Company registration number 14488563 (England and Wales)
HIGHADMIT BUILDING SERVICES HOLDINGS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
HIGHADMIT BUILDING SERVICES HOLDINGS LTD
COMPANY INFORMATION
Directors
Mr M Tuchli
Mr N Tuchli
Company number
14488563
Registered office
The Old Courthouse
Heol Y Gyfraith
Talbot Green
Pontyclun
CF72 8AJ
Auditor
UHY Hacker Young
Bradbury House
Mission Court
Newport
Gwent
United Kingdom
NP20 2DW
HIGHADMIT BUILDING SERVICES HOLDINGS LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 30
HIGHADMIT BUILDING SERVICES HOLDINGS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

The company became the parent of the Highadmit group on 3 January 2023.

Review of the business

There have not been any changes in the principal activities of the group in the year under review. The director is delighted to report a strong year for the grou p.

As shown in the profit and loss account, the group’s revenue for the year decreased by 0.98% compared with 2023, to £18,224,933 from £18,405,399, however, 2023 was a 13 month period, therefore on a pro-rated basis revenue increased by 7.27%.

The operating profit was £1,570,217 for the year to 31 December 2024 compared to £749,172 for the 13 month period to 31 December 2023.

Gross profit improved from 14.9% to 21.9% due to a combination of project mix as well as improvements resulting from the group's strategic project management. In 2023, the group bore significant increases in labour and material costs after project budgets has been prepared and agreed.

At 31 December 2024 the group has net current assets of £3,197,122 (2023: £2,786,829) and net assets of £3,909,099 (2023: £3,552,376) as shown on the balance sheet on page 10.

We aim to present a balanced and comprehensive review of the development and performance of the group during the year and its position at year end. The group has established an exceptional reputation within the industry and accepts reoccurring orders from numerous clients. Our company has been performing exceptionally well in the current market, thanks to our loyal customers and dedicated staff. We have secured contracts and projects which will boost our revenue and profitability. We are confident that we will continue to grow and deliver outstanding results for our stakeholders.

Principal risks and uncertainties

The company operates in a highly competitive market which is a continuing risk to the company and could result in losing sales to its key competitors. The company manages this risk by focusing on quality of service.

The company's activities expose it to a number of financial risks including price risk, credit risk, cash flow risk and liquidity risk. The company does not use derivative financial instruments for speculative purposes.

Cash flow risk

The company has no interest bearing assets and few interest bearing liabilities which minimises the uncertainty of cash flows.

Credit Risk

The company's principal financial assets are cash, and trade and other receivables.

The company's credit risk is primarily attributed to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables.

The company has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.

Liquidity risk

The company manages the liquidity risk by monitoring working capital and ensuring there are sufficient funds to meet payments.

Key performance indicators

The Board regards the key measures of operating effectiveness to be sales growth and margins. However, the performance of individual contracts is also regarded as a key indicator of performance. Each contract is assessed individually with a number of large contracts per year. The company is satisfied with the contract performance in the year with no real issues noted. The contracts largely ran to budget and on time which means that the company hit its targets and the customers were generally delighted.

HIGHADMIT BUILDING SERVICES HOLDINGS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

On behalf of the board

Mr N Tuchli
Director
12 September 2025
HIGHADMIT BUILDING SERVICES HOLDINGS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their first annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company is that of a holding company, the principal activity of the group continued to be that of electrical installation.

Results and dividends

The results for the year are set out on page 8; a review of the business is set out in the Strategic Report on page 1.

Ordinary dividends were paid amounting to £486,913. 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 M Tuchli
Mr N Tuchli
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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr N Tuchli
Director
12 September 2025
HIGHADMIT BUILDING SERVICES HOLDINGS LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

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.

HIGHADMIT BUILDING SERVICES HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HIGHADMIT BUILDING SERVICES HOLDINGS LTD
- 5 -
Opinion

We have audited the financial statements of Highadmit Building Services Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the 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.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual 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:

- T he information given in the strategic report and the directors' r eport 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.

HIGHADMIT BUILDING SERVICES HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HIGHADMIT BUILDING SERVICES HOLDINGS LTD
- 6 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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' r esponsibilities s tatement, 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.

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 relevant sector;

- 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, including the Companies Act 2006 and ISO standards;

- 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.

HIGHADMIT BUILDING SERVICES HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HIGHADMIT BUILDING SERVICES HOLDINGS LTD
- 7 -

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.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial statements, 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.

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.

Mr John Griffiths (Senior Statutory Auditor)
For and on behalf of UHY Hacker Young
12 September 2025
Chartered Accountants
Statutory Auditor
Newport
Gwent
United Kingdom
HIGHADMIT BUILDING SERVICES HOLDINGS LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
Year
13 months
ended
to
31 December
31 December
2024
2023
Notes
£
£
Turnover
3
18,224,933
18,405,399
Cost of sales
(14,228,448)
(15,666,956)
Gross profit
3,996,485
2,738,443
Administrative expenses
(2,426,268)
(1,989,271)
Operating profit
4
1,570,217
749,172
Interest receivable and similar income
8
13,229
23,695
Interest payable and similar expenses
9
(11,545)
(11,773)
Profit before taxation
1,571,901
761,094
Tax on profit
10
(427,491)
(198,869)
Profit for the financial year
1,144,410
562,225
Profit for the financial year is attributable to:
- Owners of the parent company
880,379
562,225
- Non-controlling interests
264,031
-
1,144,410
562,225
HIGHADMIT BUILDING SERVICES HOLDINGS LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
Year
13 months
ended
to
31 December
31 December
2024
2023
£
£
Profit for the year
1,144,410
562,225
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
1,144,410
562,225
Total comprehensive income for the year is attributable to:
- Owners of the parent company
880,379
562,225
- Non-controlling interests
264,031
-
0
1,144,410
562,225
HIGHADMIT BUILDING SERVICES HOLDINGS LTD
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
-
0
-
0
Tangible assets
12
711,977
765,547
711,977
765,547
Current assets
Stocks
16
13,049
12,443
Debtors
17
5,299,828
3,308,917
Cash at bank and in hand
2,670,214
1,665,226
7,983,091
4,986,586
Creditors: amounts falling due within one year
18
(4,785,969)
(2,199,757)
Net current assets
3,197,122
2,786,829
Total assets less current liabilities
3,909,099
3,552,376
Creditors: amounts falling due after more than one year
19
(56,533)
(81,919)
Provisions for liabilities
Deferred tax liability
22
(89,822)
(101,175)
(89,822)
(101,175)
Net assets
3,762,744
3,369,282
Capital and reserves
Called up share capital
24
100
100
Profit and loss reserves
3,762,614
3,369,148
Equity attributable to owners of the parent company
3,762,714
3,369,248
Non-controlling interests
30
34
Total equity
3,762,744
3,369,282

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 12 September 2025 and are signed on its behalf by:
12 September 2025
Mr N Tuchli
Director
Company registration number 14488563 (England and Wales)
HIGHADMIT BUILDING SERVICES HOLDINGS LTD
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
270
266
270
266
Current assets
Debtors
17
100
100
Creditors: amounts falling due within one year
18
(270)
(266)
Net current liabilities
(170)
(166)
Net assets
100
100
Capital and reserves
Called up share capital
24
100
100

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £486,913 (2023 - £420,052 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 12 September 2025 and are signed on its behalf by:
12 September 2025
Mr N Tuchli
Director
Company registration number 14488563 (England and Wales)
HIGHADMIT BUILDING SERVICES HOLDINGS LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
Balance at 16 November 2022
-
0
3,423,345
3,423,345
-
3,423,345
Period ended 31 December 2023:
Profit and total comprehensive income
-
562,225
562,225
-
562,225
Issue of share capital
24
100
-
100
-
100
Dividends
11
-
(616,422)
(616,422)
-
(616,422)
Other movements
-
-
-
34
34
Balance at 31 December 2023
100
3,369,148
3,369,248
34
3,369,282
Year ended 31 December 2024:
Profit and total comprehensive income
-
880,379
880,379
264,031
1,144,410
Dividends
11
-
(486,913)
(486,913)
(264,031)
(750,944)
Acquisition of Non-controlling interest
13
-
-
-
(4)
(4)
Balance at 31 December 2024
100
3,762,614
3,762,714
30
3,762,744
HIGHADMIT BUILDING SERVICES HOLDINGS LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 16 November 2022
-
0
-
0
-
Period ended 31 December 2023:
Profit and total comprehensive income for the period
-
420,052
420,052
Issue of share capital
24
100
-
100
Dividends
11
-
(420,052)
(420,052)
Balance at 31 December 2023
100
-
0
100
Year ended 31 December 2024:
Profit and total comprehensive income
-
486,913
486,913
Dividends
11
-
(486,913)
(486,913)
Balance at 31 December 2024
100
-
0
100
HIGHADMIT BUILDING SERVICES HOLDINGS LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
1,795,996
1,777,344
Interest paid
(11,545)
(11,773)
Income taxes paid
(166,398)
(151,909)
Net cash inflow from operating activities
1,618,053
1,613,662
Investing activities
Purchase of tangible fixed assets
(23,032)
(309,599)
Proceeds from disposal of tangible fixed assets
5,665
-
Repayment of loans
195,225
(1,245)
Interest received
13,229
23,695
Net cash generated from/(used in) investing activities
191,087
(287,149)
Financing activities
(Acquisition)/Issue of shares to non controlling interests
(4)
34
Repayment of bank loans
(9,919)
(30,625)
Payment of finance leases obligations
(43,285)
(15,785)
Dividends paid to equity shareholders
(486,913)
(616,422)
Dividends paid to non-controlling interests
(264,031)
-
0
Net cash used in financing activities
(804,152)
(662,798)
Net increase in cash and cash equivalents
1,004,988
663,715
Cash and cash equivalents at beginning of year
(1,665,226)
1,001,511
Cash and cash equivalents at end of year
2,670,214
1,665,226
HIGHADMIT BUILDING SERVICES HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
1
Accounting policies
Company information

Highadmit Building Services Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

The group consists of Highadmit Building Services Holdings Ltd 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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. 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 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Business combinations

The merger method of accounting has been applied for the acquisition of Highadmit Projects Limited; this presents Highadmit Building Services Holdings Ltd as if it had always been the parent of the group. Acquisition accounting has been used for other entities.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Highadmit Building Services Holdings Ltd together with all entities controlled by the parent company (its subsidiaries).

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 g roup.

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 until the date that control ceases.

HIGHADMIT BUILDING SERVICES HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
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 contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed.

1.6
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:

Freehold land and buildings
2% straight line
Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
Motor vehicles
15% reducing balance

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.

1.7
Fixed asset investments

Equity in vest ments 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.

I n the parent company financial statements, investments in subsidiaries, 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.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible 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.

HIGHADMIT BUILDING SERVICES HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -

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.

1.9
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.

1.10
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.

1.11
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 m ethod 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.

HIGHADMIT BUILDING SERVICES HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
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 paymen ts 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.

HIGHADMIT BUILDING SERVICES HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.12
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.

1.13
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.

1.14
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.

HIGHADMIT BUILDING SERVICES HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
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 lease d asset are consumed.

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.

Revenue recognition

As noted in 1.3 above, revenue from contracts is recognised by reference to the stage of completion, this inevitably involves the directors making estimates about the total anticipated costs of contracts and the future costs; these estimates can have a significant effect on revenue recognition and profit.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Recoverability of retention balances

Management regularly reviews retention balances and makes provision for balances that it believes will not be recovered. The assessment of retention recovery requires management's best estimate based on knowledge of the underlying contracts and past history of recovery.

HIGHADMIT BUILDING SERVICES HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
3
Turnover and other revenue
Year to 31 December 2024
13m to 31 December 2023
£
£
Turnover analysed by class of business
Contract sales
18,224,933
18,405,399
Year to 31 December 2024
13m to 31 December 2023
£
£
Other revenue
Interest income
13,229
23,695
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
41,593
38,700
Depreciation of tangible fixed assets held under finance leases
31,255
36,770
Profit on disposal of tangible fixed assets
(1,911)
-
Operating lease charges
67,144
54,747
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
3,600
500
Audit of the financial statements of the company's subsidiaries
16,035
9,500
19,635
10,000
For other services
Taxation compliance services
6,330
4,400
HIGHADMIT BUILDING SERVICES HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
12m to 31 December 2024
13m to 31 December 2023
2024
2023
Number
Number
Number
Number
Productive labour
36
40
-
-
Admin and management
31
18
-
-
Total
67
58
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
12m to 31 December 2024
13m to 31 December 2023
2024
2023
£
£
£
£
Wages and salaries
2,447,527
1,991,728
-
0
-
0
Social security costs
220,215
172,569
-
-
Pension costs
224,081
78,415
-
0
-
0
2,891,823
2,242,712
-
0
-
0
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
37,361
21,189
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
13,229
23,695
HIGHADMIT BUILDING SERVICES HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
2,134
2,931
Interest on finance leases and hire purchase contracts
9,411
8,842
Total finance costs
11,545
11,773
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
438,844
166,398
Deferred tax
Origination and reversal of timing differences
(11,353)
32,471
Total tax charge
427,491
198,869

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
1,571,901
761,094
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
392,975
179,009
Tax effect of expenses that are not deductible in determining taxable profit
34,018
19,863
Dividend income
(121,728)
(98,796)
Depreciation in excess of capital allowances
498
(3)
Taxation charge
305,763
100,073
Taxation charge in the financial statements
427,491
198,869
Reconciliation - the current year tax charge does not reconcile to the above analysis. Please review figures in the database.
(121,728)
(98,796)
HIGHADMIT BUILDING SERVICES HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
486,913
420,052
12
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
372,181
27,154
116,222
561,176
1,076,733
Additions
-
0
3,248
19,784
-
0
23,032
Disposals
-
0
-
0
-
0
(11,215)
(11,215)
At 31 December 2024
372,181
30,402
136,006
549,961
1,088,550
Depreciation and impairment
At 1 January 2024
32,337
25,323
70,511
183,015
311,186
Depreciation charged in the year
7,444
640
8,603
56,161
72,848
Eliminated in respect of disposals
-
0
-
0
-
0
(7,461)
(7,461)
At 31 December 2024
39,781
25,963
79,114
231,715
376,573
Carrying amount
At 31 December 2024
332,400
4,439
56,892
318,246
711,977
At 31 December 2023
339,844
1,831
45,711
378,161
765,547
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
270
266
HIGHADMIT BUILDING SERVICES HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
266
Additions
4
At 31 December 2024
270
Carrying amount
At 31 December 2024
270
At 31 December 2023
266

During the year the group acquired a further 4 shares in Highadmit Projects (Mechanical) Limited.

14
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Highadmit Projects Limited
1
Ordinary
100.00
Highadmit Projects (Mechanical) Limited
1
Ordinary
90.00
Highadmit Interiors Limited
1
Ordinary
80.00

Registered office addresses (all UK unless otherwise indicated):

1
The Old Courthouse, Heol Y Gyfraith, Talbot Green, Pontyclun, CF72 8AJ
15
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
2,244,974
1,725,217
-
n/a
Carrying amount of financial liabilities
Measured at amortised cost
4,289,035
1,967,597
-
n/a
HIGHADMIT BUILDING SERVICES HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
13,049
12,443
-
0
-
0
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,369,054
242,092
-
0
-
0
Gross amounts owed by contract customers
2,819,582
1,465,387
-
0
-
0
Other debtors
1,036,211
1,565,012
100
100
Prepayments and accrued income
74,981
36,426
-
0
-
0
5,299,828
3,308,917
100
100
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
20
10,924
13,704
-
0
-
0
Obligations under finance leases
21
25,453
50,491
-
0
-
0
Payments received on account
500,421
-
0
-
0
-
0
Trade creditors
1,976,711
758,012
-
0
-
0
Corporation tax payable
438,844
166,398
-
0
-
0
Other taxation and social security
114,623
147,681
-
-
Other creditors
1,669,178
1,047,721
270
266
Accruals and deferred income
49,815
15,750
-
0
-
0
4,785,969
2,199,757
270
266
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
6,079
13,218
-
0
-
0
Obligations under finance leases
21
50,454
68,701
-
0
-
0
56,533
81,919
-
-
HIGHADMIT BUILDING SERVICES HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
17,003
26,922
-
0
-
0
Payable within one year
10,924
13,704
-
0
-
0
Payable after one year
6,079
13,218
-
0
-
0

The long-term loans are secured by fixed charges over the property held in the accounts.

21
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
25,453
50,491
-
0
-
0
In two to five years
50,454
68,701
-
0
-
0
75,907
119,192
-
-

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 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

22
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
93,371
104,724
Provisions
(3,549)
(3,549)
89,822
101,175
The company has no deferred tax assets or liabilities.
HIGHADMIT BUILDING SERVICES HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
22
Deferred taxation
(Continued)
- 28 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
101,175
-
Credit to profit or loss
(11,353)
-
Liability at 31 December 2024
89,822
-

23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
224,081
78,415

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.

24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
28
28
28
28
Ordinary B of £1 each
25
25
25
25
Ordinary C of £1 each
5
5
5
5
Ordinary D of £1 each
5
5
5
5
Ordinary E of £1 each
5
5
5
5
Ordinary F of £1 each
5
5
5
5
Ordinary G of £1 each
27
27
27
27
100
100
100
100

On 3 January 2023 the company issued 100 £1 ordinary shares in exchange for 100 £1 ordinary shares in Highadmit Projects Limited. The company has applied merger relief in accordance with s612 of the Companies Act 2006, therefore, no premium has been accounted for, and the investment has been recorded at the nominal value of the shares issued.

HIGHADMIT BUILDING SERVICES HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
25
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
68,790
37,649
-
-
Between two and five years
93,367
60,541
-
-
162,157
98,190
-
-
26
Related party transactions

The company has taken advantage of the exemption, under the terms of FRS 102, section 33.1A, not to disclose related party transactions with wholly owned subsidiaries within the group.

M T Properties (South Wales) Limited is a company with a mutual director being Mac Tuchli. At 31 December 2024 the group was owed £782,600 (2023: £782,600) by M T Properties (South Wales) Limited, this balance being included within other debtors.

NT Holdings South Wales Ltd is a company with a mutual director being Nikolai Tuchli. At 31 December 2024 the group was owed £30,000 (2023: £150,000) by NT Holdings South Wales Ltd, this balance being included within other debtors.

At 31 December 2024 there were unsecured directors' loan accounts owed to the group of £nil (2023: £195,000) from Nikolai Tuchli. Interest is receivable on directors' loan account balances in excess of £10,000 at the HMRC official rate of 2.25% per annum.

27
Directors' transactions

Dividends totalling £224,200 (2023: £160,299) were paid in the period in respect of shares held by the company's directors.

28
Controlling party

The company is ultimately controlled by Mekola Tuchli by virtue of his shareholding.

HIGHADMIT BUILDING SERVICES HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
29
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit for the year after tax
1,144,410
562,225
Adjustments for:
Taxation charged
427,491
198,869
Finance costs
11,545
11,773
Investment income
(13,229)
(23,695)
Gain on disposal of tangible fixed assets
(1,911)
-
Depreciation and impairment of tangible fixed assets
72,848
75,470
Movements in working capital:
Increase in stocks
(606)
(12,443)
Increase in debtors
(2,186,136)
(3,113,692)
Increase in creditors
2,341,584
1,969,164
Cash generated from/(absorbed by) operations
1,795,996
(332,329)
30
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,665,226
1,004,988
2,670,214
Borrowings excluding overdrafts
(26,922)
9,919
(17,003)
Obligations under finance leases
(119,192)
43,285
(75,907)
1,519,112
1,058,192
2,577,304
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