Non-controlling interest
  
22,279
23,511

Owners of the parent Company
  
515,747
456,449

  
538,026
479,960

The notes on pages 17 to 37 form part of these financial statements.

Page 9

 
HACS HOLDINGS LIMITED
REGISTERED NUMBER: 05417720

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 15 
6,080,939
6,105,997

  
6,080,939
6,105,997

Current assets
  

Debtors: amounts falling due within one year
 18 
5,763,822
4,122,317

Cash at bank and in hand
 19 
2,746,289
1,112,051

  
8,510,111
5,234,368

Creditors: amounts falling due within one year
 20 
(9,419,956)
(6,058,712)

Net current liabilities
  
 
 
(909,845)
 
 
(824,344)

Total assets less current liabilities
  
5,171,094
5,281,653

Creditors: amounts falling due after more than one year
 21 
(688,072)
(1,210,814)

Provisions for liabilities
  

Deferred taxation
 24 
(804,410)
(785,236)

  
 
 
(804,410)
 
 
(785,236)

Net assets
  
3,678,612
3,285,603


Capital and reserves
  

Called up share capital 
 25 
100
100

Profit and loss account
 26 
4,495,504
3,979,757

Equity attributable to owners of the parent Company
  
4,495,604
3,979,857

Non-controlling interests
  
(816,992)
(694,254)

  
3,678,612
3,285,603


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
M R Smith
Director

Date: 18 August 2025

The notes on pages 17 to 37 form part of these financial statements.

Page 10

 
HACS HOLDINGS LIMITED
REGISTERED NUMBER: 05417720

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 16 
559,500
559,500

Investment property
  
2,400,000
2,400,000

  
2,959,500
2,959,500

Current assets
  

Debtors: amounts falling due within one year
 18 
565,725
225,234

Cash at bank and in hand
 19 
9,460
3,486

  
575,185
228,720

Creditors: amounts falling due within one year
 20 
(1,250,242)
(1,444,935)

Net current liabilities
  
 
 
(675,057)
 
 
(1,216,215)

Total assets less current liabilities
  
2,284,443
1,743,285

  

Creditors: amounts falling due after more than one year
 21 
(144,179)
(200,916)

  

Net assets excluding pension asset
  
2,140,264
1,542,369

Net assets
  
2,140,264
1,542,369

Page 11

 
HACS HOLDINGS LIMITED
REGISTERED NUMBER: 05417720

COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£


Capital and reserves
  

Called up share capital 
 25 
100
100

Revaluation reserve
 26 
331,936
331,936

Profit and loss account brought forward
  
1,210,333
1,277,198

Profit for the year
  
597,895
151,176

Other changes in the profit and loss account

  

-
(218,041)

Profit and loss account carried forward
  
1,808,228
1,210,333

  
2,140,264
1,542,369


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






................................................
M R Smith
Director

Date: 18 August 2025

Page 12

 
HACS HOLDINGS LIMITED
 

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


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity

£
£
£
£
£


At 1 January 2023
100
3,741,349
3,741,449
(619,771)
3,121,678



Profit for the year
-
456,449
456,449
23,511
479,960

Dividends payable
-
(218,041)
(218,041)
-
(218,041)

Dividends payable to non-controlling interests
-
-
-
(97,994)
(97,994)



At 1 January 2024
100
3,979,757
3,979,857
(694,254)
3,285,603


Comprehensive income for the year

Profit for the year
-
515,747
515,747
22,279
538,026

Dividends payable to non-controlling interests
-
-
-
(145,017)
(145,017)


At 31 December 2024
100
4,495,504
4,495,604
(816,992)
3,678,612


The notes on pages 17 to 37 form part of these financial statements.

Page 13

 
HACS HOLDINGS LIMITED
 

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


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

£
£
£
£


At 1 January 2023
100
331,936
1,277,198
1,609,234



Profit for the year
-
-
151,176
151,176


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(218,041)
(218,041)



At 1 January 2024
100
331,936
1,210,333
1,542,369



Profit for the year
-
-
597,895
597,895


At 31 December 2024
100
331,936
1,808,228
2,140,264


The notes on pages 17 to 37 form part of these financial statements.

Page 14

 
HACS HOLDINGS LIMITED
 

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

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
538,026
479,960

Adjustments for:

Depreciation of tangible assets
776,526
754,464

Loss on disposal of tangible assets
1,303
24,525

Interest paid
90,999
88,553

Interest received
(14,645)
(1,429)

Taxation charge
197,284
172,670

(Increase) in debtors
(1,641,502)
(225,533)

Increase in creditors
3,183,675
177,846

Corporation tax received
-
48,427

Net cash generated from operating activities

3,131,666
1,519,483


Cash flows from investing activities

Purchase of tangible fixed assets
(605,536)
(1,343,175)

Sale of tangible fixed assets
166,875
366,375

Interest received
14,645
1,429

HP interest paid
(70,137)
(61,885)

Net cash from investing activities

(494,153)
(1,037,256)

Cash flows from financing activities

Repayment of loans
(155,547)
(155,014)

Repayment of/new finance leases
(681,849)
265,961

Dividends paid
-
(218,041)

Interest paid
(20,862)
(26,668)

Dividends paid to non-controlling interests
(145,017)
(67,994)

Net cash used in financing activities
(1,003,275)
(201,756)

Net increase in cash and cash equivalents
1,634,238
280,471

Cash and cash equivalents at beginning of year
1,112,051
831,580

Cash and cash equivalents at the end of year
2,746,289
1,112,051


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,746,289
1,112,051

2,746,289
1,112,051


The notes on pages 17 to 37 form part of these financial statements.

Page 15

 
HACS HOLDINGS LIMITED
 

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




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

1,112,051

1,634,238

2,746,289

Bank loans after 1 year

(500,916)

256,737

(244,179)

Bank and other loans due within 1 year

(55,000)

(101,190)

(156,190)

Finance leases

(1,294,975)

189,335

(1,105,640)


The notes on pages 17 to 37 form part of these financial statements.

Page 16

 
HACS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

HACS Holdings Limited is engaged in property management and a holding company to a trading group. The companies within the group are engaged in building, construction and plant hire. The group operates from their registered office address at Nidderdale House, Station Yard, Ripley, Harrogate, North Yorkshire, HG3 3BA.
HACS Holdings Limited is a limited liability company limited by shares incorporated and domiciled in the United Kingdom. The company is a tax resident in the United Kingdom.
These financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the company operates.

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 judgement 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 Statement of Financial Position, 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 01 January 2015.

 
2.3

Going concern

The financial statements have been prepared on the going concern basis which assumes that the company will continue to receive the support of its wider group undertaking, HACS Construction Limited. The financial statements do not include any adjustments that would result from a withdrawal of this support.
The group has traded profitably during this period and after the year end and has sufficient available reserves to meets its liabilities as they fall due. 

Page 17

 
HACS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

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:

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.

 
2.5

Operating leases: the Group as lessee

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

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

 
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.

Page 18

 
HACS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
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 Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
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.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance and straight line basis.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Plant and machinery
-
15% reducing balance and straight line
Motor vehicles
-
25% reducing balance
Computer equipment
-
15% straight line

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 19

 
HACS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.13

Investment property

Investment property is carried at fair value determined annually by external valuers 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 profit or loss.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

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.

 
2.16

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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.

 
2.17

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.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 20

 
HACS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.19

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.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.

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

Basic financial assets

Basic financial assets, which include 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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

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.

Financial liabilities

Page 21

 
HACS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)

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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.20

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 22

 
HACS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.21

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 reporting 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 reporting 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 reporting date.


Page 23

 
HACS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of these financial statements requires management to make judgements, estimates and assumptions that effect the application of policies and reported amounts of assets and liabilities, income and expenses.
Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will be, by definition, seldom equal to the related actual results.
The directors consider the key accounting estimates to be amounts recoverable on long term contracts, useful lives and residual values of fixed assets, provision for trade debtors and carrying value of investment in subsidiaries.
Management estimate the stage of completion of long term contracts by comparing actual costs incurred to forecasts, relying on their past experience and expertise to ensure those estimates are accurate.
The useful lives and residual values of assets are reviewed on an ongoing basis by the directors.
Provisions for trade debtors are reviewed by the directors on an ongoing basis who use their specific industry knowledge and experience to ensure the correct judgements.
The carrying value of investments in subsidiaries is reviewed for impairment on an ongoing basis.   


4.


Turnover

The whole of the turnover is attributable to the one principal activity of the group.

All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Net rents receivable
549,694
271,286

Government grants receivable
23,477
26,852

573,171
298,138



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
100,000
-

Page 24

 
HACS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£



Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
23,000
-



Preparation of statutory accounts
4,000
-

All other services
6,800
-


8.


Employees

Staff costs, including director's remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
2,098,872
2,157,929

Social security costs
303,371
298,080

Cost of defined contribution scheme
71,451
67,066

2,473,694
2,523,075


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



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









Production staff
41
42
-
-



Administrative staff
27
27
-
-



Management staff
3
3
1
1

71
72
1
1

Page 25

 
HACS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Director's remuneration

2024
2023
£
£

Director's emoluments
24,000
24,000

Group contributions to defined contribution pension schemes
533
533

24,533
24,533


During the year retirement benefits were accruing to no directors (2023 - NIL) in respect of defined contribution pension schemes.


10.


Interest receivable

2024
2023
£
£


Other interest receivable
14,645
1,429

14,645
1,429


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
20,862
26,503

Other loan interest payable
-
164

Finance leases and hire purchase contracts
70,137
61,885

90,999
88,552

Page 26

 
HACS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
178,110
-

Adjustments in respect of previous periods
-
(48,427)


178,110
(48,427)


Total current tax
178,110
(48,427)

Deferred tax


Origination and reversal of timing differences
70,658
221,097

Adjustments in respect of prior periods
(50,846)
-

Short term timing differences
(638)
-

Total deferred tax
19,174
221,097


Tax on profit
197,284
172,670

Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
735,310
652,630


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
194,044
124,000

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
55,404
3,674

Capital allowances for year in excess of depreciation
-
167,986

Adjustments to tax charge in respect of prior periods
(52,064)
(48,727)

Adjustments to brought forward values
125
-

Other differences leading to an (decrease) in tax charge
-
(74,263)

Marginal relief
(225)
-

Total tax charge for the year
197,284
172,670

There were no factors that may affect future tax charges.

Page 27

 
HACS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Dividends

2024
2023
£
£


Total dividends paid
145,017
316,035


Paid to non-controlling interest
(145,017)
(97,994)

-
218,041


14.


Intangible assets

Group 





Goodwill

£



Cost


At 1 January 2024
200,000



At 31 December 2024

200,000



Amortisation


At 1 January 2024
200,000



At 31 December 2024

200,000



Net book value



At 31 December 2024
-



At 31 December 2023
-



Page 28

 
HACS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
2,043,594
6,527,560
980,941
27,437
9,579,532


Additions
-
640,133
276,906
-
917,039


Disposals
-
(412,952)
(39,241)
-
(452,193)



At 31 December 2024

2,043,594
6,754,741
1,218,606
27,437
10,044,378



Depreciation


At 1 January 2024
204,360
2,663,366
578,372
27,437
3,473,535


Charge for the year on owned assets
40,860
610,416
125,250
-
776,526


Disposals
-
(253,014)
(33,608)
-
(286,622)



At 31 December 2024

245,220
3,020,768
670,014
27,437
3,963,439



Net book value



At 31 December 2024
1,798,374
3,733,973
548,592
-
6,080,939



At 31 December 2023
1,839,234
3,864,194
402,569
-
6,105,997

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:





Page 29

 
HACS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           15.Tangible fixed assets (continued)


Company






Equipment

£

Cost or valuation


At 1 January 2024
27,437



At 31 December 2024

27,437



Depreciation


At 1 January 2024
27,437



At 31 December 2024

27,437



Net book value



At 31 December 2024
-



At 31 December 2023
-







16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
559,500



At 31 December 2024
559,500




Page 30

 
HACS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

HACS Construction Limited
Same as this company
Ordinary
90%
HACS Plant Hire Limited
Same as this company
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 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)
£
£

HACS Construction Limited
571,449
222,787

HACS Plant Hire Limited
1,989,685
258,203


17.


Investment property

2024
2023
£
£
Company Valuation
At 1 January 2024

2,400,000

2,400,000

At 31 December 2024
2,400,000

2,400,000


The 2024 valuations were made by the directors, on an open market value for existing use basis.

Page 31

 
HACS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Debtors

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


Trade debtors
4,983,580
3,123,088
3,294
1,044

Other debtors
641,932
852,073
526,403
192,785

Prepayments and accrued income
138,310
147,156
11,401
4,833

Deferred taxation
-
-
24,627
26,572

5,763,822
4,122,317
565,725
225,234



19.


Cash and cash equivalents

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

Cash at bank and in hand
2,746,289
1,112,051
9,460
3,486

2,746,289
1,112,051
9,460
3,486



20.


Creditors: Amounts falling due within one year

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

Bank loans
156,190
55,000
56,190
55,000

Trade creditors
5,050,395
4,519,100
4,269
8,106

Amounts owed to group undertakings
-
-
876,501
1,249,535

Amounts owed to joint ventures
-
30,000
-
-

Corporation tax
177,818
-
31,590
-

Other taxation and social security
568,574
413,339
916
-

Obligations under finance lease and hire purchase contracts
661,747
585,077
-
-

Other creditors
361,242
163,970
273,519
128,519

Accruals and deferred income
2,443,990
292,226
7,257
3,775

9,419,956
6,058,712
1,250,242
1,444,935



The following liabilities were secured:


Details of security provided:

The bank loans are secured over the assets of the group. 
The obligations under finance lease and hire purchase contracts are secured over the assets to which they relate. 

Page 32

 
HACS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


Creditors: Amounts falling due after more than one year

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

Bank loans
244,179
500,916
144,179
200,916

Net obligations under finance leases and hire purchase contracts
443,893
709,898
-
-

688,072
1,210,814
144,179
200,916



The following liabilities were secured:
Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Bank loans
244,179
500,916
144,179
200,916

Obligations under finance leases and hire purchase contracts
443,893
709,898
-
-

688,072
1,210,814
144,179
200,916

Details of security provided:

The bank loans are secured over the assets of the group. 
The obligations under finance lease and hire purchase contracts are secured over the assets to which they relate. 



Page 33

 
HACS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.


Loans


Analysis of the maturity of loans is given below:


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

Amounts falling due within one year

Bank loans
156,190
55,000
56,190
55,000


156,190
55,000
56,190
55,000

Amounts falling due 1-2 years

Bank loans
244,179
155,000
144,179
55,000


244,179
155,000
144,179
55,000

Amounts falling due 2-5 years

Bank loans
-
345,916
-
145,916


-
345,916
-
145,916

Amounts falling due after more than 5 years

400,369
555,916
200,369
255,916



23.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:




24.


Deferred taxation


Group



2024


£






At beginning of year
(785,236)


Charged to profit or loss
(19,174)



At end of year
(804,410)

Page 34

 
HACS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
24.Deferred taxation (continued)

Company


2024


£






At beginning of year
26,572


Charged to profit or loss
(1,945)



At end of year
24,627

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

Accelerated capital allowances
876,175
785,014
(24,627)
(26,572)

Other differences
(71,765)
222
-
-

(804,410)
(785,236)
24,627
26,572

Page 35

 
HACS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

25.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



47 (2023 - 47) Ordinary A shares of £1.00 each
47
47
47 (2023 - 47) Ordinary B shares of £1.00 each
47
47
2 (2023 - 2) Ordinary (Non-voting) C shares of £1.00 each
2
2
2 (2023 - 2) Ordinary (Non-voting) D shares of £1.00 each
2
2
2 (2023 - 2) Ordinary (Non-voting) E shares of £1.00 each
2
2

100

100


The Ordinary A and Ordinary B shares  carry rights of one vote per share and have no restrictions on the distribution of dividends and the repayment of capital. 



26.


Reserves

Revaluation reserve

This reserve represents the accumulated unrealised profits on the revaluation of the company's investment properties. The reserve is held net of deferred tax at the prevailing statement of financial
position taxation rates.


27.


Contingent liabilities

The company has a multilateral guarantee with fellow group companies HACS Plant Hire Limited and HACS Construction Limited to secure any borrowings. At the year end the net outstanding borrowings with National Westminster Bank PLC for the group were £200,000 (2023: £255,916). 


28.


Pension commitments

The group operates a defined contribution 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 £71,451  (2023 - £67,066). Contributions totalling £22,366 (2023 - £14,697) were payable to the fund at the balance sheet date and are included in creditors.


29.


Commitments under operating leases

The Group and the Company had no commitments under non-cancellable operating leases at the reporting date.

Page 36

 
HACS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

30.


Related party transactions

The company has taken advantage of the exemption contained in Section 33 of FRS102 "Related Party Disclosures" from disclosing transactions with entities which are part of the group, since 100% of the voting rights of each subsidiary company are controlled within the group.
The company has an intercompany loan account with its subsidiary company, HACS Construction Limited and at 31 December 2024 it owed £427,582 (2023 - £828,423) to this company.  
The company received management re-charge income of £200,397 (2023 - £318,000) and expenses of £40,000 (2023 - £10,000) from the connected companies listed above.


31.


Controlling party

The company is under the control of M R & E A Smith.


Page 37