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REGISTERED NUMBER: 00425267 (England and Wales)















GROUP STRATEGIC REPORT, DIRECTORS' REPORT AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

W.E.BLACK LIMITED

W.E.BLACK LIMITED (REGISTERED NUMBER: 00425267)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022




Page

Company Information 1

Group Strategic Report 2

Directors' Report 5

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 18


W.E.BLACK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2022







DIRECTORS: E J S Gadsden
J Long
S Gadsden
J Lyon





SECRETARY: J Long





REGISTERED OFFICE: Hawridge Place
Hawridge
Chesham
Buckinghamshire
HP5 2ZD





REGISTERED NUMBER: 00425267 (England and Wales)





AUDITORS: EV Accountants Limited
Chartered Accountants & Statutory Auditors
Unit 201, Second Floor
Metroline House
118-122 College Road
Harrow
Middlesex
HA1 1BQ

W.E.BLACK LIMITED (REGISTERED NUMBER: 00425267)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The directors present their strategic report of the company and the group for the year ended 31 December 2022.

REVIEW OF BUSINESS
Turnover for the year ended 31 December 2022, was £28,068,402 (2021 - £57,869,393) with profit after taxation of £12,267,149 (2021 - £13,611,200).

The group has continued to perform well in 2022, in what is viewed as a difficult market, and despite the prediction in last year, the level of turnover has decreased. Profitability has also decreased in the present market. The group has been in profit for the last 14 years. The directors are satisfied with the performance of the group, and the directors expect to deliver a profit in the current financial year.

Financial performance

Financial performance for the year has been analysed as follows

2022 2021 Change Change
£'000 £'000 £'000 %
Turnover 28,068 57,869 (29,801) (51.5)
Gross profit 5,988 9,379 (3,391) (36.2)
Profit before tax 15,193 16,976 (1,783) (10.5)

Turnover has decreased to £28.07 million from £57.87 million. During the year 77 residential property units and 8 development projects were sold, compared to 45 residential property units and 9 development projects sold in 2021.

Gross profits have decreased to £5.99 million from £9.38 million in 2021. The gross profit margin has increased to 21.3% (16.2% in 2021).

Profit before tax decreased to £15.19 million from £16.98 million in 2021. The main reason for this was due to the increase in the expenditure.


W.E.BLACK LIMITED (REGISTERED NUMBER: 00425267)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the nature of the group's strategy are subject to a number of risks.

The directors have set out below the principal risks facing the business.

The directors are of the opinion that a thorough risk management process is adopted which involves the formal review of all the risks identified below. Where possible, processes are in place to monitor and mitigate such risks.

Economic downturn

The success of the business is reliant on consumer spending and mortgage lending. An economic downturn, resulting in reduction of consumer spending power and difficulties in obtaining mortgage finance will have a direct impact on the income achieved by the group.

In response to this risk, senior management aim to keep abreast of economic conditions. Marketing and pricing strategies are modified to reflect any change in market conditions.

Financial risk management objectives and policies

The group uses various financial instruments including, cash, equity investments, joint venture arrangements, and various items, such as trade creditors and trade debtors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the group's operations.

The existence of these financial instruments exposes the group to a number of financial risks, which are described in more detail below.

The main risks arising from the group's financial instruments are market risk, cash flow and credit risk. The directors review and agree policies for managing each of these risks and they are summarised below. These policies have remained unchanged from previous periods.

Market risk

Market risk encompasses two types of risk, being fair value interest rate risk and price risk. The group's policies for managing fair value interest rate risk are considered along with those for managing cash flow interest rate risk and are set out in the subsection entitled "interest rate risk" below.

Liquidity risk

The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

Interest rate risk

The group finances its operations through a mixture of retained profits and standard trade finance. The group's exposure in interest rate fluctuations on its reserves is managed by the use of both fixed and floating rate facilities.

Creditor payment policy

The terms of sales collections and supplier payments reflect local commercial practice. The group has policies to ensure that suppliers are paid on time. In particular, the group seeks:

- To set terms of payment with suppliers when agreeing the terms of the transaction,
- To ensure that suppliers are made aware of the agreed terms of payment,
- To abide by the terms of payment.

SECTION 172(1) STATEMENT
The directors must act in the way they consider, in good faith, would most likely to promote the success of the group for the benefit of its members as a whole, and in doing so have regard to:

- long term consequences of any decisions
- the interest of the group's employees
- the need to foster the group's business relationships with suppliers, customers and others
- the impact of the group's operations on the community and the environment
- the desirability of the group maintaining a reputation for high standards of business conduct, and the need to act fairly as between members of the group.


W.E.BLACK LIMITED (REGISTERED NUMBER: 00425267)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

KEY PERFORMANCE INDICATORS
The directors have monitored the progress of the overall group strategy by reference to certain financial and non-financial key performance indicators. The indicators are listed below in the order of their importance.

2022 2021 Method of calculation

Net profit margin
before tax (%)


54.1


29.3
Ratio of profit on ordinary activities
before tax to total sales expressed as
a percentage
Gross profit margin
(%)

21.3

16.2
Ratio of gross profit to group sales
expressed as a percentage
Turnover (£million) 28 58 Turnover achieved in the year
(Decline) / Growth in
turnover (%)

(52)

40
Year-on-year turnover growth
expressed as a percentage
Number of residential
units sold

77

45
Number of private units with legal
completion in the year

The directors continuously review all performance indicators, to ensure the most relevant key performance indicators are being monitored and focused upon.

Future developments for the business and outlook

The directors will continue to seek profitable business opportunities. At the start of 2022, the housing market had slowed within the group's operational area, which is predominantly Buckinghamshire, Hertfordshire and Middlesex. This slow down has continued, but a stable market is the most important factor for the property sector and the group.

At the start of 2023, sales have continued to grow.

The directors expect the residential property market in 2023 to be similar to 2022. However, the directors believe the group is well placed with its sites in good locations to deliver another profitable year. With cash reserves W.E.Black Limited is ready to secure development opportunities as they arise.

ON BEHALF OF THE BOARD:





E J S Gadsden - Director


15 October 2023

W.E.BLACK LIMITED (REGISTERED NUMBER: 00425267)

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2022.

DIVIDENDS
During the year dividends of £2,971,980 (2021 - £2,634,255) were paid. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2022 was £2,971,980 (2021 - £2,634,255).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report.

E J S Gadsden
J Long
S Gadsden
J Lyon

DONATIONS AND EXPENDITURE
During the year the group made charitable donations of £21,854 (2021 - £22,879).

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Directors' 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), 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 and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable 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 company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, EV Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





E J S Gadsden - Director


15 October 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
W.E.BLACK LIMITED

Opinion
We have audited the financial statements of W.E.Black Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 of the parent company affairs as at 31 December 2022 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 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Directors' Report, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of 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.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
W.E.BLACK LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
W.E.BLACK LIMITED


Auditors' 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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the group and the parent company through discussions with directors and other management, and from our commercial knowledge and experience of the industry in which the group and the parent company operates;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group and the parent company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the group and the parent company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
- understanding the design of the group and the parent company's remuneration policies.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the group and the parent company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities 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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
W.E.BLACK LIMITED


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 a Report of the Auditors 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.




Binoy Mistry BA FCA (Senior Statutory Auditor)
for and on behalf of EV Accountants Limited
Chartered Accountants & Statutory Auditors
Unit 201, Second Floor
Metroline House
118-122 College Road
Harrow
Middlesex
HA1 1BQ

15 October 2023

W.E.BLACK LIMITED (REGISTERED NUMBER: 00425267)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022

2022 2021
Notes £    £   

REVENUE 3 28,068,402 57,869,393

Cost of sales (22,080,615 ) (48,490,700 )
GROSS PROFIT 5,987,787 9,378,693

Administrative expenses (1,523,826 ) (1,815,884 )
4,463,961 7,562,809

Other operating income 6,186,694 5,936,714
OPERATING PROFIT 5 10,650,655 13,499,523

Interest receivable and similar income 4,545,585 3,499,119
15,196,240 16,998,642

Interest payable and similar expenses 6 (2,865 ) (22,856 )
PROFIT BEFORE TAXATION 15,193,375 16,975,786

Tax on profit 7 (2,926,226 ) (3,364,586 )
PROFIT FOR THE FINANCIAL YEAR 12,267,149 13,611,200
Profit attributable to:
Owners of the parent 12,267,149 13,611,200

W.E.BLACK LIMITED (REGISTERED NUMBER: 00425267)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022

2022 2021
Notes £    £   

PROFIT FOR THE YEAR 12,267,149 13,611,200


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

12,267,149

13,611,200

Total comprehensive income attributable to:
Owners of the parent 12,267,149 13,611,200

W.E.BLACK LIMITED (REGISTERED NUMBER: 00425267)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2022

2022 2021
Notes £    £   
FIXED ASSETS
Intangible assets 10 1,544,987 1,735,135
Property, plant and equipment 11 63,467 76,136
Investments 12 1,525,000 1,525,000
Investment property 13 18,490,000 18,490,000
21,623,454 21,826,271

CURRENT ASSETS
Inventories 14 98,116,418 101,397,582
Debtors 15 92,309,143 76,009,153
Cash at bank and in hand 103,836,702 106,294,833
294,262,263 283,701,568
CREDITORS
Amounts falling due within one year 16 (33,664,561 ) (32,602,886 )
NET CURRENT ASSETS 260,597,702 251,098,682
TOTAL ASSETS LESS CURRENT
LIABILITIES

282,221,156

272,924,953

PROVISIONS FOR LIABILITIES 17 (66,704 ) (65,670 )
NET ASSETS 282,154,452 272,859,283

CAPITAL AND RESERVES
Called up share capital 18 27,018 27,018
Capital redemption reserve 19 182 182
Retained earnings 19 282,127,252 272,832,083
SHAREHOLDERS' FUNDS 282,154,452 272,859,283

The financial statements were approved by the Board of Directors and authorised for issue on 15 October 2023 and were signed on its behalf by:





E J S Gadsden - Director


W.E.BLACK LIMITED (REGISTERED NUMBER: 00425267)

COMPANY BALANCE SHEET
31 DECEMBER 2022

2022 2021
Notes £    £   
FIXED ASSETS
Intangible assets 10 - -
Property, plant and equipment 11 54,420 69,974
Investments 12 6,381,199 6,381,199
Investment property 13 - -
6,435,619 6,451,173

CURRENT ASSETS
Inventories 14 82,282,732 87,601,419
Debtors 15 56,075,381 44,258,656
Cash at bank 103,458,156 105,610,479
241,816,269 237,470,554
CREDITORS
Amounts falling due within one year 16 (2,814,880 ) (2,576,073 )
NET CURRENT ASSETS 239,001,389 234,894,481
TOTAL ASSETS LESS CURRENT
LIABILITIES

245,437,008

241,345,654

CAPITAL AND RESERVES
Called up share capital 18 27,018 27,018
Capital redemption reserve 19 182 182
Retained earnings 19 245,409,808 241,318,454
SHAREHOLDERS' FUNDS 245,437,008 241,345,654

Company's profit for the financial year 7,063,334 8,822,386

The financial statements were approved by the Board of Directors and authorised for issue on 15 October 2023 and were signed on its behalf by:





E J S Gadsden - Director


W.E.BLACK LIMITED (REGISTERED NUMBER: 00425267)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   

Balance at 1 January 2021 27,018 261,855,138 182 261,882,338

Changes in equity
Dividends - (2,634,255 ) - (2,634,255 )
Total comprehensive income - 13,611,200 - 13,611,200
Balance at 31 December 2021 27,018 272,832,083 182 272,859,283

Changes in equity
Dividends - (2,971,980 ) - (2,971,980 )
Total comprehensive income - 12,267,149 - 12,267,149
Balance at 31 December 2022 27,018 282,127,252 182 282,154,452

W.E.BLACK LIMITED (REGISTERED NUMBER: 00425267)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   

Balance at 1 January 2021 27,018 235,130,323 182 235,157,523

Changes in equity
Dividends - (2,634,255 ) - (2,634,255 )
Total comprehensive income - 8,822,386 - 8,822,386
Balance at 31 December 2021 27,018 241,318,454 182 241,345,654

Changes in equity
Dividends - (2,971,980 ) - (2,971,980 )
Total comprehensive income - 7,063,334 - 7,063,334
Balance at 31 December 2022 27,018 245,409,808 182 245,437,008

W.E.BLACK LIMITED (REGISTERED NUMBER: 00425267)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022

2022 2021
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 148,795 41,482,548
Interest paid (2,865 ) (22,856 )
Tax paid (4,173,808 ) (6,874,653 )
Net cash from operating activities (4,027,878 ) 34,585,039

Cash flows from investing activities
Purchase of intangible fixed assets - (1,205,520 )
Purchase of tangible fixed assets (13,758 ) (39,690 )
Purchase of fixed asset investments - (1,500,000 )
Purchase of investment property - (14,370,000 )
Sale of tangible fixed assets 9,900 11,180
Interest received 4,545,585 3,499,119
Net cash from investing activities 4,541,727 (13,604,911 )

Cash flows from financing activities
Equity dividends paid (2,971,980 ) (2,634,255 )
Net cash from financing activities (2,971,980 ) (2,634,255 )

(Decrease)/increase in cash and cash equivalents (2,458,131 ) 18,345,873
Cash and cash equivalents at beginning
of year

2

106,294,833

87,948,960

Cash and cash equivalents at end of year 2 103,836,702 106,294,833

W.E.BLACK LIMITED (REGISTERED NUMBER: 00425267)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2022 2021
£    £   
Profit before taxation 15,193,375 16,975,786
Depreciation charges 212,138 710,894
Profit on disposal of fixed assets (5,464 ) (3,367 )
Finance costs 2,865 22,856
Finance income (4,545,585 ) (3,499,119 )
10,857,329 14,207,050
Decrease in inventories 3,281,164 14,893,429
(Increase)/decrease in trade and other debtors (15,363,090 ) 8,584,899
Increase in trade and other creditors 1,373,392 3,797,170
Cash generated from operations 148,795 41,482,548

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 103,836,702 106,294,833
Year ended 31 December 2021
31.12.21 1.1.21
£    £   
Cash and cash equivalents 106,294,833 87,948,960


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.22 Cash flow At 31.12.22
£    £    £   
Net cash
Cash at bank and in hand 106,294,833 (2,458,131 ) 103,836,702
106,294,833 (2,458,131 ) 103,836,702
Total 106,294,833 (2,458,131 ) 103,836,702

W.E.BLACK LIMITED (REGISTERED NUMBER: 00425267)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1. STATUTORY INFORMATION

W.E.Black Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The financial statements have been prepared on a going concern basis as the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least twelve months from the date of approval of these financial statements.

Turnover
Turnover represents the sale of land and buildings and rental income excluding value added tax.

Turnover is attributable to one continuing activity, which arose wholly in the United Kingdom. Turnover from the sale of land and buildings is recognised at the completion date when the title passes to the buyer.

Rental income is recognised on a receivable basis based on the period of occupancy by the tenants.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten years.

A further business acquisition was made in 2015, and is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance, 20% on cost and 10% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance and 25% on cost
Computer equipment - 33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is calculated on the basis of direct cost based on a normal level of activity. Provision is made for foreseeable losses where appropriate.

W.E.BLACK LIMITED (REGISTERED NUMBER: 00425267)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Investments
Investments in subsidiary undertakings are stated at cost, less any provision for permanent diminution in value.

Other fixed asset investments are held at the lower of cost and net realisable value, less any provision for permanent diminution in value.

W.E.BLACK LIMITED (REGISTERED NUMBER: 00425267)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

3. REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the group.

An analysis of revenue by class of business is given below:

2022 2021
£    £   
Sale of land and buildings 27,008,352 57,459,599
Rental income 1,060,050 409,794
28,068,402 57,869,393

An analysis of revenue by geographical market is given below:

2022 2021
£    £   
United Kingdom 28,068,402 57,869,393
28,068,402 57,869,393

4. EMPLOYEES AND DIRECTORS
2022 2021
£    £   
Wages and salaries 1,329,017 1,407,434
Social security costs 78,382 57,679
Other pension costs 22,739 28,849
1,430,138 1,493,962

The average number of employees during the year was as follows:
2022 2021

Administration 6 5
Development 11 13
17 18

2022 2021
£    £   
Directors' remuneration 190,565 230,560
Directors' pension contributions to money purchase schemes 17,599 15,927

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2022 2021
£    £   
Hire of plant and machinery 16,539 14,003
Depreciation - owned assets 21,991 26,812
Profit on disposal of fixed assets (5,464 ) (3,367 )
Goodwill amortisation 190,148 684,083
Auditors' remuneration 43,200 38,500

W.E.BLACK LIMITED (REGISTERED NUMBER: 00425267)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2022 2021
£    £   
Other interest payable 2,865 2,172
Interest payable - 20,684
2,865 22,856

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2022 2021
£    £   
Current tax:
UK corporation tax 2,928,630 3,355,236
UK corporation tax - prior
year adjustment (2,649 ) 2,443
Total current tax 2,925,981 3,357,679

Deferred tax 245 6,907
Tax on profit 2,926,226 3,364,586

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2022 2021
£    £   
Ordinary shares of £1 each
Interim 2,971,980 2,634,255

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2022
and 31 December 2022 7,967,863
AMORTISATION
At 1 January 2022 6,232,728
Amortisation for year 190,148
At 31 December 2022 6,422,876
NET BOOK VALUE
At 31 December 2022 1,544,987
At 31 December 2021 1,735,135

W.E.BLACK LIMITED (REGISTERED NUMBER: 00425267)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

11. PROPERTY, PLANT AND EQUIPMENT

Group
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2022 42,179 8,592 164,705 9,183 224,659
Additions 5,690 1,712 - 6,356 13,758
Disposals (3,359 ) - (31,273 ) - (34,632 )
At 31 December 2022 44,510 10,304 133,432 15,539 203,785
DEPRECIATION
At 1 January 2022 27,258 5,375 109,652 6,238 148,523
Charge for year 4,000 1,403 12,808 3,780 21,991
Eliminated on disposal (3,010 ) - (27,186 ) - (30,196 )
At 31 December 2022 28,248 6,778 95,274 10,018 140,318
NET BOOK VALUE
At 31 December 2022 16,262 3,526 38,158 5,521 63,467
At 31 December 2021 14,921 3,217 55,053 2,945 76,136

Company
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2022 42,179 157,705 199,884
Additions 5,690 - 5,690
Disposals (3,359 ) (31,273 ) (34,632 )
At 31 December 2022 44,510 126,432 170,942
DEPRECIATION
At 1 January 2022 27,258 102,652 129,910
Charge for year 4,000 12,808 16,808
Eliminated on disposal (3,010 ) (27,186 ) (30,196 )
At 31 December 2022 28,248 88,274 116,522
NET BOOK VALUE
At 31 December 2022 16,262 38,158 54,420
At 31 December 2021 14,921 55,053 69,974

W.E.BLACK LIMITED (REGISTERED NUMBER: 00425267)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

12. FIXED ASSET INVESTMENTS

Group
Unlisted
investments
£   
COST
At 1 January 2022
and 31 December 2022 1,525,000
NET BOOK VALUE
At 31 December 2022 1,525,000
At 31 December 2021 1,525,000
Company
Shares in
group Unlisted
undertakings investments Totals
£    £    £   
COST
At 1 January 2022
and 31 December 2022 4,856,199 1,525,000 6,381,199
NET BOOK VALUE
At 31 December 2022 4,856,199 1,525,000 6,381,199
At 31 December 2021 4,856,199 1,525,000 6,381,199

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Hawridge Investments Limited
Registered office: Hawridge Place, Hawridge, Chesham, Buckinghamshire, HP5 2ZD
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves 10,000 10,000

Formerly South Lodge Developments Limited.

Cantay Group Limited
Registered office: Hawridge Place, Hawridge, Chesham, Buckinghamshire, HP5 2UG
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves 4,165,194 4,165,194

W.E.BLACK LIMITED (REGISTERED NUMBER: 00425267)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

12. FIXED ASSET INVESTMENTS - continued

Cantay Investments Limited
Registered office: Hawridge Place, Hawridge, Chesham, Buckinghamshire, HP5 2UG
Nature of business: Management of investments and freehold properties
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves 1,966,785 1,972,692
Loss for the year (5,907 ) (6,132 )

Cantay Estates Limited
Registered office: Hawridge Place, Hawridge, Chesham, Buckinghamshire, HP5 2UG
Nature of business: Property Developers
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves 20,511,869 19,019,258
Profit for the year 1,492,611 2,545,624

W E Black Finance Limited
Registered office: Hawridge Place, Hawridge, Chesham, Buckinghamshire, HP5 2ZD
Nature of business: Property development finance
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves 15,699,599 11,881,511
Profit for the year 3,818,088 2,647,990

Blackridge Estates Limited
Registered office: Unit 201, Second Floor, Metroline House, 118-122 College Road, Harrow, HA1 1BQ
Nature of business: Property investment
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves 424,343 424,669
(Loss)/profit for the year (326 ) 252,436

19 BTR Limited
Registered office: Hawridge Place, Hawridge, Chesham, Buckinghamshire, HP5 2UG
Nature of business: Property developers
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves 1,258 (3,693 )
Profit/(loss) for the year 4,951 (2,435 )

W.E.BLACK LIMITED (REGISTERED NUMBER: 00425267)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

12. FIXED ASSET INVESTMENTS - continued

Blackridge Commercial Limited
Registered office: Unit 201, Second Floor, Metroline House, 118-122 College Road, Harrow, HA1 1BQ
Nature of business: Property investment
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves 53,544 2,985
Profit for the year 50,559 2,885

Raypat Limited
Registered office: Unit 201, Second Floor, Metroline House, 118-122 College Road, Harrow, Middlesex, HA1 1BQ
Nature of business: Property rental
%
Class of shares: holding
Ordinary 1 GBP 100.00
2022 2021
£    £   
Aggregate capital and reserves 1,178,417 1,144,430
Profit for the year 33,987 32,531

Cantay Estates Limited acquired 100% shareholding in Raypat Limited on 28 January 2021.


13. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 January 2022
and 31 December 2022 18,490,000
NET BOOK VALUE
At 31 December 2022 18,490,000
At 31 December 2021 18,490,000

14. STOCKS

Group Company
2022 2021 2022 2021
£    £    £    £   
Raw materials 6,975 6,975 6,975 6,975
Work-in-progress 28,961,617 26,869,380 13,127,931 13,073,217
Finished goods 69,147,826 74,521,227 69,147,826 74,521,227
98,116,418 101,397,582 82,282,732 87,601,419

W.E.BLACK LIMITED (REGISTERED NUMBER: 00425267)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2022 2021 2022 2021
£    £    £    £   
Trade debtors 941,693 3,307,631 312,242 519,157
Amounts owed by group undertakings - - 47,355,961 33,830,744
Amounts owed by connected companies 1,981,326 - - -
Other debtors 87,937,718 72,125,053 7,185,224 9,770,054
Tax 936,110 - 936,110 -
VAT 158,304 - 124,830 -
Prepayments and accrued income 353,992 576,469 161,014 138,701
92,309,143 76,009,153 56,075,381 44,258,656

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2022 2021 2022 2021
£    £    £    £   
Trade creditors 2,459,566 3,685,704 2,385,138 1,455,497
Amounts owed to connected companies 28,699,368 25,407,619 - -
Tax 1,037,044 1,348,761 - 619,330
Social security and other taxes 15,484 103,312 - 101,580
VAT - 65,035 - 128,132
Other creditors 268,230 1,135,704 - 21,500
Accruals and deferred income 1,184,869 856,751 429,742 250,034
33,664,561 32,602,886 2,814,880 2,576,073

17. PROVISIONS FOR LIABILITIES

Group
2022 2021
£    £   
Deferred tax
Accelerated capital allowances (4,708 ) (5,742 )
Deferred tax 71,412 71,412
66,704 65,670

Group
Deferred
tax
£   
Balance at 1 January 2022 65,670
Provided during year 1,034
Other movements
Balance at 31 December 2022 66,704

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
27,018 Ordinary £1 27,018 27,018

W.E.BLACK LIMITED (REGISTERED NUMBER: 00425267)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

19. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2022 272,832,083 182 272,832,265
Profit for the year 12,267,149 12,267,149
Dividends (2,971,980 ) (2,971,980 )
At 31 December 2022 282,127,252 182 282,127,434

Company
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2022 241,318,454 182 241,318,636
Profit for the year 7,063,334 7,063,334
Dividends (2,971,980 ) (2,971,980 )
At 31 December 2022 245,409,808 182 245,409,990


20. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Other debtors include directors' overdrawn loan balances of £4,582,310 (2021 - £7,294,109). The advances carry an interest rate @ 2.5% per annum.

21. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

22. ULTIMATE CONTROLLING PARTY

The controlling party is E J S Gadsden.

E J S Gadsden is a director and majority shareholder.