Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31truefalsetruetruefalsetruetruetrueNo description of principal activity2023-01-01true44false 11083356 2023-01-01 2023-12-31 11083356 2022-01-01 2022-12-31 11083356 2023-12-31 11083356 2022-12-31 11083356 2022-01-01 11083356 c:CompanySecretary1 2023-01-01 2023-12-31 11083356 c:Director1 2023-01-01 2023-12-31 11083356 c:Director2 2023-01-01 2023-12-31 11083356 c:Director3 2023-01-01 2023-12-31 11083356 c:Director4 2023-01-01 2023-12-31 11083356 c:RegisteredOffice 2023-01-01 2023-12-31 11083356 c:Agent1 2023-01-01 2023-12-31 11083356 d:CurrentFinancialInstruments 2023-12-31 11083356 d:CurrentFinancialInstruments 2022-12-31 11083356 d:UKTax 2023-01-01 2023-12-31 11083356 d:UKTax 2022-01-01 2022-12-31 11083356 d:ShareCapital 2023-12-31 11083356 d:ShareCapital 2022-12-31 11083356 d:ShareCapital 2022-01-01 11083356 d:SharePremium 2023-01-01 2023-12-31 11083356 d:SharePremium 2023-12-31 11083356 d:SharePremium 2022-12-31 11083356 d:SharePremium 2022-01-01 11083356 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 11083356 d:RetainedEarningsAccumulatedLosses 2023-12-31 11083356 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 11083356 d:RetainedEarningsAccumulatedLosses 2022-12-31 11083356 d:RetainedEarningsAccumulatedLosses 2022-01-01 11083356 c:OrdinaryShareClass1 2023-01-01 2023-12-31 11083356 c:OrdinaryShareClass1 2023-12-31 11083356 c:OrdinaryShareClass1 2022-12-31 11083356 c:OrdinaryShareClass2 2023-01-01 2023-12-31 11083356 c:OrdinaryShareClass2 2023-12-31 11083356 c:OrdinaryShareClass2 2022-12-31 11083356 c:OrdinaryShareClass3 2023-01-01 2023-12-31 11083356 c:OrdinaryShareClass3 2023-12-31 11083356 c:OrdinaryShareClass3 2022-12-31 11083356 c:OrdinaryShareClass4 2023-01-01 2023-12-31 11083356 c:OrdinaryShareClass4 2023-12-31 11083356 c:OrdinaryShareClass4 2022-12-31 11083356 c:FRS102 2023-01-01 2023-12-31 11083356 c:Audited 2023-01-01 2023-12-31 11083356 c:FullAccounts 2023-01-01 2023-12-31 11083356 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11083356 d:Subsidiary1 2023-01-01 2023-12-31 11083356 d:Subsidiary1 1 2023-01-01 2023-12-31 11083356 d:Subsidiary2 2023-01-01 2023-12-31 11083356 d:Subsidiary2 1 2023-01-01 2023-12-31 11083356 6 2023-01-01 2023-12-31 11083356 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11083356
















THE WILLCOX GROUP LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023


































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THE WILLCOX GROUP LIMITED

 
COMPANY INFORMATION


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




COMPANY SECRETARY
A J Drew



REGISTERED NUMBER
11083356



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






THE WILLCOX GROUP 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 - 17



THE WILLCOX GROUP 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.

BUSINESS REVIEW
 
TWG remains lean and agile in order to best support the subsidiary companies whilst being able to adapt to new opportunities as they emerge.

PRINCIPAL RISKS AND UNCERTAINTIES
 
The company is a holding company and therefore has minimal risks and uncertainties. The principal risks and uncertainties of the subsidiary companies are disclosed in their financial statements.

FINANCIAL KEY PERFORMANCE INDICATORS
 
The company has made a profit of £1,198,616 (2022: £2,390,517). The directors are satisfied with the performance of the business.


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



A J Drew
Director

Date: 16 July 2024

Page 1


THE WILLCOX GROUP 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 £1,198,616 (2022: £2,390,517).

Dividends of £1,104,000 (2022: £2,160,000) have been recognised in the financial statements.

DIRECTORS

The Directors who served during the year were:

S Bellamy 
A L Bellamy 
A S Bellamy 
A J Drew 

FUTURE DEVELOPMENTS

The Company is expected to grow turnover and maintain profitability.

Page 2


THE WILLCOX GROUP LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

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.

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


THE WILLCOX GROUP LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WILLCOX GROUP LIMITED
OPINION


We have audited the financial statements of The Willcox Group 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 equitythe Group Statement of comprehensive income, the Group and Company Statements of financial position, the Group Statement of cash flows, the Group analysis of net debt, the Group and Company 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 Report Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 4


THE WILLCOX GROUP LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WILLCOX GROUP 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


THE WILLCOX GROUP LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE WILLCOX GROUP 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:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, we considered the following:
the nature of the industry and sector, control environment and business performance;
results of our enquiries of management and the board about their own identification and assessment of the risks 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;
°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, which included incorrect recognition of revenue and management override of controls using manual journal entries, and these were identified as the greatest potential area for fraud.

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 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.

In addition, we considered 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 occupational health and safety regulations and employment legislation.

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;
reviewing the financial statement disclosures and testing to supporting documentation to assess the   recognition of revenue;
enquiring of management and those charged with governance 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;
reading minutes of meetings of those charged with governance; and
Page 6


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

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.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.


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


THE WILLCOX GROUP LIMITED

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Administrative expenses
  
(90,517)
(147,918)

Other operating income
 3 
275,724
265,840

OPERATING PROFIT
  
185,207
117,922

Income from fixed assets investments
  
1,057,000
2,295,000

PROFIT BEFORE TAXATION
  
1,242,207
2,412,922

Tax on profit
 6 
(43,591)
(22,405)

PROFIT FOR THE FINANCIAL YEAR
  
1,198,616
2,390,517

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 17 form part of these financial statements.

Page 8


THE WILLCOX GROUP LIMITED
REGISTERED NUMBER:11083356

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Investments
 8 
3,391,895
3,391,995

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 9 
27,856
44,552

Cash at bank and in hand
 10 
175,143
40,995

  
202,999
85,547

Creditors: amounts falling due within one year
 11 
(427,994)
(405,258)

NET CURRENT LIABILITIES
  
(224,995)
(319,711)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
3,166,900
3,072,284

NET ASSETS
  
3,166,900
3,072,284


CAPITAL AND RESERVES
  

Called up share capital 
 12 
100
100

Share premium account
 13 
1,874,900
1,874,900

Profit and loss account
 13 
1,291,900
1,197,284

EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT COMPANY
  
3,166,900
3,072,284


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 17 form part of these financial statements.

Page 9


THE WILLCOX GROUP LIMITED


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


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
100
1,874,900
966,767
2,841,767


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
-
2,390,517
2,390,517


CONTRIBUTIONS BY AND DISTRIBUTIONS TO THE OWNERS

Dividends: Equity capital
-
-
(2,160,000)
(2,160,000)



At 1 January 2023
100
1,874,900
1,197,284
3,072,284


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
-
1,198,616
1,198,616


CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS

Dividends: Equity capital
-
-
(1,104,000)
(1,104,000)


AT 31 DECEMBER 2023
100
1,874,900
1,291,900
3,166,900


The notes on pages 11 to 17 form part of these financial statements.

Page 10


THE WILLCOX GROUP LIMITED

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

1.


GENERAL INFORMATION

The Willcox Group 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.



 
2.3

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


THE WILLCOX GROUP LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.4

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.5

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.

 
2.6

TAXATION

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.

 
2.7

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

DEBTORS

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

Page 12


THE WILLCOX GROUP LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.9

CASH AND CASH EQUIVALENTS

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

 
2.10

CREDITORS

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

  
2.11

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.

 
2.12

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.


OTHER OPERATING INCOME

2023
2022
£
£

Management charges receivable
275,724
265,840


Page 13


THE WILLCOX GROUP LIMITED

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

4.


EMPLOYEES

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


2023
2022
£
£

Wages and salaries
73,343
103,946

Social security costs
8,444
16,327

Cost of defined contribution scheme
1,429
1,863

83,216
122,136


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


        2023
        2022
            No.
            No.







Administration
1
1



Directors
3
3

4
4


5.


INCOME FROM INVESTMENTS

2023
2022
£
£





Dividends received from unlisted investments
1,057,000
2,295,000



6.


TAXATION


2023
2022
£
£

CORPORATION TAX


Current tax on profits for the year
43,591
22,405


TOTAL CURRENT TAX
43,591
22,405

DEFERRED TAX

TOTAL DEFERRED TAX
-
-


TAXATION ON PROFIT ON ORDINARY ACTIVITIES
43,591
22,405
Page 14


THE WILLCOX GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
6.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is lower than (2022: lower than) the effective rate of Corporation Tax in the UK of 23.52% (2022: 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,242,207
2,412,922


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022: 19%)
292,174
458,455

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
198

Capital allowances for year in excess of depreciation
-
(8,659)

Adjustments to tax charge in respect of prior periods
-
95,471

Group relief
(248,583)
(523,060)

TOTAL TAX CHARGE FOR THE YEAR
43,591
22,405


7.


DIVIDENDS

2023
2022
£
£


Dividends paid
1,104,000
2,160,000


8.


FIXED ASSET INVESTMENTS


DIRECT SUBSIDIARY UNDERTAKINGS


The following were direct subsidiary undertakings of the Company:

Name

Class of shares

Holding

George Willcox (Granite) Limited
Ordinary
100%
Granite Planet Limited
Ordinary
100%

Page 15


THE WILLCOX GROUP LIMITED

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

INDIRECT SUBSIDIARY UNDERTAKING


The following was an indirect subsidiary undertaking of the Company:

Name

Class of shares

Holding

Greenbridge Designs Limited
Ordinary
100%

The registered office of all of the above is Unit 27, Weston Industrial Estate, Honeybourne, Evesham, Worcestershire, WR11 7QU.


9.


DEBTORS

2023
2022
£
£


Trade debtors
6,336
3,168

Amounts owed by group undertakings
21,520
41,384

27,856
44,552



10.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
175,143
40,995



11.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Trade creditors
-
995

Amounts owed to group undertakings
377,460
377,460

Corporation Tax
43,591
22,405

Other taxation and social security
6,342
3,799

Other creditors
601
599

427,994
405,258


Page 16


THE WILLCOX GROUP LIMITED

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

12.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



40 (2022: 40) Ordinary A shares of £1.00 each
40
40
40 (2022: 40) Ordinary B shares of £1.00 each
40
40
10 (2022: 10) Ordinary C shares of £1.00 each
10
10
10 (2022: 10) Ordinary D shares of £1.00 each
10
10

100

100

All shares rank pari passu.



13.


RESERVES

Share premium account

This reserve includes amounts paid for shares in excess of their par value.

Profit and loss account

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


14.


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 £1,524
(2022: £1,851). As at the year end contributions totaling £601 (2022: £599) were payable to the funds
by the Company and are included within other creditors.


15.


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 received income of £26,400 from SAMM Software Services Limited, a company related by virtue of common directors, of which £6,336 was outstanding at year end. The Company disposed of SAMM Software Services Limited on 27 September 2022, however SAMM Software Services remains a related party by virtue of common directors. In the remaining period to 31 December 2022, the Company received income of £7,920 from SAMM Software Services, of which £3,168 was outstanding at the reporting date.

16.


CONTROLLING PARTY

The immediate and 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 produced by Willcox Group Holdings Limited can be obtained from Companies House, Crown Way, Cardiff CF14 3UZ.
There is no ultimate controlling party.

 
Page 17