Company Registration No. 10613336 (England and Wales)
WISE GROUP HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2023
30 April 2023
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
WISE GROUP HOLDINGS LIMITED
COMPANY INFORMATION
Directors
L Whittaker
A Keenan
A Whittaker
A Whittaker
Company number
10613336
Registered office
The Rocket Centre
Trident Way
Trident Park
Blackburn
Lancashire
BB1 3NU
Auditor
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
WISE GROUP HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Group statement of income and retained earnings
9
Group balance sheet
10
Company balance sheet
11
Group statement of cash flows
12
Notes to the financial statements
13 - 28
WISE GROUP HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023
- 1 -

The directors present the strategic report for the year ended 30 April 2023.

Review of the business

The principal activity of the group is the provision of extended motor vehicle warranty plans to individuals and motor vehicle dealers across the UK und the Warrantywise brand. These warranty plans cover the repair costs in the event the vehicle suffers a breakdown during the period of cover.

The extended warranty plans cover motor vehicles where the manufacturer warranty has expired and include popular makes and models, such as Ford Focus and Volkswagen Golf, to prestige manufacturers including Lamborghini and Ferrari.

Warranty plans are sold directly to customers either on-line or by dedicated sales representatives. In the case of motor vehicle dealers, the warranty plans administered by the company are written directly between the dealer and the customer. All repairs for both direct customers and motor vehicle dealer are handled by the dedicated customer service teams.

During the year the group has diversified its activities by venturing into the sale of classic and prestige motor vehicles and farming.

Principal risks and uncertainties

The directors consider the principal risks and uncertainties facing the group to be:

Credit Risk

Credit risk is the risk that a customer or provider fails to perform its financial obligations.

The group's principal financial assets are bank balances and trade and other receivables. The group’s exposure to credit risk is mitigated by the limited concentration across its motor vehicle dealers. In addition, the financial position of the group’s banking providers is periodically reviewed to ensure they are appropriate.

 

Liquidity Risk

Liquidity risk is the risk that the group is unable to meets its financial obligations as they fall due.

 

The group’s exposure to liquidity risk is mitigated by the regular monitoring of forecast and actual cash flows and maintaining adequate cash reserves, in particular with regards to expected future warranty claims.

 

Commercial Risk

Commercial risks include macro-economic conditions and competitive factors that may impact the group’s financial performance.

 

The group regularly reviews and, where appropriate, updates its vehicle warranty plan terms to ensure they meet changing requirements of customers and their vehicles, for example the increasing move to electric vehicles. The group remains aware of macro-economic conditions and regularly reviews key financial performance measures to identify any emerging trends.

Business performance and the impact of Covid-19

The group has experienced a remarkable year of business performance. Demonstrating consistent growth in terms of both revenue and profit during the financial year 2022/23. Turnover has seen a significant increase of 21%, and pretax profit has also witnessed substantial growth.

In the backdrop of a relatively flat used car market in 2023, it is noteworthy that this situation has translated into a positive trend for our B2C business. Consumers, on average, retain their vehicles for longer durations, which has contributed to the continued growth of our B2C segment. This growth has continued even in the face of the ongoing challenges posed by the cost of living crisis. With the average age of cars in the UK now reaching 8 years, there is an increasing demand for warranty services.

The group remained committed to its expansion strategy by channeling investments into marketing, technology, and data solutions. These strategic investments have laid the foundation for our growth path. Furthermore, we are pleased to report an increase in our workforce, with employee numbers rising from 132 to 149, signifying our dedication to building a robust and agile team capable of driving our future success.

WISE GROUP HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 2 -
Key performance indicators

The directors use the following key financial performance measures to monitor performance:

             2023         2022    

Turnover            £17,947,395    £14,744,546

Profit before taxation     £2,388,942     £1,797,157    

Future developments

The directors are confident that the group will continue to maintain and improve performance through its leading warranty cover, strong relationships with motor vehicle dealers and continued investment in its people.

On behalf of the board

L Whittaker
Director
15 November 2023
WISE GROUP HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -

The directors present their annual report and financial statements for the year ended 30 April 2023.

Principal activities

The principal activity of the company is that of a holding company

The companies in the group are engaged in the provision of warranty plans for motor vehicles, the sale of used classic and prestige motor vehicles and farming.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £1,566,676. The directors do not recommend payment of a dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

L Whittaker
A Keenan
A Whittaker
A Whittaker
Auditor

The auditor, PM+M Solutions for Business LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

WISE GROUP HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 4 -
On behalf of the board
L Whittaker
Director
14 November 2023
WISE GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WISE GROUP HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of Wise Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2023 which comprise the group statement of income and retained earnings, the group balance sheet, the company balance sheet, the group statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

WISE GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WISE GROUP HOLDINGS LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

 

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.

 

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

WISE GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WISE GROUP HOLDINGS LIMITED
- 7 -

Identifying and assessing potential risks related to irregularities

 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered the following:

 

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of commercial income, posting of unusual journals and complex transactions; and manipulating the Group's performance profit measures and other key performance indicators to meet remuneration targets and externally communicated targets. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

 

We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety regulations, pensions legislation and tax legislation.

Audit response to risks identified

Our procedures to respond to risks identified included the following:

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

WISE GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WISE GROUP HOLDINGS LIMITED
- 8 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Christopher Johnson FCA  (Senior Statutory Auditor)
For and on behalf of PM+M Solutions for Business LLP
14 November 2023
Chartered Accountants
Statutory Auditor
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
WISE GROUP HOLDINGS LIMITED
GROUP STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 APRIL 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
17,947,395
14,744,546
Cost of sales
(10,781,965)
(9,701,751)
Gross profit
7,165,430
5,042,795
Administrative expenses
(4,724,716)
(3,277,610)
Other operating income
-
30,194
Operating profit
4
2,440,714
1,795,379
Interest receivable and similar income
8
22,452
1,778
Interest payable and similar expenses
9
(74,224)
-
0
Profit before taxation
2,388,942
1,797,157
Tax on profit
10
(435,610)
(329,220)
Profit for the financial year
1,953,332
1,467,937
Retained earnings brought forward
2,464,371
2,645,508
Dividends
(1,566,676)
(1,649,074)
Retained earnings carried forward
2,851,027
2,464,371
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
WISE GROUP HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 30 APRIL 2023
30 April 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
12
1,200,000
1,500,000
Other intangible assets
12
54,163
29,825
Total intangible assets
1,254,163
1,529,825
Tangible assets
13
6,103,684
1,137,635
7,357,847
2,667,460
Current assets
Stocks
16
2,172,039
-
0
Debtors
17
7,046,380
6,817,900
Cash at bank and in hand
2,497,953
4,019,223
11,716,372
10,837,123
Creditors: amounts falling due within one year
18
(10,160,136)
(8,466,468)
Net current assets
1,556,236
2,370,655
Total assets less current liabilities
8,914,083
5,038,115
Creditors: amounts falling due after more than one year
19
(5,829,883)
(2,471,434)
Provisions for liabilities
Deferred tax liability
21
233,073
102,210
(233,073)
(102,210)
Net assets
2,851,127
2,464,471
Capital and reserves
Called up share capital
24
100
100
Profit and loss reserves
2,851,027
2,464,371
Total equity
2,851,127
2,464,471
The financial statements were approved by the board of directors and authorised for issue on 14 November 2023 and are signed on its behalf by:
14 November 2023
L Whittaker
Director
Company registration number 10613336 (England and Wales)
WISE GROUP HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2023
30 April 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
13
307,580
-
0
Investments
14
403
202
307,983
202
Current assets
Debtors
17
486,328
682,200
Cash at bank and in hand
18,004
15,000
504,332
697,200
Creditors: amounts falling due within one year
18
(634,357)
(520,997)
Net current (liabilities)/assets
(130,025)
176,203
Net assets
177,958
176,405
Capital and reserves
Called up share capital
24
100
100
Profit and loss reserves
177,858
176,305
Total equity
177,958
176,405

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,568,229 (2022: £1,639,073 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 14 November 2023 and are signed on its behalf by:
14 November 2023
L Whittaker
Director
Company registration number 10613336 (England and Wales)
WISE GROUP HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
3,661,102
2,931,510
Interest paid
(74,224)
-
0
Income taxes paid
(381,214)
(209,500)
Net cash inflow from operating activities
3,205,664
2,722,010
Investing activities
Purchase of intangible assets
(24,338)
(1,000)
Purchase of tangible fixed assets
(5,421,475)
(487,691)
Proceeds from disposal of tangible fixed assets
229,509
120,763
Interest received
22,452
1,778
Net cash used in investing activities
(5,193,852)
(366,150)
Financing activities
Proceeds from new bank loans
2,117,500
-
Repayment of bank loans
(83,906)
(50,000)
Dividends paid to equity shareholders
(1,566,676)
(1,649,074)
Net cash generated from/(used in) financing activities
466,918
(1,699,074)
Net (decrease)/increase in cash and cash equivalents
(1,521,270)
656,786
Cash and cash equivalents at beginning of year
4,019,223
3,362,437
Cash and cash equivalents at end of year
2,497,953
4,019,223
WISE GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 13 -
1
Accounting policies
Company information

Wise Group Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is The Rocket Centre, Trident Way, Trident Park, Blackburn, Lancashire, BB1 3NU.

 

The group consists of Wise Group Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

WISE GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 14 -

The consolidated financial statements incorporate those of Wise Group Holdings Limited and all of its subsidiaries (ie 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 purchase method. Their results are incorporated from the date that control passes.

 

All financial statements are made up to 30 April 2023.

 

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.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group and the company have adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the provision of vehicle and electrical appliance warranties and associated administrative services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives.

WISE GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 15 -
1.7
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:

Freehold land and buildings
4% straight line
Leasehold improvements
4% straight line
Plant and equipment
10% straight line
Fixtures and fittings
25% straight line
Computers
33.3% straight line
Motor vehicles
25% straight line

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 recognised in the profit and loss account.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements and investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

WISE GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 16 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its 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 and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

WISE GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

WISE GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 18 -
1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

 

There are no key estimates included in the financial statements but other estimations included within the financial statements are described below.

 

Management charge depreciation on fixed assets based on the expected useful life.

Management charge amortisation on goodwill of trade purchased.

Management recognise accruals based on expected costs to be incurred.

Management calculate an amount for deferred income to recognise income in line with recognition of costs.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Warranty sales
17,229,412
14,714,479
Inspection services
11,369
30,067
Vehicle sales
574,578
-
Farming
132,036
-
17,947,395
14,744,546
2023
2022
£
£
Other revenue
Interest income
22,452
1,778
JRS Grant
-
60,388
WISE GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 19 -
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
284,493
208,379
Profit on disposal of tangible fixed assets
(58,576)
(17,480)
Amortisation of intangible assets
300,000
300,000
Operating lease charges
180,506
162,255
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Sales and administration
149
132
4
4

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
4,594,251
4,005,886
10,000
10,000
Social security costs
475,991
383,543
-
0
-
0
Pension costs
81,732
72,516
-
0
-
0
5,151,974
4,461,945
10,000
10,000
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
10,000
30,000
7
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
5,000
5,000
Audit of the financial statements of the company's subsidiaries
16,750
15,000
21,750
20,000
WISE GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 20 -
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
21,349
1,778
Other interest income
1,103
-
Total income
22,452
1,778
9
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
74,224
-
0
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
425,021
371,131
Adjustments in respect of prior periods
(120,274)
(92,199)
Total current tax
304,747
278,932
Deferred tax
Origination and reversal of timing differences
130,863
50,288
Total tax charge
435,610
329,220

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
2,388,942
1,797,157
Expected tax charge based on the standard rate of corporation tax in the UK of 19.49% (2022: 19.00%)
465,605
341,460
Tax effect of expenses that are not deductible in determining taxable profit
11,447
4,000
Tax effect of income not taxable in determining taxable profit
(116)
-
0
Adjustments in respect of prior years
(120,848)
(92,199)
Effect of change in corporation tax rate
367
-
Deferred tax adjustments
28,837
24,530
Fixed asset timing differences
50,318
51,429
Taxation charge
435,610
329,220
WISE GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 21 -
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
1,566,676
1,649,074
12
Intangible fixed assets
Group
Goodwill
Cherished number plates
Total
£
£
£
Cost
At 1 May 2022
3,000,000
29,825
3,029,825
Additions
-
0
24,338
24,338
At 30 April 2023
3,000,000
54,163
3,054,163
Amortisation and impairment
At 1 May 2022
1,500,000
-
0
1,500,000
Amortisation charged for the year
300,000
-
0
300,000
At 30 April 2023
1,800,000
-
0
1,800,000
Carrying amount
At 30 April 2023
1,200,000
54,163
1,254,163
At 30 April 2022
1,500,000
29,825
1,529,825
The company had no intangible fixed assets at 30 April 2023 or 30 April 2022.

On 1 May 2017, Warrantywise Limited acquired the trade and assets of the warranty business previously trading in an unincorporated partnership. The goodwill arising on the purchase amounted to £3,000,000.

WISE GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 22 -
13
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 May 2022
-
0
825,844
5,086
285,230
175,503
269,877
1,561,540
Additions
4,508,084
148,111
238,365
29,149
52,780
444,986
5,421,475
Disposals
-
0
-
0
-
0
(7,311)
(34,493)
(248,791)
(290,595)
At 30 April 2023
4,508,084
973,955
243,451
307,068
193,790
466,072
6,692,420
Depreciation and impairment
At 1 May 2022
-
0
71,341
850
177,046
83,260
91,408
423,905
Depreciation charged in the year
-
0
36,101
21,983
55,721
54,909
115,779
284,493
Eliminated in respect of disposals
-
0
-
0
-
0
(7,311)
(32,977)
(79,374)
(119,662)
At 30 April 2023
-
0
107,442
22,833
225,456
105,192
127,813
588,736
Carrying amount
At 30 April 2023
4,508,084
866,513
220,618
81,612
88,598
338,259
6,103,684
At 30 April 2022
-
0
754,503
4,236
108,184
92,243
178,469
1,137,635
Company
Freehold land and buildings
£
Cost
At 1 May 2022
-
0
Additions
307,580
At 30 April 2023
307,580
Depreciation and impairment
At 1 May 2022 and 30 April 2023
-
0
Carrying amount
At 30 April 2023
307,580
WISE GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 23 -
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
403
202
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2022
202
Additions
201
At 30 April 2023
403
Carrying amount
At 30 April 2023
403
At 30 April 2022
202
15
Subsidiaries

Details of the company's subsidiaries at 30 April 2023 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Appliance Warranty Ltd
UK
Ordinary
100.00
Warrantywise Limited
UK
Ordinary
100.00
Warranty Holdings Limited
UK
Ordinary
100.00
G. F. Warranty Limited
UK
Ordinary
100.00
Winkley Hall Farm Limited
UK
Ordinary
100.00
Lister Classics Limited
UK
Ordinary
100.00
Warrantywise UK Limited
UK
Ordinary
100.00

G. F. Warranty Limited was dissolved in the year.

Appliance Warranty Ltd (registration number 10139092), Lister Classics Limited (registration number 11919691) and Winkley Hall Farm Limited (registration number 13925447) are exempt from the requirements of the Act relating to the audit of individual financial statements, by virtue of section 479a of the Companies Act 2006.

WISE GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 24 -
16
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
2,172,039
-
0
-
0
-
0
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,993,616
1,433,027
-
0
-
0
Unpaid share capital
100
100
100
100
Other debtors
2,894,485
4,755,575
482,516
682,100
Prepayments and accrued income
158,179
629,198
3,712
-
0
7,046,380
6,817,900
486,328
682,200

Included within other debtors are amounts owed by related party companies amounting to £2,201,152 (2022: £2,370,469). The amounts owed are not subject to any formal agreements.

WISE GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 25 -
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
20
76,976
-
0
-
0
-
0
Trade creditors
525,702
421,876
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
612,590
515,313
Corporation tax payable
14,420
90,887
364
482
Other taxation and social security
801,777
647,234
-
-
Deferred income
22
8,139,841
6,858,639
-
0
-
0
Other creditors
277,184
241,098
16,403
202
Accruals and deferred income
324,236
206,734
5,000
5,000
10,160,136
8,466,468
634,357
520,997
19
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
20
1,956,618
-
0
-
0
-
0
Deferred income
22
3,873,265
2,471,434
-
0
-
0
5,829,883
2,471,434
-
-
Amounts included above which fall due after five years are as follows:
Payable by instalments
1,632,823
-
-
-
20
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
2,033,594
-
0
-
0
-
0
Payable within one year
76,976
-
0
-
0
-
0
Payable after one year
1,956,618
-
0
-
0
-
0

The bank loan is secured on the freehold property of a subsidiary company. The loan is repayable by equal monthly instalments over 6 years with a balloon payment at the end. Interest is charged at 1.95% over bank base rate.

WISE GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 26 -
21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
237,267
102,210
Short term timing differences
(4,194)
-
233,073
102,210
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 May 2022
102,210
-
Charge to profit or loss
130,863
-
Liability at 30 April 2023
233,073
-
22
Deferred income
Group
Company
2023
2022
2023
2022
£
£
£
£
Other deferred income
12,013,106
9,330,073
-
-

Deferred income is included in the financial statements as follows:

Current liabilities
8,139,841
6,858,639
-
0
-
0
Non-current liabilities
3,873,265
2,471,434
-
0
-
0
12,013,106
9,330,073
-
-
23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
81,732
72,516
WISE GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
23
Retirement benefit schemes
(Continued)
- 27 -

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. The amount due to the scheme at the year end totalled £16,775 (2022: £16,154).

24
Share capital
Group and company
2023
2022
Ordinary share capital
£
£
Issued and not fully paid
40 Ordinary A shares of £1 each
40
40
20 Ordinary B shares of £1 each
20
20
20 Ordinary C shares of £1 each
20
20
20 Ordinary D shares of £1 each
20
20
100
100
25
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
182,500
182,500
-
-
Between two and five years
547,500
730,000
-
-
730,000
912,500
-
-
26
Related party transactions

Included within other debtors are amounts owed by related companies amounting to £2,201,152 (2022: £3,881,965 ). The amounts owed are not subject to any formal agreements.

 

27
Directors' transactions

During the year, advances were made to directors. These were repaid in the year and the maximum outstanding amount was £1,566,676 (2022 - £1,649,074).

Dividends totalling £1,566,676 (2022: £1,649,074) were paid in the year in respect of shares held by the company's directors.

28
Controlling party

The company is controlled by Mr L Whittaker, a director and shareholder.

WISE GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 28 -
29
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
1,953,332
1,467,937
Adjustments for:
Taxation charged
435,610
329,220
Finance costs
74,224
-
0
Investment income
(22,452)
(1,778)
Gain on disposal of tangible fixed assets
(58,576)
(17,480)
Amortisation and impairment of intangible assets
300,000
300,000
Depreciation and impairment of tangible fixed assets
284,493
208,379
Movements in working capital:
Increase in stocks
(2,172,039)
-
Increase in debtors
(228,480)
(2,131,683)
Increase in creditors
411,957
100,278
Increase in deferred income
2,683,033
2,676,637
Cash generated from operations
3,661,102
2,931,510
30
Analysis of changes in net funds - group
1 May 2022
Cash flows
30 April 2023
£
£
£
Cash at bank and in hand
4,019,223
(1,521,270)
2,497,953
Borrowings excluding overdrafts
-
(2,033,594)
(2,033,594)
4,019,223
(3,554,864)
464,359
2023-04-302022-05-01falseCCH SoftwareCCH Accounts Production 2023.300L WhittakerA KeenanA WhittakerA WhittakerMiss L 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