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Registered number: 01223095
















GEORGE WILLCOX (GRANITE) LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023


































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GEORGE WILLCOX (GRANITE) LIMITED

 
COMPANY INFORMATION


DIRECTORS
S Bellamy 
A L Bellamy 
A J Drew 
A S Bellamy 




COMPANY SECRETARY
A J Drew



REGISTERED NUMBER
01223095



REGISTERED OFFICE
Unit 27 Weston Industrial Estate
Honeybourne

Evesham

Worcestershire

WR11 7QU




INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

1-3 College Yard

Worcester

WR1 2LB




BANKERS
Lloyds Bank
19 High Street

Evesham

Worcestershire

WR11 4DQ






GEORGE WILLCOX (GRANITE) LIMITED


CONTENTS



Page
Strategic Report
1
Directors' Report
2 - 3
Independent Auditors' Report
4 - 7
Statement of Comprehensive Income
8
Statement of Financial Position
9
Statement of Changes in Equity
10
Notes to the Financial Statements
11 - 23



GEORGE WILLCOX (GRANITE) LIMITED

 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

INTRODUCTION
 
The Directors present their Strategic Report of the Company for the year ended 31 December 2023. 
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

BUSINESS REVIEW
 
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the Company as a whole, these being turnover, gross margin, operating profit and shareholders' funds.
The Company's turnover decreased by £0.93m on the previous year to £9.51m (2022: £10.45m) and the Company's gross profit margin increased from 29.8% to 36.0%. This is due to the substantial import costs from the first half of the previous year reducing towards the latter half, with the benefit of a full year of those reduced import costs being realised in 2023.
The Company's operating profit for the year was £1.62m (2022: £1.64m). Profit after tax was £1.13m for the year (2022: £1.43m) of which £1.06m (2022: £1.98m) was paid out in dividends, meaning reserves increased by £0.08m (2022: decrease of £0.56m). Shareholders' funds therefore totalled £3.13m at the end of the year (2022: £3.05m).

PRINCIPAL RISKS AND UNCERTAINTIES
 
The risks facing the Company are assessed on an ongoing basis. The Directors evaluate the likelihood and potential impact of each risk and ensure appropriate action to taken to mitigate it.
The Company is exposed to credit risk. This is managed by agreeing payment terms in advance with customers, including upfront payments where necessary. Appropriate credit control procedures are followed and closely managed.
The Company's transactions are predominantly in Sterling however some transactions are in other currencies and therefore the Company is exposed to movement in foreign exchange rates. The Company manages its risk by continual close monitoring of exchange rates and market conditions.
The Company has assessed its immediate and longer-term cash flow requirements and is working closely with its suppliers and customers to minimise the impact. The Directors believe they are strongly positioned to continue in operation for the foreseeable future.

OUTLOOK FOR THE BUSINESS
 
The Directors anticipate a year comparable to 2019 after the effects of the pandemic have now settled the market. They are, however, optimistic that the measures and adjustments put in place will enable the business to continue to remain strong within the market sector and are targeting similar year on year performance.


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



A J Drew
Director

Date: 16 July 2024

Page 1


GEORGE WILLCOX (GRANITE) LIMITED

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The Directors present their report and the financial statements for the year ended 31 December 2023.

DIRECTORS' RESPONSIBILITIES STATEMENT

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

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


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

make judgements and accounting estimates that are reasonable and prudent;

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

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

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £1,130,768 (2022: £1,428,638).

Dividends of £1,057,000 (2022: £1,975,000) have been recognised in the financial statements.

DIRECTORS

The Directors who served during the year were:

S Bellamy 
A L Bellamy 
A J Drew 
A S Bellamy 

FUTURE DEVELOPMENTS

The Company is expected to grow turnover and maintain profitability.

DISCLOSURE OF INFORMATION TO AUDITORS

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

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

Page 2


GEORGE WILLCOX (GRANITE) LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company since the year end.

AUDITORS

The auditorsBishop Fleming LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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






A J Drew
Director

Date: 16 July 2024

Unit 27 Weston Industrial Estate
Honeybourne
Evesham
Worcestershire
WR11 7QU

Page 3


GEORGE WILLCOX (GRANITE) LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GEORGE WILLCOX (GRANITE) LIMITED
OPINION


We have audited the financial statements of George Willcox (Granite) Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR OPINION


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


CONCLUSIONS RELATING TO GOING CONCERN


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


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


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


OTHER INFORMATION


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


We have nothing to report in this regard.


Page 4


GEORGE WILLCOX (GRANITE) LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GEORGE WILLCOX (GRANITE) LIMITED (CONTINUED)

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

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


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


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


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


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


Page 5


GEORGE WILLCOX (GRANITE) LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GEORGE WILLCOX (GRANITE) LIMITED (CONTINUED)

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
 

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


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

Our procedures surrounding the identification and assessment of risks of material misstatement in relation to irregularities, including fraud and non-compliance with laws and regulations, included the following:

considering the nature of the entity and its environment, internal control environment, and business performance;
considering the results of our enquiries of management about their own identification and assessment of the risk of irregularities;
obtaining and reviewing, for any matters identified, the Company’s documentation of their policies and procedures relating to:
°the identification, evaluation, and compliance with laws and regulations, and whether management were aware of any instances of non-compliance within the year;
°the detection and response to the risk of fraud, and whether management have knowledge of actual, suspected, or alleged fraud; and
°the internal controls established to mitigate the risks of fraud or non-compliance with laws and regulations.
discussing amongst the audit engagement team, including internal tax specialists, regarding how and where fraud might occur in the financial statements and 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 completeness of revenue recognition and management override of controls. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to these identified risks.
obtaining 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.
considering provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or to avoid a material penalty. These included data protection regulations, health and safety regulations, and employment legislation.
Page 6


GEORGE WILLCOX (GRANITE) LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GEORGE WILLCOX (GRANITE) LIMITED (CONTINUED)

Audit response to risks identified

We identified revenue recognition completeness and management override of controls as key audit matters related to the potential risk of fraud. 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 and those charged with governance concerning actual and potential litigation claims;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement or fraud;
reading minutes of meetings of management and those charged with governance throughout the year;
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.


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 Auditors' Report.


USE OF OUR REPORT
 

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






Gary Woodhall ACA (Senior Statutory Auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
1-3 College Yard
Worcester
WR1 2LB

24 July 2024
Page 7


GEORGE WILLCOX (GRANITE) LIMITED

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

  

Turnover
 3 
9,513,240
10,447,894

Cost of sales
  
(6,091,651)
(7,336,154)

GROSS PROFIT
  
3,421,589
3,111,740

Administrative expenses
  
(1,811,574)
(1,467,813)

Other operating income
  
6,376
-

OPERATING PROFIT
 4 
1,616,391
1,643,927

Interest receivable and similar income
 7 
12,470
2,261

Interest payable and similar expenses
 8 
(49,342)
(29,522)

PROFIT BEFORE TAX
  
1,579,519
1,616,666

Tax on profit
 9 
(448,751)
(188,028)

PROFIT FOR THE FINANCIAL YEAR
  
1,130,768
1,428,638

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 11 to 23 form part of these financial statements.

Page 8


GEORGE WILLCOX (GRANITE) LIMITED
REGISTERED NUMBER:01223095

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Tangible assets
 11 
318,195
246,801

Investments
 12 
1
1

  
318,196
246,802

CURRENT ASSETS
  

Stocks
 13 
1,182,558
1,264,120

Debtors: amounts falling due within one year
 14 
2,328,375
2,608,766

Current asset investments
 15 
512,822
502,002

Cash at bank and in hand
 16 
874,652
802,682

  
4,898,407
5,177,570

Creditors: amounts falling due within one year
 17 
(1,520,558)
(1,537,543)

NET CURRENT ASSETS
  
3,377,849
3,640,027

TOTAL ASSETS LESS CURRENT LIABILITIES
  
3,696,045
3,886,829

Creditors: amounts falling due after more than one year
 18 
(494,643)
(677,118)

PROVISIONS FOR LIABILITIES
  

Deferred tax
 21 
(73,794)
(55,871)

Other provisions
 22 
-
(100,000)

NET ASSETS
  
3,127,608
3,053,840


CAPITAL AND RESERVES
  

Called up share capital 
 23 
18,000
18,000

Profit and loss account
 24 
3,109,608
3,035,840

  
3,127,608
3,053,840


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





A J Drew
Director

Date: 16 July 2024

The notes on pages 11 to 23 form part of these financial statements.

Page 9


GEORGE WILLCOX (GRANITE) LIMITED


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
18,000
3,582,202
3,600,202


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
1,428,638
1,428,638
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
1,428,638
1,428,638


CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS

Dividends: Equity capital
-
(1,975,000)
(1,975,000)


TOTAL TRANSACTIONS WITH OWNERS
-
(1,975,000)
(1,975,000)



At 1 January 2023
18,000
3,035,840
3,053,840


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
1,130,768
1,130,768
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
1,130,768
1,130,768


CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS

Dividends: Equity capital
-
(1,057,000)
(1,057,000)


TOTAL TRANSACTIONS WITH OWNERS
-
(1,057,000)
(1,057,000)


AT 31 DECEMBER 2023
18,000
3,109,608
3,127,608


The notes on pages 11 to 23 form part of these financial statements.

Page 10


GEORGE WILLCOX (GRANITE) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


GENERAL INFORMATION

George Willcox (Granite) Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is Unit 27 Weston Industrial Estate, Honeybourne, Evesham, Worcestershire, WR11 7QU. 

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

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

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

The following principal accounting policies have been applied:

 
2.2

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.


This information is included in the consolidated financial statements of Willcox Holdings Group Limited as at 31 December 2023 and these financial statements may be obtained from Unit 27 Weston Industrial Estate, Honeybourne, Evesham, Worcestershire, WR11 7QU.

 
2.3

EXEMPTION FROM PREPARING CONSOLIDATED FINANCIAL STATEMENTS

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.4

GOING CONCERN

The Directors continue to adopt the going concern basis in preparing the financial statements as they believe the Company has adequate resources and support to continue in operational existence for the foreseeable future. The Directors have prepared forecasts which support this conclusion which factor in the macroeconomic events to which the Company is exposed. In making this assessment, the Directors consider a period of at least 12 months from the date of approval of these financial statements.

Page 11


GEORGE WILLCOX (GRANITE) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.5

FOREIGN CURRENCY TRANSLATION

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
The Company's functional and presentational currency is GBP, and the Financial Statements are rounded to the nearest GBP.

 
2.6

REVENUE

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

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
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 Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.7

OPERATING LEASES: THE COMPANY AS LESSEE

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.8

LEASED ASSETS: THE COMPANY AS LESSEE

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

 
2.9

INTEREST INCOME

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

Page 12


GEORGE WILLCOX (GRANITE) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.10

FINANCE COSTS

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

 
2.11

BORROWING COSTS

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

 
2.12

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.13

CURRENT AND DEFERRED TAXATION

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

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

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

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

 
2.14

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 13


GEORGE WILLCOX (GRANITE) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)


2.14
TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as noted below.

Depreciation is provided on the following basis:

Plant and machinery
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
33.33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.15

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.16

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.17

DEBTORS

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

 
2.18

CASH AND CASH EQUIVALENTS

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

 
2.19

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.

Page 14


GEORGE WILLCOX (GRANITE) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.20

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

  
2.21

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Sections 11 and 12 of FRS 102 to all of its financial instruments.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.22

DIVIDENDS

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


3.


TURNOVER

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


2023
2022
£
£

Memorials
9,513,240
10,447,894


All turnover arose within the United Kingdom.


4.


OPERATING PROFIT

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
74,497
53,688

Exchange differences
14,452
4,211

Page 15


GEORGE WILLCOX (GRANITE) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


AUDITORS' REMUNERATION

2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
13,295
8,600

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


6.


EMPLOYEES

Staff costs were as follows:


2023
2022
£
£

Wages and salaries
1,509,042
1,389,148

Social security costs
145,884
138,509

Cost of defined contribution scheme
55,712
81,305

1,710,638
1,608,962


The average monthly number of employees, including directors, during the year was 51 (2022: 48).


7.


INTEREST RECEIVABLE

2023
2022
£
£


Other interest receivable
12,470
2,261


8.


INTEREST PAYABLE AND SIMILAR EXPENSES

2023
2022
£
£


Bank interest payable
7,341
28,109

Finance leases and hire purchase contracts
42,001
1,413

49,342
29,522

Page 16


GEORGE WILLCOX (GRANITE) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


TAXATION


2023
2022
£
£

CORPORATION TAX


Current tax on profits for the year
354,532
173,502

Adjustments in respect of previous periods
76,296
-


TOTAL CURRENT TAX
430,828
173,502

DEFERRED TAX


Origination and reversal of timing differences
17,923
11,040

Changes to tax rates
-
3,486

TOTAL DEFERRED TAX
17,923
14,526


TAX ON PROFIT
448,751
188,028

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2022: lower than) the effective rate of Corporation Tax in the UK of 23.5% (2022: 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,579,519
1,616,666


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022: 19%)
371,512
307,167

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
6,333
146

Fixed asset differences
-
(8,659)

Adjustments to tax charge in respect of prior periods
76,296
-

Remeasurement of deferred tax for changes in tax rates
1,061
3,486

Group relief
(6,451)
(114,112)

TOTAL TAX CHARGE FOR THE YEAR
448,751
188,028


FACTORS AFFECTING TAX CHARGE FOR THE PERIOD

From 1 April 2023, the standard rate of Corporation Tax in the UK rose to 25%. 

Page 17


GEORGE WILLCOX (GRANITE) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


DIVIDENDS

2023
2022
£
£


Dividends paid
1,057,000
1,975,000


11.


TANGIBLE FIXED ASSETS





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



COST OR VALUATION


At 1 January 2023
439,337
289,500
25,996
754,833


Additions
145,891
-
-
145,891


Disposals
-
-
(12,768)
(12,768)



At 31 December 2023

585,228
289,500
13,228
887,956



DEPRECIATION


At 1 January 2023
351,245
130,791
25,996
508,032


Charge for the year on owned assets
19,282
15,798
-
35,080


Charge for the year on financed assets
10,952
28,465
-
39,417


Disposals
-
-
(12,768)
(12,768)



At 31 December 2023

381,479
175,054
13,228
569,761



NET BOOK VALUE



At 31 December 2023
203,749
114,446
-
318,195



At 31 December 2022
88,092
158,709
-
246,801

The net book value of assets held under finance leases or hire purchase contracts is £189,258 (2022: £97,255)

Page 18


GEORGE WILLCOX (GRANITE) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies

£



COST OR VALUATION


At 1 January 2023
1



At 31 December 2023
1


SUBSIDIARY UNDERTAKING


The following was a subsidiary undertaking of the Company:

Name

Class of shares

Holding

Greenbridge Designs Limited
Ordinary
100%

The registered office of the above entity is the same as the Company's.


13.


STOCKS

2023
2022
£
£

Finished goods and goods for resale
1,182,558
1,264,120



14.


DEBTORS

2023
2022
£
£


Trade debtors
1,226,103
1,435,695

Amounts owed by group undertakings
392,926
423,513

Other debtors
657,116
604,302

Prepayments and accrued income
52,230
145,256

2,328,375
2,608,766



15.


CURRENT ASSET INVESTMENTS

2023
2022
£
£

Fixed term deposits
512,822
502,002


Page 19


GEORGE WILLCOX (GRANITE) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
874,652
802,682



17.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Bank loans
240,000
240,000

Trade creditors
697,944
738,560

Amounts owed to group undertakings
16,600
32,600

Corporation Tax
105,794
58,700

Other taxation and social security
372,519
416,375

Obligations under finance lease and hire purchase contracts
50,896
20,495

Other creditors
25,405
6,789

Accruals and deferred income
11,400
24,024

1,520,558
1,537,543



18.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023
2022
£
£

Bank loans
360,000
600,000

Net obligations under finance leases and hire purchase contracts
134,643
77,118

494,643
677,118


Page 20


GEORGE WILLCOX (GRANITE) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


LOANS


Analysis of the maturity of loans is given below:


2023
2022
£
£

AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
240,000
240,000

AMOUNTS FALLING DUE 1-2 YEARS

Bank loans
240,000
240,000

AMOUNTS FALLING DUE 2-5 YEARS

Bank loans
120,000
360,000


600,000
840,000


Security:
Bank loans of £600,000 (2022: £840,000) are secured by an all asset debenture dated 4 August 2020. The rate of interest payable on the loan is Base Rate plus 1.58% per annum.


20.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
50,064
20,495

Between 1-5 years
84,579
77,118

134,643
97,613

Obligations under finance lease and hire purchase contracts of £134,643 (2022: £97,613) are secured against the assets concerned.

Page 21


GEORGE WILLCOX (GRANITE) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


DEFERRED TAXATION




2023


£






At beginning of year
(55,871)


Charged to profit or loss
(17,923)



AT END OF YEAR
(73,794)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(73,794)
(55,871)


22.


PROVISIONS




Advanced payment provision

£





At 1 January 2023
100,000


Released in year
(100,000)



AT 31 DECEMBER 2023
-

The provision related to a deposit given in good faith to a supplier in the prior year.


23.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



8,997 (2022: 8,997) Ordinary A shares of £1.00 each
8,997
8,997
8,997 (2022: 8,997) Ordinary B shares of £1.00 each
8,997
8,997
3 (2022: 3) Ordinary C shares of £1.00 each
3
3
3 (2022: 3) Ordinary D shares of £1.00 each
3
3

18,000

18,000




Page 22


GEORGE WILLCOX (GRANITE) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

24.


RESERVES

Profit and loss account

This reserve includes all current and prior period retained profits and losses.


25.


PENSION COMMITMENTS

The Company operates a defined contribution pension schemes. The assets of the schemes are held separately from those of the Company in an independently administered fund. The pension cost charges represent contributions payable by those companies to the respective funds and amounted to £55,712 (2022: £81,305). As at the year end contributions totalling £9,877 (2022: £6,214) were payable to the funds by the Company and are included within other creditors.


26.


COMMITMENTS UNDER OPERATING LEASES

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
176,271
234,639

Later than 1 year and not later than 5 years
169,916
254,787

346,187
489,426




27.


RELATED PARTY TRANSACTIONS

The company has taken exemption from disclosure of related party transactions with wholly owned group
entities under Section 33 of FRS 102.

The Company incurred expenditure of £120,000 from SAMM Software Services Limited, a company related by virtue of common directors, of which £NIL was outstanding at year end. The Willcox Group Limited, of which the Company is a subsidiary, disposed of SAMM Software Services Limited on 27 September 2022, however SAMM Software Services Limited remained a related party by virtue of common directors. In the remaining period to 31 December 2022, the Company incurred expenditure to SAMM Software Services Limited of £30,000, of which £NIL was outstanding at year end.
The Company also has a loan account with SAMM Software Services Limited, which had a balance due of £656,802 as at the reporting date (2022: £604,042).

28.


CONTROLLING PARTY

The immediate parent company is The Willcox Group Limited, a company incorporated and registered in England and Wales.
The ultimate parent company is Willcox Group Holdings Limited, a company incorporated and registered in England and Wales. Their registered address is Unit 27 Weston Industrial Estate, Honeybourne, Evesham, Worcestershire, WR11 7QU. Consolidated financial statements prepared by Willcox Group Holdings Limited can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
There is no ultimate controlling party.
 
Page 23