The directors present the strategic report for the period ended 31 December 2024.
The directors have undertaken a fair review of the business and some of the details are shown in the paragraphs below.
AHC Holdings Group Limited incorporated on 14 December 2023 and was inactive until it was inserted as the new parent company of the Alpine group of companies on 30 April 2024.
Group reconstruction
As detailed in accounting policy 1.2 of the financial statements, a group reconstruction was undertaken during the period to facilitate the buyout of existing shareholders in-part. This resulted in AHC Holdings Group Limited acquiring a 100% controlling interest in the Alpine group of companies on 30 April 2025. The exception to this, being an 80% majority shareholding in Bode Contract Limited, owned by an acquired entity. The group reconstruction has been accounted for using the purchase method of accounting. The use of merger accounting was prohibited due to a change in the ultimate equity shareholders in the net assets of the group. As the purchase method of accounting has been used, these financial statements only include the financial results of the group from 30th April 2024 – being the date that control of the group was obtained.
The directors consider the key risks to the business being global economic uncertainties impacted by the wars in Ukraine and middle east region, and by the volatility of the US tariffs and interest rate instability. These risks and uncertainties have potential impact on supply chains and customers trading abilities.
These risks are managed by an on-going regular review of the company’s risk register, implementing appropriate procedures and practices to mitigate risk wherever possible. The company and the management thereon are in a constant review cycle with policies and procedures, in accord with its ISO9001 accreditation.
The directors consider that the performance for 2024 was strong, with an increase in revenue of 23% on 2023 and more than 10% growth in EBITDA (earnings before interest, taxation, depreciation and amortisation) being seen within the main trading entity of the group. With three years of 20% year-on-year growth, they have seen the strength of the brand generating exceptional returns.
The directors reported an operating loss for the group of £57,454 (-0.5%) for the period ending 31 December 2024. The group result is considered to be skewed in making the accounting adjustments required in a first-year consolidated set of financial statements. The main trading subsidiary, Alpine HC Limited, reported an operating profit of £2,550,437 (15.8%) for the period ending 31 December 2024 with an increase in turnover of £3,011,089 from £13,117,370 to £16,128,459. This growth, demonstrating the continued strong performance of the main trading entity. At the period end, the group had shareholders’ funds of £6,391,043 of which, £5,485 was attributable to the non-controlling interest in Bode Contract Limited.
The group monitors performance through the use of the following KPIs:
Aggregate subsidiary entities sales growth year-on-year: 23.54%
Group gross profit margin: 29.59%
Group gross profit margin (excluding fair value adjustments to inventory): 39.37%
Group operating profit margin: (0.52%)
Group operating profit margin (excluding fair value adjustments to inventory): 9.81%
Group EBITDA margin: 2.00%
Group EBITDA margin (excluding fair value adjustments to inventory): 11.77%
The group uses margins that exclude fair value adjustments to inventory on the grounds these are seen as exceptional adjustments in the current period that skew normal trading results.
These KPIs are regularly reviewed to ensure alignment with strategic objectives.
The directors are committed to continue the strong levels of growth experienced and forecast this is achievable with further exploration into export markets. In addition to this, the group is committed to investment additional amounts into individuals, by way of bolstering sales staff whilst also putting focus and attention into the innovation and development of existing products and services.
On behalf of the board
The directors present their annual report and financial statements for the period ended 31 December 2024.
AHC Holdings Group Limited incorporated on 14 December 2023 and was inactive until it was inserted as the new parent company of the Alpine group of companies on 30 April 2024, as detailed in the accounting policy 1.1.
The results for the period are set out on page 9.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest payable, whilst also ensuring that the group has sufficient liquid resources to meet the operating needs of the business.
Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the board.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provisions are made for doubtful debts where necessary.
Details of future developments are given in the Strategic Report.
Benee Consulting Limited were appointed as auditor to the group and, in accordance with section 487(2) of the Companies Act 2006, are deemed to be re-appointed.
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
Qualified Opinion on the financial statements
We have audited the financial statements of AHC Holdings Group Limited (the 'parent company') and its subsidiaries (the 'group') for the period 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 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 a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for qualified opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's 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
Qualified opinions on other matters prescribed by the Companies Act 2006
We were not appointed as auditor of the group and parent company until after 30 April 2024 and thus did not observe the counting of physical stocks at the start of the year. We were unable to satisfy ourselves by alternative means concerning the stock quantities held at 30 April 2024, which is included as opening stock in the profit and loss account of £2,627,855, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary. In addition, were any adjustment to the stocks balance be required, the strategic report would also need to be amended.
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:
the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.
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:
Irregularities, including fraud,are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website,to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluation the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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.
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 £762,326.
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
AHC Holdings Group Limited (“the company”) is a private limited company incorporated, registered and trading in England and Wales with company number 15350223. The registered office is Azure House, Connaught Road, Kingswood, Hull, East Yorkshire, United Kingdom, HU7 3AP.
The group consists of AHC Holdings Group Limited and all of its subsidiaries.
The principal activities of the group during the period were the sales of care equipment within the UK care sector.
These accounts are drawn up to the 31st December 2024 and represent the first period of trade for the company.
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. 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.
Group reconstruction
AHC Holdings Group Limited incorporated on 14 December 2023 and was inactive until it was inserted as the new parent company of the Alpine group of companies, on 30 April 2024. The reconstruction was undertaken to facilitate a buyout of existing shareholders in-part.
The group reconstruction has been accounted for using the purchase method of accounting. The use of merger accounting was prohibited due to a change in the ultimate equity shareholders and an alteration in the non-controlling interests in the net assets of the group.
As the purchase method of accounting has been used these financial statements only include the financial results of the group from 30 April 2024 - being the date that control of the group commenced. No comparative financial information has been reported.
The names of the combining entities (other than the reporting entity) are:
Alpine HC Limited
Alpine HC Holdings Limited
Bode Contract Limited
Further details of the combining entities, and the fair value of the net assets acquired, are given in note 25 of the financial statements.
The consolidated group financial statements consist of the financial statements of the parent company AHC Holdings Group 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.
Subsidiary guarantee
The company, AHC Holdings Group Limited, with registered office Azure House Connaught Road, Kingswood, Hull, East Yorkshire, United Kingdom, HU7 3AP shall fully guarantee for all the liabilities of one subsidiary company:
Bode Contract Limited, with registered office Azure House Connaught Road, Kingswood, Hull, England, HU7 3AP, company number 14454942.
The subsidiary, Bode Contract Limited, is therefore exempt from audit obligations in accordance with section 479A of the Companies Act.
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.
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
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.
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 recovered.
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
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.
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 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.
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.
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.
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, 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.
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.
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.
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.
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, 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.
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 through 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.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
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.
The tax expense represents the sum of the tax currently payable and deferred 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 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.
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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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.
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
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 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.
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.
The share valuation used in connection with the restructure of Alpine HC Holdings Limited was derived using an enterprise value (EV) approach, applying a benchmark EBITDA multiple of 5.0x to maintainable earnings of £1,436,119. The final equity valuation of £7,940,000 reflected standard adjustments for net cash and debt.
This valuation was prepared based on management's assessment of comparable transactions within the healthcare sector. The transaction formed part of a wider group restructure and was settled through equity and internal capital movements alongside cash consideration.
As with any benchmark-based valuation, the outcome is subject to estimation uncertainty. A change of +/-0.25x in the EBITDA multiple would have resulted in an enterprise value movement of approximately £360,000. The valuation is therefore subject to estimation uncertainty in accordance with FRS 102 Section 8.7.
The average monthly number of persons (including directors) employed by the group and company during the period was:
Their aggregate remuneration comprised:
The actual charge for the period can be reconciled to the expected credit for the period based on the profit or loss and the standard rate of tax as follows:
Factors that may affect future tax changes
The group has claimed capital allowances on showroom improvements during the year, which have reduced taxable profits in 2024.These allowances are not expected to recur at the same level in future periods, which may result in higher taxable profits and corporation tax charges in subsequent years.
Future tax charges may also be impacted by changes in corporation tax rates, as well as the timing and classification of expenditure for tax purposes.
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
The group entered into a parent guarantee agreement with Bode Contract Limited on 3rd September 2025 in respect of the year ending 31st December 2024.
Bode Contract Limited, with its results included in these consolidated financial statements, is therefore exempt from the requirements of audit in respect of its individual financial statements, under section 479C of the Companies Act 2006.
Details of the company's subsidiaries at 31 December 2024 are as follows:
The differences between purchase and replacement cost are not material.
The amount of inventories recognised as an expense during the year was £6,493,914.
On 2nd May 2024 the company issue 600,000 £1 redeemable shares. These shares remain unredeemed at the balance sheet date and have been included within other borrowings. The shares were issued at par value, bearing a fixed cumulative preferential dividend at an annual rate of 0.001% and each hold a capital redemption amount of £1.
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 three years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
The deferred tax liability set out above is expected to reverse in line with the depreciation of tangible fixed assets and relates to accelerated capital allowances that are expected to mature over the same period.
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.
The total employers pension commitment for the group as at 31st December 2024 was £7,439 (company: £nil).
The company issued all of the above shares on incorporation.
Share capital - represents the nominal value of share capital called up and paid.
Other reserves - represents the cumulative excess value above the nominal amount of shares issued as part of consideration in business combinations.
Profit and loss account - represents the cumulative profits net of taxation and dividends paid.
Non-controlling interest - represents the minority 20% shareholding in Bode Contract Limited.
On 30 April 2024 the group acquired 100% percent of the issued capital of Alpine HC Holdings Limited.
The names of the combining entities (other than the reporting entity) are:
Alpine HC Holdings Limited (wholly owned subsidiary of AHC Holdings Group Limited)
Alpine HC Limited (wholly owned subsidiary of Alpine HC Holdings Limited)
Bode Contract Limited (80% owned subsidiary of Alpine HC Limited)
The book values detailed above comprise the three companies listed above. The activities of the companies are detailed below:
Alpine HC Holdings Limited - previous holding company not carrying on a trade.
Alpine HC Limited - the provision of beds, mattresses and other equipment to both private individuals and care organisations.
Bode Contract Limited - the provision of furniture in the hospitality industry.
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:
The group recharged expenses to a partly-owned subsidiary of £9,849 (at cost) during the period. These transactions have been eliminated on consolidation.
The group wrote off intercompany loans to partly-owned subsidiaries of £49,920 during the year. Again, these entries have been eliminated as part of the consolidation year-end procedures.
The following amounts were outstanding at the reporting end date:
The loans from the directors of 'the group' charge interest at a market equivalent rate but have no fixed term for repayment.
In aggregate, the maximum balances at any one point in the year due to/from the directors and shareholders was as follows:
Debit balance - £1
Credit balance - £1,450,799
The following amounts were outstanding at the reporting end date:
Amounts due from directors of partly-owned subsidiary entities (where directors are not directors of 'the group') total £133,987 at the period close. No interest is charged on this amount and there are no fixed terms for repayment. This balance represents the highest amount owed in the period.