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Registered number: 00504927










WW Martin Ltd










Annual report and financial statements

For the Year Ended 28 February 2023

 
WW Martin Ltd
 

Company Information


Directors
M R Darling 
I D Posnett 
D A Barker 
T J Codd 




Registered number
00504927



Registered office
Dane Park Road

Ramsgate

Kent

CT11 7LT




Independent auditors
Kreston Reeves LLP
Chartered Accountants & Statutory Auditor

2nd Floor

168 Shoreditch High Street

London

E1 6RA




Bankers
Lloyds Bank Plc
3rd Floor

2 City Place

Beehive Ring Road

Gatwick

West Sussex

RH6 0PA




Solicitors
Girlings
Stourside Place

Station Road

Ashford

Kent

TN23 1PP
 
Fenwick Elliott
Aldwych House
71-91 Aldwych
London
WC2B 4HN





 
WW Martin Ltd
 

Contents



Page
Strategic report
 
1 - 4
Directors' report
 
5 - 8
Independent auditors' report
 
9 - 12
Profit and loss account
 
13
Balance sheet
 
14
Statement of changes in equity
 
15
Statement of cash flows
 
16
Notes to the financial statements
 
17 - 33


 
WW Martin Ltd
 

Strategic report
For the Year Ended 28 February 2023

Introduction
 
The Directors are pleased to present their Strategic Report and the Financial Statements of the Company for the year ending 28th February 2023.
The Company is celebrating its 146th year. The business continues to perform well and is led by a strong leadership team, supported by loyal, professional and experienced staff.

Business review
 
This year’s turnover of £50,112k, has increased from last year (2022: £42,515k).  Profit has also increased to £1,666k after tax (2022: £1,457k). Importantly, operating profit prior to tax has increased in line with the increased turnover. This year’s result is in line with the 2022 Strategic report. 
Cash at the Year End has again increased from last year to £10,883k; in 2022 it was £9,331k. Cashflow continues to be closely monitored to ensure a good level of liquidity and strict credit control policies are in place. The Board expects liquidity to remain constant throughout the coming year. We remain committed to maintaining prompt payments to our supply chain. Additionally, with liquidity at this level for the next 12 months, the Company will benefit from the increase in interest rates, which will be reflected in next year’s result. 
Overall, the Directors are pleased with the direction and performance of the business and that it continues to perform well, delivering excellent services for our Clients. This has resulted in repeat negotiated work. Year-on-year we are becoming financially stronger, with good cash in hand and an ever-increasing Balance Sheet. This is the sixth year of increased margin and cash. The Directors plan for organic growth and will not be chasing turnover, particularly in these current uncertain times.
Turnover from the Kent County Council (KCC) £500k “Property Construction Partnership Framework” is not reflected in our current result. The Framework focuses on education projects over a minimum of a 4-year period. Projects are currently in, or, imminently waiting for planning decisions in order that they can start on site. The result for the period ending February 2024 will only contain a small amount of turnover from KCC Framework but will contribute to the 2025 and 2026 result.
On 1st June 2023, WW Martin Ltd became the Holding Company for all its associated businesses viz. WWM Civils, KRS Interiors, East Kent Brickwork and WWM Plant Hire. All these businesses have been working in close collaboration for a number of years to self-deliver for WW Martin and the bringing together under a Holding Company was the next natural step. It will increase the strength of the Balance Sheet. The Board expects the turnover and margin to increase by a minimum of 10% with the addition of the associated businesses.
As a business, we continue to work collaboratively with Clients to advise and assist with making projects as cost-effective as possible. We believe our non-adversarial, collaborative approach is appreciated by Clients and our supply chain alike.
Health and Safety is one of our core business values and we believe that effective Health, Safety and Environmental management actively contributes to our success. We are proud of our safety record. This is a testament to our staff who have an excellent culture of health and safety.
It is our policy to do all that is reasonably practicable to ensure that we provide a safe and healthy environment not just for those that work for us, but for any others who may be affected by our business activities.

Page 1

 
WW Martin Ltd
 

Strategic report (continued)
For the Year Ended 28 February 2023

Principal risks and uncertainties
 
The risk of COVID-19 has largely subsided, but we remain vigilant. Likewise, the shortage of materials, labour and the volatility of material prices has steadied on the back of the decreasing residential market. 
The market is competitive. A number of contractors have gone out of business in the last year and we ensure that we carefully consider every tender and avoid the race to the bottom that often accompanies a competitive market. 
  
The newly formed Holding Company will continue to self-deliver to ensure projects are completed on time and to the required quality.
We have an incredible team of construction professionals who have built trusted relationships with a number of long-term clients. This reputation brings in regular new business. 
Future Developments
We continue to carry out projects for the NHS under their Framework. We are now in Phase 3 of the new ED Expansion at East Kent Hospitals University NHS Foundation Trust at The Queen Elizabeth Queen Mother hospital in Margate, which is due to be completed in the New Year. This continues to be both a logistically and technically challenging site and remain proud as a business that the NHS has put their trust in us to deliver such an important project.
We have also completed Phase 1 of the new stroke unit at Maidstone and are hopeful of securing the next two phases, following on from the excellent work completed on Phase 1.
The business’ workload continues to be very diverse which protects the business should a particular sector be affected by events. Our workload for this year is equally split between Healthcare, Education, Industrial and Residential. 
Our land led deals in partnership with Orbit Homes are progressing well. Following on from the successful 64-unit scheme, we will handover 55-unit land led scheme in the Autumn and are in the process of concluding another land-led deal that we plan to start in Spring 2024. We are also in active discussion with another Housing Association.
We are due to complete the construction of 30 industrial units in Folkestone and two sports halls for Broomhill School in Tonbridge Wells and Swanley. We will also be completing a Crematorium in Faversham.
WW Martin has partnered with English Rural Housing to build thirteen units in Shepherdswell, in Kent.  As part of the partnership, WW Martin will retain three units which will be built to rent and increase the value of the Balance Sheet and provide future rental income.
 
Page 2

 
WW Martin Ltd
 

Strategic report (continued)
For the Year Ended 28 February 2023


Research and Development
As in previous years, the business continues to invest in research and development to realise tax incentives on leading edge technologies, which is often associated with challenging projects.

Financial key performance indicators
 
The company’s financial key performance indicators are Gross Profit Percentage, Current Ratio and Return on Capital Employed.
      2023   2022
Gross Profit Percentage   8.39%                   8.17%
Current Ratio    1.32   1.18
Return on Capital Employed  32%                 35%   
Conclusion 
The Board is extremely pleased with the strategic position of the business. We are confident that the measures that we have taken place us in the very best position to organically grow over the coming year.

Directors' statement of compliance with duty to promote the success of the company
 
Section 172 of the Companies Act 2006 requires the directors of the company to act in the way they consider, in good faith, would most likely promote the success of the company for the benefit of its members as a whole. In doing this, section 172 requires a director to have regard, amongst other matters, to the:
• likely consequences of any decisions in the long-term;
• interests of the company’s employees;
• need to foster the company’s business relationships with suppliers, customers and others;
• impact of the company’s operations on the community and environment;
• desirability of the company maintaining a reputation for high standards of business conduct, and
• need to act fairly as between members of the company.
In discharging our section 172 duties we have regard to the factors set out above. We acknowledge that every decision we make will not necessarily result in a positive outcome for all of our stakeholders. By considering the Company’s purpose, vision and values together with its strategic priorities and having a process in place for decision-making, we do, however, aim to make sure that our decisions are consistent and predictable. Information regarding our engagement with employees and the company's business relationships is included in the Directors' Report.  
All members of the Board are executives within the Company and work alongside the management team  on a day-to-day basis.  The Board engage with the management team in setting, approving and overseeing execution of the business strategy and related policies. Monitoring of this is conducted through regular business review meetings which are attended by the Board of Directors. Board meetings are held periodically, and activities reviewed through the consideration and discussion of information, which is sent in advance of each Board meeting and through presentations to the Board, and the consideration of the impact of the relevant decisions on stakeholders.

Page 3

 
WW Martin Ltd
 

Strategic report (continued)
For the Year Ended 28 February 2023


This report was approved by the board and signed on its behalf.




I D Posnett
Director

Date: 17 November 2023

Page 4

 
WW Martin Ltd
 

 
Directors' report
For the Year Ended 28 February 2023

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

Principal activity

The company's principal activity continues to be that of building contractors.

Results and dividends

The profit for the year, after taxation, amounted to £1,665,674 (2022 - £1,456,848).

The directors declared a dividend totalling £250,000 for the year ended 28 February 2023 (2022 - £268,000). During the year the company has not paid any dividend.

Directors

The directors who served during the year were:

M R Darling 
I D Posnett 
D A Barker 
T J Codd 

Page 5

 
WW Martin Ltd
 

 
Directors' report (continued)
For the Year Ended 28 February 2023

Financial instruments

The company finances its operations through various financial instruments comprising bank balances, bank overdrafts, finance leases, trade debtors and trade creditors.
Due to the nature of the financial instruments used by the company during the period there is no exposure to price risk.
The company ensures its liquidity is maintained by entering into short term financial instruments to support operational and other funding requirements.  The company's liquidity management process includes projecting cashflows and considering the level of liquid assets.
Trade debtors are managed in respect of credit and cashflow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Engagement with suppliers, customers and others

Employee engagement
The Company and the Board is committed to promoting a diverse and inclusive workplace, reflective of the communities in which it does business. We approach diversity in the broadest sense, recognising that successful businesses flourish through embracing diversity into their business strategy and developing talent at every level in the organisation.  We operate a successful employment, apprenticeship and training programme which provides opportunities for a whole host of  different groups including young persons, over 50’s, and hard to reach groups including long term unemployed, school and college leavers, lone parents, ex-offenders and ex-service personnel in Kent.  The Company also works with local training providers and our supply chain providing Apprenticeship opportunities.
The Board and Senior Management are responsible for ensuring that the Company’s purpose, vision and values are effectively communicated to employees and that the Company’s activities reflect the culture we wish to instill in employees and drive appropriate behaviours. Examples of how this is achieved include: formal and informal meetings, a mandatory code of conduct, dedicated training sessions, quarterly staff newsletters and our annual company wide business strategy day.
 
Fostering business relationships
The Company’s key stakeholders are its employees, customers, suppliers, planning authorities and the local Kent Community. The views of and the impact of the Company’s activities on those stakeholders are an important consideration for Directors when making relevant decisions. While there are cases where the board itself judges that it should engage directly with certain stakeholder groups or on certain issues, the size and spread of our stakeholders means that generally our stakeholder engagement best takes place at an operational level.
The senior management team foster long term relationships with key customers in line with the Company’s Integrated Management Systems policy.  We work with key customer Groups and stakeholders including Kent County Council, local planning authorities, NHS Trusts to deliver their needs as part of our strategic relationships with them, alongside our partnerships with local developers and suppliers.  
The Board is committed to working alongside our Customers and local authorities to deliver high quality sustainable affordable home projects.  Our partnership with Orbit homes has led to the Company being the first construction firm of a new build housing project to receive “Green Plaque” status, recognizing the commitment of the Board to its strategic objective of delivering to the highest environmental standards.  
The relevance of each stakeholder group may increase or decrease depending on the matter or issue in question, so the Board seeks to consider the needs and priorities of each stakeholder group during its discussions and as part of its decision making.  
 
Page 6

 
WW Martin Ltd
 

 
Directors' report (continued)
For the Year Ended 28 February 2023

Corporate Governance
The Board aspires to have high standards of corporate governance.
We have not adopted the revised 2018 UK Corporate Governance Code, which is designed for premium listed companies and, whilst we fully support the introduction of the Wates Corporate Governance Principles for Large Private Companies (in particular the focus on purpose, culture and employee and stakeholder engagement). We expect to adopt our own corporate governance principles in due course which we believe will be most appropriate for the Company and will be designed to ensure effective decision-making to promote the Company’s success for the long term.
Our primary aim is that our governance is:
• effective in providing challenge, advice and support to management;
• provides checks and balances and encourages constructive challenge; and
• drives informed, collaborative and accountable decision-making.
In the absence of an express corporate governance code, we continue to comply with relevant law and regulations in relation to governance arrangements and have processes in place to ensure decisions are made at the appropriate level.

Greenhouse gas emissions, energy consumption and energy efficiency action

The company's greenhouse gas emissions and energy consumption are as follows: 


2023

UK energy used kWh
591,038

Associated greenhouse gas emissions (in tonnes of CO2 equivalent)
134.96

The GHG Reporting Protocol - Corporate Standard methodology was used to calculate the company's emissions and energy consumption. 
The intensity ratio has been calculated using CO2 in tonnes per full time employee, which gives a ratio of 1.39.
The Company is committed to reducing its emissions encouraging greater use of Electric vehicles and has installed EV charging points for staff.



Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Page 7

 
WW Martin Ltd
 

 
Directors' report (continued)
For the Year Ended 28 February 2023


Auditors

Under section 487(2) of the Companies Act 2006Kreston Reeves LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





I D Posnett
Director

Date: 17 November 2023

Page 8

 
WW Martin Ltd
 

 
Independent auditors' report to the members of WW Martin Ltd
 

Opinion


We have audited the financial statements of WW Martin Ltd (the 'company') for the year ended 28 February 2023, which comprise the Profit and loss account, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 company's affairs as at 28 February 2023 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


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 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 Auditors' report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 9

 
WW Martin Ltd
 

 
Independent auditors' report to the members of WW Martin Ltd (continued)


Opinion 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 Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its 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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 Directors' responsibilities statement set out on page 5, 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 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 company or to cease operations, or have no realistic alternative but to do so.


Page 10

 
WW Martin Ltd
 

 
Independent auditors' report to the members of WW Martin Ltd (continued)


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


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

Capability of the audit in detecting irregularities, including fraud
The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks.
 
Based on our understanding of the Company and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, taxation and pension legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure and management bias in accounting estimates and judgemental areas of the financial statements such as revenue recognition and amounts recoverable on long-term contracts. Audit procedures performed by the engagement team included: 
 
• Discussions with management and assessment of known or suspected instances of non-compliance with   laws and regulations (including health and safety) and fraud;
• Challenging assumptions and judgements made by management in its significant accounting estimates;
• Performing analytical procedures to identify any unusual or unexpected relationships that may indicate    risks of material misstatement due to fraud; 
• Confirmation of related parties with management, and review of transactions throughout the period to    identify any previously undisclosed transactions with related parties outside the normal course of     business; and
• Physical inspection of tangible fixed assets susceptible to fraud or irregularity; and
• Identifying and testing journal entries, in particular any manual entries made at the year end for financial    statement preparation. 
 
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.  Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. 
 
Page 11

 
WW Martin Ltd
 

 
Independent auditors' report to the members of WW Martin Ltd (continued)




As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


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 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Stephen Tanner BSc(Econ) FCA (Senior statutory auditor)
  
for and on behalf of
Kreston Reeves LLP
 
Chartered Accountants
Statutory Auditor
  
London

21 November 2023
Page 12

 
WW Martin Ltd
 

Profit and loss account
For the Year Ended 28 February 2023

2023
2022
Note
£
£

  

Turnover
 3 
50,111,962
42,515,394

Cost of sales
  
(45,908,184)
(38,366,939)

Gross profit
  
4,203,778
4,148,455

Administrative expenses
  
(2,750,800)
(2,880,595)

Other operating income
 4 
261,060
225,612

Operating profit
 5 
1,714,038
1,493,472

Income from unlisted fixed asset investments
 9 
7,500
7,500

Interest receivable and similar income
 10 
9,144
1,387

Interest payable and similar expenses
 11 
(2,829)
(4,881)

Profit before tax
  
1,727,853
1,497,478

Tax on profit
 12 
(62,179)
(40,630)

Profit for the year
  
1,665,674
1,456,848

There were no recognised gains and losses for 2023 or 2022 other than those included in the profit and loss account.

The notes on pages 17 to 33 form part of these financial statements.

Page 13

 
WW Martin Ltd
Registered number: 00504927

Balance sheet
As at 28 February 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 14 
1,561,665
1,040,755

Investments
 15 
200,000
200,000

  
1,761,665
1,240,755

Current assets
  

Stocks
 16 
316,034
458,000

Debtors: amounts falling due after more than one year
 17 
2,299
551,628

Debtors: amounts falling due within one year
 17 
6,195,760
9,460,303

Cash at bank and in hand
 18 
10,882,786
9,331,204

  
17,396,879
19,801,135

Creditors: amounts falling due within one year
 19 
(13,291,441)
(16,677,229)

Net current assets
  
 
 
4,105,438
 
 
3,123,906

Total assets less current liabilities
  
5,867,103
4,364,661

Creditors: amounts falling due after more than one year
 20 
(24,589)
-

Provisions for liabilities
  

Deferred tax
 22 
(120,706)
(58,527)

Net assets
  
5,721,808
4,306,134


Capital and reserves
  

Called up share capital 
 23 
9,775
9,775

Share premium account
 24 
900
900

Revaluation reserve
 24 
173,538
251,196

Capital redemption reserve
 24 
10,232
10,232

Profit and loss account
 24 
5,527,363
4,034,031

  
5,721,808
4,306,134


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





I D Posnett
M R Darling
Director
Director


Date: 17 November 2023
Date:17 November 2023

The notes on pages 17 to 33 form part of these financial statements.

Page 14

 

 
WW Martin Ltd


 

Statement of changes in equity
For the Year Ended 28 February 2023



Called up share capital
Share premium account
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity


£
£
£
£
£
£



At 1 March 2021
9,775
900
10,232
275,557
2,820,822
3,117,286





Profit for the year
-
-
-
-
1,456,848
1,456,848


Dividends: Equity capital
-
-
-
-
(268,000)
(268,000)


Transfer to/(from) profit and loss account
-
-
-
(24,361)
24,361
-





At 1 March 2022
9,775
900
10,232
251,196
4,034,031
4,306,134





Profit for the year
-
-
-
-
1,665,674
1,665,674


Dividends: Equity capital
-
-
-
-
(250,000)
(250,000)


Transfer to/(from) profit and loss account
-
-
-
(77,658)
77,658
-



At 28 February 2023
9,775
900
10,232
173,538
5,527,363
5,721,808



The notes on pages 17 to 33 form part of these financial statements.

Page 15

 
WW Martin Ltd
 

Statement of cash flows
For the Year Ended 28 February 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,665,674
1,456,848

Adjustments for:

Depreciation of tangible assets
39,888
63,783

Dividends received
(7,500)
(7,500)

Interest paid
2,829
4,881

Interest received
(9,144)
(1,387)

Taxation charge
62,179
40,630

Decrease/(increase) in stocks
141,966
(392,000)

Decrease/(increase) in debtors
3,813,872
(1,299,363)

(Decrease)/increase in creditors
(3,290,777)
3,710,494

Corporation tax received
-
21,293

Net cash generated from operating activities

2,418,987
3,597,679


Cash flows from investing activities

Purchase of tangible fixed assets
(560,798)
(530,441)

Interest received
9,144
1,387

HP interest paid
(544)
(1,051)

Dividends received
7,500
7,500

Net cash from investing activities

(544,698)
(522,605)

Cash flows from financing activities

Repayment of loans
(64,496)
(126,250)

Repayment of/new finance leases
(5,926)
(9,011)

Dividends paid
(250,000)
-

Interest paid
(2,285)
(3,830)

Net cash used in financing activities
(322,707)
(139,091)

Net increase in cash and cash equivalents
1,551,582
2,935,983

Cash and cash equivalents at beginning of year
9,331,204
6,395,221

Cash and cash equivalents at the end of year
10,882,786
9,331,204


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
10,882,786
9,331,204

10,882,786
9,331,204


Page 16

 
WW Martin Ltd
 

 
Notes to the financial statements
For the Year Ended 28 February 2023

1.Accounting policies

 
1.1

Basis of preparation of financial statements

WW Martin Ltd is a limited liability company incorporated in England. The company's registered office is Dane Park Road, Ramsgate, Kent, CT11 7LT. The company's registered number is 00504927.
The company's principal activity continues to be that of building contractors.

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 2).

The company's functional and presentational currency is Pounds Sterling.
The company's financial statements are presented to the nearest Pound.

The following principal accounting policies have been applied:

 
1.2

Going concern

In the opinion of the directors, there are no factors in existence that would result in the company not being considered as a going concern. As such, the financial statements have been prepared on a going concern basis.

 
1.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Construction contracts
Revenue is only recognised on a construction contract where the outcome can be estimated reliably. Revenue and costs are recognised by reference to the stage of completion of contract activity at the balance sheet date. This is measured by surveys of work performed to date. 
Contracts are only treated as construction contracts when they have been specifically negotiated for the construction of a development or property. When it is probable that the total costs on a construction contract will exceed total contract revenue, the expected loss is recognised as an expense in the profit and loss account immediately.

Page 17

 
WW Martin Ltd
 

 
Notes to the financial statements
For the Year Ended 28 February 2023

1.Accounting policies (continued)

 
1.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. 

Depreciation is provided on the following basis:

Freehold property
-
over 25 years
Plant & Machinery
-
over 3 - 20 years
Motor Vehicles
-
over 5 - 10 years to residual value
Assets under construction
-
Not depreciated

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'Administrative expenses' in the profit and loss account.
Assets in the course of construction are included at cost. Depreciation on these assets is not charged until they are brought into use and reclassified to freehold property.
Revaluation of tangible fixed assets
As permitted by Financial Reporting Standard 102, the company has elected not to adopt a policy of revaluation of tangible fixed assets. The company will retain the book value of land and buildings, previously revalued at 28 February 2011 as deemed cost. Under the cost model, land and buildings will not be subject to any further revaluations. 

 
1.5

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
1.6

Valuation of investments

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 18

 
WW Martin Ltd
 

 
Notes to the financial statements
For the Year Ended 28 February 2023

1.Accounting policies (continued)

 
1.7

Stocks and work in progress

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in first out basis. 
The company recognises costs that relate to future activity on a construction contract, such as for materials or labour, as an asset in work in progress if it is probable that the costs will be recovered.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
1.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
1.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

 
1.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
1.11

Leased assets: Lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 19

 
WW Martin Ltd
 

 
Notes to the financial statements
For the Year Ended 28 February 2023

1.Accounting policies (continued)

 
1.12

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

 
1.13

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure.

 
1.14

Finance costs

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

Page 20

 
WW Martin Ltd
 

 
Notes to the financial statements
For the Year Ended 28 February 2023

1.Accounting policies (continued)

 
1.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
1.16

Pensions

Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
1.17

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
1.18

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
1.19

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

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

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 21

 
WW Martin Ltd
 

 
Notes to the financial statements
For the Year Ended 28 February 2023

2.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year.  The nature of estimation is such though that actual outcomes could differ significantly from those estimates.
The following judgements have had the most significant impact on amounts recognised in the financial statements:
Lease commitments
The company has entered into a range of lease commitments in respect of property, plant and equipment.  The classification of these leases as either financial or operating leases requires the directors to consider whether the terms and conditions of each lease are such that the company has acquired the risks and rewards associated with the ownership of the underlying assets.
The following are the company’s key sources of estimation uncertainty:
Construction contracts
As a building contractor, the company has entered into a number of construction contracts in the year. When the outcome of a construction contract can be estimated reliably, the company has recognised contract revenue and contract costs associated with the construction contract as revenue and expenses respectively by reference to the stage of completion of the contract activity at the end of the reporting period (often referred to as the percentage of completion method). 
Reliable estimation of the outcome requires reliable estimates of the stage of completion, future costs and collectability of billings. The company determines the stage of completion of a construction contract using surveys of work performed.
Taxation
A deferred tax liability has been recognised in the financial statements amounting to £120,706 at the reporting date (see note 22).  This is based upon estimates of the availability of future taxable profits, the timing of the reversal of timing differences upon which the provision is based and the tax rates that will be in force at that time together with an assessment of the impact of future tax planning strategies. 

Page 22

 
WW Martin Ltd
 

 
Notes to the financial statements
For the Year Ended 28 February 2023

3.


Turnover

All turnover arose within the United Kingdom.


An analysis of turnover by class of business is as follows:


2023
2022
£
£

Construction contracts
50,111,962
42,515,394

50,111,962
42,515,394



The following amounts are recorded in respect of construction contracts:

2023
2022
£
£



Gross amount due from customers for contract work included in debtors
2,350,593
762,778

Gross amount due to customers for contract work included in creditors
(755,000)
(4,086,000)

4.


Other operating income

2023
2022
£
£

Management fees
249,900
220,612

Net rents receivable
10,000
5,000

CITB grant funding receivable
1,160
-

261,060
225,612



5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Other operating lease rentals
89,776
119,951


6.


Auditors' remuneration

2023
2022
£
£


Fees payable to the company's auditor and its associates for the audit of the company's annual accounts
24,750
21,000


Fees payable to the company's auditor and its associates for other non-audit services
24,350
17,250



Page 23

 
WW Martin Ltd
 

 
Notes to the financial statements
For the Year Ended 28 February 2023

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
4,635,902
4,352,706

Social security costs
526,552
470,155

Cost of defined contribution scheme
399,022
361,373

5,561,476
5,184,234


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Operational
29
27



Management
64
62



Directors
4
4

97
93


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
523,383
665,012

Company contributions to defined contribution pension schemes
39,926
34,291

563,309
699,303


During the year retirement benefits were accruing to 4 directors (2022 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £153,086 (2022 - £184,383).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2022 - £8,100).



Page 24

 
WW Martin Ltd
 

 
Notes to the financial statements
For the Year Ended 28 February 2023

9.


Income from investments

2023
2022
£
£





Dividends received from unlisted investments
7,500
7,500

7,500
7,500



10.


Interest receivable

2023
2022
£
£


Other interest receivable
9,144
1,387

9,144
1,387


11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
-
3,830

Other loan interest payable
2,185
-

Finance leases and hire purchase contracts
544
1,051

Other interest payable
100
-

2,829
4,881


12.


Taxation


2023
2022
£
£

Corporation tax


Adjustments in respect of previous periods
-
(19,017)


-
(19,017)


Total current tax
-
(19,017)

Deferred tax


Origination and reversal of timing differences
62,179
59,647

Total deferred tax
62,179
59,647


Taxation on profit on ordinary activities
62,179
40,630
Page 25

 
WW Martin Ltd
 

 
Notes to the financial statements
For the Year Ended 28 February 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,727,853
1,497,478


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
328,292
284,521

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
8,688
6,361

Capital allowances for year in excess of depreciation
83,578
98,186

Utilisation of tax losses
(58,453)
-

Adjustments to tax charge in respect of prior periods
-
(19,017)

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
(253,008)
(305,728)

Unrelieved tax losses carried forward
(46,918)
(23,693)

Total tax charge for the year
62,179
40,630


Factors that may affect future tax charges

The  main  rate  of  corporation  tax  is  due to increase on 1 April 2023 to 25%, for companies with  taxable profits  above  £250,000.  Companies  with  taxable  profits  below  £50,000  will  continue  to  pay at  19%,  and marginal  relief  will  apply between  these  thresholds.  This  change  formed  part  of  The  Finance  Bill  2021, which was substantively enacted on 24 May 2021, and is applicable at the reporting date.
Deferred taxes have been measured using rates substantively enacted at the reporting date and reflected in these financial statements. 


13.


Dividends

2023
2022
£
£


Dividends on ordinary shares
250,000
268,000

Page 26

 
WW Martin Ltd
 

 
Notes to the financial statements
For the Year Ended 28 February 2023

14.


Tangible fixed assets





Freehold land and buildings
Plant & Machinery
Motor Vehicles
Total

£
£
£
£



Cost 


At 1 March 2022
1,090,116
174,613
292,977
1,557,706


Additions
477,125
14,168
69,505
560,798



At 28 February 2023

1,567,241
188,781
362,482
2,118,504



Depreciation


At 1 March 2022
94,256
156,284
266,411
516,951


Charge for the year on owned assets
7,426
15,495
16,967
39,888



At 28 February 2023

101,682
171,779
283,378
556,839



Net book value



At 28 February 2023
1,465,559
17,002
79,104
1,561,665



At 28 February 2022
995,860
18,329
26,566
1,040,755

Included in land and buildings is freehold land at deemed cost of £360,027 (2022: £360,027), historic cost £30,145 (2022: £30,145) which is not depreciated.

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


2023
2022
£
£



Motor vehicles
71,075
14,573

71,075
14,573

The company has revalued its freehold property in the past which now represents deemed cost as permitted by FRS102.
The company's freehold property was independently revalued at 28 February 2011 to open market value of £508,298 by Somersby Estates Limited, who are members of the Royal Institute of Chartered Surveyors. Subsequent additions and depreciation charged on freehold land and buildings has resulted in a carrying value of £1,465,559 at 28 February 2023.

Page 27

 
WW Martin Ltd
 

 
Notes to the financial statements
For the Year Ended 28 February 2023

           14.Tangible fixed assets (continued)

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£



Cost
266,363
266,363

Accumulated depreciation
(103,135)
(95,709)

Net book value
163,228
170,654


15.


Fixed asset investments





Unlisted Investments

£



Cost 


At 1 March 2022
200,000



At 28 February 2023
200,000




The company has an investment in East Kent Brickwork Ltd, a company under common control. 


16.


Stocks

2023
2022
£
£

Work in progress
9,000
458,000

Goods held for resale
307,034
-

316,034
458,000


Page 28

 
WW Martin Ltd
 

 
Notes to the financial statements
For the Year Ended 28 February 2023

17.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
2,299
551,628

2,299
551,628


2023
2022
£
£

Due within one year

Trade debtors
1,335,191
5,974,263

Other debtors
2,432,690
2,637,953

Prepayments and accrued income
77,286
85,309

Amounts recoverable on long term contracts
2,350,593
762,778

6,195,760
9,460,303



18.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
10,882,786
9,331,204

10,882,786
9,331,204



19.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
-
64,496

Payments received on account
755,000
4,086,000

Trade creditors
4,532,882
5,566,003

Other taxation and social security
591,710
1,230,084

Obligations under finance lease and hire purchase contracts
18,190
5,926

Other creditors
305,436
351,859

Accruals and deferred income
7,088,223
5,372,861

13,291,441
16,677,229


Page 29

 
WW Martin Ltd
 

 
Notes to the financial statements
For the Year Ended 28 February 2023

20.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
24,589
-

24,589
-



21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
18,190
5,926

Between 1-5 years
24,589
-

42,779
5,926


22.


Deferred taxation




2023


£






At beginning of year
(58,527)


Charged to profit or loss
(62,179)



At end of year
(120,706)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(58,527)
(121,086)

Tax losses carried forward
(62,179)
62,559

(120,706)
(58,527)

Page 30

 
WW Martin Ltd
 

 
Notes to the financial statements
For the Year Ended 28 February 2023

23.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



7,820 (2022 - 7,820) Ordinary "A" shares shares of £1.00 each
7,820
7,820
977 (2022 - 977) Ordinary "B" shares shares of £1.00 each
977
977
978 (2022 - 978) Ordinary "C" shares shares of £1.00 each
978
978

9,775

9,775



24.


Reserves

Share premium account

This reserve records the amount above the nominal value received for shares issued by the company.  Share premium may only be utilised to write-off any expenses incurred or commissions paid on the issue of those shares, or to pay up new shares to be allotted to members as fully paid bonus shares.

Revaluation reserve

Prior to the adoption of FRS102 the company adopted the revaluation model for the measurement of its land and buildings. This reserve records the legacy revaluation surplus recognised less the related provision for deferred tax. The amount of depreciation provided on book value which represents valuation surpluses is transferred each year by way of a reserve movement to the profit and loss account.

Capital redemption reserve

This reserve records the nominal value of shares repurchased by the company.

Profit & loss account

This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company’s shareholders.


Page 31

 
WW Martin Ltd
 

 
Notes to the financial statements
For the Year Ended 28 February 2023
 
25.
 

Pension commitments
 
2023
2022
£
£



Present directors
39,926
34,291

Employees
359,096
327,082

399,022
361,373

The company operates a money purchase scheme for its present directors. The assets of the scheme
are held separately from those of the company in an independently administered fund.
The company operates a defined contributions scheme for present employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
Contributions totalling £32,934 (2022: £30,660) were payable to the funds at the balance sheet date, and are included in creditors.

26.


Commitments under operating leases

At 28 February 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
198,555
117,815

Later than 1 year and not later than 5 years
24,030
88,630

222,585
206,445

Page 32

 
WW Martin Ltd
 

 
Notes to the financial statements
For the Year Ended 28 February 2023

27.


Related party transactions

During the year the company entered into transactions, in the ordinary course of business, with other related parties. Transactions entered into, and trading balances outstanding at 28 February, are as follows:

Sales
Purchases
Working capital loans
Repayment of working capital loan
Amounts due from
Amounts due to
        £
        £
        £
        £
        £
        £
2023

267,328

9,468,599

620,220
 
1,153,950
 
464,156

216,222

2022

287,328

7,959,750

1,030,000
 
1,378,910
 
1,251,632

1,016,032


In addition, during the year aggregate remuneration of £142,033 (2022: £130,034) was paid to close family of certain directors in respect of non-management services provided to the company.
Also, £7,500 (2022: £7,500) dividend income was received in the year from the company's fixed asset investment, which shares a director in common.
Terms and conditions of transactions with related parties
Sales and purchases between related parties are made at normal market prices. Outstanding balances with entities are unsecured, interest free and cash settlement is expected within the company's standard terms and conditions. The company has not provided or benefited from any guarantees for any related party receivables or payables. 
Key management personnel
All directors have authority and responsibility for planning, directing and controlling the activities of the company and are considered to be key management personnel. Total remuneration is respect of these individuals is comprised of directors remuneration totalling £563,310 (2022: £699,304) and employers national insurance contributions of £65,246 (2022: £79,212).
Total dividends paid in the year to directors totals £250,000 (2022: £268,000).


28.


Controlling party

In the opinion of the directors, there is no overall controlling party.

29.


Analysis of net debt




At 1 March 2022
Cash flows
At 28 February 2023
£

£

£

Cash at bank and in hand

9,331,204

1,551,582

10,882,786

Debt due within 1 year

(64,496)

64,496

-

Finance leases

(5,926)

(36,853)

(42,779)


9,260,782
1,579,225
10,840,007


Page 33