Registration number:
Hyfield Group Limited
for the year ended 31 December 2025
Hyfield Group 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 (Incorporating the Statement of Income and Retained Earnings) |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Cash Flows |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Hyfield Group Limited
Company Information
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Directors |
Mr E Burrowes Mr M P Burrowes Mr D Luke |
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Registered office |
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Auditors |
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Hyfield Group Limited
Strategic Report for the year ended 31 December 2025
The directors present their strategic report for the year ended 31 December 2025.
Principal activity
The principal activity of the group is that of the supply and distribution of construction boarding solutions to trade professionals and retail customers. The group continues to focus on providing high-quality products, competitive pricing and excellent customer service.
Fair review of the business
During the year ended 31 December 2025, the group continued to operate in a challenging economic environment characterised by inflationary pressures, fluctuating construction activity and ongoing cost increases across the supply chain. Despite these market conditions, the group remained focused on maintaining strong customer relationships, managing inventory effectively and controlling operating costs.
Sales performance reflected continued demand from both existing and new customers, supported by a comprehensive product range and reliable service. The directors continued to monitor purchasing costs closely and worked with suppliers to minimise the impact inflation on margins wherever possible.
The group maintained prudent financial management throughout the year, preserving cash resources and ensuring sufficient working capital to support ongoing operations.
The group's financial performance for the year reflects the resilience of the business despite continued economic uncertainty. Management remained focused on improving operational efficiency, maintaining gross margins and controlling overhead expenditure.
The directors continually review the group's financial position, cash flow and working capital requirements to ensure that the business remains financially stable and well positioned for future growth.
The company's key financial and other performance indicators during the year were as follows:
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Financial KPIs |
Unit |
2025 |
2024 |
|
Turnover |
£ |
18,361,577 |
17,569,489 |
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Gross profit |
£ |
6,107,344 |
4,964,889 |
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Operating profit |
£ |
2,141,274 |
1,005,851 |
Hyfield Group Limited
Strategic Report for the year ended 31 December 2025 (continued)
Principal risks and uncertainties
The directors recognise the following principal risks affecting the business:
• Changes in construction and home improvement market activity.
• Inflationary pressures affecting product costs and operating expenses.
• Supply chain disruption and product availability.
• Competitive pricing within the building materials sector.
• Changes in customer demand and wider economic conditions.
• Credit risk arising from trade customers.
The directors monitor these risks regularly and implement appropriate controls, including supplier diversification, credit management procedures, inventory control and regular financial forecasting.
Sale of Beava Brand
During the year, the trading company sold the Beava brand. The transaction formed part of the company's strategic review of its portfolio. The results of the disposal have been recognised in the financial statements in accordance with the applicable accounting standards.
Group employees
The directors recognise that the group's employees are fundamental to its continued success. The business is committed to providing a safe working environment, encouraging employee development and maintaining open communication with staff.
Going concern
After reviewing the forecasts, cash flow projections and availible financing, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on the going concern basis.
Approved and authorised by the
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Hyfield Group Limited
Directors' Report for the year ended 31 December 2025
The directors present their report and the consolidated financial statements for the year ended 31 December 2025.
Directors of the group
The directors who held office during the year were as follows:
Future developments
There have been no significant events since the year end.
Research and development
The group continually develops its products to diversify and obtain new customers.
Hyfield Group Limited
Directors' Report for the year ended 31 December 2025 (continued)
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.
Hyfield Group Limited
Directors' Report for the year ended 31 December 2025 (continued)
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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Hyfield Group Limited
Independent Auditor's Report to the Members of Hyfield Group Limited
Opinion
We have audited the financial statements of Hyfield Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025, which comprise the Consolidated Profit and Loss Account (Incorporating the Statement of Income and Retained Earnings), Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flows, 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 the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 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 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 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 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 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.
Hyfield Group Limited
Independent Auditor's Report to the Members of Hyfield Group Limited (continued)
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
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
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 Statement of Directors' Responsibilities [set out on page 5], 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.
Hyfield Group Limited
Independent Auditor's Report to the Members of Hyfield Group Limited (continued)
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:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to:
i) Laws and regulations generally recognized to have a direct effect on the determination of material amounts and disclosures in the financial statements:
• The financial operating framework FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland
• The Companies Act 2006
• Tax legislations - various
• Employment law
• Pensions Act 2008
ii) Laws and regulations which provides the legal framework within which the company conducts its business and which is central to the company's ability to conduct its business:
• ISO 9001:2015 Certification
• ISO 14001 Environmental Management Certification
Hyfield Group Limited
Independent Auditor's Report to the Members of Hyfield Group Limited (continued)
We assessed the risks of material misstatement in respect of fraud through:
i) enquiries with management
ii) the audit team initial discussions on fraud to identify particular areas that were susceptible to misstatement
Based on the results of our risk assessment we designed our audit procedures to non-compliance with such laws and regulations identified above.
The audit team was assessed to have the appropriate competence and capability to identify or recognise non-compliance with laws and regulation.
Our approach to understanding the company's policies and procedures for compliance with those laws and regulations and to gaining an understanding of how instances of non-compliance with laws and regulations or knowledge of actual, suspected, or alleged fraud is documented was via enquiry with management.
We corroborated our enquiries through:
i) review of correspondence with HMRC and Companies House (and their respective websites)
ii) review of relevant regulatory websites
iii) review of signed agreements / contracts
Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud. The audit tests implemented involved checks with compliance on various company and employment laws and regulations.
Where there was considered to be a lack of segregation of duty, systems of controls in place were verified through observation and enquiry and substantive testing.
We considered the risk of fraud through management we override and, in response, incorporated testing of manual journal entries and accounting estimates into our audit approach. Any unusual transactions were investigated further and relevant documentary evidence obtained where deemed necessary.
We considered the risk of fraud through the selection and application of accounting policies by the company, particularly those related to subjective measurements and complex transactions, which may be indicative of fraudulent financial reporting resulting from management's effort to manage earnings. In response, in our audit approach we reviewed the application of accounting policies, in particular those associated with accounting estimates, for reasonableness and correct application within the financial statements.
Audit test sample selection process involves random selection to incorporate an element of unpredictability in the selection of audit procedures.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion or misrepresentation.
Hyfield Group Limited
Independent Auditor's Report to the Members of Hyfield Group Limited (continued)
We assessed the risks of material misstatement in respect of fraud through:
i) enquiries with management
ii) the audit team initial discussions on fraud to identify particular areas that were susceptible to misstatement
Based on the results of our risk assessment we designed our audit procedures to non-compliance with such laws and regulations identified above.
The audit team was assessed to have the appropriate competence and capability to identify or recognise non-compliance with laws and regulation.
Our approach to understanding the company's policies and procedures for compliance with those laws and regulations and to gaining an understanding of how instances of non-compliance with laws and regulations or knowledge of actual, suspected, or alleged fraud is documented was via enquiry with management.
We corroborated our enquiries through:
i) review of correspondence with HMRC and Companies House (and their respective websites)
ii) review of relevant regulatory websites
iii) review of signed agreements / contracts
Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud. The audit tests implemented involved checks with compliance on various company and employment laws and regulations.
Where there was considered to be a lack of segregation of duty, systems of controls in place were verified through observation and enquiry and substantive testing.
We considered the risk of fraud through management we override and, in response, incorporated testing of manual journal entries and accounting estimates into our audit approach. Any unusual transactions were investigated further and relevant documentary evidence obtained where deemed necessary.
We considered the risk of fraud through the selection and application of accounting policies by the company, particularly those related to subjective measurements and complex transactions, which may be indicative of fraudulent financial reporting resulting from management's effort to manage earnings. In response, in our audit approach we reviewed the application of accounting policies, in particular those associated with accounting estimates, for reasonableness and correct application within the financial statements.
Audit test sample selection process involves random selection to incorporate an element of unpredictability in the selection of audit procedures.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion or misrepresentation.
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.
Other matters
The financial statements of the group and parent company for the year ended 31 December 2024 were not audited. Consequently, the corresponding figures for that period are unaudited. Our opinion on the current period's financial statements is not modified in respect of this matter.
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
Hyfield Group Limited
Consolidated Profit and Loss Account (Incorporating the Statement of Income and Retained Earnings) for the year ended 31 December 2025
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Note |
2025 |
2024 |
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|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
- |
|
|
|
Operating profit |
|
|
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar charges |
( |
( |
|
|
(5,216) |
12,504 |
||
|
Profit before tax |
|
|
|
|
Taxation |
( |
( |
|
|
Profit for the financial year |
|
|
|
|
Profit/(loss) attributable to: |
|||
|
Owners of the company |
|
|
|
|
Retained earnings brought forward |
4,581,093 |
4,614,126 |
|
|
Dividends paid |
( |
( |
|
|
Retained earnings carried forward |
4,053,225 |
4,581,093 |
Hyfield Group Limited
(Registration number: 15682035)
Consolidated Balance Sheet as at 31 December 2025
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Note |
2025 |
2024 |
|
|
Fixed assets |
|||
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Tangible assets |
|
|
|
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
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Net assets |
|
|
|
|
Capital and reserves |
|||
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Called up share capital |
200 |
200 |
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Retained earnings |
4,053,225 |
4,581,093 |
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Equity attributable to owners of the company |
4,053,425 |
4,581,293 |
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Shareholders' funds |
4,053,425 |
4,581,293 |
Approved and authorised by the
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Hyfield Group Limited
(Registration number: 15682035)
Balance Sheet as at 31 December 2025
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Note |
2025 |
2024 |
|
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Fixed 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 |
( |
( |
|
|
Net current assets |
|
|
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
200 |
200 |
|
|
Retained earnings |
10,237 |
4,010 |
|
|
Shareholders' funds |
10,437 |
4,210 |
The company made a profit after tax for the financial year of £2,119,390 (2024 - profit of £188,193).
Approved and authorised by the
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Hyfield Group Limited
Consolidated Statement of Cash Flows for the year ended 31 December 2025
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Note |
2025 |
2024 |
|
|
Cash flows from operating activities |
|||
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Profit for the year |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Loss on disposal of tangible assets |
|
|
|
|
Finance income |
( |
( |
|
|
Finance costs |
|
|
|
|
Income tax expense |
|
|
|
|
|
|
||
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Working capital adjustments |
|||
|
Decrease/(increase) in stocks |
|
( |
|
|
Decrease/(increase) in trade debtors |
|
( |
|
|
Increase/(decrease) in trade creditors |
|
( |
|
|
Cash generated from operations |
|
|
|
|
Income taxes paid |
( |
( |
|
|
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 |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
|
Cash and cash equivalents at 1 January |
|
|
|
|
Cash and cash equivalents at 31 December |
1,103,624 |
354,466 |
|
Hyfield Group Limited
Statement of Cash Flows for the year ended 31 December 2025
|
Note |
2025 |
2024 |
|
|
Cash flows from operating activities |
|||
|
Profit for the year |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Finance income |
( |
( |
|
|
( |
- |
||
|
Working capital adjustments |
|||
|
Increase in trade debtors |
( |
- |
|
|
Increase in trade creditors |
|
|
|
|
Net cash flow from operating activities |
( |
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisition of subsidiaries |
- |
( |
|
|
Net cash flows from investing activities |
|
|
|
|
Cash flows from financing activities |
|||
|
Proceeds from issue of ordinary shares, net of issue costs |
- |
|
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
|
Cash and cash equivalents at 1 January |
|
- |
|
|
Cash and cash equivalents at 31 December |
467 |
4,010 |
|
Hyfield Group Limited
Notes to the Financial Statements for the year ended 31 December 2025
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General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
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.
The consolidated and parent company financial statements for the year ended 31 December 2025 represent the first period in which the financial statements have been subjected to a statutory audit. The comparative figures presented for the year ended 31 December 2024 are unaudited.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2025.
No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006.
Hyfield Group Limited
Notes to the Financial Statements for the year ended 31 December 2025 (continued)
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2 |
Accounting policies (continued) |
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s Capital and reserves therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in Capital and reserves since the date of the combination.
Going concern
The financial statements have been prepared on a going concern basis, with management having given due consideration to the company’s ability to continue as a going concern for at least the next twelve months.
Hyfield Group Limited
Notes to the Financial Statements for the year ended 31 December 2025 (continued)
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2 |
Accounting policies (continued) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.
The group recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer.
Government grants
Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.
A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.
Foreign currency transactions and balances
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substanively enacted by the balance sheet date.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the balance sheet at cost (or deemed cost), less any accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Hyfield Group Limited
Notes to the Financial Statements for the year ended 31 December 2025 (continued)
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2 |
Accounting policies (continued) |
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
|
Depreciation method and rate for Tangible assets |
|
|
Asset class |
Depreciation method and rate |
|
Plant and machinery |
25% per annum on a reducing balance basis |
|
Fixtures, fittings and equipment |
10% per annum on a reducing balance basis and over the life of the lease |
|
Motor vehicles |
25% per annum on a reducing balance basis |
|
Computer equipment |
33 1/3% per annum on a straight line basis |
|
Improvements to leasehold |
depreciated over the life of the asset |
Investments
Investments are initially measured at cost less any accumulated impairment losses. Cost includes the original purchase price and any directly attributable transaction costs.
Hyfield Group Limited
Notes to the Financial Statements for the year ended 31 December 2025 (continued)
|
2 |
Accounting policies (continued) |
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets, which include trade debtors and bank balances and are all current assets, are initially measured at transaction price including transaction costs and are subsequently measured at the undiscounted amount expected to be received, net of any impairment.
Basic financial liabilities, which comprise of trade creditors falling due within one year, are initially measured at the undiscounted amount expected to be received from that entity, which is usually the invoice price. They are subsequently measured at the undiscounted amount expected to be paid, net of any impairment.
Cash and bank balances
Cash and cash equivalents are basic financial assets and comprise of cash in hand, deposits held with banks and bank overdrafts. Bank overdrafts are shwon within borrowings in current liabilities.
Stocks
Stocks are stated at the lower of cost and estimated selling price. Cost is determined on a moving weighted average basis and includes the purchase price, import duties, transportation costs and directly attributable handling charges where applicable. A new weighted average cost is calculated following each inventory purchase.
Stock includes goods in transit. These are valued at cost, including the cost of transportation and duties where applicable.
Provision is made for damaged, obsolete and slow-moving stock where applicable.
Leases
Rentals 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 the profit and loss account on a straight-line basis over the period of the lease.
Hire purchase agreements are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Defined contribution pension obligation
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held seperately from those of the company. The annual contributions are charged to the profit and loss account.
Hyfield Group Limited
Notes to the Financial Statements for the year ended 31 December 2025 (continued)
|
Turnover |
The analysis of the group's Turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Sale of goods |
|
|
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
|
2025 |
2024 |
|
|
Government grants |
- |
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Research and development cost |
|
|
|
Foreign exchange gains |
( |
( |
|
Operating lease costs |
518,762 |
507,748 |
|
Loss on disposal of property, plant and equipment |
|
|
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Interest income on bank deposits |
|
|
|
Other finance income |
|
|
|
|
|
Hyfield Group Limited
Notes to the Financial Statements for the year ended 31 December 2025 (continued)
|
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 |
|
|
|
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 |
|
|
Administration and support |
|
|
|
Sales, marketing and distribution |
|
|
|
|
|
Hyfield Group Limited
Notes to the Financial Statements for the year ended 31 December 2025 (continued)
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
46,515 |
56,138 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of these financial statements |
21,000 |
18,000 |
Hyfield Group Limited
Notes to the Financial Statements for the year ended 31 December 2025 (continued)
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
( |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax increase from effect of depreciation of assets not qualifying for capital allowances |
|
|
|
Expenses not deductable for tax purposes |
|
|
|
Deferred tax amounts not provided |
|
- |
|
Total tax charge |
|
|
Deferred tax
Group
The deferred tax creditor is made up of a credit balance of £99,204 (2024: £119,912) relating to accelerated capital allowances.
Hyfield Group Limited
Notes to the Financial Statements for the year ended 31 December 2025 (continued)
|
Tangible assets |
Group
|
Improvements to leasehold |
Fixtures, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
|
|
Cost or valuation |
|||||
|
At 1 January 2025 |
|
|
|
|
|
|
Additions |
- |
|
|
|
|
|
Disposals |
- |
( |
( |
- |
( |
|
At 31 December 2025 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 January 2025 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
Eliminated on disposal |
- |
( |
( |
- |
( |
|
At 31 December 2025 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 31 December 2025 |
|
|
|
|
|
|
At 31 December 2024 |
|
|
|
|
|
Included within the net book value of land and buildings above is £42,571 (2024 - £59,089) in respect of long leasehold land and buildings.
Hyfield Group Limited
Notes to the Financial Statements for the year ended 31 December 2025 (continued)
|
Investments |
Group
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the group 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 |
||||
|
|
5 Hawthorn Park, Coal Road, Leeds LS14 1PQ |
|
|
|
|
England |
||||
|
|
5 Hawthorn Park, Coal Road, Leeds, LS14 1PQ |
|
|
|
|
England |
||||
|
|
5 Hawthorn Park, Coal Road, Leeds, LS14 1PQ |
|
|
|
|
England |
||||
* indicates direct investment of the company
Hyfield Group Limited
Notes to the Financial Statements for the year ended 31 December 2025 (continued)
|
13 |
Investments (continued) |
Subsidiary undertakings
|
Specialist Tiling Supplies Limited The principal activity of Specialist Tiling Supplies Limited is |
|
Alberton Investments Limited The principal activity of Alberton Investments Limited is |
|
Nomoreply Ltd The principal activity of Nomoreply Ltd is |
Company
|
2025 |
2024 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 January 2025 |
|
|
Provision |
|
|
Carrying amount |
|
|
At 31 December 2025 |
|
|
At 31 December 2024 |
|
|
Stocks |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Finished goods and goods for resale |
|
|
- |
- |
Hyfield Group Limited
Notes to the Financial Statements for the year ended 31 December 2025 (continued)
|
Debtors |
|
Group |
Company |
||||
|
Current |
Note |
2025 |
2024 |
2025 |
2024 |
|
Trade debtors |
|
|
- |
- |
|
|
Amounts owed by group undertaking |
- |
- |
|
- |
|
|
Other debtors |
|
|
- |
- |
|
|
Prepayments |
|
|
- |
- |
|
|
|
|
|
- |
||
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Cash at bank |
|
|
|
|
|
Bank overdrafts |
- |
( |
- |
- |
|
Cash and cash equivalents in statement of cash flows |
1,103,624 |
354,466 |
467 |
4,010 |
Hyfield Group Limited
Notes to the Financial Statements for the year ended 31 December 2025 (continued)
|
Creditors |
|
Group |
Company |
||||
|
Note |
2025 |
2024 |
2025 |
2024 |
|
|
Due within one year |
|||||
|
Bank overdraft |
- |
145,924 |
- |
- |
|
|
HP and finance lease liabilities |
48,175 |
45,183 |
- |
- |
|
|
Trade creditors |
|
|
- |
- |
|
|
Amounts owed to company with a participating interest |
332,488 |
- |
- |
- |
|
|
Directors' loan accounts |
23,416 |
91,766 |
330 |
100 |
|
|
Social security and other taxes |
|
|
- |
- |
|
|
Outstanding defined contribution pension costs |
|
|
- |
- |
|
|
Accruals |
|
|
- |
- |
|
|
Corporation tax liability |
271,471 |
5,485 |
- |
- |
|
|
|
|
|
|
||
|
Due after one year |
|||||
|
HP and finance lease laibilities |
|
|
- |
- |
|
|
Provisions for liabilities |
Group
|
Deferred tax |
Total |
|
|
At 1 January 2025 |
|
|
|
Increase (decrease) in existing provisions |
( |
( |
|
At 31 December 2025 |
|
|
|
|
||
Hyfield Group Limited
Notes to the Financial Statements for the year ended 31 December 2025 (continued)
|
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. |
£ |
|
|
|
|
200 |
|
200 |
|
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 £
Hyfield Group Limited
Notes to the Financial Statements for the year ended 31 December 2025 (continued)
|
Related party transactions |
Group
Summary of transactions with key management
The aggregate compensation of the key management personnel during the year was £288,456.
Summary of transactions with other related parties