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REGISTERED NUMBER: SC634505 (Scotland)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 March 2024

for

WPA CONSTRUCTION GROUP LTD

WPA CONSTRUCTION GROUP LTD (REGISTERED NUMBER: SC634505)






Contents of the Consolidated Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 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 18


WPA CONSTRUCTION GROUP LTD

Company Information
for the Year Ended 31 March 2024







DIRECTORS: C R Henderson
A A Grieve
J S Turner





REGISTERED OFFICE: Advisor House
West Avenue
Blantyre Industrial Estate
Blantyre
G72 0UZ





REGISTERED NUMBER: SC634505 (Scotland)





AUDITORS: Sharles Audit Limited
Statutory Auditors
29 Brandon Street
Hamilton
ML3 6DA

WPA CONSTRUCTION GROUP LTD (REGISTERED NUMBER: SC634505)

Group Strategic Report
for the Year Ended 31 March 2024

The directors present their strategic report of the company and the group for the year ended 31 March 2024.

REVIEW OF BUSINESS
The group consists of a non trading parent company, WPA Construction Group, two non-trading intermediate parent companies, WPA Contracting Services Ltd and Weatherproofing Company Ltd and a wholly owned trading subsidiary, Weatherproofing Advisors Ltd.

The principal activity of the group during the year was that of a contractor providing weatherproofing services.

The directors are pleased with the results achieved by the group during the year.

Based on a year to year comparison of the results of the group:

- Turnover increased to £33,726,563 from £32,882,372 last year,
- Gross profit increased to £9,721,308 (29%) from £7,935,255 (24%), and
- Net profit increased to £3,414,039 (10%) from £2,683,928 (8%).

The group has continued to trade profitably during the year.

The directors consider the group to be in a healthy financial position at the year end.

The group's key performance indicators are turnover, gross profit and net profit.

PRINCIPAL RISKS AND UNCERTAINTIES
The group's operations expose it to a variety of financial risks that include performance risk, credit risk, liquidity risk and price risk. The directors recognise their overall responsibility for the group's systems and internal control. The controls are designed to manage as opposed to completely eliminate risk.

The group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group by regularly reviewing and monitoring individual contract balances and ensuring adequate funding is in place for any given contract.

Performance risk is minimised through accurately budgeting and costing individual projects at the outset and then monitoring the performance on these projects through to completion. The performance of the group is monitored through monthly management accounts which are reviewed at regular board meetings.

Credit risk is minimised by requiring the appropriate credit checks on potential customers, working with reputable customers, agreeing regular payment terms on larger contracts and having strict credit controls. The amount of exposure to any individual customer is also assessed and controlled.

Liquidity risk is minimised through the retention of a healthy level of group reserves and funds in the bank and having facilities in place to cover all expected working capital requirements.

Price risk relating to price increases is minimised by agreeing fixed prices with individual suppliers and sourcing goods and services from multiple suppliers to ensure competitive pricing.


WPA CONSTRUCTION GROUP LTD (REGISTERED NUMBER: SC634505)

Group Strategic Report
for the Year Ended 31 March 2024

GOING CONCERN
The directors have assessed the group as having sufficient resources to meet the expected ongoing costs of the business for a period of at least 12 months from the date of signing the financial statements. As a result they have continued to adopt the going concern basis when preparing the financial statements.

ON BEHALF OF THE BOARD:




C R Henderson - Director


29 July 2024

WPA CONSTRUCTION GROUP LTD (REGISTERED NUMBER: SC634505)

Report of the Directors
for the Year Ended 31 March 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of a contractor providing weatherproofing services.

DIVIDENDS
Interim dividends per share were paid as follows:

Date A Ordinary B Ordinary C Ordinary
28 April 2023 £0.2034 £0.2034 £0.2034
26 May 2023 £0.2034 £0.2034 £0.2034
30 June 2023 £1.3332 £1.3332 £1.3332
28 July 2023 £0.2034 £0.2034 ££0.2034
25 August 2023 £0.2034 £0.2034 £0.2034
29 September 2023 £1.8981 £1.8981 £1.8981
27 October 2023 £0.2034 £0.2034 £0.2034
24 November 2023 £0.2034 £0.2034 £0.2034
22 December 2023 £2.4630 £2.4630 £2.4630
26 January 2024 £0.2034 £0.2034 £0.2034
23 February 2024 £0.2034 £0.2034 £0.2034
29 March 2024 £4.7223 £4.7223 £4.7223
Total £12.0438 £12.0438 £12.0438

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2024 will be £1,599,000.

FUTURE DEVELOPMENTS
The directors, based on current projections, are confident that the company will continue to trade profitably in the future.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

C R Henderson
A A Grieve
J S Turner

POST BALANCE SHEET EVENTS
There are no matters to report as post balance sheet events.

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.


WPA CONSTRUCTION GROUP LTD (REGISTERED NUMBER: SC634505)

Report of the Directors
for the Year Ended 31 March 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
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.

AUDITORS
The auditors, Sharles Audit Limited, have indicated their willingness to be reappointed for another term and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.

ON BEHALF OF THE BOARD:





C R Henderson - Director


29 July 2024

Report of the Independent Auditors to the Members of
WPA Construction Group Ltd

Opinion
We have audited the financial statements of WPA Construction Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 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 March 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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.

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.

Report of the Independent Auditors to the Members of
WPA Construction Group Ltd


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 pages four and five, 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
WPA Construction Group Ltd


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

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

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the group audit engagement team:
- obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework;
- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, the Companies Act 2006 and tax compliance regulations. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures, inspecting correspondence with local tax authorities and evaluating advice received from internal/external tax advisors.

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to health and safety. We performed audit procedures to inquire of management and those charged with governance whether the group and company is in compliance with these law and regulations and inspected correspondence with regulatory authorities.

The audit engagement team identified the risk of management override of controls and revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business, challenging judgments and estimates applied in the year end adjustments to account for contract revenue and expenses.

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
WPA Construction Group Ltd


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.




Keith Edwards (Senior Statutory Auditor)
for and on behalf of Sharles Audit Limited
Statutory Auditors
29 Brandon Street
Hamilton
ML3 6DA

7 August 2024

WPA CONSTRUCTION GROUP LTD (REGISTERED NUMBER: SC634505)

Consolidated
Income Statement
for the Year Ended 31 March 2024

2024 2023
Notes £    £   

TURNOVER 33,726,563 32,882,372

Cost of sales 24,005,255 24,947,117
GROSS PROFIT 9,721,308 7,935,255

Administrative expenses 6,077,141 5,129,660
OPERATING PROFIT 5 3,644,167 2,805,595

Interest receivable and similar income 29,256 481
3,673,423 2,806,076

Interest payable and similar expenses 6 259,384 122,148
PROFIT BEFORE TAXATION 3,414,039 2,683,928

Tax on profit 7 613,047 565,085
PROFIT FOR THE FINANCIAL YEAR 2,800,992 2,118,843

WPA CONSTRUCTION GROUP LTD (REGISTERED NUMBER: SC634505)

Consolidated Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 42,186 105,466
Tangible assets 11 1,837,278 716,955
Investments 12 - -
1,879,464 822,421

CURRENT ASSETS
Stocks 13 24,199 19,333
Debtors 14 5,038,134 6,101,745
Cash at bank 3,769,588 1,412,752
8,831,921 7,533,830
CREDITORS
Amounts falling due within one year 15 6,475,782 5,923,371
NET CURRENT ASSETS 2,356,139 1,610,459
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,235,603

2,432,880

CREDITORS
Amounts falling due after more than one
year

16

(779,898

)

(290,267

)

PROVISIONS FOR LIABILITIES 20 (262,105 ) (151,005 )
NET ASSETS 3,193,600 1,991,608

CAPITAL AND RESERVES
Called up share capital 21 132,765 132,765
Retained earnings 22 3,060,835 1,858,843
SHAREHOLDERS' FUNDS 3,193,600 1,991,608

The financial statements were approved by the Board of Directors and authorised for issue on 7 August 2024 and were signed on its behalf by:




C R Henderson - Director



J S Turner - Director


WPA CONSTRUCTION GROUP LTD (REGISTERED NUMBER: SC634505)

Company Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 1,457,500 1,457,500
1,457,500 1,457,500

CURRENT ASSETS
Debtors 14 652,065 317,065

CREDITORS
Amounts falling due within one year 15 176,800 265,000
NET CURRENT ASSETS 475,265 52,065
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,932,765

1,509,565

CREDITORS
Amounts falling due after more than one
year

16

-

176,800
NET ASSETS 1,932,765 1,332,765

CAPITAL AND RESERVES
Called up share capital 21 132,765 132,765
Retained earnings 22 1,800,000 1,200,000
SHAREHOLDERS' FUNDS 1,932,765 1,332,765

Company's profit for the financial year 2,199,000 1,824,000

The financial statements were approved by the Board of Directors and authorised for issue on 7 August 2024 and were signed on its behalf by:




C R Henderson - Director



J S Turner - Director


WPA CONSTRUCTION GROUP LTD (REGISTERED NUMBER: SC634505)

Consolidated Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 132,765 964,000 1,096,765

Changes in equity
Dividends - (1,224,000 ) (1,224,000 )
Total comprehensive income - 2,118,843 2,118,843
Balance at 31 March 2023 132,765 1,858,843 1,991,608

Changes in equity
Dividends - (1,599,000 ) (1,599,000 )
Total comprehensive income - 2,800,992 2,800,992
Balance at 31 March 2024 132,765 3,060,835 3,193,600

WPA CONSTRUCTION GROUP LTD (REGISTERED NUMBER: SC634505)

Company Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 132,765 600,000 732,765

Changes in equity
Dividends - (1,224,000 ) (1,224,000 )
Total comprehensive income - 1,824,000 1,824,000
Balance at 31 March 2023 132,765 1,200,000 1,332,765

Changes in equity
Dividends - (1,599,000 ) (1,599,000 )
Total comprehensive income - 2,199,000 2,199,000
Balance at 31 March 2024 132,765 1,800,000 1,932,765

WPA CONSTRUCTION GROUP LTD (REGISTERED NUMBER: SC634505)

Consolidated Cash Flow Statement
for the Year Ended 31 March 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 5,686,309 2,733,649
Interest paid (5,057 ) -
Interest element of hire purchase payments
paid

(29,566

)

(4,448

)
Finance costs paid (224,761 ) (117,700 )
Tax paid (669,235 ) (757,589 )
Net cash from operating activities 4,757,690 1,853,912

Cash flows from investing activities
Purchase of tangible fixed assets (692,070 ) (167,521 )
Sale of tangible fixed assets 20,486 4,000
Interest received 29,256 481
Net cash from investing activities (642,328 ) (163,040 )

Cash flows from financing activities
New loans in year 350,000 -
Loan repayments in year (276,667 ) (265,000 )
Capital repayments in year (232,859 ) (88,156 )
Equity dividends paid (1,599,000 ) (1,224,000 )
Net cash from financing activities (1,758,526 ) (1,577,156 )

Increase in cash and cash equivalents 2,356,836 113,716
Cash and cash equivalents at beginning of
year

2

1,412,752

1,299,036

Cash and cash equivalents at end of year 2 3,769,588 1,412,752

WPA CONSTRUCTION GROUP LTD (REGISTERED NUMBER: SC634505)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 March 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2024 2023
£    £   
Profit before taxation 3,414,039 2,683,928
Depreciation charges 302,253 210,807
Loss on disposal of fixed assets 18,358 21,389
Finance costs 259,384 122,148
Finance income (29,256 ) (481 )
3,964,778 3,037,791
Increase in stocks (4,866 ) -
Decrease/(increase) in trade and other debtors 1,063,611 (2,267,268 )
Increase in trade and other creditors 662,786 1,963,126
Cash generated from operations 5,686,309 2,733,649

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 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 3,769,588 1,412,752
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 1,412,752 1,299,036


WPA CONSTRUCTION GROUP LTD (REGISTERED NUMBER: SC634505)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 March 2024

3. ANALYSIS OF CHANGES IN NET FUNDS

Other
non-cash
At 1.4.23 Cash flow changes At 31.3.24
£    £    £    £   
Net cash
Cash at bank 1,412,752 2,356,836 3,769,588
1,412,752 2,356,836 3,769,588
Debt
Finance leases (203,765 ) 232,859 - (676,976 )
Debts falling due
within 1 year (265,000 ) 53,200 - (211,800 )
Debts falling due
after 1 year (176,800 ) (126,533 ) - (303,333 )
(645,565 ) 159,526 - (1,192,109 )
Total 767,187 2,516,362 - 2,577,479

WPA CONSTRUCTION GROUP LTD (REGISTERED NUMBER: SC634505)

Notes to the Consolidated Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

WPA Construction Group Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The principal activity of the group during the year was that of a contractor providing weatherproofing services.

2. STATEMENT OF COMPLIANCE

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. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The directors have assessed the group as having sufficient resources to meet the expected ongoing costs of the business for a period of at least 12 months from the date of signing the financial statements. As a result they have continued to adopt the going concern basis when preparing the financial statements.

Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company and all the subsidiary companies which it controls either directly or indirectly.

Intercompany transactions and balances between group companies are eliminated on consolidation.

The financial statements of all subsidiary companies are prepared to the same reporting date as the parent company. All subsidiary companies have been consolidated.

The cost of a business combination is the fair value at the acquisition date, of the assets given, equity instruments issued and liabilities incurred or assumed, plus directly attributable costs.

The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

All business combinations to date have been reflected on an acquisition accounting basis.

Significant judgements and estimates
In the application of the group's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience, knowledge of each contract and other factors that are considered to be relevant. Contract revenue and expenditure is reconciled monthly based on our understanding and forecasts; however, actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

WPA CONSTRUCTION GROUP LTD (REGISTERED NUMBER: SC634505)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued

Turnover and revenue recognition
Turnover is derived from work done and services supplied by the group as a contractor providing various weatherproofing services.

Turnover therefore represents the fair value of work done and service supplied, net of discounts and excluding value added tax, and is recognised at the point that the group obtains the right to consideration.

When the outcome of a construction contract can be estimated reliably and it is probable that the contract will be profitable, turnover and costs are recognised over the period of the contract.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

When the outcome of a construction contract cannot be estimated reliably, contract turnover is recognised only to the extent of contract costs that it is probable will be recovered.

Contract costs include direct costs incurred in securing the contract that can be separately identified and measured reliably, if it is probable that the contract will be obtained.

The group uses the "percentage of completion method" to determine the appropriate amount to recognise in a given period usually with reference to work invoiced on a monthly basis. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded for contract costs in determining the stage of completion. Adjustments to contract sales and costs based on the stage of completion at the period end are reflected within accruals.

Revenue in relation to maintenance contracts is recognised as costs are incurred.

Retentions are recognised in revenue following an assessment of their likely recoverability.

Stocks
Consumable stocks that are not charged directly to individual contracts are valued at cost, after making due allowance for obsolete items. Cost includes all direct expenditure incurred in acquiring the stock.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of four years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

WPA CONSTRUCTION GROUP LTD (REGISTERED NUMBER: SC634505)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - Straight line over 50 years
Equipment & tools - 10% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

At each balance sheet date, the group reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £2,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the income statement in the period it is incurred.

WPA CONSTRUCTION GROUP LTD (REGISTERED NUMBER: SC634505)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued

Basic financial instruments
The group has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102, in full, to all of its financial instruments.

Recognition and measurement of financial instruments:
Financial assets and financial liabilities are recognised when the group becomes a party to the contractual provisions of the instrument.

Classification of financial instruments:
Financial instruments are classified as liabilities and equity instruments according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Trade, group and other debtors:
Trade, group and other debtors (including accrued income) which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

Where the arrangement with a debtor constitutes a financing transaction, the debtor is initially measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument and subsequently measured at amortised cost, using the effective interest method. The effective interest rate is the market rate used to determine initial measurement adjusted to amortise directly attributable transaction costs.

A provision for impairment of trade debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss.

Cash and cash equivalents:
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.

Trade creditors, group and other creditors:
Trade, group and other creditors (including accruals) payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being transaction price less any amounts settled.

Where the arrangement with a creditor constitutes a financing transaction, the creditor is initially measured at the present value of future payments discounted at a market rate of interest for a similar instrument and subsequently measured at amortised cost, being transaction price less any amounts settled and the cumulative amortisation (using the effective interest method) of any difference between the amount at initial recognition and the maturity amount. The effective interest rate is the rate that discounts estimated future cash payments to the carrying amount of the financial liability.

Derecognition of financial assets and liabilities:
A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some (but not substantially all) risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires.


WPA CONSTRUCTION GROUP LTD (REGISTERED NUMBER: SC634505)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

3. 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Employee benefits
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

Provisions
Provisions are recognised when the group has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefit swill be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 6,997,037 6,557,481
Social security costs 792,079 757,831
Other pension costs 343,174 293,236
8,132,290 7,608,548

WPA CONSTRUCTION GROUP LTD (REGISTERED NUMBER: SC634505)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Operatives 75 75
Directors and office staff 67 68
142 143

2024 2023
£    £   
Directors' remuneration 179,286 130,939
Directors' pension contributions to money purchase schemes 150,000 120,000

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

Money purchase schemes 3 3

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 2,279,455 2,285,630
Other operating leases 183,496 205,785
Depreciation - owned assets 81,950 93,820
Depreciation - assets on hire purchase contracts 157,023 50,707
Loss on disposal of fixed assets 18,358 21,389
Goodwill amortisation 63,280 63,280
Patents and licences amortisation - 3,000
Auditors' remuneration 8,400 8,000
Taxation compliance services 1,020 1,840

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 5,057 -
Hire purchase 29,566 4,448
Invoice discounting charges 224,761 117,700
259,384 122,148

WPA CONSTRUCTION GROUP LTD (REGISTERED NUMBER: SC634505)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 800,288 507,277
Prior year overprovision (298,341 ) -
Total current tax 501,947 507,277

Deferred tax 111,100 57,808
Tax on profit 613,047 565,085

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

2024 2023
£    £   
Profit before tax 3,414,039 2,683,928
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

853,510

509,946

Effects of:
Expenses not deductible for tax purposes 56,594 33,045
Adjustments to tax charge in respect of previous periods (298,341 ) -
Depreciation on assets not qualifying for capital allowances 1,284 199
Tax charged at difference rates - 21,895
Total tax charge 613,047 565,085

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.


9. DIVIDENDS
2024 2023
£    £   
A Ordinary shares of £1 each
Interim 533,000 408,000
B Ordinary shares of £1 each
Interim 533,000 408,000
C Ordinary shares of £1 each
Interim 533,000 408,000
1,599,000 1,224,000

WPA CONSTRUCTION GROUP LTD (REGISTERED NUMBER: SC634505)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

10. INTANGIBLE FIXED ASSETS

Group
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 April 2023 253,119 30,000 283,119
Disposals - (30,000 ) (30,000 )
At 31 March 2024 253,119 - 253,119
AMORTISATION
At 1 April 2023 147,653 30,000 177,653
Amortisation for year 63,280 - 63,280
Eliminated on disposal - (30,000 ) (30,000 )
At 31 March 2024 210,933 - 210,933
NET BOOK VALUE
At 31 March 2024 42,186 - 42,186
At 31 March 2023 105,466 - 105,466

11. TANGIBLE FIXED ASSETS

Group
Freehold Equipment Motor Computer
property & tools vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 105,000 195,213 806,604 165,915 1,272,732
Additions 566,200 - 831,940 - 1,398,140
Disposals - - (191,638 ) - (191,638 )
At 31 March 2024 671,200 195,213 1,446,906 165,915 2,479,234
DEPRECIATION
At 1 April 2023 10,500 46,860 395,392 103,025 555,777
Charge for year 5,139 14,835 203,276 15,723 238,973
Eliminated on disposal - - (152,794 ) - (152,794 )
At 31 March 2024 15,639 61,695 445,874 118,748 641,956
NET BOOK VALUE
At 31 March 2024 655,561 133,518 1,001,032 47,167 1,837,278
At 31 March 2023 94,500 148,353 411,212 62,890 716,955

Included in cost of land and buildings is freehold land of £26,250 (2023 - £26,250) which is not depreciated.

WPA CONSTRUCTION GROUP LTD (REGISTERED NUMBER: SC634505)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

11. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023 303,506
Additions 706,070
Transfer to ownership (15,999 )
At 31 March 2024 993,577
DEPRECIATION
At 1 April 2023 66,251
Charge for year 157,023
Transfer to ownership (10,646 )
At 31 March 2024 212,628
NET BOOK VALUE
At 31 March 2024 780,949
At 31 March 2023 237,255

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertaking
£   
COST
At 1 April 2023
and 31 March 2024 1,457,500
NET BOOK VALUE
At 31 March 2024 1,457,500
At 31 March 2023 1,457,500

WPA CONSTRUCTION GROUP LTD (REGISTERED NUMBER: SC634505)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

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

WPA Contracting Services Ltd
Registered office: Advisor House, West Avenue, Blantyre Industrial Estate, Blantyre, G72 0UZ
Nature of business: Dormant intermediate holding company
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1,380,225 1,380,225
Profit for the year 2,199,000 1,824,000

Weatherproofing Company Ltd
Registered office: Advisor House, West Avenue, Blantyre Industrial Estate, Blantyre, G72 0UZ
Nature of business: Dormant intermediate holding company
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 87,669 88,719
Profit for the year 2,197,950 1,819,950

Weatherproofing Advisors Ltd
Registered office: Advisor House, West Avenue, Blantyre Industrial Estate, Blantyre, G72 0UZ
Nature of business: Provision of weatherproofing services
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 3,728,255 3,061,933
Profit for the year 2,865,322 2,186,173


13. STOCKS

Group
2024 2023
£    £   
Raw materials 24,199 19,333

WPA CONSTRUCTION GROUP LTD (REGISTERED NUMBER: SC634505)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 4,951,137 6,018,708 - -
Amounts owed by group undertakings - - 651,800 316,800
Other debtors 16,485 38,015 265 265
Prepayments & accrued income 70,512 45,022 - -
5,038,134 6,101,745 652,065 317,065

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Loan notes (see note 17) 176,800 265,000 176,800 265,000
Bank loans and overdrafts (see note 17) 35,000 - - -
Hire purchase contracts (see note 18) 200,411 90,298 - -
Trade creditors 3,441,134 2,141,737 - -
Tax 102,489 269,777 - -
Social security and other taxes 446,574 341,782 - -
VAT 268,582 502,853 - -
Other creditors 151,199 693,156 - -
Accruals & deferred income 1,653,593 1,618,768 - -
6,475,782 5,923,371 176,800 265,000

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Loan notes (see note 17) - 176,800 - 176,800
Bank loans (see note 17) 303,333 - - -
Hire purchase contracts (see note 18) 476,565 113,467 - -
779,898 290,267 - 176,800

WPA CONSTRUCTION GROUP LTD (REGISTERED NUMBER: SC634505)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Loan notes 176,800 265,000 176,800 265,000
Bank loans 35,000 - - -
211,800 265,000 176,800 265,000
Amounts falling due between one and two years:
Loan notes - 176,800 - 176,800
Bank loans 35,000 - - -
35,000 176,800 - 176,800
Amounts falling due between two and five years:
Bank loans 105,000 - - -
Amounts falling due in more than five years:
Repayable by instalments
Bank loans 163,333 - - -

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Gross obligations repayable:
Within one year 253,257 98,476
Between one and five years 548,836 124,765
802,093 223,241

Finance charges repayable:
Within one year 52,846 8,178
Between one and five years 72,271 11,298
125,117 19,476

Net obligations repayable:
Within one year 200,411 90,298
Between one and five years 476,565 113,467
676,976 203,765

WPA CONSTRUCTION GROUP LTD (REGISTERED NUMBER: SC634505)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

18. LEASING AGREEMENTS - continued

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 189,191 263,272
Between one and five years 212,570 251,794
In more than five years 18,250 31,600
420,011 546,666

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank loans 338,333 -
Hire purchase contracts 676,976 203,765
1,015,309 203,765

Bank of Scotland Plc hold a fixed security over a property owned by Weatherproofing Advisors Ltd and a floating charge over the assets of that company.

Lloyds Bank Commercial Finance Ltd hold a security against specific trade debtor balances and a floating charge over the assets of Weatherproofing Advisors Ltd.

Hire purchase contracts are secured over the assets concerned.

20. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 262,105 151,005

Group
Deferred
tax
£   
Balance at 1 April 2023 151,005
Provided during year 111,100
Balance at 31 March 2024 262,105

WPA CONSTRUCTION GROUP LTD (REGISTERED NUMBER: SC634505)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
44,255 A Ordinary £1 44,255 44,255
44,225 B Ordinary £1 44,255 44,255
44,225 C Ordinary £1 44,255 44,255
132,765 132,765

All ordinary shares rank equally for voting purposes with each member having one vote per share. Dividends may be paid in respect of one or more class of share to the exclusion of the other classes or in respect of all classes of share. All ordinary shares rank equally for any distribution made on winding up.

22. RESERVES

Group
Retained
earnings
£   

At 1 April 2023 1,858,843
Profit for the year 2,800,992
Dividends (1,599,000 )
At 31 March 2024 3,060,835

Company
Retained
earnings
£   

At 1 April 2023 1,200,000
Profit for the year 2,199,000
Dividends (1,599,000 )
At 31 March 2024 1,800,000


23. RELATED PARTY DISCLOSURES

During the year, total dividends of £1,599,000 (2023 - £1,224,000) were paid to the directors .

The group rents premises, on normal commercial terms, from the pension funds of various directors. The rent paid during the year was £17,535 (2023 - £15,800).

During the year, a total of key management personnel compensation of £ 492,250 (2023 - £ 150,290 ) was paid.

24. ULTIMATE CONTROLLING PARTY

The group has no ultimate controlling party.