REGISTERED NUMBER: 05207145 (England and Wales) |
Group Strategic Report, Report of the Director and |
Consolidated Financial Statements |
for the Year Ended 30 June 2023 |
for |
WIDER PLAN LTD |
REGISTERED NUMBER: 05207145 (England and Wales) |
Group Strategic Report, Report of the Director and |
Consolidated Financial Statements |
for the Year Ended 30 June 2023 |
for |
WIDER PLAN LTD |
WIDER PLAN LTD (REGISTERED NUMBER: 05207145) |
Contents of the Consolidated Financial Statements |
FOR THE YEAR ENDED 30 JUNE 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 5 |
Report of the Independent Auditors | 6 |
Consolidated Statement of Comprehensive Income | 8 |
Consolidated Statement of Financial Position | 9 |
Company Statement of Financial Position | 10 |
Consolidated Statement of Changes in Equity | 11 |
Company Statement of Changes in Equity | 12 |
Consolidated Statement of Cash Flows | 13 |
Notes to the Consolidated Statement of Cash Flows | 14 |
Notes to the Consolidated Financial Statements | 15 |
WIDER PLAN LTD |
Company Information |
FOR THE YEAR ENDED 30 JUNE 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: | S Philpott |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
8 Pendeford Place |
Pendeford Business Park |
Wobaston Road |
Wolverhampton |
WV9 5HD |
WIDER PLAN LTD (REGISTERED NUMBER: 05207145) |
Group Strategic Report |
FOR THE YEAR ENDED 30 JUNE 2023 |
The director presents her strategic report of the company and the group for the year ended 30 June 2023. |
Business review |
Wider Plan specialises in the design, development and administration of employee benefits and outsourced Government services. Wider Plan's products are marketed at a competitive and sustainable price-point, with a business model based on high quality service, excellent customer satisfaction and long-term client retention. |
Our commitment to providing cost-effective solutions which meet clients' needs continues to attract public sector and SME clients alongside charities and larger private sector employers, providing a diversified client base which creates opportunities and mitigates market risks. |
Corporate social responsibility remains integral to Wider Plan's operations, with carbon-offset donations being made to local wildlife trusts and with expired childcare vouchers being used to support charitable causes. Wider Plan's own charitable foundation - Wider Community - continues to focus on involving employees in charitable giving and supporting a wide range of UK charities. |
Wider Plan holds the ISO9001 accreditation, demonstrating consistent achievement of long-standing Quality Objectives, selected to cover our three priority areas of: customer satisfaction and retention; growth and diversification; and valuing our workforce and wider community. |
Wider Plan also holds the ISO27001 accreditation, demonstrating commitment to IT security and data protection across our operations. These accreditations are further complemented by Wider Plan's status as a BACS Approved Bureau. |
Wider Plan values its long-established and well-trained workforce. The company continues to invest in the wellbeing of its own employees, alongside investing in the development of employee wellbeing services for the benefit of clients. |
The Wider Plan's gender split was as follows at year end: |
Male | Female |
Directors | 1 |
Departmental Heads | 1 | 3 |
Other Staff | 14 | 29 |
Wider Ambition's gender split was as follows at year end: |
Male | Female |
Directors | 1 |
Leadership team | 6 |
Other Staff | 5 | 18 |
Wider Plan extended its diversification into the education sector in 2021 via its subsidiary, Wider Ambition Ltd by opening its first independent school for students with autism and anxiety with students enrolling from June 2021. During 22/23, the school increased its pupil roll and opened a specialist sixth form college in September 2022. Plans are in place to increase the provision offered in 23/24 and beyond. |
Principle risks and key performance indicators |
Risk 1 | Wider Plan's KiddiVouchers scheme, which forms part of our employee benefit revenue, has been closed to new members since October 2018. The closure was in accordance with legislative change following the Government's decision to replace Childcare Voucher Schemes with a centrally-administered Tax-Free Childcare Scheme. The decline in KiddiVouchers revenue during 2022/23 was in line with in-house forecasts; revenue from this service is forecast to continue to decline. |
WIDER PLAN LTD (REGISTERED NUMBER: 05207145) |
Group Strategic Report |
FOR THE YEAR ENDED 30 JUNE 2023 |
Mitigation | Wider Plan remains committed to providing a sustainable run-off service for KiddiVouchers. The risk that the decline in KiddiVouchers revenue will affect the administration of the KiddiVouchers service has been mitigated by the successful diversification of group operations, including public sector outsourced services and specialist education.Clients additionally benefit from the assurance of voucher funds being held in trust and correspondingly off balance sheet. Wider Plan continues to invest in maintaining and developing attractive products for the employee benefits market, with in-house development and project management expertise facilitating customised solutions and a responsive approach to client requirements. |
KPI | Despite the impact of the legislative change on KiddiVouchers revenue, Wider Plan's overall operating margin remained strong at 53.5% (48.6% in 2021/22).The increase in operating margin was primarily due to increased investment returns, reflecting a favourable bank base rate. The proportion of Wider Plan's revenue arising from public sector services and wider employee benefit contracts increased to 62.3% in 2022/23 (47.4% in 2021/22), demonstrating a reduced exposure to revenue risk in relation to KiddiVouchers. Number of students enrolled in Wider Ambition at 30/6/2023: 21 (10 at 30/6/2022). |
Risk 2 | Wider Plan's diversification into education relies on Wider Plan providing loans to its subsidiary Wider Ambition and to an associated property company, Fair Housing Ltd. The total amount of business-to-business loans is forecast to increase for at least two years to cover initial investment in Wider Ambition. Any investment in a new venture inevitably carries risk of loss. The consequential risk to Wider Plan would be a delay or default in the repayment of the business-to-business loans. |
Mitigation | Wider Ambition and Fair Housing are paying interest to Wider Plan at a commercially appropriate rate. Wider Plan continues to retain a significant cash balance and there is no expectation that the business-to-business loans will affect Wider Plan's cashflow position or viability, even in the unexpected event of a default. The loans to Fair Housing have been used to purchase property and are therefore backed by real assets. |
KPI | Total B2B loans: £5,210,158 at 30/6/2023 (£4,070,743 at 30/6/2022). |
Risk 3 | The successful management of the run-off of KiddiVouchers business depends on sufficient knowledge of the scheme and associated systems being retained within Wider Plan. Any significant change in the source of business income carries a risk of loss of key staff. |
Mitigation | Wider Plan has a long-term strategy of investing in staff wellbeing, training and procedural documentation. The strategy of pro-active diversification is being well received by staff and providing opportunities for career progression. |
WIDER PLAN LTD (REGISTERED NUMBER: 05207145) |
Group Strategic Report |
FOR THE YEAR ENDED 30 JUNE 2023 |
KPI | Percentage of staff employed at Wider Plan for more than 5 years: 86% at 30/6/2023 (85% at 30/6/2022). |
Risk 4 | The amount of childcare vouchers which each scheme user is permitted to order is capped by legislation, which affects the extent to which revenue will increase in line with costs in an inflationary environment. Employee benefit clients are increasingly on annual or longer-term contracts which also delays the opportunity for inflationary price increases. |
Mitigation | The active management of investments will facilitate increased incoming interest payments to offset high inflation. The increased investment income will lag behind increased inflation; however, Wider Plan has ample reserves so this will not create cashflow difficulties. |
KPI | Investment income: £727,225 to 30/6/2023 (£183,263 to 30/6/2022) |
ON BEHALF OF THE BOARD: |
WIDER PLAN LTD (REGISTERED NUMBER: 05207145) |
Report of the Director |
FOR THE YEAR ENDED 30 JUNE 2023 |
The Director presents her report and the financial statements for the year ended 30 June 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company during the year under review was the administration of employee benefits. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 June 2023 was £32,000 (2022: £20,000). |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The Director is responsible for preparing the Director's report and the accounts in accordance with applicable law and regulations. |
Company law requires the director to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts 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 accounts 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 accounts, the directors are required to: |
* select suitable accounting policies and then apply them consistently; |
* make judgements and 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. |
Statement of disclosure of information to auditor |
So far as the directors are aware, there is no relevant audit information of which the company's auditors are unaware and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant information and to establish that the company's auditors are aware of that information. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Copia Wealth & Tax Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Wider Plan Ltd |
Opinion |
We have audited the financial statements of Wider Plan Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2023 which comprise the Consolidated Statement of 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 and parent company's affairs as at 30 June 2022 and of the group's profit for the year then ended; |
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Report of the Independent Auditors to the Members of |
Wider Plan Ltd |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page five, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- We 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. |
- We review financial statement disclosures and undertake testing to supporting documentation to assess compliance with applicable laws and regulations. |
- We perform audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business. |
- We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. |
- We enquire of management around actual and potential litigation and claims. |
- We conclude on the appropriateness of management's 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 union's ability to continue as a going concern. |
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. |
for and on behalf of |
Chartered Accountants |
Statutory Auditors |
8 Pendeford Place |
Pendeford Business Park |
Wobaston Road |
Wolverhampton |
WV9 5HD |
WIDER PLAN LTD (REGISTERED NUMBER: 05207145) |
Consolidated |
Statement of Comprehensive |
Income |
FOR THE YEAR ENDED 30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 3 | 4,215,126 | 3,951,055 |
Administrative expenses | 3,951,998 | 2,708,926 |
263,128 | 1,242,129 |
Other operating income | 4 | 749,827 | 172,999 |
OPERATING PROFIT | 6 | 1,012,955 | 1,415,128 |
Interest receivable and similar income | 7,504 | - |
1,020,459 | 1,415,128 |
Interest payable and similar expenses | 8 | 1,628 | 4,138 |
PROFIT BEFORE TAXATION | 1,018,831 | 1,410,990 |
Tax on profit | 9 | 164,587 | 218,516 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
854,244 |
1,192,474 |
Profit attributable to: |
Owners of the parent | 854,244 | 1,192,474 |
Total comprehensive income attributable to: |
Owners of the parent | 854,244 | 1,192,474 |
WIDER PLAN LTD (REGISTERED NUMBER: 05207145) |
Consolidated Statement of Financial Position |
30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 12 | 2,246,230 | 1,840,551 |
Investments | 13 | - | - |
2,246,230 | 1,840,551 |
CURRENT ASSETS |
Debtors | 14 | 5,868,278 | 3,936,069 |
Cash at bank | 5,963,406 | 5,174,741 |
11,831,684 | 9,110,810 |
CREDITORS |
Amounts falling due within one year | 15 | 1,455,844 | 1,262,247 |
NET CURRENT ASSETS | 10,375,840 | 7,848,563 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
12,622,070 |
9,689,114 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(2,095,976 |
) |
- |
PROVISIONS FOR LIABILITIES | 19 | (48,329 | ) | (33,592 | ) |
NET ASSETS | 10,477,765 | 9,655,522 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 150 | 150 |
Share premium | 21 | 4,900 | 4,900 |
Capital redemption reserve | 21 | 150 | 150 |
Retained earnings | 21 | 10,472,565 | 9,650,322 |
SHAREHOLDER FUNDS | 10,477,765 | 9,655,522 |
The financial statements were approved by the director and authorised for issue on 28 March 2024 and were signed by: |
A.E. Chalmers - Director |
WIDER PLAN LTD (REGISTERED NUMBER: 05207145) |
Company Statement of Financial Position |
30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 12 |
Investments | 13 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 19 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Share premium | 21 |
Capital redemption reserve | 21 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 1,199,379 | 1,323,655 |
The financial statements were approved by the director and authorised for issue on |
WIDER PLAN LTD (REGISTERED NUMBER: 05207145) |
Consolidated Statement of Changes in Equity |
FOR THE YEAR ENDED 30 JUNE 2023 |
Called up | Capital |
share | Retained | Share | redemption | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 July 2021 | 150 | 8,477,848 | 4,900 | 150 | 8,483,048 |
Changes in equity |
Dividends | - | (20,000 | ) | - | - | (20,000 | ) |
Total comprehensive income | - | 1,192,474 | - | - | 1,192,474 |
Balance at 30 June 2022 | 150 | 9,650,322 | 4,900 | 150 | 9,655,522 |
Changes in equity |
Dividends | - | (32,000 | ) | - | - | (32,000 | ) |
Total comprehensive income | - | 854,244 | - | - | 854,244 |
Balance at 30 June 2023 | 150 | 10,472,566 | 4,900 | 150 | 10,477,766 |
WIDER PLAN LTD (REGISTERED NUMBER: 05207145) |
Company Statement of Changes in Equity |
FOR THE YEAR ENDED 30 JUNE 2023 |
Called up | Capital |
share | Retained | Share | redemption | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 July 2021 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 June 2022 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 June 2023 |
WIDER PLAN LTD (REGISTERED NUMBER: 05207145) |
Consolidated Statement of Cash Flows |
FOR THE YEAR ENDED 30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,894,669 | 736,244 |
Interest paid | (1,628 | ) | (4,138 | ) |
Tax paid | (380,569 | ) | 73,414 |
Net cash from operating activities | 1,512,472 | 805,520 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (580,602 | ) | (699,752 | ) |
Loans to related parties | 14,826 | (1,550,000 | ) |
Interest received | 7,504 | - |
Net cash from investing activities | (558,272 | ) | (2,249,752 | ) |
Cash flows from financing activities |
Amount introduced by directors | - | 62,636 |
Amount withdrawn by directors | (22,204 | ) | - |
Repayment of borrowings | (111,331 | ) | (161,861 | ) |
Equity dividends paid | (32,000 | ) | (20,000 | ) |
Net cash from financing activities | (165,535 | ) | (119,225 | ) |
Increase/(decrease) in cash and cash equivalents | 788,665 | (1,563,457 | ) |
Cash and cash equivalents at beginning of year |
2 |
5,174,741 |
6,738,198 |
Cash and cash equivalents at end of year | 2 | 5,963,406 | 5,174,741 |
WIDER PLAN LTD (REGISTERED NUMBER: 05207145) |
Notes to the Consolidated Statement of Cash Flows |
FOR THE YEAR ENDED 30 JUNE 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 1,018,831 | 1,410,990 |
Depreciation charges | 174,923 | 104,370 |
Finance costs | 1,628 | 4,138 |
Finance income | (7,504 | ) | - |
1,187,878 | 1,519,498 |
Decrease/(increase) in trade and other debtors | 148,941 | (532,540 | ) |
Increase/(decrease) in trade and other creditors | 557,850 | (250,714 | ) |
Cash generated from operations | 1,894,669 | 736,244 |
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 30 June 2023 |
30.6.23 | 1.7.22 |
£ | £ |
Cash and cash equivalents | 5,963,406 | 5,174,741 |
Year ended 30 June 2022 |
30.6.22 | 1.7.21 |
£ | £ |
Cash and cash equivalents | 5,174,741 | 6,738,198 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.7.22 | Cash flow | At 30.6.23 |
£ | £ | £ |
Net cash |
Cash at bank | 5,174,741 | 788,665 | 5,963,406 |
5,174,741 | 788,665 | 5,963,406 |
Total | 5,174,741 | 788,665 | 5,963,406 |
WIDER PLAN LTD (REGISTERED NUMBER: 05207145) |
Notes to the Consolidated Financial Statements |
FOR THE YEAR ENDED 30 JUNE 2023 |
1. | GENERAL INFORMATION |
Wider Plan Ltd is a private company limited by shares and incorporated in England and Wales. |
Its registered number is: 05207145 |
Its registered office is: |
11-16 Chestnut Court |
Jill Lane |
Sambourne |
Redditch |
The functional and presentational currency of the company is Sterling. The accounts are rounded to the |
nearest pound. |
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below. |
The financial statements have been prepared in accordance with FRS 102 - The Financial Reporting |
Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Revenue recognition |
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances. |
Other operating income includes interest received on funds invested of £749,827 (2022: £160,119). Voucher funds are actively managed as a key part of operations and earnings therefrom are explicitly considered in the company's pricing model. The Director considers that the inclusion of interest received within operating profit is necessary to ensure that the accounts show a true and fair view of the results of operations. Operating profits excluding interest received is £288,534 (2022: £1,242,129). |
Revenue from the sale of goods is recognised when all the following conditions are satisfied: |
•the Company has transferred to the buyer the significant risks and rewards of ownership of the goods; |
•the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; |
•the amount of revenue can be measured reliably; |
•it is probable that the economic benefits associated with the transaction will flow to the Company; |
and |
•the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed. |
Borrowing costs |
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. |
Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred. |
WIDER PLAN LTD (REGISTERED NUMBER: 05207145) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets and depreciation |
Freehold property | - |
Land and buildings leasehold | - |
Fixtures and fittings | - |
Land and buildings held and used in the Company's own activities for production and supply of goods or for administrative purposes are stated in the statement of financial position at their revalued amounts. |
The revalued amounts equate to the fair value at the date of revaluation, less any depreciation or impairment losses subsequently accumulated. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the statement of financial position. |
Any revaluation increase or decrease on land and buildings is credited to the property revaluation reserve. Depreciation on revalued buildings is charged to profit or loss so as to write off their value, less residual value, over their estimated useful lives, using the straight-line method. |
Once a revalued property is sold or retired any attributable revaluation surplus that is remaining in the property revaluation reserve is transferred to retained earnings. No transfer is made from the revaluation reserve to retained earnings unless an asset is derecognised. |
Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation on plant and equipment is charged to profit or loss so as to write off their value, over their estimated useful lives, using the straight-line method. |
Assets held under finance leases are depreciated in the same manner as owned assets. |
At each balance sheet date, the Company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. |
Impairment loss is recognised as an expense immediately. |
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated |
useful life: |
Freehold buildings 2% Reducing balance |
Furniture, fittings and equipment 20% Straight lime |
The freehold property was valued by Stephen Dallimore BSc MRICS on the basis of market value with |
vacant possession as at 26th January 2018. Subsequent additions of £463,868 are included at cost. The historical cost was £1,940,852 (2022: £1,940,852) and cumulative depreciation based on historical cost is £331,095 (2022: £298,243) |
Freehold investment property |
Investment properties are revalued annually and any surplus or deficit is dealt with through the profit |
and loss account. |
No depreciation is provided in respect of investment properties. |
WIDER PLAN LTD (REGISTERED NUMBER: 05207145) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Income tax expense represents the sum of the tax currently payable and deferred tax. |
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. |
Deferred tax liabilities are generally recognised for all taxable temporary differences Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. |
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. |
Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively. |
Foreign currencies |
The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound. |
Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated. |
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. |
Defined contribution pensions |
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. |
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 payments obligations. |
The contributions are recognised as an expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. |
Discontinued operation |
A discontinued operation is a component of the Company's business, the operations and cash flows of which can be clearly distinguished from the rest of the Company and which represents a separate major line of business or geographical area of operations, or is part of a signal coordinated disposal of a separate major line of business or geographical area of operations, or is a subsidiary acquired exclusively with a review to resale. |
Provisions |
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. |
Provisions are charged as an expense to the Income Statement in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial position. |
WIDER PLAN LTD (REGISTERED NUMBER: 05207145) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
2. | ACCOUNTING POLICIES - continued |
Trade and other 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. |
Finance costs |
Finance costs are charged to the Income Statement over the term of the debt using the effective interest |
rate 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. |
Interest bearing borrowings |
Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. |
Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interest method. |
Related parties |
For the purposes of these financial statements, a party is considered to be related to the Company if: |
the party has the ability, directly or indirectly, through one or more intermediaries, to control the Company or exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the Company; |
• the Company and the party are subject to common control; |
• the party is an associate of the Company or a joint venture in which the Company is a venturer; |
• the party is a member of key management personnel of the Company or the Company’s parent, or a |
close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals; |
• the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals; or |
• the party is a post-employment benefit plan which is for the benefit of employees of the Company or of any entity that is a related party of the Company. |
Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity. |
Discontinued operation |
A discontinued operation is a component of the Company's business, the operations and cash flows of |
which can be clearly distinguished from the rest of the Company and which represents a separate major line of business or geographical area of operations, or is part of a signal coordinated disposal of a separate major line of business or geographical area of operations, or is a subsidiary acquired exclusively with a review to resale. |
Provisions |
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. |
Provisions are charged as an expense to the Income Statement in the year that the Company becomes |
aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial |
WIDER PLAN LTD (REGISTERED NUMBER: 05207145) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
2. | ACCOUNTING POLICIES - continued |
Leased assets |
Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. |
Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases. |
Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above). Contingent rentals are recognised as expenses in the periods in which they are incurred. |
Operating lease payments are recognised as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognised as an expense in the period in which they are incurred. |
In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. |
3. | TURNOVER |
Revenue generated relates to the U.K. market. |
4. | OTHER OPERATING INCOME |
2023 | 2022 |
£ | £ |
Other operating income | 749,827 | 160,119 |
CJRS Grant | - | 12,880 |
749,827 | 172,999 |
5. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 2,375,836 | 1,809,969 |
Other pension costs | 349,725 | 183,884 |
2,725,561 | 1,993,853 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Administration | 7 | 7 |
Production | 58 | 43 |
Research and development | 8 | 8 |
Sales and marketing | 4 | 6 |
The average number of employees by undertakings that were proportionately consolidated during the year was 29 (2022 - 13 ) . |
WIDER PLAN LTD (REGISTERED NUMBER: 05207145) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
5. | EMPLOYEES AND DIRECTORS - continued |
2023 | 2022 |
£ | £ |
Director's remuneration | 76,222 | 51,860 |
6. | OPERATING PROFIT |
The operating profit is stated after charging: |
2023 | 2022 |
£ | £ |
Other operating leases | 238,907 | 72,888 |
Depreciation - owned assets | 174,923 | 104,370 |
7. | AUDITORS' REMUNERATION |
2023 | 2022 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
15,000 |
13,000 |
The audit fee in respect of the company's subsidiary was £6,000 (2022: £4,600). |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Mortgage interest | 1,628 | 4,138 |
9. | 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 | 149,850 | 213,652 |
Deferred tax | 14,737 | 4,864 |
Tax on profit | 164,587 | 218,516 |
UK corporation tax has been charged at 20.50 % (2022 - 19 %). |
WIDER PLAN LTD (REGISTERED NUMBER: 05207145) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
9. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 1,018,831 | 1,410,990 |
Profit multiplied by the standard rate of corporation tax in the UK of 20.500 % (2022 - 19 %) |
208,860 |
268,088 |
Effects of: |
Capital allowances in excess of depreciation | (15,824 | ) | (15,034 | ) |
Adjustments to tax charge in respect of previous periods | 21 | - |
Research and development costs uplift for tax purposes | (43,207 | ) | (39,402 | ) |
Deferred tax | 14,737 | 4,864 |
Total tax charge | 164,587 | 218,516 |
10. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
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. |
11. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of 1 each |
Final | 32,000 | 20,000 |
12. | TANGIBLE FIXED ASSETS |
Group |
Land and | Fixtures |
Freehold | buildings | and | Motor |
property | leasehold | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 July 2022 | 1,633,868 | 134,847 | 594,467 | 60,994 | 2,424,176 |
Additions | - | 406,178 | 174,424 | - | 580,602 |
At 30 June 2023 | 1,633,868 | 541,025 | 768,891 | 60,994 | 3,004,778 |
DEPRECIATION |
At 1 July 2022 | 106,007 | 40,118 | 427,181 | 10,319 | 583,625 |
Charge for year | 30,557 | 45,830 | 83,287 | 15,249 | 174,923 |
At 30 June 2023 | 136,564 | 85,948 | 510,468 | 25,568 | 758,548 |
NET BOOK VALUE |
At 30 June 2023 | 1,497,304 | 455,077 | 258,423 | 35,426 | 2,246,230 |
At 30 June 2022 | 1,527,861 | 94,729 | 167,286 | 50,675 | 1,840,551 |
Details of the freehold property revaluation and historical cost information is set out in Note 3. |
WIDER PLAN LTD (REGISTERED NUMBER: 05207145) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
12. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
COST |
At 1 July 2022 |
Additions |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
Details of the freehold property revaluation and historical cost information is set out in Note 2. |
13. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 July 2022 |
and 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiary |
Registered office: 11-16 Chestnut Court, Jill Lane, Redditch, Worcestershire, B96 6EW |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) | ( |
) |
WIDER PLAN LTD (REGISTERED NUMBER: 05207145) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
14. | DEBTORS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 329,826 | 733,674 |
Amounts owed by group undertakings | 5,211,158 | - |
Other debtors | 301,129 | 56,868 |
Prepayments and accrued income | 26,165 | 15,519 | 26,165 | 15,519 |
5,868,278 | 806,061 |
Amounts falling due after more than one | year: |
Amounts owed by group undertakings | - | 3,130,008 |
Aggregate amounts | 5,868,278 | 3,936,069 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade creditors | 41,625 | 49,190 |
Corporation tax | 62,199 | 292,918 |
Social security and other taxes | 33,245 | 28,912 |
VAT | 97,767 | 11,021 | 97,767 | 11,021 |
Bank loans and overdrafts | 6,657 | 2,132 |
Other creditors | 840,611 | 471,792 | 813,247 | 458,459 |
Other loans | - | 111,331 | - | 111,331 |
Directors' current accounts | - | 22,204 | - | 20,000 |
Accruals and deferred income | 373,740 | 272,747 |
1,455,844 | 1,262,247 |
A substantial part of the company's bank balances represent amounts advanced by the company's clients to cover the value of childcare vouchers issued on their behalf, which had not been redeemed by the balance sheet date. The director considers that to show a true and fair view of the assets and liabilities of the company, the value of the funds so held should be off set against the corresponding liability in respect of unredeemed vouchers. Had the value of unredeemed vouchers been included within creditors, the total value of creditors would be £22,902,008 (2022 £25,986,256), and the total value of cash at bank and in hand would be £27,173,428 (2022 £30,163,212). |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Amounts owed to group undertakings | 2,095,976 | - |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
WIDER PLAN LTD (REGISTERED NUMBER: 05207145) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
17. | LEASING AGREEMENTS - continued |
Company |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
The operating lease commitments are not in respect of land and buildings |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Company |
2023 | 2022 |
£ | £ |
- | 111,331 |
There is a group wide cross guarantee in place in respect of a bank loan facility. |
The company had a loan repayable in instalments up to February 2023 which was secured against the company's assets. The total outstanding at the balance sheet date is nil (2022: £111,331). |
19. | PROVISIONS FOR LIABILITIES |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Deferred tax | 48,329 | 33,592 | 48,329 | 33,592 |
Group |
Deferred |
tax |
£ |
Balance at 1 July 2022 | 33,592 |
Provided during year | 14,737 |
Balance at 30 June 2023 | 48,329 |
Company |
Deferred |
tax |
£ |
Balance at 1 July 2022 |
Provided during year |
Balance at 30 June 2023 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 150 | 150 |
WIDER PLAN LTD (REGISTERED NUMBER: 05207145) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
21. | RESERVES |
Group |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 July 2022 | 9,650,321 | 4,900 | 150 | 9,655,371 |
Profit for the year | 854,244 | 854,244 |
Dividends | (32,000 | ) | (32,000 | ) |
At 30 June 2023 | 10,472,565 | 4,900 | 150 | 10,477,615 |
Company |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 July 2022 | 10,450,667 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 30 June 2023 | 11,618,046 |
22. | ADVANCES AND CREDITS TO DIRECTORS |
The following advances and credits to a director subsisted during the years ended 30 June 2023 and 30 June 2022: |
2023 | 2022 |
£ | £ |
A.E. Chalmers |
Balance outstanding at start of year | (22,204 | ) | 50,000 |
Amounts advanced | 22,204 | - |
Amounts repaid | - | (72,204 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | - | (22,204 | ) |
The Director's loan was repaid to the company in March 2022. |
23. | KEY MANAGEMENT PERSONNEL |
The controlling party is A.E. Chalmers. |
The ultimate controlling party is A.E. Chalmers. |