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COMPANY REGISTRATION NUMBER: 12696488
Sheridan Group Holdings Limited
Financial Statements
30 November 2024
Sheridan Group Holdings Limited
Financial Statements
Year ended 30 November 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
4
Independent auditor's report to the members
6
Consolidated statement of income and retained earnings
11
Company statement of income and retained earnings
12
Consolidated statement of financial position
13
Company statement of financial position
14
Consolidated statement of cash flows
15
Notes to the financial statements
16
Sheridan Group Holdings Limited
Officers and Professional Advisers
The board of directors
Mr A Sheridan
Mrs L Hughes-Sheridan
Registered office
Stanley House
7 Monsall Road
Manchester
M40 8FY
Auditor
Hill Eckersley & Co
Chartered Accountants & statutory auditor
No 1 Pavilion Square
Cricketers Way
Westhoughton
Bolton
BL5 3AJ
Bankers
Barclays Bank PLC
Leicester
LE87 2BB
Sheridan Group Holdings Limited
Strategic Report
Year ended 30 November 2024
The directors present their strategic report for the year ended 30 November 2024. Business review and future developments The principal activity of the group is lift installations, repairs and service. The group's loss for the financial year, before taxation is £147,058 (2023: £144,117). The loss for the financial year, excluding the revaluation of properties is £95,979, which shows an improvement from the previous year loss excluding revaluations of £184,117. The directors' are pleased to report a profit after the impact of taxation of £445,499. The loss before tax incurred by the group in the year ended 30 November 2024 was attributed to several factors, primarily: - continued investment in our long-term strategic goals. - external challenges faced across the regulated industry. - operational capacity, workforce training, and modernisation of our service offerings. The group continued to allocate substantial resources towards product & service development, thus maintaining its products / services offered and enhancing marketing efforts to capture a larger market share, whilst improving the customer service aspect, which impacted profitability, however, are critical for building resilience, improving service delivery, and aligning with future market expectations. The Directors are optimistic for the current fiscal year as the backlog of delayed construction and infrastructure projects presents future growth opportunities, particularly in the retrofitting and modernisation segment. We expect improved margins as cost-saving measures and productivity improvements take effect. Performance targets for the 6 months to June 2025 are within expectation, with the projected results to improve further towards the end of the 2025 financial year following improved controls of costs budgeting. Overall, the Directors remain satisfied with the performance of the group as it maintains a solid asset base. Principal risks and uncertainties The principal risks identified are economic and market conditions, cost inflation, supply chain disruption, skilled labour shortage, health, safety compliance issues. The company are satisfied that they have a strong management team in place who monitor risks and can respond flexibly where risks are identified Financial risk management The group's operations also expose it to a variety of financial risks that include the effects of liquidity, credit risk and market/capital risk. The group manages its liquidity risk to ensure it meets its financial obligations as and when they fall due. While the past two years have presented financial challenges, the group is taking proactive steps to stabilise performance and ensure long-term financial sustainability to meet its financial obligations through operating cash flows. No derivative instruments are used. Key performance indicators The Directors pro-actively manage the business by way monitoring its key performance indicators The directors consider the main key performance indicator to be sales growth and are pleased to report an increase of 4% during the 2024 financial year. The directors consider key performance indicator monitoring critical to assess past and current performance and forward forecasts to identify trends and further opportunities for improvement to ensure the group's performance, monitor progress against strategic goals, and inform operational decision-making.
This report was approved by the board of directors on 28 August 2025 and signed on behalf of the board by:
Mr A Sheridan
Director
Company Secretary
Registered office:
Stanley House
7 Monsall Road
Manchester
M40 8FY
Sheridan Group Holdings Limited
Directors' Report
Year ended 30 November 2024
The directors present their report and the financial statements of the group for the year ended 30 November 2024 .
Directors
The directors who served the company during the year were as follows:
Mr A Sheridan
Mrs L Hughes-Sheridan
Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Disclosure of information in the strategic report
The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report information required by schedule 7 of the Large and Medium sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors report. It has done so in respect of future developments.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on 28 August 2025 and signed on behalf of the board by:
Mr A Sheridan
Director
Company Secretary
Registered office:
Stanley House
7 Monsall Road
Manchester
M40 8FY
Sheridan Group Holdings Limited
Independent Auditor's Report to the Members of Sheridan Group Holdings Limited
Year ended 30 November 2024
Qualified opinion
We have audited the financial statements of Sheridan Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2024 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows and the related notes, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, except for the effects of the matter described in the basis for qualified opinion section of our report, 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 30 November 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; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for qualified opinion
The group has established a revenue recognition model for accounting for revenue from contracts with customers to meet the requirements of FRS 102 section 23. However, the results of our audit testing revealed instances where the revenue and associated costs recorded in the financial statements have not been calculated in line with the expected performance criteria to meet the requirements of FRS 102 section 23.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 qualified opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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 from our commercial knowledge and experience of the industry; -we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, specifically employment, environmental and health and safety legislation; -we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; 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 to identify any unusual or unexpected relationships; -tested journal entries to identify unusual transactions; -assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and -investigated the rationale behind significant or unusual transactions. 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; -enquiring of management as to actual and potential litigation and claims; and -reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company’s legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Anna Heyes FCA
(Senior Statutory Auditor)
For and on behalf of
Hill Eckersley & Co
Chartered Accountants & statutory auditor
No 1 Pavilion Square
Cricketers Way
Westhoughton
Bolton
BL5 3AJ
28 August 2025
Sheridan Group Holdings Limited
Consolidated Statement of Income and Retained Earnings
Year ended 30 November 2024
2024
2023
Note
£
£
Turnover
4
17,501,794
16,750,844
Cost of sales
9,459,600
9,498,445
-------------
-------------
Gross profit
8,042,194
7,252,399
Administrative expenses
8,226,007
7,421,639
Other operating income
5
12,238
15,090
------------
------------
Operating loss
6
( 171,575)
( 154,150)
Other interest receivable and similar income
25,115
10,485
Interest payable and similar expenses
10
598
452
------------
------------
Loss before taxation
( 147,058)
( 144,117)
Tax on loss
11
( 592,557)
( 14,544)
---------
---------
Profit/(loss) for the financial year and total comprehensive income
445,499
( 129,573)
---------
---------
Dividends paid and payable
12
( 784,538)
( 792,596)
Retained earnings at the start of the year
1,757,567
2,679,736
------------
------------
Retained earnings at the end of the year
1,418,528
1,757,567
------------
------------
All the activities of the group are from continuing operations.
Sheridan Group Holdings Limited
Company Statement of Income and Retained Earnings
Year ended 30 November 2024
2024
2023
Note
£
£
Profit/(loss) for the financial year and total comprehensive income
735,281
834,697
Dividends paid and payable
12
( 784,536)
( 792,596)
Retained earnings at the start of the year
1,112,139
1,070,038
------------
------------
Retained earnings at the end of the year
1,062,884
1,112,139
------------
------------
Sheridan Group Holdings Limited
Consolidated Statement of Financial Position
30 November 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
14
1,042,890
1,103,080
Investments
15
10,080
10,080
------------
------------
1,052,970
1,113,160
Current assets
Stocks
16
35,847
35,177
Debtors
17
3,351,963
2,746,466
Cash at bank and in hand
905,302
1,473,499
------------
------------
4,293,112
4,255,142
Creditors: amounts falling due within one year
18
3,897,096
3,597,944
------------
------------
Net current assets
396,016
657,198
------------
------------
Total assets less current liabilities
1,448,986
1,770,358
Creditors: amounts falling due after more than one year
19
6,414
16,465
Provisions
Taxation including deferred tax
21
23,924
( 3,794)
------------
------------
Net assets
1,418,648
1,757,687
------------
------------
Capital and reserves
Called up share capital
24
120
120
Profit and loss account
1,418,528
1,757,567
------------
------------
Shareholders funds
1,418,648
1,757,687
------------
------------
These financial statements were approved by the board of directors and authorised for issue on 28 August 2025 , and are signed on behalf of the board by:
Mr A Sheridan
Director
Company registration number: 12696488
Sheridan Group Holdings Limited
Company Statement of Financial Position
30 November 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
14
957,698
1,000,857
Investments
15
120
120
---------
------------
957,818
1,000,977
Current assets
Debtors
17
115,000
100,000
Cash at bank and in hand
3,006
22,782
---------
---------
118,006
122,782
Creditors: amounts falling due within one year
18
2,820
1,500
---------
---------
Net current assets
115,186
121,282
------------
------------
Total assets less current liabilities
1,073,004
1,122,259
Provisions
Taxation including deferred tax
21
10,000
10,000
------------
------------
Net assets
1,063,004
1,112,259
------------
------------
Capital and reserves
Called up share capital
24
120
120
Profit and loss account
1,062,884
1,112,139
------------
------------
Shareholders funds
1,063,004
1,112,259
------------
------------
The profit for the financial year of the parent company was £ 735,281 (2023: £ 834,697 ).
These financial statements were approved by the board of directors and authorised for issue on 28 August 2025 , and are signed on behalf of the board by:
Mr A Sheridan
Director
Company registration number: 12696488
Sheridan Group Holdings Limited
Consolidated Statement of Cash Flows
Year ended 30 November 2024
2024
2023
£
£
Cash flows from operating activities
Profit/(loss) for the financial year
445,499
( 129,573)
Adjustments for:
Depreciation of tangible assets
42,835
60,088
Fair value adjustment of investment property
51,079
( 40,000)
Other interest receivable and similar income
( 25,115)
( 10,485)
Interest payable and similar expenses
598
452
Loss on disposal of tangible assets
5,033
Tax on profit
( 592,557)
( 14,544)
Accrued (income)/expenses
( 473,007)
552,660
Changes in:
Stocks
( 670)
23,233
Trade and other debtors
( 605,497)
( 195,969)
Trade and other creditors
776,309
1,244,438
---------
------------
Cash generated from operations
( 375,493)
1,490,300
Interest paid
( 598)
( 452)
Interest received
25,115
10,485
Tax received/(paid)
620,275
( 165,915)
---------
------------
Net cash from operating activities
269,299
1,334,418
---------
------------
Cash flows from investing activities
Purchase of tangible assets
( 39,148)
( 70,773)
Proceeds from sale of tangible assets
391
---------
------------
Net cash used in investing activities
( 38,757)
( 70,773)
---------
------------
Cash flows from financing activities
Proceeds from borrowings
( 10,051)
( 9,805)
Payments of finance lease liabilities
( 4,150)
( 5,533)
Dividends paid
( 784,538)
( 792,596)
---------
------------
Net cash used in financing activities
( 798,739)
( 807,934)
---------
------------
Net (decrease)/increase in cash and cash equivalents
( 568,197)
455,711
Cash and cash equivalents at beginning of year
1,473,499
1,017,788
------------
------------
Cash and cash equivalents at end of year
905,302
1,473,499
------------
------------
Sheridan Group Holdings Limited
Notes to the Financial Statements
Year ended 30 November 2024
1. General information
Sheridan Group Holdings Limited is a private company limited by shares, registered in the United Kingdom number 12696488 . Its registered office is Stanley House, 7 Monsall Road, Manchester, , M40 8FY. The principal activity of the company during the period was that of a holding company and property management .
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
When assessing the appropriateness of the application of going concern the directors have considered the following factors, the willingness and ability of the parent company to provide financial support from the proceeds of property sales and the company's current and expected trading performance together with impact of expected cost savings from operational restructuring. In considering these factors and making this assessment the directors have considered a minimum period of twelve months from the date of approval of the financial statements. The directors conclude that based on their assessment the company has sufficient resources to meet its liabilities as they fall due and it is appropriate to continue to prepare the financial statements on a going concern basis, however inherently there can be no certainty to this view.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Sheridan Group Holdings Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Income recognition Significant assumptions are required to estimate the stage of completion in respect of income recognition and the corresponding contract costs. In making these estimates, management has relied on past experience and the experience of its project managers. Investment property The value of Investment Properties is measured at fair value. Valuations are based on estimations made by the directors. Where necessary an independent valuation is obtained by the directors. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome .
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15 % reducing balance
Fixtures and fittings
-
20% straight line
Motor vehicles
-
25% reducing balance
Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2024
2023
£
£
Rendering of services
6,692,355
5,254,890
Construction contracts
10,809,439
11,495,954
-------------
-------------
17,501,794
16,750,844
-------------
-------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
2024
2023
£
£
Other operating income
12,238
15,090
--------
--------
6. Operating (loss)/profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
42,835
60,088
Loss on disposal of tangible assets
5,033
Fair value adjustments to investment property
51,079
( 40,000)
Impairment of trade debtors
26,283
15,014
--------
--------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
11,285
8,320
--------
-------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
136
127
Management staff
2
2
----
----
138
129
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
5,315,428
4,750,290
Social security costs
569,509
491,836
Other pension costs
88,386
75,999
------------
------------
5,973,323
5,318,125
------------
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
35,289
42,800
--------
--------
10. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
598
452
----
----
11. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax income
( 170,344)
Adjustments in respect of prior periods
( 449,931)
---------
----
Total current tax
( 620,275)
---------
----
Deferred tax:
Origination and reversal of timing differences
27,718
( 14,544)
---------
--------
Tax on profit
( 592,557)
( 14,544)
---------
--------
Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 38 %).
2024
2023
£
£
Loss on ordinary activities before taxation
( 147,058)
( 144,117)
---------
---------
Loss on ordinary activities by rate of tax
( 36,764)
121,623
Adjustment to tax charge in respect of prior periods
(423,572)
Effect of expenses not deductible for tax purposes
18,242
10,908
Effect of capital allowances and depreciation
10,443
1,775
Effect of revenue exempt from tax
( 151,250)
Effect of different UK tax rates on some earnings
2,400
Unused tax losses
9,438
Other tax adjustment to increase/(decrease) tax liability - desc in a/cs
( 170,344)
---------
---------
Tax on profit
( 592,557)
( 14,544)
---------
---------
12. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2024
2023
£
£
B Ordinary Shares
271,380
332,859
C Ordinary Shares
230,712
183,905
D Ordinary Shares
7,500
10,266
E Ordinary Shares
38,666
35,580
F Ordinary Shares
236,280
229,986
---------
---------
784,538
792,596
---------
---------
13. Intangible assets
Group
Goodwill
£
Cost
At 1 December 2023 and 30 November 2024
30,000
--------
Amortisation
At 1 December 2023 and 30 November 2024
30,000
--------
Carrying amount
At 1 December 2023 and 30 November 2024
--------
At 30 November 2023
--------
The company has no intangible assets.
14. Tangible assets
Group
Land and buildings
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
User defined asset
Total
£
£
£
£
£
£
Cost or valuation
At 1 Dec 2023
992,472
38,827
261,032
115,174
1,407,505
Additions
20,463
8,185
10,500
39,148
Disposals
( 13,725)
( 13,725)
Revaluations
( 51,079)
( 51,079)
---------
--------
---------
---------
--------
------------
At 30 Nov 2024
941,393
38,827
281,495
109,634
10,500
1,381,849
---------
--------
---------
---------
--------
------------
Depreciation
At 1 Dec 2023
30,244
222,809
51,372
304,425
Charge for the year
1,287
24,337
17,211
42,835
Disposals
( 8,301)
( 8,301)
---------
--------
---------
---------
--------
------------
At 30 Nov 2024
31,531
247,146
60,282
338,959
---------
--------
---------
---------
--------
------------
Carrying amount
At 30 Nov 2024
941,393
7,296
34,349
49,352
10,500
1,042,890
---------
--------
---------
---------
--------
------------
At 30 Nov 2023
992,472
8,583
38,223
63,802
1,103,080
---------
--------
---------
---------
--------
------------
Company
Land and buildings
Fixtures and fittings
User defined asset
Total
£
£
£
£
Cost or valuation
At 1 December 2023
992,472
12,900
1,005,372
Additions
10,500
10,500
Revaluations
( 51,079)
( 51,079)
---------
--------
--------
------------
At 30 November 2024
941,393
12,900
10,500
964,793
---------
--------
--------
------------
Depreciation
At 1 December 2023
4,515
4,515
Charge for the year
2,580
2,580
---------
--------
--------
------------
At 30 November 2024
7,095
7,095
---------
--------
--------
------------
Carrying amount
At 30 November 2024
941,393
5,805
10,500
957,698
---------
--------
--------
------------
At 30 November 2023
992,472
8,385
1,000,857
---------
--------
--------
------------
15. Investments
Group
Other investments other than loans
£
Cost
At 1 December 2023 and 30 November 2024
10,080
--------
Impairment
At 1 December 2023 and 30 November 2024
--------
Carrying amount
At 1 December 2023 and 30 November 2024
10,080
--------
At 30 November 2023
10,080
--------
Company
Shares in group undertakings
£
Cost
At 1 December 2023 and 30 November 2024
120
----
Impairment
At 1 December 2023 and 30 November 2024
----
Carrying amount
At 1 December 2023 and 30 November 2024
120
----
At 30 November 2023
120
----
Subsidiaries, associates and other investments
Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Sheridan Lifts Limited
Ordinary shares
100
16. Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
35,847
35,177
--------
--------
----
----
17. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
2,010,158
1,816,389
Amounts owed by group undertakings
15,000
Amounts owed by customers on construction contracts
154,226
Prepayments and accrued income
214,280
166,242
Corporation tax repayable
170,344
Directors loan account
280,000
Other debtors
677,181
609,609
100,000
100,000
------------
------------
---------
---------
3,351,963
2,746,466
115,000
100,000
------------
------------
---------
---------
18. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
1,992,497
1,496,880
Accruals and deferred income
255,900
728,907
2,820
1,500
Social security and other taxes
221,470
167,333
Obligations under finance leases and hire purchase contracts
4,150
Other creditors
1,417,229
1,190,674
------------
------------
-------
-------
3,897,096
3,597,944
2,820
1,500
------------
------------
-------
-------
19. Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
6,414
16,465
-------
--------
----
----
20. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
4,150
----
-------
----
----
21. Provisions
Group
Deferred tax (note 22)
£
At 1 December 2023
( 3,794)
Additions
27,718
--------
At 30 November 2024
23,924
--------
Company
Deferred tax (note 22)
£
At 1 December 2023
10,000
--------
At 30 November 2024
10,000
--------
22. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 21)
23,924
( 3,794)
10,000
10,000
--------
-------
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
13,924
12,565
Fair value adjustment of investment property
10,000
10,000
10,000
10,000
Unused tax losses
( 26,359)
--------
--------
--------
--------
23,924
(3,794)
10,000
10,000
--------
--------
--------
--------
23. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 88,386 (2023: £ 75,999 ).
24. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
60
60
60
60
A Ordinary shares of £ 1 each
20
20
20
20
B Ordinary shares of £ 1 each
16
16
16
16
C Ordinary shares of £ 1 each
6
6
6
6
D Ordinary shares of £ 1 each
6
6
6
6
E Ordinary shares of £1 each
6
6
6
6
F Ordinary shares of £1 each
6
6
6
6
----
----
----
----
120
120
120
120
----
----
----
----
25. Analysis of changes in net debt
At 1 Dec 2023
Cash flows
At 30 Nov 2024
£
£
£
Cash at bank and in hand
1,473,499
(568,197)
905,302
Debt due within one year
(14,150)
4,150
(10,000)
Debt due after one year
(16,465)
10,051
(6,414)
------------
---------
---------
1,442,884
( 553,996)
888,888
------------
---------
---------
26. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
208,428
256,946
Later than 1 year and not later than 5 years
119,515
312,154
---------
---------
----
----
327,943
569,100
---------
---------
----
----
27. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company and its subsidiary undertakings:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr A Sheridan
280,000
280,000
----
---------
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr A Sheridan
----
----
----
The balance outstanding has been repaid to the company within 9 months of the reporting date .
28. Related party transactions
Group
Included in Other Debtors (Note 17) is £85,070 (2023: £85,070) due from Sheridan Doors UK Limited, a company under common control. The balance is interest free and repayable on demand .
29. Controlling party
The company is under the control of Mr A Sheridan , a director and majority shareholder.