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Registered number: 08835158
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
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SGH INVESTMENTS LIMITED
COMPANY INFORMATION
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SGH INVESTMENTS LIMITED
CONTENTS
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SGH INVESTMENTS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2025
The directors have pleasure in presenting their strategic report for the year ended 30 June 2024.
On 31 July 2024 100% of the share capital of SGH Investments Limited was acquired by Hillhouse Quarry Group, a subsidiary of Hillhouse Estates Ltd, a company incorporated in Scotland.
Consequently, the trading, as presented in the Statement of Comprehensive Income, reflects the 9 month trading period, rather than 12 months in 2024. Key performance indicators are monitored over a number of areas. Robust control over all aspects of working capital, strict monitoring of all aspects of cash flow and the monitoring of actual results against a detailed budget. The Company’s pre tax profit for the period was £1,210,583 whilst the Company’s balance sheet shows a net asset position of £21,823,483 with net current assets of £10,182,229, including a cash at bank figure of £1,013,015. The directors consider the Company to be well positioned to take advantage of the demand for its products and services. Within the balance sheet tangible fixed assets total £13,089,057. It is the directors’ opinion that the open market value of these assets is in excess of the book figures, albeit this has not been independently valued or substantiated. The underlying total value provides real comfort to the directors that the asset base is such that it underpins operations in such a way to allow the Company to take advantage of all manner of opportunities. The Company functions without the need to operate a bank overdraft. The Company transferred its trade, assets and liabilities to Hillhouse Quarry Group Limited, it's parent company, on 1 April 2025 and ceased trading on that date.
In the construction sector the main commercial risks surround the level of general construction and housebuilding which is on-going at any time, in chosen geographical markets, needed to generate a requirement for the Company’s goods and services. Other risks surround the timely and predictable supply of commercial vehicles. Those risks which the business finds itself exposed to are managed by a strong and experienced board of directors.
The Company’s principal financial instruments comprise bank balances and hire purchase agreements. The main purpose of these instruments is to finance operations. Due to the nature of these financial instruments there is no exposure to price risk. In respect of bank balances the liquidity risk is managed by maintaining flexibility through the use of cash at bank resources. In respect of hire purchase agreements, the liquidity risk in respect of these is managed by ensuring there are sufficient liquid funds to meet the scheduled repayments.
The Company recognises the importance of health and safety, environment and quality and has policies and procedures in place to ensure requirements are met at all times.
Future outlook With the acquisition during the period the combined team are looking forward to working together to integrate and grow. Being part of Hillhouse Group will ensure the long term sustainability of the business and provide opportunities for people and refine a platform for future success.
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SGH INVESTMENTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
This report was approved by the board on 17 December 2025 and signed on its behalf.
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SGH INVESTMENTS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2025
The directors present their report and the financial statements for the period ended 31 March 2025.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the period, after taxation, amounted to £876,975 (2024 - £2,001,077).
No post year end dividends have been recommended.
The directors who served during the period were:
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SGH INVESTMENTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
Notwithstanding the transfer of the company's trade, assets and liabilities to its parent company on 1 April 2025, the directors consider the Company to be financially strong and well placed to take advantage of opportunities within its core business.
The acquisition by Hillhouse Group will enhance the combined businesses capabilities as it builds upon existing resources and expertise to drive forward new opportunities. The Company's strong presence in the East of Scotland will complement Hillhouse Group's West of Scotland sites. The business with its strong community roots, Company values that are consciously chosen and preset and aspirations to deliver excellent products and services will combine to deliver for the construction sector in its chosen geographical areas markets.
There have been no significant events affecting the Company since the year end, not otherwise mentioned within this report.
The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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SGH INVESTMENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SGH INVESTMENTS LIMITED
We have audited the financial statements of SGH Investments Limited (the 'Company') for the period ended 31 March 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
We draw your attention to Note 2.1 of the financial statements which explains that the directors transferred the Company's trade, assets and liabilities to its parent company on 1 April 2025. Therefore they do not consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 2.1. Our opinion is not modified in respect of the matter.
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 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.
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SGH INVESTMENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SGH INVESTMENTS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
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 period 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.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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SGH INVESTMENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SGH INVESTMENTS LIMITED (CONTINUED)
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 Auditors' 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:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that 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. We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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SGH INVESTMENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SGH INVESTMENTS LIMITED (CONTINUED)
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 Auditors' 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.
for and on behalf of
Chartered Accountants
Pentland House
Saltire Centre
Fife
KY6 2AH
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SGH INVESTMENTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2025
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SGH INVESTMENTS LIMITED
REGISTERED NUMBER: 08835158
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 27 form part of these financial statements.
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SGH INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2025
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2024
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SGH INVESTMENTS LIMITED
ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 MARCH 2025
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SGH INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
SGH Investments Limited is a private company, limited by shares, domiciled in England, registration number 08835158. The registered office is Bowldown Farm, Bowldown, Westonbirt, Tetbury, Gloucestershire, GL8 8UD. The trading address is Skene House, Viewfield Road, Viewfield Industrial Estate, Glenrothes, Fife, KY6 2RD.
The financial statements are presented in Sterling which is the functional currency of the Company and rounded to the nearest £.
2.Accounting policies
The Company transferred its trade, assets and liabilities to Hillhouse Quarry Group Limited, it's parent company, on 1 April 2025 and ceased trading on that date. All assets and liabilities were transferred at book value except for mineral rights which have been transferred at a value in excess of book value.
Subsequently the financial statements have been prepared on a basis other than going concern. In view of the transfer values to Hillhouse Quarry Group Limited the directors' consider that no adjustments to net asset values at 31 March 2025 are necessary.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
- the requirements of Section 7 Statement of Cash Flows; - the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f), 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); - the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 2.29(b) and 12.29A; - the requirements of Section 33 Related Party Disclosures paragraph 33.7 The company has taken advantage of the exemption under Section 400 of the Companies Act 2006 not to prepare group accounts as it and its subsidiary undertakings are included in the consolidated financial statements of its ultimate holding company, Hillhouse Estates Limited. These consolidated financial statements are available from its registered office, Hillhouse Quarry, Troon, Ayrshire, KA10 7HX.
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SGH INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
2.Accounting policies (continued)
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SGH INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
2.Accounting policies (continued)
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SGH INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
2.Accounting policies (continued)
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight-line method and on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
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SGH INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
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SGH INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
Analysis of turnover by country of destination:
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SGH INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
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SGH INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
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SGH INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
12.Taxation (continued)
There were no factors that may affect future tax changes.
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SGH INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
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SGH INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
The 2025 valuations were made by the directors, on an open market value for existing use basis.
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SGH INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
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SGH INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
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SGH INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £NIL (2024: £120,000). No contributions were payable to the fund at the reporting date (2024: £NIL).
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SGH INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
As from 31 July 2024, the Company became a wholly owned subsidiary of Hillhouse Quarry Group Limited. The ultimate controlling party is Hillhouse Estates Limited, a company registered in Scotland. Consolidated financial statements are prepared for Hillhouse Estates Limited. The registered office address and principal place of business is Hillhouse Quarry, Troon, Ayrshire, KA10 7HX.
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