FOR THE YEAR ENDED 31 MARCH 2023
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
COMPANY INFORMATION
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
CONTENTS
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The directors present their strategic report for Hydrock Holdings Limited (“the Company” or “HH”) and subsidiaries for the period ended 31 March 2023.
The principal activity of HH in the year under review was that of a holding company and the provision of consultancy and management services.
HH is a holding company, owning the entire issued share capital of the following trading entities at year end:
∙Hydrock Consultants Limited (“HCS”), acquired on 15th August 2018;
∙3e Consulting Engineers (“3e”), acquired on 2nd May 2022;
∙Complete Design Partnership (“CDP”), acquired on 11th August 2022; and
∙SPL Track (”SPL”), acquired on 20th December 2022.
The trade and assets of previously acquired companies (Hydrock MRB Limited and Kelly Taylor & Associates Limited) were hived across into HCS during the year and they are now dormant.
These accounts consolidate HH, HCS, 3e, CDP and SPL, together with four dormant entities (all together “the Group” or “Hydrock”).
∙Group turnover in the year was £74m (2022 - £59m), an increase of 40%.
∙Gross profits increased by 22% to £24.1m at a margin of 33% (2022 - £19.7m, 33%).
∙Operating profits before exceptional items for the year were £5.2m (2022 - £4.4m) reflecting a margin of 7% (2022 – 7.5%).
These represent Hydrock’s best year end trading results to date and the directors are very pleased with the results. A continued focus by the directors on growth, investment in the business and strategic acquisitions has delivered this success.
Against a challenging economic climate, Hydrock’s performance has remained positive with respect to sales growth and the management of working capital. A robust approach to financial management, client engagement and technical excellence to address client needs, have all ensured the business continues to withstand the economic headwinds. Highlights include:
∙Continued growth in the delivery of energy, climate and sustainability advice to clients across all of Hydrock’s key sectors. This includes upstream consulting advice to set strategies to meet net zero and ESG goals, through to detailed costing, optioneering and implementation of renewable energy and building retrofit measures to adapt to climate change, supported by all of Hydrock’s engineering teams.
∙Taking an industry leadership stance on the implications of the Building Safety Act. Widely regarded as the biggest cultural shift in the built environment in generations, our consultation at government level on its implications and our development of a digital platform to enable stakeholders to respond to the demands of the Act, have positioned us with clients as the go-to adviser.
∙Influencing how we go to market, we have established the role of regional director for each of our defined regions to bring greater focus to our multi-disciplinary offer to clients. Supported by our regional teams, this specific role is about developing, managing and delivering the strategic growth objectives for each particular region.
Page 1
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
∙Building an infrastructure and approach to accelerate towards becoming an industry-leading, digitally enhanced consultancy. This increasingly differentiates our services and enables us to deliver more efficiently. Through the analysis and presentation of meaningful data, it’s an approach that enables us to deliver higher value solutions for clients.
Group trading for the new financial year to 31 March 2024 has continued with strong growth in sales and profits. The first quarter results to 30 June 2023 have recorded sales of £16.8m, an increase of 15% on 2022, with underlying operating profits of £1m. The order book is also at record levels, providing good short and medium term visibility. The directors remain optimistic about the current financial year.
The Group has acquired a further two businesses since the year end:
∙Fore Consulting Limited was acquired on 6th April 2023. This is a transport planning consultancy based in Leeds which strengthens our capabilities in this sector and region.
∙3T Safety Consultants Limited on 24th July 2023. This is a nuclear management consultancy which almost doubles our team size in this energy critical sector.
The balance sheet at year end reflects the strong trading results, with net assets of £8.6m (2022 - £6.7m).
The UK Economy
The last 12 months has seen a number of adverse developments in the UK economy, including high and stubborn inflation, a tight labour market, rising interest rates, stagnant GDP growth and the continuing war in Ukraine. The directors are very alert to these risks and possible impact on our financial performance. Hydrock has a number of resilient characteristics that provide some protection from these challenges, including:
∙Diversity: Hydrock is hugely diverse in its clients, sectors, regions and services, with no reliance or concentration risks.
∙Sectors: Many of Hydrock’s focus sectors are largely shielded from an economic downturn as they benefit from committed investment plans. These include energy, technology, education, strategic residential, healthcare and public sector.
∙Legislation: New legislation (such as the Building Safety Act and Fire Safety Bill 2022 and Fire Safety Act 2021) and regulation (such as Part L of the Building Regulations 2022 or new EPC regulations) is driving demand for Hydrock’s solutions, regardless of economic conditions.
∙Contracts: Hydrock benefits from long term projects and contracts with clients, often over several years. They are committed, funded projects which are expected to continue regardless of economic conditions.
The directors are not complacent and a number of Hydrock KPIs and reports are in place to closely monitor the situation. These include detailed analyses on the level of enquiries, fee proposals, win rates, new orders secured and monthly updating of all project forecasts. Hydrock’s management and delivery teams also stay close to clients to ensure we understand their position and outlook. The directors will not hesitate to take further action should the risks and uncertainties change in the coming months, recognising our culture, brand and management processes are strong enough to withstand such market issues.
Page 2
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Other Key Risks & Uncertainties
A prudent liquidity and cash flow risk management policy is operated, forecasting short and medium-term working capital requirements, and maintaining sufficient cash and availability of funding through an adequate amount of committed credit facilities and borrowings. The Group’s interest rate risk arises primarily from borrowings and other facilities used to fund working capital. Management monitor borrowing levels and market interest rates on a regular basis to identify and consider options to mitigate any exposure to ensure this remains appropriate to the Group’s circumstances. Hydrock also mitigates risk through our focus on market intelligence and market analysis. This is led by our Innovation Delivery team who support all practice areas with this analysis, and also develop appropriate new offerings to clients based on emerging trends and market intelligence, which ensure we are well-positioned to deliver new, long-term consultancy advisory work.
Hydrock monitors performance by a number of measures including monthly management accounts and dashboard reports. These include relevant KPIs such as profit and loss accounts (company and divisional), cash flow, gross and operating margins, debtor days, work in progress, order book, new work winning and enquiry levels.
The Group also monitors key non-financial KPIs such as staff engagement, client satisfaction and health and safety matters. The Group holds regular board and various other formal meetings covering operations, business development, marketing, IT and HR.
Introduction
The directors act in good faith to continually balance the success of the Group and the rewards to its shareholders against many other factors, including ensuring that:
∙business is conducted morally and ethically, in line with Hydrock’s values and purpose;
∙short-term gains do not have an adverse consequence on the Group’s long-term strategy, success and benefits;
∙employee welfare, training and interests are taken care of;
∙customer and supplier relationships are strong, mutually beneficial and comply with the Group’s policies (such as anti-bribery and corruption, anti-slavery and human trafficking and corporate social responsibility); and
∙the Group acts as a ‘force for good’ both through its delivery of services and as a member of its local communities, with any impacts considered as a result of Hydrock’s operations.
Our Values
Underpinning this approach is Hydrock’s ethos, communicated to all staff and stakeholders, including clients and suppliers, using our ten values:
1.We create a genuine, fun atmosphere in our work and a place where people can express themselves.
2.We believe in the strength of diversity and inclusivity in our workforce.
3.We are ambitious and we keep our promises.
4.We are committed to giving something back.
5.We respect each other and work for a common goal.
6.We create an environment where our people can thrive.
7.We believe our families come first.
8.When challenges arise, we step forwards, not backwards.
9.We want our staff to take pride in and ownership of the work they do.
10.We continually seek to improve our governance and sustainability.
Page 3
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Hydrock’s approach and respect of these values is evidenced in a number of ways, including:
∙A one-off cost of living payment of £500 made in November 2022 for all employees earning less than £50,000 a year in recognition of the impact of the economic crisis on Hydrock’s staff.
∙Salary sacrifice car scheme established in partnership with Octopus Electric Vehicles, enabling staff to save up to 40% on a new electric vehicle.
∙Focus of ‘employee resource groups’ on creating ‘safe spaces’ to raise awareness and educate staff on subjects that included coping with baby loss, the menopause, race and gender.
∙Creating learning experiences that help staff to progress in their careers. This is exemplified through an industry-leading technical excellence programme for our fire engineers to address the future sector shortage of qualified fire engineers.
∙STEM-focused workshops targeted at schools in disadvantaged areas within the catchment of our office network to inspire students on the variety of choice from a career in our sector.
∙Record number of apprentices and T-level students recruited from a diverse social background and supported with on-the-job skills training, development workshops and pathways to academic qualifications.
∙Collaborative investment of skills to develop digitally-led products to address client needs such as estate optimisation and decarbonisation, future communities and building safety.
∙Shaping and influencing future industry standards including the UK Green Building Council’s (“UKGBC”) net zero reporting standards, the implementation of the Building Safety Act, and the UKGBC’s research on nature-based solutions.
Recruiting, retaining and developing a highly skilled workforce is a core part of Hydrock’s continued success and future strategy. The Group is committed to a policy of recruitment and promotion on the basis of aptitude and ability without discrimination of any kind and to training for the existing and future needs of the business. Full and fair consideration is given to all applications for employment made by disabled persons, who are also given equal consideration for training and career development.
Our dedicated Learning and Development team have established a series of career and personal development programmes for staff from graduate entry level to the most senior directors. These programmes all provide active learning experiences around areas such as negotiation skills, personal brand, leadership and emotional intelligence. In addition, all employees have had the opportunity to take part in mindfulness sessions, and attend webinars on emerging areas such as managing remote teams, and how to work effectively from home. Hydrock communicates actively and regularly with its employees using a wide variety of initiatives. These also include:
∙monthly “check in” reviews;
∙regular staff pulse surveys;
∙webcasts from the CEO;
∙bulletins detailing changes and updates to processes;
∙in-person and online learning and social activities, for example guest speakers for events such as International Women’s Day, Christmas competitions, and 5-a-side football; and
∙a company Intranet that is updated daily with news and information.
Regular meetings are also held between staff and management at all levels across the business. A five year strategic plan is produced every year including historical results and forecasts. This is circulated to all staff, followed by presentations to each office and discussion and debate. Employee involvement in Hydrock’s performance is encouraged and maintained by disclosure of financial results and participation in a companywide profit-sharing bonus scheme. 54 employees, including the Directors, also hold an equity interest in Hydrock.
Page 4
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Client retention and satisfaction is a core strategic pillar for Hydrock, with the delivery of exceptional advice and service of paramount importance to ensure we continue to achieve the high level of repeat business that we currently enjoy.
The importance of this is emphasised throughout the business and is a core part of our ongoing learning and development programmes which include sessions that help staff to understand and recognise the importance of developing long-term, trusted relationships with our clients.
We monitor client satisfaction through a client feedback programme, focussing on a qualitative rather than quantitative assessment.
Hydrock also regularly uses a wide pool of third-party suppliers, including other consultants and sub-contractors. Their involvement is often a critical part of the overall service we deliver to clients, hence it is important for suppliers to operate at the same high professional standards as Hydrock. Suppliers are engaged through a comprehensive procurement process that ensures effective controls are in place for competency, compliance, technical quality and financial strength.
Policy & Strategy
Hydrock is committed to achieving Net Zero emissions by 2030 for scope 1 and 2 emissions from a base year of our year ended 31 March 2020. We intend to achieve Net Zero for scope 3 emissions by no later than 2050 and will revise this target date after finalising our scope 3 inventory. Hydrock is exploring opportunities for further carbon reduction throughout our corporate value chain.
Responsibility
Responsibility for carbon reduction is led at Board level and supported with action planning through the Hydrock Sustainability Working Group (“SWG”). The SWG core members and wider group of representatives represent all Hydrock disciplines, locations and levels of seniority and include a Board sponsor in the core group. They consider, and where necessary, challenge Hydrock’s commitments and processes to ensure that the company operates in a sustainable manner that seeks to continually improve our environmental, social and economic impacts, both close to home and in wider society. Along with the Board, the SWG is responsible for ensuring that the targets set are achieved and will help deliver a sustainable Hydrock.
Hydrock's in-house Smart Energy and Sustainability (“SES”) specialists develop our carbon strategy on behalf of the SWG, and act as the technical advisors to the SWG and Board for Hydrock's journey to Net Zero and beyond.
Methodology
The methodology used in the creation of this report including organisational boundaries and scoping of greenhouse gas emissions is based on Greenhouse Gas (“GHG”) GHG Protocol. UK Government emission conversion factors for GHG were used for reporting.
Hydrock has carried out a detailed assessment of the buildings in which we operate and the vehicles that are owned and controlled by the organisation and used for business travel purposes. For fuel usage, a fuel-based approach was used. The majority of oil, gas and electricity data was taken directly from meter readings or invoices. However, when a reading was unavailable, a value was calculated using pro-rata extrapolation, benchmarking or comparative data from a similar asset, as instructed by the reporting guidance. In previous reporting, business travel in staff owned vehicles had been reported under scope 1, this has now been separated out for all reporting periods and included in scope 3.
Our organisation understands that scope 3 emissions typically represent the largest source of emissions for companies and present the most significant opportunities to influence GHG reductions. We are actively
Page 5
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
developing a full corporate GHG emissions inventory in line with GHG Protocol. Our full scope 3 inventory will be included in an updated Net Zero Roadmap due to be published in late 2023. Scope 3 emissions relating to business travel in staff owned vehicles have been included in this report.
Energy Efficiency SES are developing internal processes including automated real time data collection to reduce human error and manual data entry to ensure complete and accurate accounting of energy usage and emissions. All our offices are leased and as a tenant, Hydrock has limited control over energy efficiency improvements. We are engaging with landlords for existing offices to encourage the implementation of energy efficiency measures, electrification of heating and hot water systems and procurement of renewable energy through on-site or offsite measures. For new offices, minimum energy efficiency standards will be required. Hydrock supports the UKGBC framework for Net Zero carbon buildings. This will assist with our objective of helping the UK construction and property industry to transition new and existing buildings to becoming Net Zero carbon by 2050. Key Performance Indicators Our SECR KPIs for the last four financial years are in the table below. We are comparing FY23 to FY20 given the distorting impact of the pandemic in FY21 and FY22.
Page 6
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
This report was approved by the board and signed on its behalf.
Page 7
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The directors present their report and the financial statements for the year ended 31 March 2023.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' reports may differ from legislation in other jurisdictions.
The profit for the year, after taxation, amounted to £1,885,136 (2022: £2,706,978).
Dividends of £nil (2022: £223,000) were paid during the year.
The directors who served during the year were:
Page 8
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
All future developments are disclosed within the strategic report.
Information in relation to the engagement with employees, engagement with suppliers, customers and other and greenhouse gas emissions, energy consumption and energy efficiency action are disclosed within the strategic report.
The Group has acquired 100% of the issued share capital of Fore Consulting Limited and 3T Safety Consultants Limited.
The auditors, Bishop Fleming LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
Page 9
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HYDROCK HOLDINGS LIMITED
We have audited the financial statements of Hydrock Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2023, which comprise the Consolidated Statement of comprehensive income, the Consolidated and Company Statements of financial position, the Consolidated Statement of cash flows, the Consolidated and Company Statement of changes in equity, the Consolidated analysis of net debt and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Page 10
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HYDROCK HOLDINGS LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
Page 11
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HYDROCK HOLDINGS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered the following:
∙the nature of the industry and sector, control environment and business performance;
∙results of our enquires of management and directors in relation to their own identification and assessment of the risks of irregularities within the Group; and
∙any matters we identified having obtained and reviewed the Group’s documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or noncompliance with laws and regulations.
As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.
We have also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures within the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Financial Reporting Standard 102 and UK tax legislation. In addition we considered provision of other laws and regulations that do not have a direct effect on the financial statements but compliance with may be fundamental for the Group’s ability to operate or avoid a material penalty. These included health and safety regulations; employment legislation; and data protection laws.
Our audit procedures performed to respond to the risks identified included, but were not limited to:
∙reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;
∙challenging assumptions and judgments made by management in their significant accounting estimates;
∙discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
∙performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙reviewing board minutes; and
∙identifying and testing journal entries, evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Page 12
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HYDROCK HOLDINGS LIMITED (CONTINUED)
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
10 Temple Back
BS1 6FL
Page 13
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
Page 14
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
REGISTERED NUMBER:11000495
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 22 to 48 form part of these financial statements.
Page 15
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
REGISTERED NUMBER:11000495
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 22 to 48 form part of these financial statements.
Page 16
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
Page 17
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
Page 18
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
Page 19
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Page 20
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2023
Page 21
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Hydrock Holdings Limited is a private company, limited by shares, registered in the United Kingdom. The Company’s registered number and registered office address can be found on the General Information page.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The directors have performed a formal review to assess whether going concern is an appropriate basis for the preparation of the Group’s accounts. This comprised preparing detailed financial forecasts for the two years ending 31 March 2025, assessing budgeting accuracy from prior periods, a consideration of current trading and the Group’s funding facilities.
The Group’s forecasts indicate continued profitable and cash generative trading, backed by a high order book offering good medium term visibility. This is reinforced by the strong start to the current financial year. The Group refinanced in August 2022, providing it with sufficient debt and working capital facilities for all of the group companies’ medium term requirements. Hydrock also benefits from the continued support from its ultimate private equity investor, BGF. Given all of these points, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. They have therefore concluded that going concern is an appropriate basis for the preparation of the Group’s accounts.
Page 22
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.ACCOUNTING POLICIES (continued)
Functional and presentation currency
Transactions and balances
Page 23
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.ACCOUNTING POLICIES (continued)
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.
Page 24
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.ACCOUNTING POLICIES (continued)
GOODWILL
OTHER INTANGIBLE ASSETS
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Page 25
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.ACCOUNTING POLICIES (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks and work in progress, comprising development projects including land, are stated at the lower of cost and net realisable value.
Page 26
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.ACCOUNTING POLICIES (continued)
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying
Page 27
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.ACCOUNTING POLICIES (continued)
amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial assets
Financial assets are derecognised when their contractual rights to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
Page 28
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Page 29
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Page 30
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Page 31
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Page 32
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
12.TAXATION (CONTINUED)
In the March 2021 Budget statement it was announced that the main rate of corporation tax would
increase to 25% from 1 April 2023. Deferred taxes as at the balance sheet date have been measured using this enacted tax rate and reflected in the financial statements.
Page 33
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Page 34
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Page 35
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Page 36
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Page 37
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Page 38
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Page 39
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
23.LOANS (CONTINUED)
Page 40
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Page 41
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Share premium account
Capital redemption reserve
Profit and loss account
Page 42
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Page 43
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
28.BUSINESS COMBINATIONS (CONTINUED)
Page 44
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
28.BUSINESS COMBINATIONS (CONTINUED)
Page 45
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
28.BUSINESS COMBINATIONS (CONTINUED)
Page 46
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
28.BUSINESS COMBINATIONS (CONTINUED)
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £2,427,895 (2022: £1,892,495). Contributions totalling £434,263 (2022: £288,540) were payable to the fund at the reporting date and are included in creditors.
Page 47
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HYDROCK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Page 48
|