Registration number:
Sheridan Group Holdings Limited
for the Year Ended 30 November 2025
Sheridan Group Holdings Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Statement of Comprehensive Income |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Sheridan Group Holdings Limited
Company Information
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Directors |
Mr A Sheridan Mrs L Hughes-Sheridan |
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Registered office |
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Bankers |
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Auditors |
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Sheridan Group Holdings Limited
Strategic Report for the Year Ended 30 November 2025
The directors present their strategic report for the year ended 30 November 2025.
Fair review of the business
The principal activities of the group are the installation, repair, maintenance and modernisation of lifts.
The group recorded a profit before taxation of £402,140 for the year, compared with a loss before taxation of £147,058 in 2024.
Turnover increased by 8.4% compared with the prior year. Turnover growth continued to be a principal measure monitored by the board during the year, alongside profitability and forward-looking forecasts. The improvement in profitability reflects increased activity and the benefit of investment made in operational capacity, workforce training and the development of the group’s service offering.
The group continued to operate in a regulated market and against a backdrop of wider economic uncertainty, cost pressures and constraints in the availability of skilled labour. During the year, management maintained its focus on customer delivery, workforce capability and the development of opportunities across installation, service, repair and modernisation activities.
The directors remain focused on converting growth into sustainable and controlled financial performance. Priorities for the current financial year include strengthening contract and project oversight, improving access to management information, maintaining appropriate cost and cash controls and establishing clearer functional ownership, accountability and decision-making authority across the management team.
Trading in the current financial year is being monitored against the group’s forecasts. The directors remain optimistic about the group’s prospects, while recognising that future performance will depend on effective project delivery, cost control, workforce capacity and prevailing market conditions.
Sheridan Group Holdings Limited
Strategic Report for the Year Ended 30 November 2025
Principal risks and uncertainties
The directors regularly review the principal risks and uncertainties facing the group. The principal matters identified, together with the company’s responses, are summarised below.
Economic and market conditions
Demand may be affected by general economic conditions, delays to construction and infrastructure projects, customer confidence and competitive pressure. The group monitors its order book, pipeline, customer exposure and forecasts and seeks to maintain a balanced mix of installation, service, repair and modernisation work.
Cost inflation and supply chain disruption
Changes in labour, materials and subcontractor costs, together with disruption in the availability of components, may affect project delivery and margins. Management monitors procurement, supplier performance, contract pricing and project forecasts and takes mitigating action where appropriate.
Skilled labour and management capacity
The recruitment, retention and development of appropriately skilled employees and managers are important to safe and effective delivery. The group continues to invest in training, clarify management responsibilities and review resource requirements against operational demand.
Health, safety, quality and regulatory compliance
The group’s activities are subject to significant health and safety, technical and regulatory requirements. Compliance is managed through the company’s SHEQ arrangements, policies, training, operational reviews and incident-reporting processes, which are subject to continuing development and oversight.
Operational delivery and financial control
The timing and profitability of work depend upon effective contract review, project management, record keeping and the availability of reliable management information. The group has strengthened its project and financial review processes, including contract oversight, revenue recognition, forecasting and management reporting.
Information technology and cybersecurity
The group depends upon its systems and outsourced IT arrangements to support operations and protect business and personal data. Management oversees the outsourced relationship and continues to review access controls, resilience, cybersecurity and business continuity arrangements.
Financial risk management
The group’s activities principally expose it to liquidity and credit risks.
The group manages liquidity risk by monitoring cash-flow forecasts and working-capital requirements to support the payment of liabilities as they fall due. Credit risk is managed through customer approval, invoicing and debt-collection processes and by monitoring overdue balances and customer exposures.
The group does not use derivative financial instruments.
Sheridan Group Holdings Limited
Strategic Report for the Year Ended 30 November 2025
Key Performance Indicators
During the year, the board monitored performance using financial results, forecasts and operational information. Turnover growth remained a principal measure used by the board. However, the directors recognise that sustainable performance requires consideration of profitability, cash generation and delivery quality as well as growth, and were pleased to report the improved profit after tax seen this year.
The principal financial KPIs reported for the year were:
Turnover increased by 8.4% compared with the prior year.
Profit before taxation: £402,140.
This represented an improvement from a loss before taxation of £147,058 in 2024.
Profit after taxation: £710,228.
This represented an improvement from a profit before taxation of £445,499 in 2024.
The board is developing a broader performance framework for the current financial year to enhance operational focus.
Matters of strategic importance
The group’s strategic focus is to deliver sustainable, profitable growth while maintaining safe and reliable service to its customers. The principal areas of focus for the current financial year are:
improving contract selection, pricing, project oversight and margin visibility;
strengthening financial controls, revenue-recognition processes and management reporting;
developing management accountability and using functional managers to lead implementation within their areas;
supporting the recruitment, retention, training and development of the workforce;
maintaining effective SHEQ governance and regulatory compliance; and
reviewing systems, outsourced IT support, fleet and facilities to ensure they remain appropriate for the group’s needs.
These activities form part of an ongoing programme intended to improve management information, clarify ownership and support consistent decision-making across the business. The programme is being implemented in stages, with oversight from the board and delivery led through the relevant managers.
Approved and authorised by the
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Sheridan Group Holdings Limited
Directors' Report for the Year Ended 30 November 2025
The directors present their report and the for the year ended 30 November 2025.
Directors of the group
The directors who held office during the year were as follows:
Dividends
Particulars of recommended dividends are detailed in note 24 to the financial statements.
Information included in the Strategic Report
The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report information required by schedule 7 of the Large and Medium sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors report. It has done so in respect of future developments.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved and authorised by the
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Sheridan Group Holdings Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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 the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the 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 the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Sheridan Group Holdings Limited
Independent Auditor's Report to the Members of Sheridan Group Holdings Limited
Qualified opinion
We have audited the financial statements of Sheridan Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 30 November 2025 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 qualified opinion on financial statements
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 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 qualified opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
Sheridan Group Holdings Limited
Independent Auditor's Report to the Members of Sheridan Group Holdings Limited
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matter prescribed by the Companies Act 2006
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
Except for the matter described in the basis for qualified opinion section of our report, in the light of our 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 and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.
Sheridan Group Holdings Limited
Independent Auditor's Report to the Members of Sheridan Group Holdings Limited
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Sheridan Group Holdings Limited
Independent Auditor's Report to the Members of Sheridan Group Holdings Limited
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, specifically employment, environmental, product safety and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraudulent revenue recognition through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
Sheridan Group Holdings Limited
Independent Auditor's Report to the Members of Sheridan Group Holdings Limited
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, specifically employment, environmental, product safety and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraudulent revenue recognition through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
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For and on behalf of
Cricketers Way
Westhoughton
Bolton
BL5 3AJ
Sheridan Group Holdings Limited
Consolidated Profit and Loss Account for the Year Ended 30 November 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit/(loss) |
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( |
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Other interest receivable and similar income |
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|
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Interest payable and similar expenses |
( |
( |
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10,977 |
24,517 |
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Profit/(loss) before tax |
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( |
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Tax on profit/(loss) |
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Profit for the financial year |
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Profit/(loss) attributable to: |
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Owners of the company |
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The above results were derived from continuing operations.
The group has no recognised gains or losses for the year other than the results above.
Sheridan Group Holdings Limited
Consolidated Statement of Comprehensive Income for the Year Ended 30 November 2025
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2025 |
2024 |
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Profit for the year |
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Total comprehensive income for the year |
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Total comprehensive income attributable to: |
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Owners of the company |
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Sheridan Group Holdings Limited
(Registration number: 12696488)
Consolidated Balance Sheet as at 30 November 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
120 |
120 |
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Retained earnings |
1,233,954 |
1,418,529 |
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Equity attributable to owners of the company |
1,234,074 |
1,418,649 |
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Shareholders' funds |
1,234,074 |
1,418,649 |
Approved and authorised by the
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Sheridan Group Holdings Limited
(Registration number: 12696488)
Balance Sheet as at 30 November 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
|
|
|
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Provisions for liabilities |
( |
( |
|
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Net assets |
|
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Capital and reserves |
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Called up share capital |
120 |
120 |
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Retained earnings |
1,021,804 |
1,062,884 |
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Shareholders' funds |
1,021,924 |
1,063,004 |
The company made a profit after tax for the financial year of £853,723 (2024 - profit of £735,281).
Approved and authorised by the
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Sheridan Group Holdings Limited
Consolidated Statement of Changes in Equity for the Year Ended 30 November 2025
Equity attributable to the parent company
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Share capital |
Retained earnings |
Total |
Total equity |
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At 1 December 2024 |
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Profit for the year |
- |
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Dividends |
- |
( |
( |
( |
|
At 30 November 2025 |
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Sheridan Group Holdings Limited
Statement of Changes in Equity for the Year Ended 30 November 2025
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Share capital |
Retained earnings |
Total |
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At 1 December 2024 |
|
|
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Profit for the year |
- |
|
|
|
Dividends |
- |
( |
( |
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At 30 November 2025 |
|
|
|
|
Share capital |
Retained earnings |
Total |
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At 1 December 2023 |
|
|
|
|
Profit for the year |
- |
|
|
|
Dividends |
- |
( |
( |
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At 30 November 2024 |
120 |
1,062,884 |
1,063,004 |
Sheridan Group Holdings Limited
Consolidated Statement of Cash Flows for the Year Ended 30 November 2025
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Note |
2025 |
2024 |
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Cash flows from operating activities |
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Profit for the year |
|
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Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
|
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|
Loss on disposal of tangible assets |
|
|
|
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Finance income |
( |
( |
|
|
Finance costs |
|
|
|
|
Income tax expense |
( |
( |
|
|
Fair value adjustment of property |
- |
51,079 |
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|
Accrued (income)/expenses |
- |
(473,007) |
|
|
|
( |
||
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Working capital adjustments |
|||
|
Increase in stocks |
- |
( |
|
|
Increase in trade and other debtors |
( |
( |
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|
(Decrease)/increase in trade and other creditors |
( |
|
|
|
Cash generated from operations |
( |
( |
|
|
Income taxes received |
|
|
|
|
Net cash flow from operating activities |
( |
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
|
|
|
|
Net cash flows from investing activities |
|
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Proceeds from bank borrowing draw downs |
( |
( |
|
|
Payments to finance lease creditors |
|
( |
|
|
Dividends paid |
( |
( |
|
|
Monies introduced by director |
280,000 |
- |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net decrease in cash and cash equivalents |
( |
( |
|
|
Cash and cash equivalents at 1 December |
|
|
|
|
Cash and cash equivalents at 30 November |
847,636 |
905,303 |
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Sheridan Group Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
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General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
United Kingdom
The principal activity of the company during the period was that of a holding company and property management.
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Summary of disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) No cash flow statement has been presented for the company.
(b) Disclosures in respect of financial instruments have not been presented.
(c) No disclosure has been given for the aggregate remuneration of key management personnel
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 November 2025.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Sheridan Group Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
Going concern
When assessing the appropriateness of the application of going concern the directors have considered the company's current and expected trading performance together with impact of cost savings from operational restructuring. In considering these factors and making this assessment the directors have considered a minimum period of twelve months from the date of approval of the financial statements. The directors conclude that based on their assessment the company has sufficient resources to meet its liabilities as they fall due and it is appropriate to continue to prepare the financial statements on a going concern basis, however inherently there can be no certainty to this view.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Significant judgements
The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:
Income recognition
Significant assumptions are required to estimate the stage of completion in respect of income recognition and the corresponding contract costs. In making these estimates, management has relied on past experience and the experience of its project managers.
Investment property
The value of Investment Properties is measured at fair value. Valuations are based on estimations made by the directors. Where necessary an independent valuation is obtained by the directors.
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Revenue recognition
Revenue from the sale of goods and rendering of services is recognised as follows:
Revenue from lift installation contracts is recognised by reference to the stage of completion at the reporting date. The stage of completion is determined by measuring the proportion of contract costs incurred to date relative to the estimated total contract costs.
Revenue from lift security, maintenance and repairs is recognised upon completion of specific events.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Sheridan Group Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Plant and machinery |
15% reducing balance |
|
Fixtures and fittings |
20% straight line |
|
Motor vehicles |
25% reducing balance |
|
Equipment |
33% straight line |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Intangible assets
Intangible assets acquired separately are initially recognised at cost. Following initial recognition, intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.
Only intangible assets that are identifiable controlled by the company and from which future economic benefits are expected to flow to the company are recognised as assets. The directors consider that these have indefinite useful lives because there is no foreseeable limit to the period over which the assets are expected to generate net cash inflows for the company.
Such assets are not amortised but are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. The assessment of whether the useful life remains indefinite is reviewed at each reporting date.
Sheridan Group Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Goodwill |
20% straight line |
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Sheridan Group Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Sheridan Group Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
Financial instruments
The company has elected to apply the provision of Section 11 'Basic Financial Instruments' to all of its financial instruments.
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
|
Turnover |
The analysis of the group's Turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Rendering of services |
|
|
|
Construction contracts |
10,739,237 |
10,809,439 |
|
|
|
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
|
2025 |
2024 |
|
|
Miscellaneous other operating income |
|
|
|
Operating profit/(loss) |
Arrived at after charging/(crediting)
Sheridan Group Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Fair value adjustments to investment property |
- |
|
|
Impairment of trade debtors |
( |
( |
|
Operating lease expense - plant and machinery |
|
|
|
Loss on disposal of property, plant and equipment |
|
|
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Other finance income |
|
|
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
- |
|
Interest expense on other finance liabilities |
|
- |
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Production |
|
|
|
Management |
2 |
2 |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
Sheridan Group Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of these financial statements |
14,350 |
11,285 |
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
( |
( |
|
UK corporation tax adjustment to prior periods |
( |
( |
|
(312,081) |
(620,275) |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
- |
|
Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods |
11,243 |
27,718 |
|
Total deferred taxation |
|
|
|
Tax receipt in the income statement |
( |
( |
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit/(loss) before tax |
|
( |
|
Corporation tax at standard rate |
|
( |
|
Decrease in UK and foreign current tax from adjustment for prior periods |
( |
( |
|
Tax (decrease)/increase from effect of capital allowances and depreciation |
( |
|
|
Tax increase from other short-term timing differences |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Total tax credit |
( |
( |
Sheridan Group Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
|
Intangible assets |
Group
|
Goodwill |
Other intangible assets |
Total |
|
|
Cost or valuation |
|||
|
At 1 December 2024 |
|
|
|
|
At 30 November 2025 |
|
|
|
|
Amortisation |
|||
|
At 1 December 2024 |
|
- |
|
|
At 30 November 2025 |
|
- |
|
|
Carrying amount |
|||
|
At 30 November 2025 |
- |
|
|
|
At 30 November 2024 |
- |
|
|
Sheridan Group Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
|
Tangible assets |
Group
|
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
|
|
Cost or valuation |
|||||
|
At 1 December 2024 |
|
|
|
|
|
|
Additions |
- |
|
|
|
|
|
Disposals |
( |
- |
- |
- |
( |
|
At 30 November 2025 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 December 2024 |
- |
|
|
|
|
|
Charge for the year |
- |
|
|
|
|
|
At 30 November 2025 |
- |
|
|
|
|
|
Carrying amount |
|||||
|
At 30 November 2025 |
|
|
|
|
|
|
At 30 November 2024 |
|
|
|
|
|
Included within the net book value of land and buildings above is £240,288 (2024 - £941,393) in respect of freehold land and buildings.
Sheridan Group Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2025 |
2024 |
|
|
Motor vehicles |
29,174 |
- |
Company
|
Land and buildings |
Furniture, fittings and equipment |
Other tangible assets |
Total |
|
|
Cost or valuation |
||||
|
At 1 December 2024 |
|
|
|
|
|
Disposals |
( |
- |
- |
( |
|
At 30 November 2025 |
|
|
|
|
|
Depreciation |
||||
|
At 1 December 2024 |
- |
|
- |
|
|
Charge for the year |
- |
|
- |
|
|
At 30 November 2025 |
- |
|
- |
|
|
Carrying amount |
||||
|
At 30 November 2025 |
|
|
|
|
|
At 30 November 2024 |
|
|
|
|
Included within the net book value of land and buildings above is £240,288 (2024 - £941,393) in respect of freehold land and buildings.
Sheridan Group Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
|
Investments |
Company
|
2025 |
2024 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 December 2024 |
|
|
Provision |
|
|
Carrying amount |
|
|
At 30 November 2025 |
|
|
At 30 November 2024 |
|
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2025 |
2024 |
|||
|
Subsidiary undertakings |
||||
|
|
England & Wales |
|
|
|
|
Stocks |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Raw materials and consumables |
|
|
- |
- |
Sheridan Group Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
|
Debtors |
|
Group |
Company |
||||
|
Current |
Note |
2025 |
2024 |
2025 |
2024 |
|
Trade debtors |
|
|
- |
- |
|
|
Amounts owed by related parties |
- |
- |
|
|
|
|
Other debtors |
|
|
|
|
|
|
Prepayments |
|
|
- |
- |
|
|
Accrued income |
|
- |
- |
- |
|
|
Deferred tax assets |
- |
|
- |
- |
|
|
Income tax asset |
|
|
- |
- |
|
|
|
|
|
|
||
|
Creditors |
|
Group |
Company |
||||
|
Note |
2025 |
2024 |
2025 |
2024 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
- |
- |
|
|
Trade creditors |
|
|
- |
- |
|
|
Social security and other taxes |
|
|
- |
- |
|
|
Outstanding defined contribution pension costs |
|
|
- |
- |
|
|
Other payables |
|
|
- |
- |
|
|
Accruals |
|
|
|
|
|
|
|
|
|
|
||
|
Due after one year |
|||||
|
Loans and borrowings |
|
|
- |
- |
|
Within creditors there is a secured creditors amount for hire purchase of £25,857 (2024 - £nil).
Sheridan Group Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
|
Provisions for liabilities |
Group
|
Deferred tax |
Total |
|
|
At 1 December 2024 |
|
|
|
Credit for year |
( |
( |
|
At 30 November 2025 |
|
|
|
|
||
Company
|
Deferred tax |
Total |
|
|
At 1 December 2024 |
|
|
|
Credit for year |
( |
( |
|
At 30 November 2025 |
|
|
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
60 |
|
60 |
|
|
|
20 |
|
20 |
|
|
|
16 |
|
16 |
|
|
|
6 |
|
6 |
|
|
|
6 |
|
6 |
|
|
|
6 |
|
6 |
|
|
|
6 |
|
6 |
|
|
|
|
|
|
|
Reserves |
Retained earnings - This reserve records retained earnings and accumulated losses.
Sheridan Group Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
|
Loans and borrowings |
Non-current loans and borrowings
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Bank borrowings |
- |
|
- |
- |
|
Hire purchase |
14,940 |
- |
- |
- |
|
|
|
- |
- |
|
Current loans and borrowings
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Bank borrowings |
|
|
- |
- |
|
Hire purchase |
10,917 |
- |
- |
- |
|
|
|
- |
- |
|
|
Obligations under leases and hire purchase contracts |
Group
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Sheridan Group Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2025
|
Dividends |
Interim dividends paid
|
2025 |
2024 |
|||
|
Interim dividend of £ |
|
- |
||
|
Interim dividend of £ |
|
|
||
|
Interim dividend of £ |
|
|
||
|
Interim dividend of £Nil (2024 - £ |
- |
|
||
|
Interim dividend of £ |
|
|
||
|
Interim dividend of £ |
|
|
||
|
|
|
|
Related party transactions |
Group
Included in Other Debtors (Note 17) is £366,006 (2024: £85,070) due from Sheridan Doors UK Limited, a company under common control. The balance is interest free and repayable on demand.
|
Transactions with directors |
|
2025 |
At 1 December 2024 |
Repayments by director |
At 30 November 2025 |
|
Mr A Sheridan |
|||
|
Directors loan account |
|
( |
- |
|
2024 |
At 1 December 2023 |
Advances to director |
At 30 November 2024 |
|
Mr A Sheridan |
|||
|
Directors loan account |
- |
|
|
|
Controlling party |
The company is under the control of Mr A Sheridan, a director and majority shareholder.