HAVWOODS GLOBAL HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Company Registration No. 09154530 (England and Wales)
HAVWOODS GLOBAL HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr O M Whiley
Mr N Whiley
Mr S Whiley
Mrs E J Whiley
Secretary
Mrs E J Whiley
Company number
09154530
Registered office
Unit 12-14 Carnforth Business Park
Oakwood Way
Carnforth
Lancashire
LA5 9FD
Auditor
Champion Accountants LLP
2nd Floor Refuge House
33-37 Watergate Row
Chester
CH1 2LE
HAVWOODS GLOBAL HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Group statement of comprehensive income
10 - 11
Group and company balance sheets
12 - 13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 40
HAVWOODS GLOBAL HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
Review of the business
For the year ending 31 December 2024, turnover from continuing operations decreased from £46,984.961 to £44,945,547.
Our short lead time projects grew by 9.1% during the year, now accounting for 58% of turnover, up from 50% in 2023.
Our medium and long-term projects have seen fewer project completions, with many projects experiencing delays due to stricter regulations and legislative reforms following the Grenfell disaster. Increased planning requirements, including the need for additional staircases and the use of fire-rated materials, have resulted in many projects returning to the planning stage, thereby extending overall timelines.
The volume of our enquiries is at its highest in the last four years. To capitalise on improved market conditions, we have expanded our business development team. We successfully recruited a 12 member team in Q3 2024, with customer visits commencing in October 2024.
As a result of the growth from the short lead time projects and the Q4 2023 launch of our wood surface products, we have improved our gross margins by four percentage points.
Administrative expenses decreased by £1,280,746 to £14,461,966, as we continued to drive overhead savings despite inflationary pressures. As in 2023, these savings have enabled us to invest in our team and product range, supporting product development and the launch of our lead development team.
As a result of these factors, the group has reported increased profits before tax on continuing operations of £4,997,154 (2023: £2,800,852).
At the year end, the group has shareholders’ funds of £23,541,874 (2023: £20,041,606), including distributable profits of £27,666,753 (2023: £24,928,027). The directors believe the group remains in a strong financial position, with current assets exceeding liabilities by £11,970,525 (2023: £8,088,650). This provides a solid foundation for achieving strategic objectives in the coming year.
The fixed assets net book values have decreased to £8,731,821 in the year due to no major capital projects being undertaken.
Debtors have increased by £1,112,557 (2023: decreased by £2,739,070), primarily due to an increase in Trade Debtors of £1,084,123.
Creditors falling due within one year have decreased by £2,518,097 (2023: decreased by £2,356,124), primarily due to the repayment of the other borrowings.
Principal risks and uncertainties
The directors have identified the main risks as increased competition and economic uncertainties, including potential changes to import duties, as observed in Europe with Brexit and the USA under the Trump administration. However, the directors believe the quality and depth of our products, along with excellent customer service, will help mitigate these risks and achieve satisfactory trading results in the coming year.
As most of our products are sourced from Europe, we actively manage foreign currency risks to minimise financial impact. If appropriate, we utilise forward exchange contracts to hedge against fluctuations.
Management objectives include:
- Retaining sufficient liquid funds to meet obligations while maximising returns on surplus funds.
- Minimising exposure to fluctuating interest rates when seeking new borrowings.
Where appropriate, funds are invested in sterling treasury deposit accounts, eliminating price risk exposure.
HAVWOODS GLOBAL HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Development and performance
The directors believe the group will continue to trade successfully in the foreseeable future.
Key performance indicators
S172 statement
Promoting the success of the company
The directors drive company success through the Havwoods Group Strategy, set to guide operations until 31 December 2026. Our strategic initiatives consider all stakeholders and are directly integrated into daily operations. This approach strengthens Havwoods' position in its markets while maintaining flexibility in a rapidly changing environment.
Employees
Founded in 1975, Havwoods is now in its third generation of family ownership and is led by an Executive Management team. While the company has evolved, its family culture remains ingrained. Our employees remain our most valued asset. We foster a supportive environment where they can thrive, prioritising health, safety, and well-being. We take a responsible approach to pay and benefits, benchmarking them across all locations.
As part of our commitment to employee well-being, we have enhanced our pension scheme, increasing employer contributions to up to 10% for matched payments. Additionally, whilst we are not an official member of the Living Wage Foundation, we ensure that all employees receive at least the foundation's recommended minimum wage. These initiatives reflect our dedication to supporting our team’s long-term financial security and overall well-being. Building on the enhancements completed last year, we have continued to invest in improving the work environment. Previously, we refurbished our head office, introducing standing desks and a dedicated relaxation area. Additionally, we upgraded our warehouse facilities with suction lifting equipment to reduce physical strain. These efforts reflect our ongoing commitment to employee well-being and workplace efficiency.
Business relationships
We value strong supplier relationships, meeting regularly and ensuring fair treatment for all partners. Our brand is built on integrity, trust, and long-standing partnerships. Customer engagement is central to our business, ensuring we deliver best-in-class service and align our product range with market changes. Our high level of repeat business demonstrates the strength of these relationships.
Community and environment
Sustainability is embedded in our culture, and we are at the forefront of bringing FSC-certified products to market. We are ISO 14001 accredited, illustrating our commitment to environmental and social responsibility. Our fleet continues to transition to electric and hybrid vehicles, with a new fuel-efficient, low-emission lorry arriving in January 2025.
We have also embarked on our Net Zero journey, aiming to achieve carbon neutrality by 2050.
HAVWOODS GLOBAL HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Mr O M Whiley
Director
20 August 2025
HAVWOODS GLOBAL HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company continued to be that of a holding company and as a central management function.
The principal activity of the group continued to be that of importers and merchants of hardwood flooring.
Results and dividends
The results for the year are set out on pages 10 to 11.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr O M Whiley
Mr N Whiley
Mr S Whiley
Mrs E J Whiley
Auditor
In accordance with the company's articles, a resolution proposing that Champion Accountants LLP be reappointed as auditor of the group will be put at a General Meeting.
Energy and carbon report
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
612,188
847,828
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
1.20
0.60
- Fuel consumed for owned transport
45.60
72.70
46.80
73.30
Scope 2 - indirect emissions
- Electricity purchased
84.50
41.40
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
-
-
Total gross emissions
131.30
114.70
Intensity ratio
Tonnes of CO2 per £1m of turnover
2.9
2.4
HAVWOODS GLOBAL HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
Quantification and reporting methodology
The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting
Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £1m of turnover.
Measures taken to improve energy efficiency
The company is embracing sustainability and embedding it into our culture. We are at the forefront of bring sustainable (FSC) products to the market. We have started the journey to gain our ISO 14001 accreditation to help illustrate our commitment to environment and social responsibilities. We have continued to extend our fleet of electric cars, ensuring all new cars are either fully electric or a minimum of a Hybrid vehicle, alongside, trailing electric vehicles as part of our delivery feet. Installation of new LED lighting in our warehousing, is helping reduce our carbon footprint.
The main resource in our products is wood. On average a single tree will sequester around 400kg of CO2 over its lifetime. Trees are typically harvested at the final stage prior to the tree starting to decay or die, which would ultimately start to release CO2 back into the atmosphere. Rather than the CO2 being released, timber wood products lock in the CO2. We estimate that our annual purchase and storage of timber wooden product stores 64,000 tonnes of CO2. Further, the majority of the mills use waste materials as the main source of energy.
The group regularly makes charitable donations to a wide variety of charities and encourages employees to volunteer in enhancing the welfare of local communities as well as supporting in disaster and crisis situations.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.
On behalf of the board
Mr O M Whiley
Director
20 August 2025
HAVWOODS GLOBAL HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
The directors are responsible for preparing the Annual 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 company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
HAVWOODS GLOBAL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HAVWOODS GLOBAL HOLDINGS LIMITED
- 7 -
Opinion
We have audited the financial statements of Havwoods Global Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group and company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and 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.
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 and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
HAVWOODS GLOBAL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HAVWOODS GLOBAL HOLDINGS LIMITED
- 8 -
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 their 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 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 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
As part of our planning process:
- We enquired of management the systems and controls the group has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. Management did not inform us of any known, suspected or alleged fraud.
- We obtained an understanding of the legal and regulatory frameworks applicable to the group. We determined that the following were most relevant: FRS 102, Companies Act 2006, compliance with UK tax regulations and compliance with health and safety laws.
- We considered the incentives and opportunities that exist in the group, including the extent of management bias, which present a potential for irregularities and fraud to be perpetrated, and tailored our risk assessment accordingly.
- Using our knowledge of the group, together with the discussions held with management at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
- Identifying and testing journal entries in overall accounting records, in particular those that were significant and unusual.
- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to debt recoverability, stock provisions, depreciation methods and assessment of fair values of assets and liabilities on acquisition.
- Assessing the extent of compliance, or lack of, with the relevant laws and regulations.
- Documenting and verifying all significant related party balances and transactions.
HAVWOODS GLOBAL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HAVWOODS GLOBAL HOLDINGS LIMITED
- 9 -
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.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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.
Susan Harris MA ACA (Senior Statutory Auditor)
For and on behalf of Champion Accountants LLP, Statutory Auditor
Chartered Accountants
2nd Floor Refuge House
33-37 Watergate Row
Chester
CH1 2LE
20 August 2025
HAVWOODS GLOBAL HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Continuing
Discontinued
31 December
Continuing
Discontinued
31 December
operations
operations
2024
operations
operations
2023
Notes
£
£
£
£
£
£
Turnover
3
44,945,547
-
44,945,547
46,984,961
318,513
47,303,474
Cost of sales
(26,470,585)
-
(26,470,585)
(29,426,931)
(211,959)
(29,638,890)
Gross profit
18,474,962
-
18,474,962
17,558,030
106,554
17,664,584
Administrative expenses
(14,461,966)
-
(14,461,966)
(15,742,712)
(22,090)
(15,764,802)
Other operating income
227,185
-
227,185
268,825
-
268,825
Operating profit
4
4,240,181
-
4,240,181
2,084,143
84,464
2,168,607
Share of results of associates and joint ventures
652,287
-
652,287
399,592
-
399,592
Interest receivable and similar income
7
299,313
-
299,313
175,971
-
175,971
Interest payable and similar expenses
8
(194,627)
-
(194,627)
(188,330)
-
(188,330)
Other gains and losses
9
-
-
-
329,476
-
329,476
Profit before taxation
4,997,154
-
4,997,154
2,800,852
84,464
2,885,316
Tax on profit
10
(1,314,724)
-
(1,314,724)
(935,484)
(21,495)
(956,979)
Profit for the financial year
29
3,682,430
-
3,682,430
1,865,368
62,969
1,928,337
Other comprehensive income
Currency translation differences
(80,658)
211,845
Total comprehensive income for the year
3,601,772
2,140,182
HAVWOODS GLOBAL HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Continuing
Discontinued
31 December
Continuing
Discontinued
31 December
operations
operations
2024
operations
operations
2023
Notes
£
£
£
£
£
£
- 11 -
Profit for the financial year is attributable to:
- Owners of the parent company
3,705,165
2,276,103
- Non-controlling interests
(22,735)
(347,766)
3,682,430
1,928,337
Total comprehensive income for the year is attributable to:
- Owners of the parent company
3,618,095
2,454,762
- Non-controlling interests
(16,323)
(314,580)
3,601,772
2,140,182
HAVWOODS GLOBAL HOLDINGS LIMITED
GROUP AND COMPANY BALANCE SHEETS
AS AT
31 DECEMBER 2024
31 December 2024
- 12 -
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
13
468,424
441,330
-
-
Tangible assets
14
8,263,397
8,519,691
4,806,171
4,909,902
Investment property
15
3,400,000
3,400,000
3,400,000
3,400,000
Investments
16
228,949
228,949
22,288,757
15,858,284
12,360,770
12,589,970
30,494,928
24,168,186
Current assets
Stocks
18
6,804,866
6,517,674
-
-
Debtors
19
7,180,282
6,067,725
608,745
5,624,870
Cash at bank and in hand
4,797,099
4,833,070
12,245
467,689
18,782,247
17,418,469
620,990
6,092,559
Creditors: amounts falling due within one year
20
(6,811,722)
(9,329,819)
(14,449,354)
(17,067,228)
Net current assets/(liabilities)
11,970,525
8,088,650
(13,828,364)
(10,974,669)
Total assets less current liabilities
24,331,295
20,678,620
16,666,564
13,193,517
Creditors: amounts falling due after more than one year
21
-
(10,212)
-
-
Provisions for liabilities
Provisions
24
(326,691)
(172,270)
Deferred tax liability
25
(462,730)
(454,532)
(218,345)
(218,105)
(789,421)
(626,802)
(218,345)
(218,105)
Net assets
23,541,874
20,041,606
16,448,219
12,975,412
Capital and reserves
Called up share capital
28
10,777,565
10,777,565
10,777,565
10,777,565
Share premium account
258,649
258,649
258,649
258,649
Other reserves
29
(14,999,669)
(14,999,669)
Profit and loss reserves
29
27,666,753
24,928,027
5,412,005
1,939,198
Equity attributable to owners of the parent company
23,703,298
20,964,572
16,448,219
12,975,412
Non-controlling interests
(161,424)
(922,966)
-
-
Total equity
23,541,874
20,041,606
16,448,219
12,975,412
HAVWOODS GLOBAL HOLDINGS LIMITED
GROUP AND COMPANY BALANCE SHEETS (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 13 -
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £3,472,807 (2023 - £2,707,893 profit).
The financial statements were approved by the board of directors and authorised for issue on 20 August 2025 and are signed on its behalf by:
20 August 2025
Mr O M Whiley
Director
Company registration number 09154530 (England and Wales)
HAVWOODS GLOBAL HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
Share capital
Share premium account
Merger reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 January 2023
10,777,565
258,649
(14,999,669)
26,607,265
22,643,810
(608,386)
22,035,424
Year ended 31 December 2023:
Profit for the year
-
-
-
2,276,103
2,276,103
(347,766)
1,928,337
Other comprehensive income:
Currency translation differences
-
-
-
211,845
211,845
-
211,845
Amounts attributable to non-controlling interests
-
-
-
(33,186)
(33,186)
33,186
-
Total comprehensive income
-
-
-
2,454,762
2,454,762
(314,580)
2,140,182
Dividends
12
-
-
-
(4,134,000)
(4,134,000)
-
(4,134,000)
Balance at 31 December 2023
10,777,565
258,649
(14,999,669)
24,928,027
20,964,572
(922,966)
20,041,606
Year ended 31 December 2024:
Profit for the year
-
-
-
3,705,165
3,705,165
(22,735)
3,682,430
Other comprehensive income:
Currency translation differences
-
-
-
(80,658)
(80,658)
-
(80,658)
Amounts attributable to non-controlling interests
-
-
-
(6,412)
(6,412)
6,412
-
Total comprehensive income
-
-
-
3,618,095
3,618,095
(16,323)
3,601,772
Dividends
12
-
-
-
(89,000)
(89,000)
-
(89,000)
Purchase of shares in subsidiary from non-controlling interest
-
-
-
(790,369)
(790,369)
777,865
(12,504)
Balance at 31 December 2024
10,777,565
258,649
(14,999,669)
27,666,753
23,703,298
(161,424)
23,541,874
HAVWOODS GLOBAL HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
10,777,565
258,649
3,281,305
14,317,519
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
2,707,893
2,707,893
Dividends
12
-
-
(4,050,000)
(4,050,000)
Balance at 31 December 2023
10,777,565
258,649
1,939,198
12,975,412
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
3,472,807
3,472,807
Balance at 31 December 2024
10,777,565
258,649
5,412,005
16,448,219
HAVWOODS GLOBAL HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
34
4,350,078
7,632,019
Interest paid
(194,627)
(188,330)
Income taxes paid
(1,094,354)
(1,195,530)
Net cash inflow from operating activities
3,061,097
6,248,159
Investing activities
Purchase of intangible assets
(159,909)
(369,262)
Purchase of tangible fixed assets
(1,016,550)
(1,409,856)
Proceeds from disposal of tangible fixed assets
313,669
473,862
Proceeds from other investments and loans
457,153
454,885
Interest received
172,451
57,924
Other income received from investments
126,862
118,047
Net cash used in investing activities
(106,324)
(674,400)
Financing activities
Repayment of borrowings
(2,854,735)
(347,664)
Repayment of bank loans
-
(877,563)
Payment of finance leases obligations
(70,025)
(57,315)
Purchase of shares in subsidiary from non-controlling interest
(12,504)
-
Dividends paid to equity shareholders
(89,000)
(4,134,000)
Net cash used in financing activities
(3,026,264)
(5,416,542)
Net (decrease)/increase in cash and cash equivalents
(71,491)
157,217
Cash and cash equivalents at beginning of year
4,833,070
4,442,583
Effect of foreign exchange rates
(84,279)
233,270
Cash and cash equivalents at end of year
4,677,300
4,833,070
Relating to:
Cash at bank and in hand
4,797,099
4,833,070
Bank overdrafts included in creditors payable within one year
(119,799)
-
HAVWOODS GLOBAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
1
Accounting policies
Company information
Havwoods Global Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 12-14 Carnforth Business Park, Oakwood Way, Carnforth, Lancashire, LA5 9FD.
The group consists of Havwoods Global Holdings Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties at fair value. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
HAVWOODS GLOBAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Havwoods Global Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Other operating income includes management charges receivable and rental income. Management charges receivable are recognised in the period that the charge relates to. Rental income is recognised on a straight line basis across the term of the agreement.
HAVWOODS GLOBAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.6
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.7
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
15% reducing balance
Customer lists
5 years straight line
Trademarks
5 years straight line
1.8
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Buildings and showrooms
2% straight line / 20% straight line
Leasehold land and buildings
10% straight line
Plant and equipment
15% - 20% reducing balance
Fixtures and fittings
25% straight line
Motor vehicles
25% reducing balance
Freehold land included in buildings and showrooms is not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
HAVWOODS GLOBAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.9
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Property rented to a group entity is accounted for as tangible fixed assets.
1.10
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
1.11
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
HAVWOODS GLOBAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.12
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.13
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.14
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
HAVWOODS GLOBAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 22 -
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
HAVWOODS GLOBAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 23 -
1.15
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.16
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.17
Provisions
Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.18
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.19
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
HAVWOODS GLOBAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 24 -
1.20
Share-based payments
1.21
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.22
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
In preparing the financial statements of the individual entities, transactions in currencies other than the functional currency of the individual entities (foreign currencies) are recognised at the spot rate at the dates of the transactions, or at an average rate where this rate approximates the actual rate at the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Nonmonetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Exchange differences are recognised in profit or loss in the period in which they arise. However, in the consolidated financial statements exchange differences arising on monetary items that form part of the net investment in a foreign operation are recognised in other comprehensive income.
For the purpose of presenting consolidated financial statements, the assets and liabilities of the group’s foreign operations are translated from their functional currency to Sterling using the closing exchange rate. Income and expenses are translated using the average rate for the period, unless exchange rates fluctuated significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising on the translation of group companies are recognised in other comprehensive income.
HAVWOODS GLOBAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Business combinations
In our accounting for business combinations, judgment is required in determining whether an intangible asset is identifiable and should be recorded separately from goodwill. Additionally, estimating the acquisition-date fair values of the identifiable assets acquired and liabilities assumed involves considerable judgment. The necessary measurements are based on information available on the acquisition date and are based on expectations as well as assumptions that have been deemed reasonable by management. These judgments, estimates and assumptions can materially affect our financial position and profit for several reasons, including the following:
Fair values assigned to assets subject to depreciation and amortization affect the amounts of depreciation and amortization to be recorded in operating profit in the periods following the acquisition.
Subsequent negative changes in the estimated fair values of assets may result in additional expense from impairment charges.
Subsequent changes in the estimated fair values of liabilities and provisions may result in additional expense (if increasing the estimated fair value) or additional income (if decreasing the estimated value).
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
44,945,547
47,303,474
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
32,808,915
34,605,529
United States of America
7,948,936
7,525,325
Rest of the world
4,187,696
5,172,620
44,945,547
47,303,474
HAVWOODS GLOBAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 26 -
2024
2023
£
£
Other revenue
Interest income
172,451
57,924
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(355,481)
203,376
Depreciation of owned tangible fixed assets
1,036,763
904,319
Depreciation of tangible fixed assets held under finance leases
-
38,076
Profit on disposal of tangible fixed assets
(73,967)
(82,111)
Amortisation of intangible assets
132,815
364,967
Operating lease charges
1,337,215
1,755,293
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
15,250
14,700
Audit of the financial statements of the company's subsidiaries
12,250
11,750
27,500
26,450
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Number of distribution staff
17
17
-
-
Number of administrative staff
81
80
-
-
Number of management staff
13
13
-
-
Total
111
110
0
0
HAVWOODS GLOBAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Employees
(Continued)
- 27 -
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
6,135,767
6,269,772
Social security costs
548,200
608,414
-
-
Pension costs
400,278
92,404
7,084,245
6,970,590
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
165,999
56,521
Other interest income
6,452
1,403
Total interest revenue
172,451
57,924
Income from fixed asset investments
Income from other fixed asset investments
126,862
118,047
Total income
299,313
175,971
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
16,566
46,127
Other interest on financial liabilities
176,418
137,937
Interest on finance leases and hire purchase contracts
1,643
4,266
Total finance costs
194,627
188,330
9
Other gains and losses
2024
2023
£
£
Changes in the fair value of investment properties
-
329,476
HAVWOODS GLOBAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,355,660
1,094,194
Adjustments in respect of prior periods
(100,341)
Double tax relief
(179,571)
(109,626)
Total UK current tax
1,176,089
884,227
Foreign current tax on profits for the current period
130,437
(32,608)
Total current tax
1,306,526
851,619
Deferred tax
Origination and reversal of timing differences
35,513
124,315
Tax losses carried forward
(27,315)
(18,955)
Total deferred tax
8,198
105,360
Total tax charge
1,314,724
956,979
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
4,997,154
2,885,316
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
1,249,289
721,329
Tax effect of expenses that are not deductible in determining taxable profit
9,377
73,033
Tax effect of income not taxable in determining taxable profit
(5,051)
Gains not taxable
(25,933)
(82,369)
Unutilised tax losses carried forward
(27,315)
(18,955)
Adjustments in respect of prior years
(100,341)
Effect of change in corporation tax rate
-
(61,930)
Fixed asset differences
44,861
41,694
Foreign tax differences
43,564
384,518
Movement in deferred tax not recognised
25,932
-
Taxation charge
1,314,724
956,979
11
Discontinued operations
Trekker
In the previous year the company ceased the operation of the Trekker (decking) department.
HAVWOODS GLOBAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Discontinued operations
(Continued)
- 29 -
12
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
-
4,050,000
13
Intangible fixed assets
Group
Goodwill
Software
Customer lists
Trademarks
Total
£
£
£
£
£
Cost
At 1 January 2024
1,418,656
288,055
125,000
313,629
2,145,340
Additions
159,909
159,909
Disposals
(6,282)
(6,282)
Exchange adjustments
(22)
(22)
At 31 December 2024
1,418,656
441,660
125,000
313,629
2,298,945
Amortisation and impairment
At 1 January 2024
1,418,656
134,219
125,000
26,135
1,704,010
Amortisation charged for the year
70,091
62,724
132,815
Disposals
(6,282)
(6,282)
Exchange adjustments
(22)
(22)
At 31 December 2024
1,418,656
198,006
125,000
88,859
1,830,521
Carrying amount
At 31 December 2024
243,654
224,770
468,424
At 31 December 2023
153,836
287,494
441,330
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
HAVWOODS GLOBAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
14
Tangible fixed assets
Group
Buildings and showrooms
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2024
9,595,606
650,703
732,527
2,126,428
2,253,232
15,358,496
Additions
200,969
14,677
64,434
133,489
602,981
1,016,550
Disposals
(360,590)
(9,000)
(1,019,745)
(691,020)
(2,080,355)
Exchange adjustments
11,505
6,713
(1,431)
16,787
At 31 December 2024
9,435,985
676,885
787,961
1,246,885
2,163,762
14,311,478
Depreciation and impairment
At 1 January 2024
3,089,606
400,770
473,273
1,759,837
1,115,319
6,838,805
Depreciation charged in the year
444,633
69,255
85,879
124,622
312,374
1,036,763
Eliminated in respect of disposals
(360,590)
(5,666)
(1,010,915)
(463,482)
(1,840,653)
Exchange adjustments
8,492
5,231
(557)
13,166
At 31 December 2024
3,173,649
478,517
553,486
878,775
963,654
6,048,081
Carrying amount
At 31 December 2024
6,262,336
198,368
234,475
368,110
1,200,108
8,263,397
At 31 December 2023
6,506,000
249,933
259,254
366,591
1,137,913
8,519,691
Company
Buildings and showrooms
£
Cost
At 1 January 2024 and 31 December 2024
5,186,517
Depreciation and impairment
At 1 January 2024
276,615
Depreciation charged in the year
103,731
At 31 December 2024
380,346
Carrying amount
At 31 December 2024
4,806,171
At 31 December 2023
4,909,902
HAVWOODS GLOBAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
14
Tangible fixed assets
(Continued)
- 31 -
The carrying value of land and buildings comprises:
Group
Company
2024
2023
2024
2023
£
£
£
£
Freehold
6,262,336
6,506,000
4,806,171
4,909,902
Investment properties rented to other group entities are included within buildings and showrooms. The carrying value of these investment properties included within tangible fixed assets is £4,806,171 (2023: £4,909,902).
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
114,194
Freehold land and buildings with a carrying amount of £4,806,171 (2023:£4,909,902) have been pledged to secure borrowings of the company. The company is not permitted to pledge these assets as security for other borrowings or to sell them to another entity.
15
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 January 2024 and 31 December 2024
3,400,000
3,400,000
In the previous year investment property with a carrying value of £3,400,000 were revalued by Robert Pinkus & Co, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Cost
4,235,838
4,235,838
4,235,838
4,235,838
Accumulated depreciation
(339,978)
(255,261)
(339,978)
(255,261)
Carrying amount
3,895,860
3,980,577
3,895,860
3,980,577
HAVWOODS GLOBAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
15
Investment property
(Continued)
- 32 -
The carrying value of land and buildings comprises:
Group
Company
2024
2023
2024
2023
£
£
£
£
Freehold
3,400,000
3,400,000
3,400,000
3,400,000
16
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
17
22,288,757
15,858,284
Investments in associates
228,949
228,949
228,949
228,949
22,288,757
15,858,284
Movements in fixed asset investments
Group
Shares in associates
£
Cost or valuation
At 1 January 2024 and 31 December 2024
258,119
Impairment
At 1 January 2024 and 31 December 2024
29,170
Carrying amount
At 31 December 2024
228,949
At 31 December 2023
228,949
HAVWOODS GLOBAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
16
Fixed asset investments
(Continued)
- 33 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
15,887,454
Additions
6,430,473
At 31 December 2024
22,317,927
Impairment
At 1 January 2024 and 31 December 2024
29,170
Carrying amount
At 31 December 2024
22,288,757
At 31 December 2023
15,858,284
17
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Havwoods Australia Limited
Unit 12-14 Carnforth Business Park, Oakwood Way, Carnforth, Lancashire, England, LA5 9FD
Ordinary
100.00
Havwoods Germany Gmbh
Behrenstrasse 15, 10117, Berlin, Germany
Ordinary
100.00
Havwoods International Inc
155 West 18th Street New York, New York 10011
Ordinary
100.00
Havwoods International Limited
#2 Marconi Road, Oxbow, Saskatchewan, Canada, SOC 2BO
Ordinary
100.00
Havwoods Limited
Carnforth Business Park, Oakwood Way, Carnforth, Lancashire, England, LA5 9FD
Ordinary
100.00
Havwoods Scandinavia ApS
Jydekrogen 18. 2625 Vallensbaek, Denmark
Ordiinary
66.67
The investments in subsidiaries are all stated at cost less any accumulated impairment losses in the company statement of financial position. Details of how these are consolidated are given in the basis of consolidation policy within the accounting policies.
18
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
6,804,866
6,517,674
HAVWOODS GLOBAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 34 -
19
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,390,716
3,306,593
1,982
9,478
Corporation tax recoverable
150,595
22
Amounts owed by group undertakings
-
-
603,029
5,615,392
Amounts owed by undertakings in which the company has a participating interest
1,517,302
1,322,168
-
-
Other debtors
859,791
883,679
3,712
Prepayments and accrued income
412,473
404,690
7,180,282
6,067,725
608,745
5,624,870
20
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
22
119,799
Obligations under finance leases
23
59,813
Other borrowings
22
943,491
3,798,226
943,491
3,798,226
Trade creditors
1,299,206
1,282,051
4,238
1,486
Amounts owed to group undertakings
13,371,849
13,120,375
Corporation tax payable
222,126
160,549
12,325
Other taxation and social security
840,762
830,572
23,676
29,703
Other creditors
2,551,487
2,233,514
83,100
83,100
Accruals and deferred income
834,851
965,094
23,000
22,013
6,811,722
9,329,819
14,449,354
17,067,228
21
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
23
10,212
HAVWOODS GLOBAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 35 -
22
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank overdrafts
119,799
Other loans
943,491
3,798,226
943,491
3,798,226
1,063,290
3,798,226
943,491
3,798,226
Payable within one year
1,063,290
3,798,226
943,491
3,798,226
Bank loans are secured by a charge over Carnforth Business Park, Oakwood Way, Carnforth, LA5 9FD. The company is not permitted to pledge these assets as security for other borrowings or to sell them to another entity.
Other loans are directors' loans. Interest is charged on these loans at a commercial rate and the loans are repayable on demand.
23
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
61,582
In two to five years
10,264
-
71,846
-
-
Less: future finance charges
(1,821)
-
70,025
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
24
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Onerous lease
326,691
172,270
-
-
HAVWOODS GLOBAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
24
Provisions for liabilities
(Continued)
- 36 -
Movements on provisions:
Onerous lease
Group
£
At 1 January 2024
172,270
Additional provisions in the year
154,421
At 31 December 2024
326,691
In the previous and current year, the directors reviewed the lease in Havwoods International Inc and concluded that the unavoidable costs related to the the lease outweighed the economic benefits. The directors have therefore provided for an onerous lease provision for this amount.
25
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
509,321
473,788
Tax losses
(46,591)
(19,256)
462,730
454,532
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
218,345
218,105
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
454,532
218,105
Charge to profit or loss
8,198
240
Liability at 31 December 2024
462,730
218,345
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
HAVWOODS GLOBAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 37 -
26
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
400,278
92,404
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
27
Share-based payment transactions
The group operates an Enterprise Management Incentive share option plan. These share options can be exercised when conditions are met, which is then the vesting date. The option holders are key employees of a subsidiary company.
The growth shares only carry capital rights and don't include any voting rights or rights to dividends.
Group and company
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 January 2024
825
950
97.94
97.94
Forfeited
(30)
(125)
97.94
97.94
Outstanding at 31 December 2024
795
825
97.94
97.94
Exercisable at 31 December 2024
-
-
-
-
The options outstanding at 31 December 2024 had an exercise price of £97.94, and a remaining contractual life of 6 years.
HAVWOODS GLOBAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 38 -
28
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
2,102,781
2,102,781
2,102,781
2,102,781
B Ordinary shares of £1 each
3,532,401
3,532,401
3,532,401
3,532,401
D Ordinary shares of £1 each
32,510
32,510
32,510
32,510
E Ordinary shares of £1 each
184,755
184,755
184,755
184,755
F Ordinary shares of £1 each
184,755
184,755
184,755
184,755
G Ordinary shares of £1 each
184,755
184,755
184,755
184,755
I Ordinary shares of £1 each
969,965
969,965
969,965
969,965
J Ordinary shares of £1 each
1,106,814
1,106,814
1,106,814
1,106,814
K Ordinary share of £1 each
969,964
969,964
969,964
969,964
M Ordinary share of £1 each
1,077,705
1,077,705
1,077,705
1,077,705
N Ordinary share of £1 each
107,790
107,790
107,790
107,790
O Ordinary share of £1 each
107,790
107,790
107,790
107,790
P Ordinary share of £1 each
107,790
107,790
107,790
107,790
Q Ordinary share of £1 each
107,790
107,790
107,790
107,790
10,777,565
10,777,565
10,777,565
10,777,565
29
Reserves
Merger reserve
A reserve created as a result of merger accounting principles being applied on the inclusion of Havwoods Limited in the financial statements.
Profit and loss reserves
Cumulative profit and loss net of distributions to owners.
30
Financial commitments, guarantees and contingent liabilities
At the year end there is a deferred duty bond of £10,000 in place with HMRC.
Havwoods Australia Limited, a subsidiary undertaking, has applied the exemption from audit under section 479A of the Companies Act 2006. As such the parent undertaking guarantees all outstanding liabilities to which the company is subject at the end of the financial year, until they are satisfied in full, and the guarantee is enforceable against the parent undertaking by any person to whom the subsidiary company is liable in respect of those liabilities.
HAVWOODS GLOBAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 39 -
31
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
922,794
827,381
-
-
Between two and five years
1,316,262
1,668,950
-
-
2,239,056
2,496,331
-
-
32
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2024
2023
£
£
Aggregate compensation
1,269,005
1,097,998
Other information
Included within debtors is £1,517,302 (2023: £1,322,168) due from a number of Unit Trusts in which the group has a participating interest via Havwoods Australia Limited. The amount relates to amounts advanced.
Included within investments is £228,949 (2023: £228,949) relating to shareholdings in Unit Trusts.
During the year sales of £41,600 (2023: £84,568) and rents of £75,000 (2023: £75,000) were received from HFSCo Limited, a company connected by common officers. At the year end the group was owed £4,115 (2023: £7,821) by HFSCo Limited.
During the year rent and charges of £nil (2023: £3,500) were received from Strongdor Limited, a company related by common officers.
At the year end £16,995 (2023: £16,995) was owed by Strong Developments Limited, a company related by virtue of common officers.
During the year consultancy costs of £180,214 (2023: £75,000) were paid to SJG Partnership Limited, a company connected by common officers.
33
Directors' transactions
Dividends totalling £0 (2023 - £2,950,000) were paid in the year in respect of shares held by the company's directors.
At the year end there is a balance of £943,491 (2023: £3,798,226) owed to directors of the group and close family members. The current year movement relates to drawings taken and dividends received.
HAVWOODS GLOBAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 40 -
34
Cash generated from group operations
2024
2023
£
£
Profit after taxation
3,682,430
1,928,337
Adjustments for:
Share of results of associates and joint ventures
(652,287)
(399,592)
Taxation charged
1,314,724
956,979
Finance costs
194,627
188,330
Investment income
(299,313)
(175,971)
Gain on disposal of tangible fixed assets
(73,967)
(82,111)
Fair value gain on investment properties
(329,476)
Amortisation and impairment of intangible assets
132,815
364,967
Depreciation and impairment of tangible fixed assets
1,036,763
942,395
Increase in provisions
154,421
172,270
Movements in working capital:
(Increase)/decrease in stocks
(287,192)
2,448,363
(Increase)/decrease in debtors
(1,068,018)
3,245,726
Increase/(decrease) in creditors
215,075
(1,628,198)
Cash generated from operations
4,350,078
7,632,019
35
Analysis of changes in net funds - group
1 January 2024
Cash flows
Exchange rate movements
31 December 2024
£
£
£
£
Cash at bank and in hand
4,833,070
48,308
(84,279)
4,797,099
Bank overdrafts
(119,799)
-
(119,799)
4,833,070
(71,491)
(84,279)
4,677,300
Borrowings excluding overdrafts
(3,798,226)
2,854,735
-
(943,491)
Obligations under finance leases
(70,025)
70,025
-
-
964,819
2,853,269
(84,279)
3,733,809
2024-12-312024-01-01falsefalseCCH SoftwareCCH Accounts Production 2025.200Mr O M WhileyMr N WhileyMr S WhileyMrs E J WhileyMrs E J 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