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REGISTERED NUMBER: 00156022 (England and Wales)









STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

WALLGATE LIMITED

WALLGATE LIMITED (REGISTERED NUMBER: 00156022)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


WALLGATE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







DIRECTORS: T F H Powell
G D Naish
C J A Drew
R P D Kimber
R E Denbury





SECRETARY: R A Macey





REGISTERED OFFICE: Crow Lane
Wilton
Salisbury
SP2 0HD





REGISTERED NUMBER: 00156022 (England and Wales)





AUDITORS: Fawcetts LLP
Chartered Accountants
and Statutory Auditors
Windover House
St. Ann Street
Salisbury
SP1 2DR

WALLGATE LIMITED (REGISTERED NUMBER: 00156022)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023


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

REVIEW OF BUSINESS
The results for the year and financial position of the company are as shown in the annexed financial statements.

The company continued with its activities of the manufacture, sale and service of automatic hand wash and drying machines, specialist solid surface sanitary ware and electronic water management systems during the year under review.

The key financial highlights of the company are as follows:

2023 2022
Turnover £11.4m £10.8m
Gross profit margin 33.0% 32.2%
Net assets £5.9m £5.0m
Capital expenditure £394k £327k

Following the company's plan for consolidation in 2022, 2023 saw sales grow by 6%. Higher growth was prevented due to the political climate at the end of 2022 and the resulting economic uncertainty and delay in the government's Prison build program.

During the year the pressures of rising material costs began to lessen, however, the company was still subject to continued rising energy costs and salaries. Despite this, the company increased its gross profit margin by 1.0% in the year.

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the execution of the company's strategy are subject to several risks, especially in the current economic climate.

With forecasted additional governmental spending expected in the company's core UK markets for 2023 onwards, the company is focused on retaining its position as market leader. The company will also release several new products developments during 2023 further cementing this position and enabling growth in new markets.

RESEARCH AND DEVELOPMENT
The company continues to invest in the design and development of new products, together with existing product improvements.


WALLGATE LIMITED (REGISTERED NUMBER: 00156022)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

FUTURE DEVELOPMENTS
As referred to above, the company's strategic plan through 2024 will continue to see investment in new product developments and continued product improvement, targeted at increased sales into our core UK markets, and growth within new and export markets.

The company will continue investment in key personnel throughout the business, to ensure proper governance and management across all disciplines.

This will enable to company to deliver its strategic objectives for new product development and continuous product improvements to enable growth during 2024 and beyond.

ON BEHALF OF THE BOARD:





G D Naish - Director


10 January 2024

WALLGATE LIMITED (REGISTERED NUMBER: 00156022)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2023


The directors present their report with the financial statements of the company for the year ended 30 September 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the manufacture, sale and service of automatic hand wash and drying machines, specialist solid surface sanitary ware and electronic water management systems.

DIVIDENDS
An interim dividend of £900,000 was declared for the year ended 30 September 2023. There will be no final dividend.

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

T F H Powell
G D Naish
C J A Drew
R P D Kimber

Other changes in directors holding office are as follows:

Ms J K Wells - resigned 6 April 2023
Mrs M Grabowska-Dyjach - resigned 19 May 2023
R E Denbury - appointed 19 May 2023

DISCLOSURE IN THE STRATEGIC REPORT
Information relating to research and development and future developments has been disclosed within the Strategic Report in accordance with Section 414C (11) of the Companies Act 2006.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

WALLGATE LIMITED (REGISTERED NUMBER: 00156022)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

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

ON BEHALF OF THE BOARD:





G D Naish - Director


10 January 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WALLGATE LIMITED


Opinion
We have audited the financial statements of Wallgate Limited (the 'company') for the year ended 30 September 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 September 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WALLGATE LIMITED


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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, 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 Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WALLGATE LIMITED


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

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

Identifying and assessing potential risks related to irregularities including fraud
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we consider the following:

- the nature of the industry/sector, control environment and financial performance;
- results of our enquiries of management about their own identification and assessment of the risk of
irregularities;
- any matters we identified having obtained and reviewed the company's documentation of their policies and
procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any
instances of non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected
or alleged fraud; and
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the
financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following area: revenue and profit recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

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

Audit response to risk identified
As a result of performing the above, we identified revenue and profit recognition, stock valuation, estimation techniques and management override of controls as key matters related to the potential risk of fraud or material misstatement. Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance
with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of
material misstatement due to fraud;
- performing substantive procedures to ascertain the completeness, existence, valuation, and rights and
obligations of stocks as at the year-end;
- understanding the company's revenue recognition policies and how they are applied, including the relevant
controls and processes and performing a walk-through to validate our understanding;
- performing analytical procedures to compare revenue recognised against expectations, past results, and
management forecasts, and investigated material divergences by obtaining corroborative evidence;
- reading minutes of meetings of those charged with governance and reviewing any correspondence with
HMRC; and

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WALLGATE LIMITED

- in addressing the risk of fraud through management override of controls, testing the appropriateness of
journal entries and other adjustments; assessing whether the judgements made in making accounting
estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions
that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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

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.




Nicholas Jones FCCA (Senior Statutory Auditor)
for and on behalf of Fawcetts LLP
Chartered Accountants
and Statutory Auditors
Windover House
St. Ann Street
Salisbury
SP1 2DR

15 January 2024

WALLGATE LIMITED (REGISTERED NUMBER: 00156022)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023 2022
Notes £    £   

TURNOVER 11,351,248 10,813,162

Cost of sales 7,605,747 7,337,469
GROSS PROFIT 3,745,501 3,475,693

Administrative and sales costs 1,615,666 1,474,962
2,129,835 2,000,731

Other operating income 3 4,054 8,349
OPERATING PROFIT 2,133,889 2,009,080

Interest receivable and similar income 26,713 1,258
PROFIT BEFORE TAXATION 5 2,160,602 2,010,338

Tax on profit 6 358,672 214,991
PROFIT FOR THE FINANCIAL YEAR 1,801,930 1,795,347

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

1,801,930

1,795,347

WALLGATE LIMITED (REGISTERED NUMBER: 00156022)

BALANCE SHEET
30 SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 181,671 118,757
Tangible assets 9 891,769 870,538
1,073,440 989,295

CURRENT ASSETS
Stocks 10 1,055,860 710,647
Debtors 11 2,564,830 1,941,001
Cash at bank and in hand 3,894,541 3,874,162
7,515,231 6,525,810
CREDITORS
Amounts falling due within one year 12 2,451,060 2,371,820
NET CURRENT ASSETS 5,064,171 4,153,990
TOTAL ASSETS LESS CURRENT LIABILITIES 6,137,611 5,143,285

PROVISIONS FOR LIABILITIES 14 242,403 150,007
NET ASSETS 5,895,208 4,993,278

CAPITAL AND RESERVES
Called up share capital 15 10,000 10,000
Retained earnings 16 5,885,208 4,983,278
SHAREHOLDERS' FUNDS 5,895,208 4,993,278

The financial statements were approved by the Board of Directors and authorised for issue on 10 January 2024 and were signed on its behalf by:




G D Naish - Director



T F H Powell - Director


WALLGATE LIMITED (REGISTERED NUMBER: 00156022)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2021 10,000 4,087,931 4,097,931

Changes in equity
Dividends - (900,000 ) (900,000 )
Total comprehensive income - 1,795,347 1,795,347
Balance at 30 September 2022 10,000 4,983,278 4,993,278

Changes in equity
Dividends - (900,000 ) (900,000 )
Total comprehensive income - 1,801,930 1,801,930
Balance at 30 September 2023 10,000 5,885,208 5,895,208

WALLGATE LIMITED (REGISTERED NUMBER: 00156022)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,512,215 2,397,767
Tax paid (224,373 ) (192,146 )
Net cash from operating activities 1,287,842 2,205,621

Cash flows from investing activities
Purchase of intangible fixed assets (97,959 ) (44,912 )
Purchase of tangible fixed assets (296,217 ) (281,978 )
Interest received 26,713 1,258
Net cash from investing activities (367,463 ) (325,632 )

Cash flows from financing activities
Equity dividends paid (900,000 ) (900,000 )
Net cash from financing activities (900,000 ) (900,000 )

Increase in cash and cash equivalents 20,379 979,989
Cash and cash equivalents at beginning of
year

2

3,874,162

2,894,173

Cash and cash equivalents at end of year 2 3,894,541 3,874,162

WALLGATE LIMITED (REGISTERED NUMBER: 00156022)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 2,160,602 2,010,338
Depreciation charges 310,031 254,175
Finance income (26,713 ) (1,258 )
2,443,920 2,263,255
Increase in stocks (345,213 ) (164,509 )
(Increase)/decrease in trade and other debtors (623,830 ) 148,524
Increase in trade and other creditors 37,338 150,497
Cash generated from operations 1,512,215 2,397,767

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 3,894,541 3,874,162
Year ended 30 September 2022
30.9.22 1.10.21
£    £   
Cash and cash equivalents 3,874,162 2,894,173


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.22 Cash flow At 30.9.23
£    £    £   
Net cash
Cash at bank and in hand 3,874,162 20,379 3,894,541
3,874,162 20,379 3,894,541
Total 3,874,162 20,379 3,894,541

WALLGATE LIMITED (REGISTERED NUMBER: 00156022)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023


1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The financial statements are prepared on a going concern basis under the historical cost convention and are presented in Sterling (£) which is the functional currency of the company.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years unless otherwise stated.

Turnover
Turnover represents net sales during the year (excluding Value Added Tax) adjusted for accrued and deferred income where applicable. Turnover includes revenue earned from the sale of goods and from the rendering of services.

Sale of goods:
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point of despatch.

Rendering of services:
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

The analysis of turnover between classes of business and geographical markets has not been disclosed as in the opinion of the directors it would be prejudicial to the interests of the business.

Intangible fixed assets
Intangible fixed assets are measured at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation is charged so as to allocate the cost of intangibles less their residual values over their estimated useful lives, using the straight-line method. The intangible fixed assets are amortised at the following annual rates:

Intellectual property- 20% on cost
Development costs- 10% and 20% on cost

The write-off period for development costs begins once the related product is brought into commercial use.

WALLGATE LIMITED (REGISTERED NUMBER: 00156022)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 33% on cost
Plant and machinery - 20% on cost and 10% on cost
Computer, fixtures & fittings - 33% on cost and 20% on cost
Motor vehicles - 25% on cost

Expenditure on fixed assets is capitalised except for expenditure incurred on the replacement of assets of low value with a short life. The capitalisation threshold is £1,000. Repair, renovation and replacement expenditure is written off as expenditure in the Statement of Comprehensive Income. The cost of fixed assets is their purchase cost, together with any incidental costs of acquisition.

Stocks and work in progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Net realisable value is based on estimated selling price less additional costs to completion.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal levels of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Debtors
Debtors are measured at their recoverable amount.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less.

Creditors and provisions
Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.


WALLGATE LIMITED (REGISTERED NUMBER: 00156022)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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

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

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


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

Pension costs and other post-retirement benefits
The company contributes to the individual defined contribution pension scheme of employees. Contributions are charged to profit or loss in the period to which they relate.

Operating lease commitments
Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the period of the lease. The company also rents buildings and motor vehicles from its parent company E V Naish Limited, the cost of which is also charged to the Statement of Comprehensive Income.

3. OTHER OPERATING INCOME
2023 2022
£    £   
Sundry receipts 4,054 8,349

WALLGATE LIMITED (REGISTERED NUMBER: 00156022)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,484,271 2,679,452
Social security costs 278,062 293,225
Other pension costs 128,230 123,584
2,890,563 3,096,261

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

Management and administration 6 6
Production 39 46
Manufacturing 18 21
Sales 11 10
Service 4 4
78 87

2023 2022
£    £   
Directors' remuneration 580,212 571,456
Directors' pension contributions to money purchase schemes 58,578 56,150

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

Money purchase schemes 6 5

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 205,694 192,504
Pension contributions to money purchase schemes 40,000 40,000

WALLGATE LIMITED (REGISTERED NUMBER: 00156022)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


5. PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 274,986 221,088
Intellectual property amortisation 34,555 29,931
Development costs amortisation 490 3,157
Auditors remuneration 19,731 17,071
Foreign exchange differences 2,267 (18,010 )
Research and development expenditure 341,899 318,176
Operating lease rentals - plant and machinery 7,078 7,208

6. 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 266,276 203,441

Deferred tax 92,396 11,550
Tax on profit 358,672 214,991

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 2,160,602 2,010,338
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

540,151

381,964

Effects of:
Expenses not deductible for tax purposes 285 432
Capital allowances in excess of depreciation (22,539 ) (31,192 )
of depreciation
Research and development enhanced expenditure (81,111 ) (78,589 )
Patent Box adjustment (102,963 ) (69,174 )
Underprovision in prior year (2,907 ) -
Increase in corporation tax (64,640 ) -
Movement in deferred tax on accelerated capital allowances 34,220 11,550
Movement in deferred tax due to increase in corporation tax 58,176 -
Total tax charge 358,672 214,991

WALLGATE LIMITED (REGISTERED NUMBER: 00156022)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


7. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 900,000 900,000

8. INTANGIBLE FIXED ASSETS
Intellectual Development
property costs Totals
£    £    £   
COST
At 1 October 2022 447,188 339,540 786,728
Additions 28,960 68,999 97,959
At 30 September 2023 476,148 408,539 884,687
AMORTISATION
At 1 October 2022 331,330 336,641 667,971
Amortisation for year 34,555 490 35,045
At 30 September 2023 365,885 337,131 703,016
NET BOOK VALUE
At 30 September 2023 110,263 71,408 181,671
At 30 September 2022 115,858 2,899 118,757

9. TANGIBLE FIXED ASSETS
Improvements Computer,
to Plant and fixtures Motor
property machinery & fittings vehicles Totals
£    £    £    £    £   
COST
At 1 October 2022 44,211 2,971,055 541,135 64,188 3,620,589
Additions - 291,013 5,204 - 296,217
At 30 September 2023 44,211 3,262,068 546,339 64,188 3,916,806
DEPRECIATION
At 1 October 2022 44,211 2,139,804 508,169 57,867 2,750,051
Charge for year - 250,838 20,850 3,298 274,986
At 30 September 2023 44,211 2,390,642 529,019 61,165 3,025,037
NET BOOK VALUE
At 30 September 2023 - 871,426 17,320 3,023 891,769
At 30 September 2022 - 831,251 32,966 6,321 870,538

WALLGATE LIMITED (REGISTERED NUMBER: 00156022)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


10. STOCKS
2023 2022
£    £   
Raw materials and consumables 753,356 542,476
Finished goods 302,504 168,171
1,055,860 710,647

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,447,632 1,874,762
Other debtors 59,097 -
Prepayments and accrued income 58,101 66,239
2,564,830 1,941,001

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 768,117 858,154
Amounts owed to group undertakings 199,014 194,303
Corporation tax 145,344 103,441
Social security and other taxes 65,564 64,265
VAT 374,608 252,457
Other creditors 18,820 -
Accruals and deferred income 879,593 899,200
2,451,060 2,371,820

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 7,173 1,526
Between one and five years 10,770 3,126
17,943 4,652

14. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 242,403 150,007

WALLGATE LIMITED (REGISTERED NUMBER: 00156022)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


14. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 October 2022 150,007
Charge to Statement of Comprehensive Income during year 92,396
Balance at 30 September 2023 242,403

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
20,000 Ordinary £0.25 5,000 5,000
5,000 Ordinary £1 5,000 5,000
10,000 10,000

The ordinary shares rank equally in respect of voting rights and any dividend declared, and shall entitle the holder to full participation in respect of the entity and in the event of winding up the company.

16. RESERVES
Retained
earnings
£   

At 1 October 2022 4,983,278
Profit for the year 1,801,930
Dividends (900,000 )
At 30 September 2023 5,885,208

Retained earnings includes all current and prior period retained profits and losses.

17. PENSION COMMITMENTS

The company contributes to the individual defined contribution schemes of employees. Contributions are charged in the profit and loss account as they fall due and amounted to £128,230 in the year (2022: £123,584). At the balance sheet date there were outstanding contributions of £18,045 (2022: £Nil).

WALLGATE LIMITED (REGISTERED NUMBER: 00156022)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


18. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemptions, provided by Section 33 of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is party to the transaction is wholly owned by a member of that group.

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.

19. ULTIMATE PARENT COMPANY AND CONTROLLING PARTY

The company's ultimate parent company is E V Naish Limited, a company incorporated in England & Wales. The registered office address and principal place of business of E V Naish Limited is The Felt Mills, Crow Lane, Wilton, Salisbury SP2 0HD.

E V Naish Limited is under the control of G D Naish, who, together with family interests, controls 90.3% of the ordinary share capital.