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REGISTERED NUMBER: 10326837 (England and Wales)












GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

FOR

G W ATKINS AND SONS HOLDINGS LIMITED

PREVIOUSLY KNOWN AS
G W ATKINS HOLDINGS LIMITED

G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837)
PREVIOUSLY KNOWN AS G W ATKINS HOLDINGS LIMITED

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 October 2022










Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 17


G W ATKINS AND SONS HOLDINGS LIMITED
PREVIOUSLY KNOWN AS G W ATKINS HOLDINGS LIMITED

COMPANY INFORMATION
for the year ended 31 October 2022







DIRECTOR: C R F Shield





REGISTERED OFFICE: Third Floor
Two Colton Square
Leicester
Leicestershire
LE7 1QH





REGISTERED NUMBER: 10326837 (England and Wales)





AUDITORS: Magma Audit LLP
Chartered Accountants
Statutory Auditor
Unit 2, Charnwood Edge Business Park
Syston Road
Leicestershire
LE7 4UZ

G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837)
PREVIOUSLY KNOWN AS G W ATKINS HOLDINGS LIMITED

GROUP STRATEGIC REPORT
for the year ended 31 October 2022


The director presents his strategic report of the company and the group for the year ended 31 October 2022.

REVIEW OF BUSINESS
The business has been through a major transition this year. It has been affected by a number of key macro-economic issues primarily around raw material and energy increases, but also labour cost increases, and a general inflationary trend. The management has been working very hard to mitigate these impacts, via pricing adjustments to customers and efficiency gains both with labour and energy use. The business has also seen mixed volumes from customers struggling with their own supply chain challenges.

Despite all of this the business has been able to trade through this period acceptably including strong positive trading cashflows. The business has been investing heavily in the Bridge Aluminium Limited site to take advantage of customer opportunities, as well as investments in energy reduction projects.
In the last 3 months of the year Bridge Aluminium Limited purchased the trade and assets/ liabilities from GW Atkins & Sons Limited to allow a number of strategic and cost benefits to be achieved.

Post year end the overall business position has improved and the revised structure has been operating to plan.

PRINCIPAL RISKS AND UNCERTAINTIES
The key risks and uncertainties affecting the company annually are considered to relate to competition from overseas suppliers, global demand for our customer products and energy and raw material costs.

FINANCIAL KEY PERFORMANCE INDICATORS
The Company's key performance indicators are as follows:

Sales
The accounts report a 5.2% increase (2021: 20.2% increase) in the level of sales over the previous financial year.

Gross Margin
Gross margin for the year has increased from 12.4% to 14.8%.

OTHER KEY PERFORMANCE INDICATORS
There are no significant non-financial key performance indicators which are relevant to understanding the position of the business.

ON BEHALF OF THE BOARD:





C R F Shield - Director


17 November 2023

G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837)
PREVIOUSLY KNOWN AS G W ATKINS HOLDINGS LIMITED

REPORT OF THE DIRECTOR
for the year ended 31 October 2022


The director presents his report with the financial statements of the company and the group for the year ended 31 October 2022.

CHANGE OF NAME
The group passed a special resolution on 26 April 2022 changing its name from G W Atkins Holdings Limited to G W Atkins And Sons Holdings Limited.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the production and sale of precision aluminium components.

DIVIDENDS
No dividends will be distributed for the year ended 31 October 2022 (2021 - £nil).

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR
C R F Shield held office during the whole of the period from 1 November 2021 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

FUTURE DEVELOPMENTS
Future developments have been detailed in the strategic report.

FINANCIAL INSTRUMENTS
The group uses financial instruments, other than derivatives, comprising cash and other liquid resources and various other items such as trade debtors, hire purchase, trade creditors and inter-company loans that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the group's operations. The main risks arising from the group's financial instruments are credit risk, liquidity risk and interest rate risk. The directors review and agree the policies for managing each of these risks and they are summarized below. The policies have remained unchanged from previous periods.

CREDIT RISK
In order to limit credit risk the directors set limits for customers based on a combination of payment history and third party credit references. Debtor balances are reviewed on a regular basis in conjunction with debt ageing and collection history.

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


G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837)
PREVIOUSLY KNOWN AS G W ATKINS HOLDINGS LIMITED

REPORT OF THE DIRECTOR
for the year ended 31 October 2022

STATEMENT OF DIRECTOR'S RESPONSIBILITIES - continued
INTEREST RATE RISK
The group finances its operations through a mixture of retained profits, hire purchase and related company loans. The group's exposure to interest rate fluctuations on its borrowings is managed by the use of both fixed and floating facilities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Magma Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





C R F Shield - Director


17 November 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
G W ATKINS AND SONS HOLDINGS LIMITED
PREVIOUSLY KNOWN AS G W ATKINS HOLDINGS LIMITED


Opinion
We have audited the financial statements of G W Atkins And Sons Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 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 October 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.

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
G W ATKINS AND SONS HOLDINGS LIMITED
PREVIOUSLY KNOWN AS G W ATKINS HOLDINGS LIMITED


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 Report of the Director.

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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on pages three and four, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry, we identified the principal risks of non-compliance with laws and regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimates. Audit procedures performed included:

- discussions with management including consideration of known or suspected instances of non-compliance with
laws and regulation and fraud;
- challenging assumptions made by management in their significant accounting estimates, in particular in relation
to the stock valuation and judgements formed;
- identifying and testing journal entries, in particular any journal entries posted with unusual account combinations,
journal entries crediting cash and journal entries with specific defined descriptions.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion

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
G W ATKINS AND SONS HOLDINGS LIMITED
PREVIOUSLY KNOWN AS G W ATKINS HOLDINGS 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.




Luke Turner FCA FCCA (Senior Statutory Auditor)
for and on behalf of Magma Audit LLP
Chartered Accountants
Statutory Auditor
Unit 2, Charnwood Edge Business Park
Syston Road
Leicestershire
LE7 4UZ

17 November 2023

G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837)
PREVIOUSLY KNOWN AS G W ATKINS HOLDINGS LIMITED

CONSOLIDATED
INCOME STATEMENT
for the year ended 31 October 2022

2022 2021
Notes £    £   

TURNOVER 4 22,593,259 21,474,785

Cost of sales (19,254,318 ) (18,817,996 )
GROSS PROFIT 3,338,941 2,656,789

Distribution costs (75,853 ) (61,620 )
Administrative expenses (2,579,232 ) (4,154,034 )
683,856 (1,558,865 )

Other operating income 5 417,458 529,008
OPERATING PROFIT/(LOSS) 7 1,101,314 (1,029,857 )


Interest payable and similar expenses 8 (71,957 ) (92,101 )
PROFIT/(LOSS) BEFORE TAXATION 1,029,357 (1,121,958 )

Tax on profit/(loss) 9 (182,541 ) (158,925 )
PROFIT/(LOSS) FOR THE FINANCIAL YEAR 846,816 (1,280,883 )
Profit/(loss) attributable to:
Owners of the parent 846,816 (1,280,883 )

G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837)
PREVIOUSLY KNOWN AS G W ATKINS HOLDINGS LIMITED

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
for the year ended 31 October 2022

2022 2021
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 846,816 (1,280,883 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

846,816

(1,280,883

)

Total comprehensive income attributable to:
Owners of the parent 846,816 (1,280,883 )

G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837)
PREVIOUSLY KNOWN AS G W ATKINS HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEET
31 October 2022

2022 2021
Notes £    £   
FIXED ASSETS
Intangible assets 11 218,853 184,624
Tangible assets 12 4,631,361 5,534,390
Investments 13 - -
4,850,214 5,719,014

CURRENT ASSETS
Stocks 14 2,244,450 2,318,323
Debtors 15 3,959,484 4,922,560
Cash at bank 418,990 60,059
6,622,924 7,300,942
CREDITORS
Amounts falling due within one year 16 (9,383,586 ) (11,238,123 )
NET CURRENT LIABILITIES (2,760,662 ) (3,937,181 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,089,552

1,781,833

CREDITORS
Amounts falling due after more than one
year

17

(572,233

)

(1,224,794

)

PROVISIONS FOR LIABILITIES 20 (304,230 ) (190,766 )
NET ASSETS 1,213,089 366,273

CAPITAL AND RESERVES
Called up share capital 21 1,000 1,000
Merger reserve 22 59,999 59,999
Retained earnings 22 1,152,090 305,274
SHAREHOLDERS' FUNDS 1,213,089 366,273

The financial statements were approved by the director and authorised for issue on 17 November 2023 and were signed by:





C R F Shield - Director


G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837)
PREVIOUSLY KNOWN AS G W ATKINS HOLDINGS LIMITED

COMPANY BALANCE SHEET
31 October 2022

2022 2021
Notes £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 - -
Investments 13 978,001 1
978,001 1

CURRENT ASSETS
Debtors 15 999 999

CREDITORS
Amounts falling due within one year 16 (978,000 ) -
NET CURRENT (LIABILITIES)/ASSETS (977,001 ) 999
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,000

1,000

CAPITAL AND RESERVES
Called up share capital 21 1,000 1,000
SHAREHOLDERS' FUNDS 1,000 1,000

Company's profit for the financial year - -

The financial statements were approved by the director and authorised for issue on 17 November 2023 and were signed by:





C R F Shield - Director


G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837)
PREVIOUSLY KNOWN AS G W ATKINS HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 October 2022

Called up
share Retained Merger Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 November 2020 1,000 1,586,157 59,999 1,647,156

Changes in equity
Total comprehensive income - (1,280,883 ) - (1,280,883 )
Balance at 31 October 2021 1,000 305,274 59,999 366,273

Changes in equity
Total comprehensive income - 846,816 - 846,816
Balance at 31 October 2022 1,000 1,152,090 59,999 1,213,089

G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837)
PREVIOUSLY KNOWN AS G W ATKINS HOLDINGS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY
for the year ended 31 October 2022

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2020 1,000 - 1,000

Changes in equity
Balance at 31 October 2021 1,000 - 1,000

Changes in equity
Balance at 31 October 2022 1,000 - 1,000

G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837)
PREVIOUSLY KNOWN AS G W ATKINS HOLDINGS LIMITED

CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 October 2022

2022 2021
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,914,017 811,874
Interest paid (23,043 ) (31,372 )
Interest element of hire purchase payments
paid

(48,914

)

(60,729

)
Bank charges (95,525 ) -
Tax paid - 15,007
Net cash from operating activities 1,746,535 734,780

Cash flows from investing activities
Purchase of tangible fixed assets (438,132 ) (1,138,475 )
Sale of tangible fixed assets 150,829 98,189
Net cash from investing activities (287,303 ) (1,040,286 )

Cash flows from financing activities
New loans in year - 549,860
Capital repayments in year (969,622 ) (926,817 )
Movement on invoice discount facility (130,679 ) 490,688
Net cash from financing activities (1,100,301 ) 113,731

Increase/(decrease) in cash and cash equivalents 358,931 (191,775 )
Cash and cash equivalents at beginning
of year

2

60,059

251,834

Cash and cash equivalents at end of year 2 418,990 60,059

G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837)
PREVIOUSLY KNOWN AS G W ATKINS HOLDINGS LIMITED

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 October 2022


1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2022 2021
£    £   
Profit/(loss) before taxation 1,029,357 (1,121,958 )
Depreciation charges 1,344,992 1,267,794
Profit on disposal of fixed assets (33,197 ) (51,163 )
Amortisation charges (34,229 ) -
Bank charges 95,525 -
Connected party loan write off 500,000 -
Finance costs 71,957 92,101
2,974,405 186,774
Decrease/(increase) in stocks 73,873 (343,291 )
Decrease in trade and other debtors 1,306,774 859,379
(Decrease)/increase in trade and other creditors (2,441,035 ) 109,012
Cash generated from operations 1,914,017 811,874

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 October 2022
31/10/22 1/11/21
£    £   
Cash and cash equivalents 418,990 60,059
Year ended 31 October 2021
31/10/21 1/11/20
£    £   
Cash and cash equivalents 60,059 251,834


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1/11/21 Cash flow changes At 31/10/22
£    £    £    £   
Net cash
Cash at bank 60,059 358,931 418,990
60,059 358,931 418,990
Debt
Finance leases (2,179,912 ) 969,622 (122,580 ) (1,332,870 )
(2,179,912 ) 969,622 (122,580 ) (1,332,870 )
Total (2,119,853 ) 1,328,553 (122,580 ) (913,880 )

G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837)
PREVIOUSLY KNOWN AS G W ATKINS HOLDINGS LIMITED

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 October 2022


4. ACQUISITION OF BUSINESS

During the year G W Atkins and Sons Limited acquired the shares in Bridge Aluminium Limited from G W Atkins & Sons Limited. The fee was £978,000 which was settled through clearing intercompany loans. This was a non-cash transaction.

ACQUISITION OF TRADE AND ASSETS
During the year Bridge Aluminium Limited acquired the trade and assets of G W Atkins & Sons Limited for £nil fee. The net liabilities of the Company at the transfer date were £734,114. This was a non-cash transaction.

G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837)
PREVIOUSLY KNOWN AS G W ATKINS HOLDINGS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 October 2022


1. STATUTORY INFORMATION

G W Atkins And Sons Holdings Limited is a private limited company and group, registered in England and Wales. Its registered office address is Third Floor, Two Colton Square, Leicester, Leicestershire, England, LE1 1QH and the registered number is 10326837.

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.

The financial statements are prepared in sterling, which is the functional currency of the group, and rounded to the nearest £.

Going concern
The group had net current liabilities at the year end. Notwithstanding this, the directors believe that it is appropriate to adopt the going concern basis in the preparation of the financial statements. At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future despite the global pandemic which occurred in prior years. The directors have prepared financial forecasts which incorporate the impact of COVID-19 as far as possible, including cashflow forecasts and an assessment of available associated company support. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Basis of consolidation
The consolidated financial statements incorporate those of G W Atkins And Sons Holdings Limited and all of its subsidiaries (i.e. entities that the Group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the acquisition method of accounting. The results are incorporated from the date control passes. All financial statements are made up to 31 October.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the Group.

Turnover
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue is recognised on the date that the goods are despatched.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

Negative goodwill represents the excess of the net fair value of assets over the cost of initial acquisition. This is largely attributable to the plant and equipment and the negative goodwill is amortised accordingly to the Statement of Comprehensive Income over its useful life.

The estimate useful lives range as follows:

Negative goodwill - 10 years

Being the period over which corresponding fixed assets are being depreciated

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.

G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837)
PREVIOUSLY KNOWN AS G W ATKINS HOLDINGS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 October 2022


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Short-term leasehold land & buildingsOver the term of the lease
Plant & machinery4 - 10 years on a straight line basis
Motor vehicles3 years on a straight line basis
Fixtures & fittings3 years on a straight line basis


The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks
Stock and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Financial instruments
Financial instruments are recognised in the group's balance sheet 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.

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.

Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.


G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837)
PREVIOUSLY KNOWN AS G W ATKINS HOLDINGS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 October 2022


2. ACCOUNTING POLICIES - continued
Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating leases
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments 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.

Finance costs
Finance costs are charged to the statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Provisions for liabilities
Provisions are made where an event has taken place that gives the group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the statement of comprehensive income in the year that the group becomes aware of the obligation, and are measured at the best estimate at the balance sheet 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 balance sheet.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837)
PREVIOUSLY KNOWN AS G W ATKINS HOLDINGS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 October 2022


3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows;

Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual lives of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of the assets and Tangible fixed assets note above for the useful economic lives for each class of asset.

Useful economic life of goodwill
Management reviews the useful life of goodwill on a regular basis. Any changes in estimates may affect the carrying amounts of the respective goodwill with a corresponding effect on the related amortisation charge.

Stock impairments and provisions
Stock is valued at lower of cost and net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these estimates require judgements to be made, which include forecasting consumer demand, competitive and economic environment and stock loss trends.

The management reviews this on a regular basis. The provision for stock loss is made to ensure the accounts reflect the lower of net realisable value and cost. The provision comprises of the loss due to ageing of stock. Historic costs are used to calculate the provision.

Bad Debt Provisioning
An allowance for the bad debts is made when collection of the full amount is no longer probable. The trade receivables balance is assesses at the end of each reporting period whether there is no objective evidence of impairment and recognises a bad debt allowance if such evidence arises.

4. TURNOVER

The turnover and profit (2021 - loss) before taxation are attributable to the one principal activity of the group.

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

2022 2021
£    £   
Precision aluminium components 22,593,259 21,474,785
22,593,259 21,474,785

An analysis of turnover by geographical market is given below:

2022 2021
£    £   
United Kingdom 20,556,607 19,615,215
Europe 1,837,531 1,848,169
Rest of world 199,121 11,401
22,593,259 21,474,785

G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837)
PREVIOUSLY KNOWN AS G W ATKINS HOLDINGS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 October 2022


5. OTHER OPERATING INCOME
2022 2021
£    £   
Rents received 417,458 409,949
Government grants - 119,059
417,458 529,008

6. EMPLOYEES AND DIRECTORS
2022 2021
£    £   
Wages and salaries 5,518,398 5,915,861
Social security costs 529,825 548,072
Other pension costs 195,785 201,305
6,244,008 6,665,238

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

Directors 1 1
Production and administration 216 226
217 227

The average number of employees by undertakings that were proportionately consolidated during the year was 288 (2021 - 226 ) .

2022 2021
£    £   
Director's remuneration 166,423 229,343
Director's pension contributions to money purchase schemes 6,438 9,611

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

7. OPERATING PROFIT/(LOSS)

The operating profit (2021 - operating loss) is stated after charging/(crediting):

2022 2021
£    £   
Other operating leases 650,260 644,075
Depreciation - owned assets 1,344,992 1,302,023
Profit on disposal of fixed assets (33,197 ) (51,163 )
Goodwill amortisation (34,229 ) (34,229 )
Auditors' remuneration 19,280 17,500
Foreign exchange differences (6,513 ) 96,598

G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837)
PREVIOUSLY KNOWN AS G W ATKINS HOLDINGS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 October 2022


8. INTEREST PAYABLE AND SIMILAR EXPENSES
2022 2021
£    £   
Invoice discounting facility 23,043 19,538
Finance lease 15,747 11,834
Hire purchase interest 33,167 60,729
71,957 92,101

9. 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 75,908 (8,175 )
Adjustment to prior years (6,831 ) -
Total current tax 69,077 (8,175 )

Deferred tax 113,464 167,100
Tax on profit/(loss) 182,541 158,925

UK corporation tax has been charged at 19 % .

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2022 2021
£    £   
Profit/(loss) before tax 1,029,357 (1,121,958 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
19 % (2021 - 19 %)

195,578

(213,172

)

Effects of:
Expenses not deductible for tax purposes 23,609 23,150
Income not taxable for tax purposes - (339 )
Depreciation in excess of capital allowances 22,905 64,091
Utilisation of tax losses (56,884 ) (158,443 )
Adjustments to tax charge in respect of previous periods (6,831 ) (15,007 )
Tax losses carried forward - 458,645
Loss on disposal of fixed assets 7,655 -
Provisions adjustment 547 -
Non-trade financial losses (22,502 ) -
Connected company loan write off (95,000 ) -
Deferred tax movement in the period 113,464 -
Total tax charge 182,541 158,925

Tax losses of £1,680,750 are carried forward as at 31 October 2022.

G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837)
PREVIOUSLY KNOWN AS G W ATKINS HOLDINGS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 October 2022


10. 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.


11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 November 2021
and 31 October 2022 (342,289 )
AMORTISATION
At 1 November 2021 (526,913 )
Amortisation for year (34,229 )
At 31 October 2022 (561,142 )
NET BOOK VALUE
At 31 October 2022 218,853
At 31 October 2021 184,624

Included within goodwill at cost is goodwill arising on business combinations of £794,431 and negative goodwill relating to plant and machinery of £1,136,720.

12. TANGIBLE FIXED ASSETS

Group
Short
leasehold Fixtures
land & Plant and and Motor
buildings machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 November 2021 107,487 9,865,009 176,047 43,925 10,192,468
Additions 4,197 541,531 14,983 - 560,711
Disposals - (225,320 ) (820 ) - (226,140 )
At 31 October 2022 111,684 10,181,220 190,210 43,925 10,527,039
DEPRECIATION
At 1 November 2021 7,155 4,565,453 75,458 10,012 4,658,078
Charge for year 6,157 1,280,769 44,008 14,058 1,344,992
Eliminated on disposal - (106,933 ) (459 ) - (107,392 )
At 31 October 2022 13,312 5,739,289 119,007 24,070 5,895,678
NET BOOK VALUE
At 31 October 2022 98,372 4,441,931 71,203 19,855 4,631,361
At 31 October 2021 100,332 5,299,556 100,589 33,913 5,534,390

G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837)
PREVIOUSLY KNOWN AS G W ATKINS HOLDINGS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 October 2022


12. TANGIBLE FIXED ASSETS - continued

Group

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:

2022 2021
£ £
Plant and machinery 2,520,074 3,115,660

The depreciation charge for the year on assets held under finance leases or hire purchase contracts, included above, are as follows:

2022 2021
£ £
Plant and machinery 721,424 643,109

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 November 2021 1
Additions 978,000
At 31 October 2022 978,001
NET BOOK VALUE
At 31 October 2022 978,001
At 31 October 2021 1

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

Subsidiaries

G W Atkins & Sons Limited
Registered office: 365 Fosse Way, Syston, Leicestershire, LE7 1NL
Nature of business: Engineering
%
Class of shares: holding
Ordinary 100.00

Bridge Aluminium Limited
Registered office: 365 Fosse Way, Syston, Leicester, England, LE7 1NL
Nature of business: Engineering
%
Class of shares: holding
Ordinary 100.00


G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837)
PREVIOUSLY KNOWN AS G W ATKINS HOLDINGS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 October 2022


13. FIXED ASSET INVESTMENTS - continued


During the year, Bridge Aluminium Limited purchased all of the trade and assets from G W Atkins & Sons Limited. Both companies are wholly owned subsidiaries of G W Atkins and Sons Holdings Limited. The transfer of trade and assets was done under the merger accounting rules for group purposes.

During the year, G W Atkins and Sons Holdings Limited purchased the shares of Bridge Aluminium Limited from G W Atkins & Sons Limited. All companies are 100% owned group companies. The transfer of investments was done under the merger accounting rules for group purposes.

14. STOCKS

Group
2022 2021
£    £   
Raw materials 486,569 412,384
Work-in-progress 1,077,280 1,140,807
Finished goods 680,601 765,132
2,244,450 2,318,323

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2022 2021 2022 2021
£    £    £    £   
Trade debtors 2,941,202 3,143,024 - -
Amounts owed by related party 615,776 1,437,367 999 999
Other debtors 13,145 - - -
Prepayments and accrued income 389,361 342,169 - -
3,959,484 4,922,560 999 999

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2022 2021 2022 2021
£    £    £    £   
Hire purchase contracts (see note 18) 760,637 955,118 - -
Trade creditors 2,865,453 3,643,651 - -
Amounts owed to related party 2,746,502 3,064,715 978,000 -
Tax 75,908 6,832 - -
Social security and other taxes 215,124 294,308 - -
VAT 399,232 207,077 - -
Invoice discount facility 924,444 2,075,709 - -
Other creditors 380,000 - - -
Accruals and deferred income 1,016,286 990,713 - -
9,383,586 11,238,123 978,000 -

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2022 2021
£    £   
Hire purchase contracts (see note 18) 572,233 1,224,794

G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837)
PREVIOUSLY KNOWN AS G W ATKINS HOLDINGS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 October 2022


18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2022 2021
£    £   
Net obligations repayable:
Within one year 760,637 955,118
Between one and five years 572,233 1,224,794
1,332,870 2,179,912

Group
Non-cancellable operating leases
2022 2021
£    £   
Within one year 695,000 695,000
Between one and five years 2,622,500 2,692,500
In more than five years 6,666,667 7,351,000
9,984,167 10,738,500

Obligations under finance leases and hire purchase contracts are secured upon the asset concerned. Finance lease payments represent rentals payable by the company for plant and machinery.

Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is more then 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payment.

Operating lease payments represent rentals payable by the group for property. The lease payments recognised as an expense in the year in relation to the property were £776,322.

Lessor
The group sub-leases property. Rental income earned on the specific property under non-cancellable agreements during the year was £417,458. The total period of the lease is 5 years.

At the reporting end date the company had contracted with customers for the following minimum lease payments:


Non-cancellable
operating leases


2022 2021
£ £
Within one year 390,058 390,058
Between one and five years 258,833 647,083
648,891 1,037,141

G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837)
PREVIOUSLY KNOWN AS G W ATKINS HOLDINGS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 October 2022


19. SECURED DEBTS

The following secured debts are included within creditors:

Group
2022 2021
£    £   
Hire purchase contracts 1,332,870 2,179,912
Invoice discounting facility 924,444 305,603
2,257,314 2,485,515

The hire purchase creditors are secured against the assets financed.

The invoice discount facility is guaranteed by a fixed and floating charge over the assets of the group.

20. PROVISIONS FOR LIABILITIES

Group
2022 2021
£    £   
Deferred tax
Accelerated capital allowances 304,230 233,000
Tax losses carried forward - (42,234 )
304,230 190,766

Group
Deferred
tax
£   
Balance at 1 November 2021 190,766
Provided during year 113,464
Balance at 31 October 2022 304,230

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
1,000 Ordinary 1 1,000 1,000

22. RESERVES

Merger reserve
The merger reserve represents the difference between the parent company's cost of investment and the subsidiary's share capital and share premium.

Profit & loss account
The profit and loss account includes all current and prior period retained profits and losses.

23. PENSION COMMITMENTS

The company operates a defined contributions scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £195,785 (2021 - £201,305).

G W ATKINS AND SONS HOLDINGS LIMITED (REGISTERED NUMBER: 10326837)
PREVIOUSLY KNOWN AS G W ATKINS HOLDINGS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 October 2022


24. CONTINGENT LIABILITIES

On 19 August 2020, G W Atkins & Sons Limited, a subsidiary of G W Atkins and Sons Holdings Limited entered in to an agreement to purchase the assets of a competitor. Included in these assets were £1,480,000 of Plant and Machinery and the competitor's order book at £795,500. As part of the agreement, there is £1,175,500 of deferred consideration payable within 24 months of the completion date.

At the point of approving these financial statements, the agreement is in legal dispute and the Group has not made any payments towards the deferred consideration. The directors of G W Atkins & Sons Limited are doubtful that the deferred consideration attributable to the order book of £795,500 will be payable once the case is settled. The exact amount is currently being negotiated.

Due to the trade and assets of G W Atkins & Sons Limited being transferred to Bridge Aluminium Limited in the year the contingent liabilities have also transferred.

25. CAPITAL COMMITMENTS
2022 2021
£    £   
Contracted but not provided for in the
financial statements 682,192 -

26. 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.

During the year the company had transactions with the following related companies, all ultimately
controlled by C R F Shield.
2022 2021
£ £

Purchases from Burrows & Smith Limited (6,780 ) (16,800 )
Sales to Burrows & Smith Limited 169,587 9,964
Amounts due to Burrows & Smith Limited (295,755 ) (16,968 )
Purchases from Spaw Engineering Limited (25,992 )
Sales to Spaw Engineering Limited 3,777,181 3,176,437
Amounts due from/(to) Spaw Engineering Limited 336,527 635,262
Purchases from Woolley GMC Engineering Company Limited (10,800 ) -
Sales to Woolley GMC Engineering Company Limited 100,366 14,654
Amounts due to Woolley GMC Engineering Company Limited 324,765 328,201
Purchases from Shield Engineering (Syston) Limited (370,931 ) (132,015 )
Sales to Shield Engineering (Syston) Limited 2,051,966 1,854,519
Amounts due from/(to) Shield Engineering (Syston) Limited (2,347,752 ) (2,591,769 )
Sales to PFS Manufacturing Limited 2,937 2,880
Amounts due from/(to) PFS Manufacturing Limited - 2,880
Purchases from Shield Properties Limited (71,100 ) (70,000 )
Amounts due from/(to) Shield Properties Limited (19,500 ) (6,900 )

During the year there was a related party loan payable of £500,000 that was written off to the Income Statement.

27. POST BALANCE SHEET EVENTS

Bridge Aluminium Limited purchased the trade and assets of Grainer and Worrall Engineering Limited on 7th March 2023 for the total amount of £810,619.

28. ULTIMATE CONTROLLING PARTY

The directors consider that the ultimate controlling party is C R F Shield by virtue of his 100% shareholding in G W Atkins and Sons Holdings Limited.