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REGISTERED NUMBER: 02386158 (England and Wales)















Group Strategic Report, Report of the Directors and

Audited Consolidated Financial Statements for the Year Ended 31 October 2023

for

Weldon Group Limited

Weldon Group Limited (Registered number: 02386158)






Contents of the Consolidated Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


Weldon Group Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: Mr D J Weldon
Mr K Weldon





SECRETARY: Mr K R Morgan





REGISTERED OFFICE: Great Western House
Martindale
Hawks Green
Cannock
Staffordshire
WS11 7XN





REGISTERED NUMBER: 02386158 (England and Wales)





AUDITORS: Lewis Smith & Co.
Chartered Certified Accountants
Statutory Auditors
The Old Doctor's House
74 Grange Road
Dudley
West Midlands
DY1 2AW

Weldon Group Limited (Registered number: 02386158)

Group Strategic Report
for the Year Ended 31 October 2023

The directors present their strategic report of the company and the group for the year ended 31 October 2023.

REVIEW OF BUSINESS
The group operates in the construction industry, providing mechanical and electrical engineers and industrial building fit outs.

Results and Performance

The results of the Group are set out on page 9 and show profit on ordinary activities before tax for the year of £3,453,471 compared to £1,449,533 in 2022; shareholders' funds at the year end were £7,421,802 (2022 - £4,832,873).

This year's group turnover is £21,784,904 which is up from £16,985,409 in 2022, showing a significant increase in revenue.

Key Performance Indicators

The board do not measure the performance of the company/ group by reference to KPI's. However gross profit is measure and monitored and can be seen to show a good increase during 2023. The company suffered in previous years due to the rise in cost of raw materials, which has now been built into new contract pricing.

The group has seen a change in it's Gross Profit Margin % from 16.77% to 21.62%.

PRINCIPAL RISKS AND UNCERTAINTIES
As a group, the process of risk is controlled in all areas by the Board of Directors, through management of key areas covering Health and Safety Law, Employment Law and Company Law. This is done through the application of policies and procedures agreed at Board level.

Our industry is highly competitive with materials and labour forming the largest % of the cost base; any fluctuation in material costs and the price of labour have an impact on the profitability of the business.

ON BEHALF OF THE BOARD:





Mr D J Weldon - Director


29 July 2024

Weldon Group Limited (Registered number: 02386158)

Report of the Directors
for the Year Ended 31 October 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 October 2023.

DIVIDENDS
An interim dividend of £0.82 per share on the Ordinary £1 shares was paid on 31 October 2023. The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the A Ordinary £1 shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 October 2023 will be £ 81,998 .

FUTURE DEVELOPMENTS
The group is going to continue with the same group structure and trade.

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

Mr D J Weldon
Mr K Weldon

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 group'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 group's auditors are aware of that information.

Weldon Group Limited (Registered number: 02386158)

Report of the Directors
for the Year Ended 31 October 2023


AUDITORS
The auditors, Lewis Smith & Co., will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr D J Weldon - Director


29 July 2024

Report of the Independent Auditors to the Members of
Weldon Group Limited

Opinion
We have audited the financial statements of Weldon Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 October 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other matter
This is the first year that the company has been required to have an audit performed on its financial statements. Therefore, comparative information in this years financial statements is derived from the company's financial statements of the previous year, which were not audited.

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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the 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 Group 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
Weldon Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of 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 three, 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Weldon Group 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.

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

We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the company audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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.

Report of the Independent Auditors to the Members of
Weldon Group Limited


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.




Craig Alan Beale FCCA (Senior Statutory Auditor)
for and on behalf of Lewis Smith & Co.
Chartered Certified Accountants
Statutory Auditors
The Old Doctor's House
74 Grange Road
Dudley
West Midlands
DY1 2AW

29 July 2024

Weldon Group Limited (Registered number: 02386158)

Consolidated Income Statement
for the Year Ended 31 October 2023

31.10.23 31.10.22
as restated
Notes £    £   

TURNOVER 3 21,784,904 16,985,409

Cost of sales 16,879,573 14,168,503
GROSS PROFIT 4,905,331 2,816,906

Administrative expenses 1,478,220 1,374,164
3,427,111 1,442,742

Other operating income 6,300 5,692
OPERATING PROFIT 5 3,433,411 1,448,434

Interest receivable and similar income 20,413 1,099
3,453,824 1,449,533

Interest payable and similar expenses 6 353 -
PROFIT BEFORE TAXATION 3,453,471 1,449,533

Tax on profit 7 782,544 271,202
PROFIT FOR THE FINANCIAL YEAR 2,670,927 1,178,331
Profit attributable to:
Owners of the parent 2,670,927 1,178,331

Weldon Group Limited (Registered number: 02386158)

Consolidated Other Comprehensive Income
for the Year Ended 31 October 2023

31.10.23 31.10.22
as restated
Notes £    £   

PROFIT FOR THE YEAR 2,670,927 1,178,331


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,670,927

1,178,331

Total comprehensive income attributable to:
Owners of the parent 2,670,927 1,178,331

Weldon Group Limited (Registered number: 02386158)

Consolidated Balance Sheet
31 October 2023

31.10.23 31.10.22
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 191,726 61,734
Investments 12 200 200
Investment property 13 105,000 105,000
296,926 166,934

CURRENT ASSETS
Stocks 14 470,007 340,557
Debtors 15 4,870,736 4,031,494
Cash at bank 5,422,216 3,701,995
10,762,959 8,074,046
CREDITORS
Amounts falling due within one year 16 3,597,159 3,402,914
NET CURRENT ASSETS 7,165,800 4,671,132
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,462,726

4,838,066

PROVISIONS FOR LIABILITIES 19 40,924 5,193
NET ASSETS 7,421,802 4,832,873

CAPITAL AND RESERVES
Called up share capital 20 100,000 100,000
Other reserves 21 401,257 401,257
Retained earnings 21 6,920,545 4,331,616
SHAREHOLDERS' FUNDS 7,421,802 4,832,873

The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by:





Mr D J Weldon - Director


Weldon Group Limited (Registered number: 02386158)

Company Balance Sheet
31 October 2023

31.10.23 31.10.22
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 163,371 21,343
Investments 12 50,300 50,300
Investment property 13 - -
213,671 71,643

CURRENT ASSETS
Debtors 15 4,130,281 1,710,533
Cash at bank 2,605,474 2,384,755
6,735,755 4,095,288
CREDITORS
Amounts falling due within one year 16 263,759 100,779
NET CURRENT ASSETS 6,471,996 3,994,509
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,685,667

4,066,152

PROVISIONS FOR LIABILITIES 19 40,414 3,658
NET ASSETS 6,645,253 4,062,494

CAPITAL AND RESERVES
Called up share capital 20 100,000 100,000
Retained earnings 21 6,545,253 3,962,494
SHAREHOLDERS' FUNDS 6,645,253 4,062,494

Company's profit for the financial year 2,664,757 1,173,403

The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by:




Mr D J Weldon - Director



Mr K Weldon - Director


Weldon Group Limited (Registered number: 02386158)

Consolidated Statement of Changes in Equity
for the Year Ended 31 October 2023

Called up
share Retained Other Total
capital earnings reserves equity
£    £    £    £   
Balance at 1 November 2021 100,000 3,302,785 401,257 3,804,042

Changes in equity
Dividends - (149,500 ) - (149,500 )
Total comprehensive income - 1,178,331 - 1,178,331
Balance at 31 October 2022 100,000 4,331,616 401,257 4,832,873

Changes in equity
Dividends - (81,998 ) - (81,998 )
Total comprehensive income - 2,670,927 - 2,670,927
Balance at 31 October 2023 100,000 6,920,545 401,257 7,421,802

Weldon Group Limited (Registered number: 02386158)

Company Statement of Changes in Equity
for the Year Ended 31 October 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2021 100,000 2,938,591 3,038,591

Changes in equity
Dividends - (149,500 ) (149,500 )
Total comprehensive income - 1,173,403 1,173,403
Balance at 31 October 2022 100,000 3,962,494 4,062,494

Changes in equity
Dividends - (81,998 ) (81,998 )
Total comprehensive income - 2,664,757 2,664,757
Balance at 31 October 2023 100,000 6,545,253 6,645,253

Weldon Group Limited (Registered number: 02386158)

Consolidated Cash Flow Statement
for the Year Ended 31 October 2023

31.10.23 31.10.22
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,545,085 1,762,786
Interest paid (353 ) -
Tax paid (273,522 ) (186,363 )
Net cash from operating activities 2,271,210 1,576,423

Cash flows from investing activities
Purchase of tangible fixed assets (171,350 ) (4,328 )
Sale of tangible fixed assets 4,998 38,087
Sale of investment property - 145,000
Interest received 20,413 1,099
Net cash from investing activities (145,939 ) 179,858

Cash flows from financing activities
Amount introduced by directors 563,076 146,899
Amount withdrawn by directors (886,128 ) (748,138 )
Equity dividends paid (81,998 ) (149,500 )
Net cash from financing activities (405,050 ) (750,739 )

Increase in cash and cash equivalents 1,720,221 1,005,542
Cash and cash equivalents at beginning of
year

2

3,701,995

2,696,453

Cash and cash equivalents at end of year 2 5,422,216 3,701,995

Weldon Group Limited (Registered number: 02386158)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 October 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.10.23 31.10.22
as restated
£    £   
Profit before taxation 3,453,471 1,449,533
Depreciation charges 36,411 14,519
Profit on disposal of fixed assets (51 ) (24,992 )
Finance costs 353 -
Finance income (20,413 ) (1,099 )
3,469,771 1,437,961
(Increase)/decrease in stocks (129,450 ) 431,765
Increase in trade and other debtors (283,198 ) (1,327,938 )
(Decrease)/increase in trade and other creditors (512,038 ) 1,220,998
Cash generated from operations 2,545,085 1,762,786

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 31 October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 5,422,216 3,701,995
Year ended 31 October 2022
31.10.22 1.11.21
as restated
£    £   
Cash and cash equivalents 3,701,995 2,696,453


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.22 Cash flow At 31.10.23
£    £    £   
Net cash
Cash at bank 3,701,995 1,720,221 5,422,216
3,701,995 1,720,221 5,422,216
Total 3,701,995 1,720,221 5,422,216

Weldon Group Limited (Registered number: 02386158)

Notes to the Consolidated Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Weldon Group 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 General 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 have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements have been prepared on a going concern basis.

The functional currency in which the accounts were prepared in, is £ Sterling, rounded to the nearest £1.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised on construction contracts by reference to the services performed to date. Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to the state of completion of the contract at the balance sheet date (determined by surveys of work performed by quantity surveyors in conjunction with clients).

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 20% on reducing balance and 15% on reducing balance
Computer equipment - 25% on reducing balance

Investments in subsidiaries
Investment in subsidiary undertakings are recognised at cost less an impairment provision.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Work in progress is valued at the lower of cost and net relisable value, where the risk and rewards havent been transferred to the customer, in line with the long term contracts.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.


Weldon Group Limited (Registered number: 02386158)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Long-term contracts
Amounts recoverable on long term contracts, which are included in debtors are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account.

Provision for warranty costs
Where there are future costs, which will be incurred after the completion of a project, known as rectification costs, a provision is made to included these costs in line with long term contracts. The value of these costs is determined based on known future costs incurred after the year end date and any expected future costs determined by the Directors.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

31.10.23 31.10.22
as restated
£    £   
Rendering of Services 21,784,904 16,985,409
21,784,904 16,985,409

Weldon Group Limited (Registered number: 02386158)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

3. TURNOVER - continued

Revenue is recognised on construction contracts by reference to the services performed to date. Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to the state of completion of the contract at the balance sheet date (determined by surveys of work performed by quantity surveyors in conjunction with clients).

4. EMPLOYEES AND DIRECTORS
31.10.23 31.10.22
as restated
£    £   
Wages and salaries 1,284,119 1,311,910
Social security costs 122,426 136,831
Other pension costs 153,251 91,081
1,559,796 1,539,822

The average number of employees during the year was as follows:
31.10.23 31.10.22
as restated

Directors 4 4
Direct 18 19
Admin 15 15
37 38

31.10.23 31.10.22
as restated
£    £   
Directors' remuneration 124,107 125,301
Directors' pension contributions to money purchase schemes 67,255 36,887

The number of directors for whom pension benefits are accruing under money purchase pension schemes across the group is 4 (2022 - 4).

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.10.23 31.10.22
as restated
£    £   
Hire of plant and machinery 195,986 94,212
Other operating leases 26,483 16,033
Depreciation - owned assets 36,411 14,518
Profit on disposal of fixed assets (51 ) (24,992 )
Auditors' remuneration 24,750 -

Weldon Group Limited (Registered number: 02386158)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.10.23 31.10.22
as restated
£    £   
Interest on late tax payments 353 -

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.10.23 31.10.22
as restated
£    £   
Current tax:
UK corporation tax 746,813 273,494

Deferred tax 35,731 (2,292 )
Tax on profit 782,544 271,202

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.10.23 31.10.22
as restated
£    £   
Profit before tax 3,453,471 1,449,533
Profit multiplied by the standard rate of corporation tax in the UK of
21.112 % (2022 - 19 %)

729,097

275,411

Effects of:
Expenses not deductible for tax purposes 1,583 2,149
Income not taxable for tax purposes 50,887 (6,905 )
Capital allowances in excess of depreciation (27,216 ) -
Depreciation in excess of capital allowances - 2,839
Utilisation of tax losses (7,538 ) -
Deferred Tax Movement 35,731 (2,292 )
Total tax charge 782,544 271,202

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


Weldon Group Limited (Registered number: 02386158)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

9. DIVIDENDS
31.10.23 31.10.22
as restated
£    £   
Ordinary shares of £1 each
Interim dividend 81,998 139,000
A Ordinary shares of £1 each
Interim dividend - 10,500
81,998 149,500

10. PRIOR YEAR ADJUSTMENT

The 2022 financial statements have been adjusted to reflect the missclarification of contract work in progress and sales. Whilst there was no effect on the years gross or net profit, the following restatement journals have been included in the comparative figures for 2022


Dr Closing Work in progress (Profit/ Loss) £81,316
Cr Working in Progress (Balance Sheet) £81,316
Dr Accrued Income (Balance Sheet) £81,316
Cr Sales Income (Profit/ Loss) £81,316



11. TANGIBLE FIXED ASSETS

Group
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 November 2022 7,107 5,405 154,429 7,932 174,873
Additions - - 171,350 - 171,350
Disposals - - (15,098 ) - (15,098 )
At 31 October 2023 7,107 5,405 310,681 7,932 331,125
DEPRECIATION
At 1 November 2022 3,512 3,404 102,479 3,744 113,139
Charge for year 539 300 34,525 1,047 36,411
Eliminated on disposal - - (10,151 ) - (10,151 )
At 31 October 2023 4,051 3,704 126,853 4,791 139,399
NET BOOK VALUE
At 31 October 2023 3,056 1,701 183,828 3,141 191,726
At 31 October 2022 3,595 2,001 51,950 4,188 61,734

Weldon Group Limited (Registered number: 02386158)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

11. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 November 2022 7,107 5,405 15,999 7,932 36,443
Additions - - 171,350 - 171,350
At 31 October 2023 7,107 5,405 187,349 7,932 207,793
DEPRECIATION
At 1 November 2022 3,512 3,404 4,440 3,744 15,100
Charge for year 539 300 27,436 1,047 29,322
At 31 October 2023 4,051 3,704 31,876 4,791 44,422
NET BOOK VALUE
At 31 October 2023 3,056 1,701 155,473 3,141 163,371
At 31 October 2022 3,595 2,001 11,559 4,188 21,343

12. FIXED ASSET INVESTMENTS

Group
Shares in
group
undertakings
£   
COST
At 1 November 2022
and 31 October 2023 200
NET BOOK VALUE
At 31 October 2023 200
At 31 October 2022 200
Company
Shares in
group
undertakings
£   
COST
At 1 November 2022
and 31 October 2023 50,300
NET BOOK VALUE
At 31 October 2023 50,300
At 31 October 2022 50,300

Weldon Group Limited (Registered number: 02386158)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

12. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

E.H. Humphries (Norton) Limited
Registered office: Great Western House Martindale, Hawks Green, Cannock, Staffordshire, WS11 7XN
Nature of business: Electrical Fitting
%
Class of shares: holding
Ordinary 100.00
31.10.23 31.10.22
£    £   
Aggregate capital and reserves 414,568 409,493
Profit for the year 1,790,075 954,055

Tudorworth Properties Limited
Registered office: Great Western House Martindale, Hawks Green, Cannock, Staffordshire, WS11 7XN
Nature of business: Shop Fitting
%
Class of shares: holding
Ordinary 100.00
31.10.23 31.10.22
£    £   
Aggregate capital and reserves 412,081 410,986
Profit for the year 994,095 280,874

E H Humphries Limited
Registered office: Great Western House Martindale, Hawks Green, Cannock, Staffordshire, WS11 7XN
Nature of business: Dormant and not consolidated
%
Class of shares: holding
Ordinary 100.00
31.10.23 31.10.22
£    £   
Aggregate capital and reserves 1 1

E.H Humphries Mechanical Limited
Registered office: Great Western House Martindale, Hawks Green, Cannock, Staffordshire, WS11 7XN
Nature of business: Dormant and not consolidated
%
Class of shares: holding
Ordinary 100.00
31.10.23 31.10.22
£    £   
Aggregate capital and reserves 2 2

Weldon Group Limited (Registered number: 02386158)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

12. FIXED ASSET INVESTMENTS - continued

Chase Joinery Limited
Registered office: Great Western House Martindale, Hawks Green, Cannock, Staffordshire, WS11 7XN
Nature of business: Dormant and not consolidated
%
Class of shares: holding
Ordinary 100.00
31.10.23 31.10.22
£    £   
Aggregate capital and reserves 3,793 3,793

J&S Floors (Midlands) Limited
Registered office: Great Western House Martingale, Hawks Green, Cannock, Staffordshire, WS11 7XN
Nature of business: Dormant and not consolidated
%
Class of shares: holding
Ordinary 100.00
31.10.23 31.10.22
£    £   
Aggregate capital and reserves 100 100


13. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 November 2022
and 31 October 2023 105,000
NET BOOK VALUE
At 31 October 2023 105,000
At 31 October 2022 105,000

Fair value at 31 October 2023 is represented by:
£   
Cost 105,000

The leasehold investment property was revalued by a professional valuer at Jayman Limited, 2 Bore Street, Lichfield, WS13 6LL on 1 March 2024. The investment property is held at market value on the open market, which is deemed to be fair value.

Weldon Group Limited (Registered number: 02386158)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

14. STOCKS

Group
31.10.23 31.10.22
as restated
£    £   
Stocks 1,600 1,000
Work-in-progress 143,407 14,557
Undeveloped building land 325,000 325,000
470,007 340,557

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.10.23 31.10.22 31.10.23 31.10.22
as restated as restated
£    £    £    £   
Trade debtors 2,927,392 3,542,610 - -
Amounts owed by group undertakings 3,272 3,272 3,206,392 1,655,225
Other debtors 24,417 21,218 24,417 21,218
Directors' current accounts 665,433 329,208 665,435 -
Tax 224,584 4,765 224,584 4,765
VAT 53,651 7,519 - -
Prepayments and accrued income 971,987 122,902 9,453 29,325
4,870,736 4,031,494 4,130,281 1,710,533

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.10.23 31.10.22 31.10.23 31.10.22
as restated as restated
£    £    £    £   
Trade creditors 2,103,913 2,882,136 3,844 3,619
Tax 971,368 278,258 228,007 -
Social security and other taxes 70,273 82,848 - -
VAT - - 1,883 11,925
Other creditors 35,047 14,963 906 594
Directors' current accounts 21,595 8,422 21,596 81,427
Accruals and deferred income 394,963 136,287 7,523 3,214
3,597,159 3,402,914 263,759 100,779

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Weldon Group Limited (Registered number: 02386158)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

Group
Non-cancellable operating leases
31.10.23 31.10.22
as restated
£    £   
Within one year 25,200 25,200
Between one and five years 33,600 58,800
58,800 84,000

18. SECURED DEBTS

HSBC Bank PLC has a fixed charge over book debts and floating charge over all other assets of the subsidiary, E.H.Humphries (Norton) Limited.

19. PROVISIONS FOR LIABILITIES

Group Company
31.10.23 31.10.22 31.10.23 31.10.22
as restated as restated
£    £    £    £   
Deferred tax 40,924 5,193 40,414 3,658

Group
Deferred
tax
£   
Balance at 1 November 2022 5,193
Charge to Income Statement during year 35,731
Balance at 31 October 2023 40,924

Company
Deferred
tax
£   
Balance at 1 November 2022 3,658
Provided during year 36,756
Balance at 31 October 2023 40,414

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.23 31.10.22
value: as restated
£    £   
99,998 Ordinary £1 99,998 99,998
2 A Ordinary £1 2 2
100,000 100,000

Weldon Group Limited (Registered number: 02386158)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

21. RESERVES

Group
Retained Other
earnings reserves Totals
£    £    £   

At 1 November 2022 4,331,616 401,257 4,732,873
Profit for the year 2,670,927 2,670,927
Dividends (81,998 ) (81,998 )
At 31 October 2023 6,920,545 401,257 7,321,802

Company
Retained
earnings
£   

At 1 November 2022 3,962,494
Profit for the year 2,664,757
Dividends (81,998 )
At 31 October 2023 6,545,253


22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2023 and 31 October 2022:

31.10.23 31.10.22
as restated
£    £   
D J Weldon
Balance outstanding at start of year - -
Amounts advanced 711,295 -
Amounts repaid (45,862 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 665,433 -

K Weldon
Balance outstanding at start of year 402,212 -
Amounts advanced 14,696 422,278
Amounts repaid (416,908 ) (20,066 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 402,212

Loans to directors are interest free and repayable on demand.

Weldon Group Limited (Registered number: 02386158)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

23. RELATED PARTY DISCLOSURES

Included in wages are £9,100 each and in pension contributions £25,000 each for the wives of the directors D Weldon and K Weldon.

Key management personnel of the entity or its parent (in the aggregate)

The directors are the only key management personnel of the group, being the key decision makers.

24. ULTIMATE CONTROLLING PARTY

The directors D Weldon and K Weldon, alongside their wives are joint controlling parties, each owning a combined 50% of the issued share capital.