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REGISTERED NUMBER: 02710581 (England and Wales)

















Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 28 February 2023

for

Wrekin Shell Mouldings Limited

Wrekin Shell Mouldings Limited (Registered number: 02710581)






Contents of the Consolidated Financial Statements
for the year ended 28 February 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Statement of Financial Position 11

Company Statement of Financial Position 13

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 16

Consolidated Statement of Cash Flows 17

Notes to the Consolidated Statement of Cash Flows 18

Notes to the Consolidated Financial Statements 20


Wrekin Shell Mouldings Limited

Company Information
for the year ended 28 February 2023







DIRECTORS: M J Ellis
J N Ellis
K D Motherwell



SECRETARY: D B Oakes



REGISTERED OFFICE: Units D1 & D2
Halesfield 21
Telford
Shropshire
TF7 4NX



REGISTERED NUMBER: 02710581 (England and Wales)



AUDITORS: Caerwyn Jones
Chartered Accountants and Statutory Auditor
Emstrey House
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG



BANKERS: HSBC Bank Plc
16 Sherwood Square
The Telford Shopping Centre
Telford
TF3 4AN

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Group Strategic Report
for the year ended 28 February 2023

The directors present their strategic report of the company and the group for the year ended 28 February 2023.

REVIEW OF BUSINESS AND FUTURE DEVELOPMENTS
The group continues to operate profitably in a competitive market and its healthy balance sheet means it is in a good position to take advantage of any opportunities which may arise in the future.

We continue to invest in developing our people, our carbon performance and engaging with our communities through Environmental and Social Governance practices consistent with our sustainable growth strategy. The strategic focus of the business remains both consistent and relevant as Government investment in the modernisation and decarbonisation of the UK's national infrastructure builds increasing momentum towards the UK 2050 net zero target. As a result, our financial, social and environmental goals for the next year and beyond are extremely promising.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties are predominantly external market factors which affect the global market price of raw metal and the current ongoing global recession.

The board is satisfied that it acted swiftly in amending working practices and policies to minimise the financial effect on the group as much as possible.

During the current period, material shortages and their significant inflationary price rates have caused the group challenges at times, however the board are satisfied that these were well managed and overcome.

The group is in a good financial position to ensure it can maintain sufficient stock levels to meet demand.

Key performance indicators

2023 2022 Change (% )
Turnover (£) 7,174,178 6,088,028 + 17.84%
Gross profit (£) 2,790,414 2,351,072 + 18.69%
Profit before tax (£) 907,752 610,680 + 48.65%




ON BEHALF OF THE BOARD:





J N Ellis - Director


14 November 2023

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Report of the Directors
for the year ended 28 February 2023

The directors present their report with the financial statements of the company and the group for the year ended 28 February 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of manufacturing of metal castings.

DIVIDENDS
The total distribution of dividends for the year ended 28 February 2023 will be £ 3,728 .

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

M J Ellis
J N Ellis
K D Motherwell

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

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

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

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Report of the Directors
for the year ended 28 February 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he 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.

ON BEHALF OF THE BOARD:





J N Ellis - Director


14 November 2023

Report of the Independent Auditors to the Members of
Wrekin Shell Mouldings Limited

Opinion
We have audited the financial statements of Wrekin Shell Mouldings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 February 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 28 February 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Report of the Independent Auditors to the Members of
Wrekin Shell Mouldings Limited


Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, 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 Directors 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 Directors have been prepared in accordance with applicable legal requirements.

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

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Wrekin Shell Mouldings Limited


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

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

Our approach to identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities, and skills to identify or recognize non-compliance with applicable laws and regulations; and
- we identified the laws and regulations applicable to the company through discussion with directors and other senior management, and from our commercial knowledge of the steel sector.
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection and employment; and
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected, and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships.
- tested journal entries to identify unusual transactions.
- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation.
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.


Report of the Independent Auditors to the Members of
Wrekin Shell Mouldings Limited

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.

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.




I A Painter FCA (Senior Statutory Auditor)
for and on behalf of Caerwyn Jones
Chartered Accountants and Statutory Auditor
Emstrey House
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

14 November 2023

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Consolidated
Income Statement
for the year ended 28 February 2023

2023 2022
Notes £    £    £    £   

REVENUE 3 7,174,178 6,088,028

Cost of sales 4,383,764 3,736,957
GROSS PROFIT 2,790,414 2,351,071

Distribution costs 37,209 37,438
Administrative expenses 1,836,169 1,740,296
1,873,378 1,777,734
917,036 573,337

Other operating income 5,873 55,475
OPERATING PROFIT 5 922,909 628,812

Interest receivable and similar income 173 204
923,082 629,016

Interest payable and similar expenses 7 15,330 18,336
PROFIT BEFORE TAXATION 907,752 610,680

Tax on profit 8 179,257 138,022
PROFIT FOR THE FINANCIAL YEAR 728,495 472,658
Profit attributable to:
Owners of the parent 723,031 467,712
Non-controlling interests 5,464 4,946
728,495 472,658

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Consolidated
Other Comprehensive Income
for the year ended 28 February 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 728,495 472,658


Other comprehensive income - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

728,495

472,658

Total comprehensive income attributable to:
Owners of the parent 723,031 467,712
Non-controlling interests 5,464 4,946
728,495 472,658

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Consolidated Statement of Financial Position
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 1,747,310 2,035,928
Property, plant and equipment 12 7,852,626 7,265,249
Investments 13 58,500 54,900
9,658,436 9,356,077

CURRENT ASSETS
Inventories 14 1,337,113 1,218,412
Debtors 15 2,266,985 1,979,128
Cash at bank and in hand 1,199,132 1,219,284
4,803,230 4,416,824
CREDITORS
Amounts falling due within one year 16 1,466,461 1,954,560
NET CURRENT ASSETS 3,336,769 2,462,264
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,995,205

11,818,341

CREDITORS
Amounts falling due after more than
one year

17

(1,122,192

)

(786,616

)

PROVISIONS FOR LIABILITIES 21 (482,313 ) (365,792 )
NET ASSETS 11,390,700 10,665,933

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Consolidated Statement of Financial Position - continued
28 February 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 22 40 40
Revaluation reserve 23 172,735 236,602
Retained earnings 23 11,181,273 10,398,103
SHAREHOLDERS' FUNDS 11,354,048 10,634,745

NON-CONTROLLING INTERESTS 36,652 31,188
TOTAL EQUITY 11,390,700 10,665,933


The financial statements were approved by the Board of Directors and authorised for issue on 14 November 2023 and were signed on its behalf by:





J N Ellis - Director


Wrekin Shell Mouldings Limited (Registered number: 02710581)

Company Statement of Financial Position
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Property, plant and equipment 12 6,974,038 6,636,947
Investments 13 2,976,266 2,973,916
9,950,304 9,610,863

CURRENT ASSETS
Inventories 14 694,405 676,321
Debtors 15 1,574,688 1,029,832
Cash at bank and in hand 154,965 65,109
2,424,058 1,771,262
CREDITORS
Amounts falling due within one year 16 1,160,201 1,118,288
NET CURRENT ASSETS 1,263,857 652,974
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,214,161

10,263,837

CREDITORS
Amounts falling due after more than
one year

17

(966,528

)

(710,078

)

PROVISIONS FOR LIABILITIES 21 (374,907 ) (306,362 )
NET ASSETS 9,872,726 9,247,397

CAPITAL AND RESERVES
Called up share capital 22 40 40
Retained earnings 9,872,686 9,247,357
SHAREHOLDERS' FUNDS 9,872,726 9,247,397

Company's profit for the financial year 625,329 881,014

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Company Statement of Financial Position - continued
28 February 2023


The 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 were signed on its behalf by:





J N Ellis - Director


Wrekin Shell Mouldings Limited (Registered number: 02710581)

Consolidated Statement of Changes in Equity
for the year ended 28 February 2023

Called up
share Retained Revaluation
capital earnings reserve
£    £    £   
Balance at 1 March 2021 40 9,857,174 313,547

Changes in equity
Dividends - (3,728 ) -
Total comprehensive income - 544,657 (76,945 )
Balance at 28 February 2022 40 10,398,103 236,602

Changes in equity
Dividends - (3,728 ) -
Total comprehensive income - 786,898 (63,867 )
Balance at 28 February 2023 40 11,181,273 172,735
Non-controlling Total
Total interests equity
£    £    £   
Balance at 1 March 2021 10,170,761 26,242 10,197,003

Changes in equity
Dividends (3,728 ) - (3,728 )
Total comprehensive income 467,712 4,946 472,658
Balance at 28 February 2022 10,634,745 31,188 10,665,933

Changes in equity
Dividends (3,728 ) - (3,728 )
Total comprehensive income 723,031 5,464 728,495
Balance at 28 February 2023 11,354,048 36,652 11,390,700

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Company Statement of Changes in Equity
for the year ended 28 February 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 March 2021 40 8,366,343 8,366,383

Changes in equity
Total comprehensive income - 881,014 881,014
Balance at 28 February 2022 40 9,247,357 9,247,397

Changes in equity
Total comprehensive income - 625,329 625,329
Balance at 28 February 2023 40 9,872,686 9,872,726

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Consolidated Statement of Cash Flows
for the year ended 28 February 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 675,676 1,511,022
Interest paid (6,005 ) (8,035 )
Interest element of hire purchase
payments paid

(9,325

)

(10,301

)
Tax paid (74,761 ) (75,868 )
Net cash from operating activities 585,585 1,416,818

Cash flows from investing activities
Purchase of intangible fixed assets - (11,377 )
Purchase of tangible fixed assets (1,015,029 ) (642,521 )
Purchase of fixed asset investments (3,600 ) (3,600 )
Sale of intangible fixed assets 1,250 -
Sale of tangible fixed assets - 1,000
Interest received 173 204
Net cash from investing activities (1,017,206 ) (656,294 )

Cash flows from financing activities
Loan repayments in year (118,954 ) (108,613 )
Intercompany movements (1,021 ) (192,128 )
Capital movement in year 534,605 (111,326 )
Amount introduced by directors 7,286 15,662
Amount withdrawn by directors (6,719 ) (119,378 )
Equity dividends paid (3,728 ) (3,728 )
Net cash from financing activities 411,469 (519,511 )

(Decrease)/increase in cash and cash equivalents (20,152 ) 241,013
Cash and cash equivalents at beginning
of year

2

1,219,284

978,271

Cash and cash equivalents at end of
year

2

1,199,132

1,219,284

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Notes to the Consolidated Statement of Cash Flows
for the year ended 28 February 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 907,752 610,680
Depreciation charges 716,040 635,743
Profit on disposal of fixed assets - (1,130 )
Government grants - (42,675 )
Finance costs 15,330 18,336
Finance income (173 ) (204 )
1,638,949 1,220,750
Increase in inventories (118,701 ) (190,951 )
Increase in trade and other debtors (287,857 ) (253,225 )
(Decrease)/increase in trade and other creditors (556,715 ) 734,448
Cash generated from operations 675,676 1,511,022

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 28 February 2023
28.2.23 1.3.22
£    £   
Cash and cash equivalents 1,199,132 1,219,284
Year ended 28 February 2022
28.2.22 1.3.21
£    £   
Cash and cash equivalents 1,219,284 978,271


Wrekin Shell Mouldings Limited (Registered number: 02710581)

Notes to the Consolidated Statement of Cash Flows
for the year ended 28 February 2023

3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.3.22 Cash flow At 28.2.23
£    £    £   
Net cash
Cash at bank and in hand 1,219,284 (20,152 ) 1,199,132
1,219,284 (20,152 ) 1,199,132
Debt
Finance leases (322,107 ) (534,605 ) (856,712 )
Debts falling due within 1 year (115,000 ) 42,417 (72,583 )
Debts falling due after 1 year (76,538 ) 76,538 -
(513,645 ) (415,650 ) (929,295 )
Total 705,639 (435,802 ) 269,837

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Notes to the Consolidated Financial Statements
for the year ended 28 February 2023

1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

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

Financial Reporting Standard 102 - reduced disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:

(a) No cash flow statement has been presented for the company.
(b) Disclosures in respect of financial instruments have not been presented.
(c) No disclosure has been given for the aggregate remuneration of key management personnel.

Basis of consolidation
The financial statements consolidate the financial statements of Wrekin Shell Mouldings Limited and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual statement of comprehensive income.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

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.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Notes to the Consolidated Financial Statements - continued
for the year ended 28 February 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost, 5% on cost and 2% straight line
Plant and machinery - 10% on cost, 10 to 33% straight line and 20% straight line
Fixtures and fittings - 33% on cost, 10% on cost and 20% straight line
Motor vehicles - 25% on reducing balance and 20% on cost
Computer equipment - 33% on cost

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price and subsequently carried at amortised cost with an assessment for objective evidence of impairment. Any impairment is recognised in profit and loss.
Financial assets are derecognised when (a) a contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards or control of the ownership of the asset are transferred to another party.

Basic financial liabilities including trade and other creditors are initially recognised at transaction price and subsequently carried at amortised cost. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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

Current or deferred taxation assets and liabilities are not discounted.

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


Wrekin Shell Mouldings Limited (Registered number: 02710581)

Notes to the Consolidated Financial Statements - continued
for the year ended 28 February 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

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

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

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

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

3. REVENUE

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

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,421,555 1,383,870
Social security costs 138,744 125,890
Other pension costs 77,219 39,789
1,637,518 1,549,549

The average number of employees during the year was as follows:
2023 2022

Employees 55 53

The average number of employees by undertakings that were proportionately consolidated during the year was 55 (2022 - 53 ) .

2023 2022
£    £   
Directors' remuneration 46,184 39,896
Directors' pension contributions to money purchase schemes 15,826 6,345

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Notes to the Consolidated Financial Statements - continued
for the year ended 28 February 2023

5. OPERATING PROFIT

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

2023 2022
£    £   
Hire of plant and machinery 10,581 7,206
Other operating leases 6,977 7,278
Depreciation - owned assets 427,652 350,145
Profit on disposal of fixed assets - (1,130 )
Goodwill amortisation 285,093 285,218
Patents and licences amortisation 2,275 379
Foreign exchange differences (497 ) 2,832

6. AUDITORS' REMUNERATION
2023 2022
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

27,192

17,324

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 5,778 8,035
Interest on overdue tax 227 -
Hire purchase interest 9,325 10,301
15,330 18,336

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 63,244 75,269
Adjustments to previous period (508 ) -
Total current tax 62,736 75,269

Deferred tax 116,521 62,753
Tax on profit 179,257 138,022

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Notes to the Consolidated Financial Statements - continued
for the year ended 28 February 2023

8. TAXATION - continued

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

2023 2022
£    £   
Profit before tax 907,752 610,680
Profit multiplied by the standard rate of corporation tax in the UK
of 19 % (2022 - 19 %)

172,473

116,029

Effects of:
Depreciation in excess of capital allowances 7,292 21,993
Adjustments to tax charge in respect of previous periods (508 ) -
Total tax charge 179,257 138,022

9. INDIVIDUAL INCOME STATEMENT

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


10. DIVIDENDS
2023 2022
£    £   
Ordinary shares of 1 each
Final 3,728 3,728

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Notes to the Consolidated Financial Statements - continued
for the year ended 28 February 2023

11. INTANGIBLE FIXED ASSETS

Group
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 March 2022 3,048,179 49,201 3,097,380
Disposals (1,250 ) - (1,250 )
At 28 February 2023 3,046,929 49,201 3,096,130
AMORTISATION
At 1 March 2022 1,023,249 38,203 1,061,452
Amortisation for year 285,093 2,275 287,368
At 28 February 2023 1,308,342 40,478 1,348,820
NET BOOK VALUE
At 28 February 2023 1,738,587 8,723 1,747,310
At 28 February 2022 2,024,930 10,998 2,035,928

Company
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 March 2022
and 28 February 2023 187,999 37,824 225,823
AMORTISATION
At 1 March 2022
and 28 February 2023 187,999 37,824 225,823
NET BOOK VALUE
At 28 February 2023 - - -
At 28 February 2022 - - -

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Notes to the Consolidated Financial Statements - continued
for the year ended 28 February 2023

12. PROPERTY, PLANT AND EQUIPMENT

Group
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1 March 2022 5,710,362 4,172,735 85,050
Additions - 982,420 31,164
At 28 February 2023 5,710,362 5,155,155 116,214
DEPRECIATION
At 1 March 2022 366,184 2,283,732 71,306
Charge for year 17,026 396,026 7,935
At 28 February 2023 383,210 2,679,758 79,241
NET BOOK VALUE
At 28 February 2023 5,327,152 2,475,397 36,973
At 28 February 2022 5,344,178 1,889,003 13,744

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 March 2022 69,482 78,722 10,116,351
Additions - 1,445 1,015,029
At 28 February 2023 69,482 80,167 11,131,380
DEPRECIATION
At 1 March 2022 59,411 70,469 2,851,102
Charge for year 2,294 4,371 427,652
At 28 February 2023 61,705 74,840 3,278,754
NET BOOK VALUE
At 28 February 2023 7,777 5,327 7,852,626
At 28 February 2022 10,071 8,253 7,265,249

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Notes to the Consolidated Financial Statements - continued
for the year ended 28 February 2023

12. PROPERTY, PLANT AND EQUIPMENT - continued

Group

Cost or valuation at 28 February 2023 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
Valuation in 2011 145,920 - -
Valuation in 2018 - (410,093 ) (58,142 )
Cost 5,564,442 5,565,248 174,356
5,710,362 5,155,155 116,214

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2011 - - 145,920
Valuation in 2018 (12,085 ) - (480,320 )
Cost 81,567 80,167 11,465,780
69,482 80,167 11,131,380

Company
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 March 2022 5,372,571 3,400,662 73,869 45,482 8,892,584
Additions - 615,174 28,540 - 643,714
At 28 February 2023 5,372,571 4,015,836 102,409 45,482 9,536,298
DEPRECIATION
At 1 March 2022 342,047 1,808,915 64,837 39,838 2,255,637
Charge for year 14,770 285,015 5,429 1,409 306,623
At 28 February 2023 356,817 2,093,930 70,266 41,247 2,562,260
NET BOOK VALUE
At 28 February 2023 5,015,754 1,921,906 32,143 4,235 6,974,038
At 28 February 2022 5,030,524 1,591,747 9,032 5,644 6,636,947

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Notes to the Consolidated Financial Statements - continued
for the year ended 28 February 2023

12. PROPERTY, PLANT AND EQUIPMENT - continued

Company

Included above are assets held under finance leases or hire purchase contracts as follows:

Plant and machinery -

2023 NBV £604,767 Depreciation charge £125,200
2022 NBV £553,767 Depreciation charge £77,580
2021 NBV £631,347 Depreciation charge £38,860
2020 NBV £272,232 Depreciation charge £49,580
2019 NBV £321,812 Depreciation charge £49,580
2018 NBV £371,392 Depreciation charge £49,580

13. FIXED ASSET INVESTMENTS

Group
Unlisted
investments
£   
COST
At 1 March 2022 54,900
Additions 3,600
At 28 February 2023 58,500
NET BOOK VALUE
At 28 February 2023 58,500
At 28 February 2022 54,900
Company
Shares in
group Other
undertakings investments Totals
£    £    £   
COST
At 1 March 2022 2,919,016 54,900 2,973,916
Additions - 3,600 3,600
Disposals (1,250 ) - (1,250 )
At 28 February 2023 2,917,766 58,500 2,976,266
NET BOOK VALUE
At 28 February 2023 2,917,766 58,500 2,976,266
At 28 February 2022 2,919,016 54,900 2,973,916

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Notes to the Consolidated Financial Statements - continued
for the year ended 28 February 2023

13. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Dynafluid Limited
Registered office: England and Wales
Nature of business: Manufacturing of valves
%
Class of shares: holding
Ordinary 97.50
2023 2022
£    £   
Aggregate capital and reserves 1,418,134 1,199,569
Profit for the year 367,750 347,047

Gresswell Valves Limited
Registered office: England and Wales
Nature of business: Manufacturing of valves
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 2 2
Loss for the year - (8 )

The Cubra Casting Company Limited
Registered office: England and Wales
Nature of business: Manufacturing of valves
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 1,279,015 1,113,048
Profit for the year 165,967 73,099


Wrekin Shell Mouldings Limited (Registered number: 02710581)

Notes to the Consolidated Financial Statements - continued
for the year ended 28 February 2023

14. STOCKS

Group Company
2023 2022 2023 2022
£    £    £    £   
Stocks 809,460 760,046 166,752 217,955
Raw materials 527,653 458,366 527,653 458,366
1,337,113 1,218,412 694,405 676,321

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 1,284,935 1,281,290 590,046 493,578
Amounts owed by group undertakings - - - 89,225
Other debtors 872,601 554,598 871,901 329,685
VAT 883 23,226 24,615 22,417
Prepayments and accrued income 108,566 120,014 88,126 94,927
2,266,985 1,979,128 1,574,688 1,029,832

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 18) 72,583 115,000 - -
Hire purchase contracts (see note 19) 207,700 82,240 167,956 82,240
Trade creditors 598,325 995,071 338,983 705,264
Amounts owed to group undertakings - - 209,758 -
Tax 63,244 75,269 12,100 -
Social security and other taxes 27,210 29,027 16,323 18,935
Other creditors 3,189 238,724 1,966 1,225
Other loans 7,125 7,125 7,125 7,125
Directors' loan accounts 299,626 299,059 271,963 273,248
Accruals and deferred income 187,459 113,045 134,027 30,251
1,466,461 1,954,560 1,160,201 1,118,288

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Notes to the Consolidated Financial Statements - continued
for the year ended 28 February 2023

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

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 18) - 76,538 - -
Hire purchase contracts (see note 19) 649,012 239,867 493,348 239,867
Other creditors 473,180 470,211 473,180 470,211
1,122,192 786,616 966,528 710,078

18. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 72,583 115,000
Amounts falling due between two and five years:
Bank loans - 2-5 years - 76,538

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 207,700 82,240
Between one and five years 649,012 239,867
856,712 322,107

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Notes to the Consolidated Financial Statements - continued
for the year ended 28 February 2023

19. LEASING AGREEMENTS - continued

Company
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 167,956 82,240
Between one and five years 493,348 239,867
661,304 322,107

20. SECURED DEBTS

Any overdraft facility is secured by fixed and floating charges over the company's assets.

21. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax
Accelerated capital allowances 413,768 310,390 306,362 250,960
Deferred tax 68,545 55,402 68,545 55,402
482,313 365,792 374,907 306,362

Group
Deferred
tax
£   
Balance at 1 March 2022 365,792
Provided during year 116,521
Balance at 28 February 2023 482,313

Company
Deferred
tax
£   
Balance at 1 March 2022 306,362
Provided during year 68,545
Balance at 28 February 2023 374,907

Wrekin Shell Mouldings Limited (Registered number: 02710581)

Notes to the Consolidated Financial Statements - continued
for the year ended 28 February 2023

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
40 Ordinary 1 40 40

23. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 March 2022 10,398,103 236,602 10,634,705
Profit for the year 723,031 723,031
Dividends (3,728 ) (3,728 )
Profit and loss account
revaluation 63,867 (63,867 ) -
At 28 February 2023 11,181,273 172,735 11,354,008


24. ULTIMATE PARENT COMPANY

Wrekin Shell Mouldings Limited. is regarded by the directors as being the company's ultimate parent company.

25. RELATED PARTY DISCLOSURES

The group occupies premises owned by Mr and Mrs J N Ellis. Mr J N Ellis is a director of the group. The total rent paid to Mr and Mrs J N Ellis during the year was £14,250 (2022: £14,250) and at the balance sheet date, no amount was outstanding (2022: nil).

Included in creditors due within one year and after one year is a loan due to Mrs L Ellis, the wife of Mr J N Ellis, a director of the group, of £480,305 (2022: £477,336). The loan is repayable on demand. No interest has been charged on the loan balance in the year.

Also included in creditors due within one year are amounts totalling £299,627 (2022: £299,059) due to the directors of the group. These balances are repayable on demand. No interest has been charged on the loan balance in the year.