Company registration number 14670802 (England and Wales)
ASSOCIATED GROUP HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
ASSOCIATED GROUP HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr S Turner
Mr Roy Turner
Mrs K Downing
Ms T Turner
Company number
14670802
Registered office
Security House
25 Addington Street
Manchester
Greater Manchester
M4 5EU
Auditor
BK Plus Audit Limited
Sterling House
501 Middleton Road
Chadderton
Oldham
Lancashire
OL9 9LY
ASSOCIATED GROUP HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 34
ASSOCIATED GROUP HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -

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

Principal activities

The principal activity of the group continued to be that of the supply and maintenance of security and access control equipment.

Review and analysis of the business during the current year

The directors are satisfied with the results of the business in the year under review.

On 1 May 2024, following a group restructure, the company became the parent company of Associated Security Services Holdings Ltd.

The performance of the group during the year continues to place it in a strong position to achieve continued growth and to provide the service that its customers require.

Principal risk and uncertainties facing the business

Management continually monitors the key risks facing the group together with assessing the controls used for managing these risks.

The principal risk identified is the that of the current global political and economic situation, which has led to increasing inflationary cost pressures. The risk in the short-term is managed by prudence being adhered to in our pricing, and where possible, ensuring we are not committed to long term fixed pricing in our tenders We are in regular contact with these businesses and continue to provide a quality service to them. Where possible, we are also looking to extend contracts which should also help us in minimising the risk.

Future developments

The continuing volatility in the global markets caused by the invasion of Ukraine, the war in the Middle East and the potential of a trade war will continue to have an impact on the UK economy over the next few years. We remain committed to providing a quality and efficient service to all our customers and continue to recognise the importance of maintaining close business relationships with them. Because of the impact caused by inflationary cost pressures, we continue to explore potential new markets, reviewing our product range and also implementing further controls which should help in minimising unnecessary costs. The group has continued to win new sizeable orders with both existing and new customers. We are confident that with our commitment to providing exceptional service and products to our customers then any future impact should be minimal. Our current level of orders remains high, but we are anticipating that there may be a weakening of the UK economy. We are confident that our service, pricing policy, management of overheads and strong liquid resources will enable us to continue to grow, even in a more challenging economy.

Key performance indicators

The directors measure the performance of the group by referring to the KPI’s such as; Turnover which for 2024 was £20,139,101 an increase on the prior year of £1,729,467; Gross Profit Margin which for 2024 showed 37.17%, a decrease of 3.24% on the previous year; Net Current Assets which for 2024 were £9,405,357, a decrease on the prior year of £707,748;

Debtors and creditors days continue to be well managed enabling the company to manage cashflow to the optimum level required. Levels of stock increased during the year under review as our policy of increasing our stock holding on high volume parts and materials was established. This will enable us to maintain the optimum level to ensure our service to our customers. Obtaining the correct pricing and stock control policy is fundamental to both the growth of the company and the provision of the quality service our customers expect.

ASSOCIATED GROUP HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -

On behalf of the board

Mr S Turner
Director
20 October 2025
ASSOCIATED GROUP HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -

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

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £641,400. 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 S Turner
Mr Roy Turner
Mrs K Downing
Ms T Turner
Statement of directors' responsibilities

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.

Future developments

The true group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments.

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.

ASSOCIATED GROUP HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
On behalf of the board
Mr S Turner
Director
20 October 2025
ASSOCIATED GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ASSOCIATED GROUP HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of Associated Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise 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 October 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.

ASSOCIATED GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ASSOCIATED GROUP HOLDINGS LIMITED
- 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.

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.

Based on our understanding of the company, we identified that the principal risks of non-compliance related to those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006 and FRS 102. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial results and management bias in accounting estimates. Appropriate audit procedures were therefore performed to address those risks including testing journal entries and challenging assumptions and judgements made by management in their significant accounting estimates. There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or

through collusion.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

ASSOCIATED GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ASSOCIATED GROUP HOLDINGS LIMITED
- 7 -

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

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.

Dominic Huxley ACA (Senior Statutory Auditor)
For and on behalf of BK Plus Audit Limited, Statutory Auditor
Chartered Certified Accountants
Sterling House
501 Middleton Road
Chadderton
Oldham
Lancashire
OL9 9LY
20 October 2025
ASSOCIATED GROUP HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
20,139,101
18,409,634
Cost of sales
(12,653,967)
(10,970,542)
Gross profit
7,485,134
7,439,092
Administrative expenses
(6,115,572)
(5,394,255)
Other operating income
158,982
137,037
Operating profit
5
1,528,544
2,181,874
Interest receivable and similar income
9
186,666
295,582
Interest payable and similar expenses
10
(101,216)
(108,514)
Profit before taxation
1,613,994
2,368,942
Tax on profit
11
(516,010)
(474,409)
Profit for the financial year
26
1,097,984
1,894,533
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
ASSOCIATED GROUP HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
13
775,945
60,072
Tangible assets
14
2,869,798
6,422,377
Investments
15
-
0
929,033
3,645,743
7,411,482
Current assets
Stocks
17
2,134,289
1,936,938
Debtors
18
8,557,217
8,116,814
Cash at bank and in hand
3,227,637
3,601,853
13,919,143
13,655,605
Creditors: amounts falling due within one year
19
(4,513,786)
(3,542,500)
Net current assets
9,405,357
10,113,105
Total assets less current liabilities
13,051,100
17,524,587
Creditors: amounts falling due after more than one year
20
(828,697)
(1,308,577)
Provisions for liabilities
Deferred tax liability
23
254,913
162,186
(254,913)
(162,186)
Net assets
11,967,490
16,053,824
Capital and reserves
Called up share capital
25
21,948,423
2
Other reserves
26
(8,767,122)
-
0
Profit and loss reserves
26
(1,213,811)
16,053,822
Total equity
11,967,490
16,053,824

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 20 October 2025 and are signed on its behalf by:
20 October 2025
Mr S Turner
Director
Company registration number 14670802 (England and Wales)
ASSOCIATED GROUP HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 10 -
2024
28th Feb 2024
Notes
£
£
£
£
Fixed assets
Investments
15
21,948,421
-
0
21,948,421
-
0
Current assets
Debtors
18
173,401
2
Cash at bank and in hand
33,400
-
0
206,801
2
Net current assets
206,801
2
Net assets
22,155,222
2
Capital and reserves
Called up share capital
25
21,948,423
2
Profit and loss reserves
26
206,799
-
0
Total equity
22,155,222
2

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 period ended 31 October 2024 was £374,999 (period ended 28 February 2024 - £0 profit).

The financial statements were approved by the board of directors and authorised for issue on 20 October 2025 and are signed on its behalf by:
20 October 2025
Mr S Turner
Director
Company registration number 14670802 (England and Wales)
ASSOCIATED GROUP HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 11 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 November 2022
-
0
-
14,595,889
14,595,889
Year ended 31 October 2023:
Profit and total comprehensive income
-
-
1,894,533
1,894,533
Issue of share capital
25
2
-
-
2
Dividends
12
-
-
(436,600)
(436,600)
Balance at 31 October 2023
2
-
16,053,822
16,053,824
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
1,097,984
1,097,984
Issue of share capital in business combination
25
21,948,421
-
-
21,948,421
Dividends
12
-
-
(641,400)
(641,400)
Other movements
-
(8,767,122)
(17,724,217)
(26,491,339)
Balance at 31 October 2024
21,948,423
(8,767,122)
(1,213,811)
11,967,490
ASSOCIATED GROUP HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Profit and total comprehensive income
-
-
-
0
Issue of share capital
25
2
-
2
Balance at 28 February 2024
2
-
0
2
Period ended 31 October 2024
Profit and total comprehensive income
-
374,999
374,999
Issue of share capital
25
21,948,421
-
21,948,421
Dividends
12
-
(168,200)
(168,200)
Balance at 31 October 2024
21,948,423
206,799
22,155,222
ASSOCIATED GROUP HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
3,032,275
1,258,106
Interest paid
(101,216)
(108,514)
Income taxes paid
(760,170)
(350,000)
Net cash inflow from operating activities
2,170,889
799,592
Investing activities
Purchase of business
(895,576)
-
Purchase of tangible fixed assets
(546,328)
(334,889)
Proceeds from disposal of tangible fixed assets
183,769
12,424
Interest received
186,666
131,969
Dividends received
-
0
163,613
Net cash used in investing activities
(1,071,469)
(26,883)
Financing activities
Proceeds from issue of shares
-
2
Repayment of borrowings
11,449
-
Repayment of bank loans
(442,559)
(137,160)
Payment of finance leases obligations
(401,126)
(420,643)
Dividends paid to equity shareholders
(641,400)
(436,600)
Net cash used in financing activities
(1,473,636)
(994,401)
Net decrease in cash and cash equivalents
(374,216)
(221,692)
Cash and cash equivalents at beginning of year
3,601,853
3,823,545
Cash and cash equivalents at end of year
3,227,637
3,601,853
ASSOCIATED GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 14 -
1
Accounting policies
Company information

Associated Group Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Security House, 25 Addington Street, Manchester, Greater Manchester, M4 5EU.

The group consists of Associated Group Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 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

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

ASSOCIATED GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Associated Group Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 October 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 from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

On 1 May 2024, the Company acquired the entire share capital of Associated Security Services Holdings Limited from its parent company by way of a share-for-share exchange. As the transaction was a common control group reorganisation, it has been accounted for using the merger accounting method. Accordingly, the results and cash flows of Associated Security Services Holdings Limited and subsidiaries have been included in the group financial statements as if it had always been part of the group. As such, these consolidated financial statements include the financial information in full for Associated Group Holdings Limited (for the full 12 months ending 31 October 2024) and Associated Security Services Holdings Limited and subsidiaries (for the full 12 months ending 31 October 2024). The Company only financial information is shown for the 8 month accounting period ending 31 October 2024.

Comparative amounts have been restated on a consistent basis.

Audit exemption by parent guarantee under the Companies Act 2006 (s479A) has been applied in respect of a subsidiary undertaking Bethcore Doors Limited.

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.

ASSOCIATED GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 16 -
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.

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.

Turnover from the rendering of 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, turnover is recognised only to the extent of the expenses recognised that it is probable will be recover ed.

Dividend income from investments is recognised when the shareholder's right to receive payment has been e stablished.

Interest income is recognised when it is probable that the economic benefits will flow to the group and the amount of turnover can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
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
Leasehold land and buildings
Over the life of the lease
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Motor vehicles
25% reducing balance
ASSOCIATED GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 17 -

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.

Included in motor vehicles above are commercial vehicles which are depreciated at a rate of 33.33% straight line.

1.8
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, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

ASSOCIATED GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 18 -

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.

1.10
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.

1.11
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.

1.12
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.

ASSOCIATED GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 19 -
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.

ASSOCIATED GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 20 -
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.

1.13
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.

1.14
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.

ASSOCIATED GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 21 -
1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

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

1.17
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.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

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.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
4,606,474
4,305,310
Rendering of services
15,532,627
14,104,324
20,139,101
18,409,634
ASSOCIATED GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
3
Turnover and other revenue
(Continued)
- 22 -
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
19,986,230
18,176,719
European Union
152,871
173,540
Rest of the World
-
59,375
20,139,101
18,409,634
2024
2023
£
£
Other revenue
Interest income
186,666
131,969
Dividends received
-
163,613
4
Exceptional item
2024
2023
£
£
Expenditure
Connected company loan write down
183,839
117,274
183,839
117,274

During the year and prior year the group charged the Profit and Loss account with the above amounts relating to the impairment of loan account balances owed by connected companies.

5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
324,689
361,231
Depreciation of tangible fixed assets held under finance leases
520,367
453,562
(Profit)/loss on disposal of tangible fixed assets
(42,775)
1,184
Amortisation of intangible assets
31,407
15,900
ASSOCIATED GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 23 -
6
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
20,000
20,000
Audit of the financial statements of the company's subsidiaries
21,000
21,000
41,000
41,000
7
Employees

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

Group
Company
2024
2023
2024
28th Feb 2024
Number
Number
Number
Number
Direct
112
97
-
-
Sales and marketing
22
22
-
-
Finance and administration
32
32
-
-
Management
7
7
-
-
Total
173
158
0
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
28th Feb 2024
£
£
£
£
Wages and salaries
5,638,628
5,308,279
-
0
-
0
Social security costs
552,835
520,606
-
-
Pension costs
118,511
112,146
-
0
-
0
6,309,974
5,941,031
-
0
-
0
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
291,840
386,530
Company pension contributions to defined contribution schemes
844
769
292,684
387,299
ASSOCIATED GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
8
Directors' remuneration
(Continued)
- 24 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
126,648
213,802

The number of directors who accrued benefits under company pension plans during the year was 2 (2023 : 2).

9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
36,874
24,582
Other interest income
149,792
107,387
Total interest revenue
186,666
131,969
Other income from investments
Dividends received
-
0
163,613
Total income
186,666
295,582
10
Interest payable and similar expenses
2024
2023
£
£
Interest on finance leases and hire purchase contracts
50,816
40,085
Other interest
50,400
68,429
Total finance costs
101,216
108,514
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
431,485
430,968
Deferred tax
Origination and reversal of timing differences
84,525
43,441
Total tax charge
516,010
474,409
ASSOCIATED GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
11
Taxation
(Continued)
- 25 -

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
1,613,994
2,368,942
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
403,499
592,236
Tax effect of expenses that are not deductible in determining taxable profit
66,878
53,985
Tax effect of income not taxable in determining taxable profit
-
0
(40,903)
Effect of change in corporation tax rate
-
(53,904)
Permanent capital allowances in excess of depreciation
89,294
(33,003)
Research and development tax credit
(29,250)
(32,500)
Under/(over) provided in prior years
-
0
(38,210)
Deferred tax adjustments in respect of prior years
-
0
22,001
Other adjustments
(14,411)
4,707
Taxation charge
516,010
474,409
12
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
641,400
-
13
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 November 2023
673,161
Additions
747,280
At 31 October 2024
1,420,441
Amortisation and impairment
At 1 November 2023
613,089
Amortisation charged for the year
31,407
At 31 October 2024
644,496
ASSOCIATED GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
13
Intangible fixed assets
(Continued)
- 26 -
Carrying amount
At 31 October 2024
775,945
At 31 October 2023
60,072
The company had no intangible fixed assets at 31 October 2024 and 28 February 2024
14
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 November 2023
4,439,791
2,316,219
953,116
762,241
3,292,013
11,763,380
Additions
-
0
138,685
160,674
28,641
500,546
828,546
Business combinations
-
0
-
0
82,654
694
91,162
174,510
Disposals
(4,439,791)
(69,000)
-
0
(23,667)
(364,639)
(4,897,097)
At 31 October 2024
-
0
2,385,904
1,196,444
767,909
3,519,082
7,869,339
Depreciation and impairment
At 1 November 2023
825,808
1,068,515
788,504
565,483
2,092,693
5,341,003
Depreciation charged in the year
44,398
122,892
40,421
52,051
585,294
845,056
Eliminated in respect of disposals
(870,206)
(690)
-
0
(11,486)
(304,136)
(1,186,518)
At 31 October 2024
-
0
1,190,717
828,925
606,048
2,373,851
4,999,541
Carrying amount
At 31 October 2024
-
0
1,195,187
367,519
161,861
1,145,231
2,869,798
At 31 October 2023
3,613,983
1,247,704
164,612
196,758
1,199,320
6,422,377
The company had no tangible fixed assets at 31 October 2024 and 28 February 2024

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
28th Feb 2024
£
£
£
£
Motor vehicles
983,349
968,896
-
0
-
0
ASSOCIATED GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
14
Tangible fixed assets
(Continued)
- 27 -

During the year the freehold land and buildings were transferred to a connected company Turner Security Property Limited, as part of a group de-merger.

15
Fixed asset investments
Group
Company
2024
2023
2024
28th Feb 2024
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
21,948,421
-
0
Unlisted investments
-
0
929,033
-
0
-
0
-
0
929,033
21,948,421
-
0
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 November 2023
929,033
Disposals
(929,033)
At 31 October 2024
-
Carrying amount
At 31 October 2024
-
At 31 October 2023
929,033
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 March 2024
-
Additions
21,948,421
At 31 October 2024
21,948,421
Carrying amount
At 31 October 2024
21,948,421
At 28 February 2024
-
16
Subsidiaries

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

ASSOCIATED GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
16
Subsidiaries
(Continued)
- 28 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Associated Security Services Holdings Limited
England
Ordinary
100.00
Ken Durose (Lock & Safe) Company Limited
England
Ordinary
100.00
T O'Connor (Security Services) Limited
England
Ordinary
100.00
Adamant Safe & Lock Co Limited
England
Ordinary
100.00
Associated Security Solutions Limited
England
Ordinary
100.00
Associated Safe Systems Limited
England
Ordinary
100.00
S.M.P. Security Solutions Limited
England
Ordinary
100.00
John Holden Security Systems Limited
England
Ordinary
100.00
Safes International (Scotland) Limited
England
Ordinary
100.00
Bethcore Doors Limited
England
Ordinary
100.00
Anvil Locksmiths Limited
England
Ordinary
100.00
17
Stocks
Group
Company
2024
2023
2024
28th Feb 2024
£
£
£
£
Raw materials and consumables
1,477,690
1,532,175
-
-
Work in progress
171,156
72,395
-
-
Finished goods and goods for resale
485,443
332,368
-
0
-
0
2,134,289
1,936,938
-
-
18
Debtors
Group
Company
2024
2023
2024
28th Feb 2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,871,030
3,088,548
-
0
-
0
Amounts owed by group undertakings
-
-
173,400
-
Amounts owed by undertakings in which the company has a participating interest
1,709,412
905,277
-
-
Other debtors
2,788,778
2,427,614
1
2
Prepayments and accrued income
1,187,997
1,695,375
-
0
-
0
8,557,217
8,116,814
173,401
2
ASSOCIATED GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 29 -
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
28th Feb 2024
Notes
£
£
£
£
Bank loans
21
56,510
147,174
-
0
-
0
Obligations under finance leases
22
446,648
437,571
-
0
-
0
Other borrowings
21
11,449
-
0
-
0
-
0
Trade creditors
1,318,495
1,105,151
-
0
-
0
Corporation tax payable
115,484
391,756
-
0
-
0
Other taxation and social security
703,018
828,270
-
-
Other creditors
945,946
46,923
-
0
-
0
Accruals and deferred income
916,236
585,655
-
0
-
0
4,513,786
3,542,500
-
0
-
0
20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
28th Feb 2024
Notes
£
£
£
£
Bank loans and overdrafts
21
429,727
781,622
-
0
-
0
Obligations under finance leases
22
398,970
526,955
-
0
-
0
828,697
1,308,577
-
-
Amounts included above which fall due after five years are as follows:
Payable by instalments
151,033
306,586
-
-
21
Loans and overdrafts
Group
Company
2024
2023
2024
28th Feb 2024
£
£
£
£
Bank loans
486,237
928,796
-
0
-
0
Other loans
11,449
-
0
-
0
-
0
497,686
928,796
-
-
Payable within one year
67,959
147,174
-
0
-
0
Payable after one year
429,727
781,622
-
0
-
0
ASSOCIATED GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
21
Loans and overdrafts
(Continued)
- 30 -

Obligations under finance leases and hire purchase contracts are secured on the assets concerned.

The bank loans and overdraft are secured by a fixed charge over the freehold land and buildings and unlimited cross guarantees between group companies.

Interest is charged on the bank loan at bank base rate plus 2.13%p.a. The loan is due for repayment in full in 2031.

22
Finance lease obligations
Group
Company
2024
2023
2024
28th Feb 2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
446,648
437,571
-
0
-
0
In two to five years
398,970
526,955
-
0
-
0
845,618
964,526
-
-
23
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
254,913
162,186
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 November 2023
162,186
-
Charge to profit or loss
84,524
-
Other
8,203
-
Liability at 31 October 2024
254,913
-
ASSOCIATED GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 31 -
24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
118,511
112,146

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.

25
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2
2
2
2
Ordinary "A" of £1 each
21,948,421
-
21,948,421
-
21,948,423
2
21,948,423
2
26
Reserves
Equity reserve

Profit and loss account - This reserve records retained earnings and accumulated losses.

Other reserves

Group - This reserve is a non-distributable merger reserve arising on consolidation.

27
Acquisition of a business

On 12 July 2024 the group acquired 100 percent of the issued capital of Bethcore Doors Limited.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
103,790
-
103,790
Stocks
16,229
-
16,229
Trade and other receivables
67,903
-
67,903
Trade and other payables
(132,432)
-
(132,432)
Deferred tax
(8,203)
-
(8,203)
Total identifiable net assets
47,287
-
47,287
Goodwill
249,731
Total consideration
297,018
ASSOCIATED GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
27
Acquisition of a business
(Continued)
- 32 -
The consideration was satisfied by:
£
Cash
297,018
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
78,603
Profit after tax
4,207

The goodwill arising on the acquisition of the business is attributable to [provide details].

On 29 October 2024 the group acquired 100 percent of the issued capital of Anvil Locksmiths Limited.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property,plant and equipment
89,992
-
89,992
Stocks
14,276
-
14,276
Trade and other receivables
190,970
-
190,970
Cash and cash equivalents
893,728
-
893,728
Trade and other payables
(141,817)
-
(141,817)
Tax liabilities
(52,412)
-
(52,412)
Total identifiable net assets
994,737
-
994,737
Goodwill
497,549
Total consideration
1,492,286
The consideration was satisfied by:
£
Cash
1,492,286
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
-
Profit after tax
-

The goodwill arising on the acquisition of the business is attributable to [provide details].

ASSOCIATED GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 33 -
28
Operating lease commitments

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
28th Feb 2024
£
£
£
£
Within one year
1,224,240
77,120
-
-
Between two and five years
4,432,794
308,480
-
-
In over five years
424,160
292,367
-
-
6,081,194
677,967
-
-
29
Events after the reporting date

On 4 April 2025 the group acquired Trusted Security Group Limited including Burton Security Limited for a purchase price of £3.97m.

30
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Associated companies
2024
2023
£
£
Group
Associated companies
1,115,702
736,851

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Associated companies
4,296,805
3,181,103

The group has taken advantage of the exemption from disclosing other related party transactions as they are with companies that are wholly owned within the group.

ASSOCIATED GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 34 -
31
Cash generated from group operations
2024
2023
£
£
Profit after taxation
1,097,984
1,894,533
Adjustments for:
Taxation charged
516,010
474,409
Finance costs
101,216
108,514
Investment income
(186,666)
(295,582)
(Gain)/loss on disposal of tangible fixed assets
(42,775)
1,184
Amortisation and impairment of intangible assets
31,407
15,900
Depreciation and impairment of tangible fixed assets
845,056
814,793
Movements in working capital:
Increase in stocks
(166,846)
(185,601)
Increase in debtors
(181,530)
(1,492,731)
Increase/(decrease) in creditors
1,018,419
(77,313)
Cash generated from operations
3,032,275
1,258,106
32
Analysis of changes in net funds - group
1 November 2023
Cash flows
Other non-cash changes
31 October 2024
£
£
£
£
Cash at bank and in hand
3,601,853
(374,216)
-
3,227,637
Borrowings excluding overdrafts
(928,796)
431,110
-
(497,686)
Obligations under finance leases
(964,526)
401,126
(282,218)
(845,618)
1,708,531
458,020
(282,218)
1,884,333
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