REGISTERED NUMBER: 04199736 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
W.G. WIGGINTON GROUP LIMITED |
REGISTERED NUMBER: 04199736 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
W.G. WIGGINTON GROUP LIMITED |
W.G. WIGGINTON GROUP LIMITED (REGISTERED NUMBER: 04199736) |
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 | 3 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 8 |
Consolidated Other Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 16 |
W.G. WIGGINTON GROUP LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
3 Doolittle Yard |
Froghall Road |
Ampthill |
Bedfordshire |
MK45 2NW |
W.G. WIGGINTON GROUP LIMITED (REGISTERED NUMBER: 04199736) |
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 comprises of W G Wigginton Group Limited, W G Wigginton Limited and W G Wigginton properties Limited. W G Wigginton Limited is the main trading company in the group and was established in 1926. It is a specialist company that provides building, electrical, mechanical and fire safety solutions to public authorities, housing associations and the private sector. We have formed several long term partnering frameworks with clients enhancing our reputation as a leading provider of fire safety solutions within the social housing market sector. |
The directors consider the results at the end of the year and the group's financial position to have met expectations. These results reinforce our financial strength and put us in an excellent position to continue our successful future growth. The subsidiary company has a substantial order book for the coming year which is in line with our business growth projections. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Credit Risk |
The directors carry out stringent credit checks before entering into contract and credit limits are applied. These are monitored throughout the duration of the contract. |
Liquidity Risk |
The group had current bank balances of £19.79 million at the end of the financial year. The directors are confident that this is more than adequate to fund the ongoing day to day working capital of the group for the foreseeable future. |
Competition |
The group operates in a competitive marketplace. We aim to provide an excellent quality service, forming meaningful relationships, over the long term, with all our clients. Above all we create an environment of trust, embracing partnering and collaboration, thus enabling us to achieve success in everything we do. |
KEY PERFORMANCE INDICATORS |
The directors consider the key financial performance indicators to be those that communicate the financial performance and strength of the group as follows: |
2024 | 2023 |
£ | £ |
Turnover | 25,049,348 | 23,515,698 |
Gross profit | 4,769,877 | 7,386,113 |
Cash at bank and in hand | 19,791,094 | 18,793,075 |
ON BEHALF OF THE BOARD: |
W.G. WIGGINTON GROUP LIMITED (REGISTERED NUMBER: 04199736) |
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 ACTIVITIES |
The principal activities of the group in the year under review were those of electrical, mechanical and related specialist services and investments in stock markets. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 March 2024 will be £ 520,000 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
POLITICAL DONATIONS AND EXPENDITURE |
The company made no political donations during the current or previous year. |
DISCLOSURE IN THE STRATEGIC REPORT |
The Directors have chosen to include details of future developments and principal risks and uncertainties in the Strategic Report. |
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. |
W.G. WIGGINTON GROUP LIMITED (REGISTERED NUMBER: 04199736) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
W.G. WIGGINTON GROUP LIMITED |
Opinion |
We have audited the financial statements of W.G. Wigginton Group Limited (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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
W.G. WIGGINTON 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. |
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: |
Owing to the inherent limitations of an audit, there is unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). The more removed the laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment, forgery, collusion, omission or misrepresentation. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
W.G. WIGGINTON GROUP LIMITED |
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: |
- | A part of the audit planning process was to look at each area of the financial statements and ascertain the level of risk for each applicable audit assertion. Where an increased risk was identified, specific audit work was designed to ensure those risks were at the forefront of the audit work carried out. |
- | During the audit planning process, important laws and regulations applying to the company were identified by making enquiries of management in addition to our own checks of the laws and regulations applying to a business of this nature. |
- | The engagement partner assessed the experience and abilities of the engagement team to ensure they were collectively competent to identify irregularities. |
- | All risks identified at the planning stage and the related audit work were reviewed and results considered to confirm that no irregularities had been identified. |
- | Our audit process included testing journal entries due to an inherent risk of management override of controls. |
- | Our audit has included a review of the disclosures in the financial statements and comparison of those disclosures with the results of our audit work to identify any disparities. |
- | Analytical review of the financial statements has been undertaken at both the planning and completion stages of the audit to identify risks of irregularities and the results of the audit work carried out on those areas of risks. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditor |
3 Doolittle Yard |
Froghall Road |
Ampthill |
Bedfordshire |
MK45 2NW |
W.G. WIGGINTON GROUP LIMITED (REGISTERED NUMBER: 04199736) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
TURNOVER | 25,049,348 | 23,515,698 |
Cost of sales | 20,279,471 | 16,129,585 |
GROSS PROFIT | 4,769,877 | 7,386,113 |
Administrative expenses | 1,122,149 | 1,106,989 |
3,647,728 | 6,279,124 |
Other operating income | (98,685 | ) | (71,507 | ) |
OPERATING PROFIT | 4 | 3,549,043 | 6,207,617 |
Income from fixed asset investments | 127,575 | 102,793 |
Interest receivable and similar income | 885,089 | 169,957 |
1,012,664 | 272,750 |
4,561,707 | 6,480,367 |
Gain/loss on revaluation of assets | 396,516 | (363,037 | ) |
4,958,223 | 6,117,330 |
Interest payable and similar expenses | 5 | 7,053 | - |
PROFIT BEFORE TAXATION | 4,951,170 | 6,117,330 |
Tax on profit | 6 | 1,156,180 | 1,269,284 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 3,794,990 | 4,848,046 |
W.G. WIGGINTON GROUP LIMITED (REGISTERED NUMBER: 04199736) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 3,794,990 | 4,848,046 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
3,794,990 |
4,848,046 |
Total comprehensive income attributable to: |
Owners of the parent | 3,794,990 | 4,848,046 |
W.G. WIGGINTON GROUP LIMITED (REGISTERED NUMBER: 04199736) |
CONSOLIDATED BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 | 30,697 | 16,024 |
Investments | 10 | 4,867,148 | 4,499,934 |
Investment property | 11 | 2,261,961 | 2,261,961 |
7,159,806 | 6,777,919 |
CURRENT ASSETS |
Stocks | 12 | 48,000 | 331,719 |
Debtors | 13 | 6,347,466 | 8,045,785 |
Cash at bank and in hand | 14 | 19,791,093 | 18,793,075 |
26,186,559 | 27,170,579 |
CREDITORS |
Amounts falling due within one year | 15 | 7,111,590 | 10,988,713 |
NET CURRENT ASSETS | 19,074,969 | 16,181,866 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
26,234,775 |
22,959,785 |
PROVISIONS FOR LIABILITIES | 17 | 62,500 | 62,500 |
NET ASSETS | 26,172,275 | 22,897,285 |
CAPITAL AND RESERVES |
Called up share capital | 18 | 783 | 783 |
Capital redemption reserve | 319 | 319 |
Retained earnings | 26,171,173 | 22,896,183 |
SHAREHOLDERS' FUNDS | 26,172,275 | 22,897,285 |
The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2024 and were signed on its behalf by: |
P P P Keyland - Director |
W.G. WIGGINTON GROUP LIMITED (REGISTERED NUMBER: 04199736) |
COMPANY BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investments | 10 |
Investment property | 11 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank | 14 |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 2,904,560 | 3,840,389 |
The financial statements were approved by the Board of Directors and authorised for issue on |
W.G. WIGGINTON GROUP LIMITED (REGISTERED NUMBER: 04199736) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up | Capital |
share | Retained | redemption | Other | Total |
capital | earnings | reserve | reserves | equity |
£ | £ | £ | £ | £ |
Balance at 1 April 2022 | 783 | 18,296,128 | 319 | 152,009 | 18,449,239 |
Changes in equity |
Dividends | - | (400,000 | ) | - | - | (400,000 | ) |
Total comprehensive income | - | 5,000,055 | - | (152,009 | ) | 4,848,046 |
Balance at 31 March 2023 | 783 | 22,896,183 | 319 | - | 22,897,285 |
Changes in equity |
Dividends | - | (520,000 | ) | - | - | (520,000 | ) |
Total comprehensive income | - | 3,794,990 | - | - | 3,794,990 |
Balance at 31 March 2024 | 783 | 26,171,173 | 319 | - | 26,172,275 |
W.G. WIGGINTON GROUP LIMITED (REGISTERED NUMBER: 04199736) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up |
share | Retained | Other | Total |
capital | earnings | reserves | equity |
£ | £ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | ( |
) |
Balance at 31 March 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2024 |
W.G. WIGGINTON GROUP LIMITED (REGISTERED NUMBER: 04199736) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,772,612 | 8,379,561 |
Interest paid | (7,053 | ) | - |
Tax paid | (1,206,680 | ) | (1,117,758 | ) |
Net cash from operating activities | 558,879 | 7,261,803 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (24,049 | ) | (3,318 | ) |
Purchase of fixed asset investments | (1,325,070 | ) | (1,137,371 | ) |
Sale of fixed asset investments | 1,255,687 | 990,175 |
Interest received | 885,089 | 169,957 |
Dividends received | 127,575 | 102,793 |
Net cash from investing activities | 919,232 | 122,236 |
Cash flows from financing activities |
Amount introduced by directors | 39,907 | - |
Amount withdrawn by directors | - | (1,534 | ) |
Equity dividends paid | (520,000 | ) | (400,000 | ) |
Net cash from financing activities | (480,093 | ) | (401,534 | ) |
Increase in cash and cash equivalents | 998,018 | 6,982,505 |
Cash and cash equivalents at beginning of year |
2 |
18,793,075 |
11,810,570 |
Cash and cash equivalents at end of year |
2 |
19,791,093 |
18,793,075 |
W.G. WIGGINTON GROUP LIMITED (REGISTERED NUMBER: 04199736) |
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 | 4,951,170 | 6,117,330 |
Depreciation charges | 7,873 | 13,939 |
Loss on disposal of fixed assets | 100,188 | 71,507 |
(Gain)/loss on revaluation of fixed assets | (396,516 | ) | 363,037 |
Finance costs | 7,053 | - |
Finance income | (1,012,664 | ) | (272,750 | ) |
3,657,104 | 6,293,063 |
Decrease/(increase) in stocks | 283,719 | (331,719 | ) |
Decrease/(increase) in trade and other debtors | 1,698,319 | (3,754,340 | ) |
(Decrease)/increase in trade and other creditors | (3,866,530 | ) | 6,172,557 |
Cash generated from operations | 1,772,612 | 8,379,561 |
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 | 19,791,093 | 18,793,075 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 18,793,075 | 11,810,570 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 18,793,075 | 998,018 | 19,791,093 |
Less: Deposits treated as |
liquid resources | - | (4,000,000 | ) | (4,000,000 | ) |
18,793,075 | (3,001,982 | ) | 15,791,093 |
Liquid resources |
Deposits included in cash | - | 4,000,000 | 4,000,000 |
- | 4,000,000 | 4,000,000 |
Total | 18,793,075 | 998,018 | 19,791,093 |
W.G. WIGGINTON GROUP LIMITED (REGISTERED NUMBER: 04199736) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
W.G. Wigginton Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated financial statements incorporate the audited financial statements of its subsidiaries, W G Wigginton Limited and W G Wigginton Properties Limited. |
Advantage has been taken of section 408 of the Companies Act 2006 not to include the company's individual profit and loss account. |
Subsidiaries |
A subsidiary is an entity in which the Group and the Company have power to control the financial and operating policies so as to obtain benefits from its activities. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group has such power over the other entity. |
An investment in a subsidiary, which is eliminated on consolidation, is stated in the Company's separate financial statements at cost less impairment losses, if any. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Critical accounting judgements and key sources of estimation uncertainty |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
The directors do not consider there to be any critical accounting judgements. |
Key sources of estimation uncertainty |
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated and useful economic lives and residual values of the assets. The useful economic lives and residual vales are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. The remaining useful economic life of the asset is considered a key source of estimation uncertainty. |
The market value of investment properties are determined annually based on information provided by independent professional valuers and publicly available market rate movements. There is an inevitable degree of judgement involved in that each property is unique and value can only ultimately be reliably tested in the market itself. |
W.G. WIGGINTON GROUP LIMITED (REGISTERED NUMBER: 04199736) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Applications for payment on contracts are made by staff using their wealth of experience and known state of completion against contract value of individual projects alongside any issues. This forms the basis of the application calculation. Inevitably there is the possibility that the customer may have calculated a different value for the application. Approval by the client is ultimately the check on the application value |
Accrued costs on part completed contracts at the balance sheet date are calculated by management with appropriate knowledge of the projects and comparison of the job progress against agreed quote and financial information received to date with reference to stage of completion. |
Turnover |
Turnover represents net invoiced sales of services and rents charged, excluding value added tax. |
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably. |
Tangible fixed assets |
Plant and equipment | - |
Motor vehicles | - |
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 are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
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. |
W.G. WIGGINTON GROUP LIMITED (REGISTERED NUMBER: 04199736) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Investments |
Investments in listed company shares, which have been classified as current asset investments, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period. |
Investments in subsidiaries, which have been classified as current asset investments, are held at cost. |
Dividend income is recognised when the right to receive payment is established. |
Operating leases |
Rentals payable under operating leases are charged to the income statement on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 1,980,034 | 1,764,993 |
Social security costs | 238,306 | 208,624 |
Other pension costs | 90,607 | 242,436 |
2,308,947 | 2,216,053 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Production | 21 | 20 |
Administration | 5 | 4 |
Directors | 2 | 2 |
W.G. WIGGINTON GROUP LIMITED (REGISTERED NUMBER: 04199736) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | EMPLOYEES AND DIRECTORS - continued |
2024 | 2023 |
£ | £ |
Directors' remuneration | 96,640 | 99,539 |
Directors' pension contributions to money purchase schemes | 60,000 | 38,873 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 1 | 1 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Other operating leases | 642 | - |
Depreciation - owned assets | 7,873 | 13,939 |
Loss on disposal of fixed assets | 100,188 | 71,507 |
Auditors' remuneration | 13,600 | 12,800 |
Operating lease expenses | 51,000 | 51,000 |
Operating lease income | (57,500 | ) | (37,985 | ) |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Corporation tax interest | 7,053 | - |
6. | 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 | 1,143,268 | 1,242,441 |
Adjustment re prior years | 12,912 | - |
Total current tax | 1,156,180 | 1,242,441 |
Deferred tax | - | 26,843 |
Tax on profit | 1,156,180 | 1,269,284 |
W.G. WIGGINTON GROUP LIMITED (REGISTERED NUMBER: 04199736) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
6. | TAXATION - continued |
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 | 4,951,170 | 6,117,330 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
1,237,793 |
1,162,293 |
Effects of: |
Expenses not deductible for tax purposes | 44,964 | 26,503 |
Income not taxable for tax purposes | (135,198 | ) | (67,031 | ) |
Capital allowances in excess of depreciation | (4,258 | ) | - |
Depreciation in excess of capital allowances | - | 1,630 |
Adjustments to tax charge in respect of previous periods | 12,912 | - |
Deferred tax on revaluation of listed investments | - | 26,843 |
Tax losses not utilised | - | 119,046 |
Marginal relief | (33 | ) | - |
Total tax charge | 1,156,180 | 1,269,284 |
In the Spring budget 2021, the UK government announced that from 1 April 2023 the corporation tax rate would increase to 25% (rather than remaining at 19%, as previously enacted). This new law was substantively enacted and confirmed in the November 2022 Autumn statement. |
7. | 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. |
8. | DIVIDENDS |
2024 | 2023 |
£ | £ |
A Ordinary shares of 10p each |
Interim | 474,500 | 365,000 |
B Ordinary shares of 10p each |
Interim | 45,500 | 35,000 |
520,000 | 400,000 |
W.G. WIGGINTON GROUP LIMITED (REGISTERED NUMBER: 04199736) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
9. | TANGIBLE FIXED ASSETS |
Group |
Plant and | Motor |
equipment | vehicles | Totals |
£ | £ | £ |
COST |
At 1 April 2023 | 170,050 | 64,756 | 234,806 |
Additions | 24,049 | - | 24,049 |
Disposals | (63,303 | ) | - | (63,303 | ) |
At 31 March 2024 | 130,796 | 64,756 | 195,552 |
DEPRECIATION |
At 1 April 2023 | 154,026 | 64,756 | 218,782 |
Charge for year | 7,873 | - | 7,873 |
Eliminated on disposal | (61,800 | ) | - | (61,800 | ) |
At 31 March 2024 | 100,099 | 64,756 | 164,855 |
NET BOOK VALUE |
At 31 March 2024 | 30,697 | - | 30,697 |
At 31 March 2023 | 16,024 | - | 16,024 |
10. | FIXED ASSET INVESTMENTS |
Group |
Listed |
investments |
£ |
COST |
At 1 April 2023 | 4,499,934 |
Additions | 1,325,070 |
Disposals | (1,354,372 | ) |
Revaluations | 396,516 |
At 31 March 2024 | 4,867,148 |
NET BOOK VALUE |
At 31 March 2024 | 4,867,148 |
At 31 March 2023 | 4,499,934 |
W.G. WIGGINTON GROUP LIMITED (REGISTERED NUMBER: 04199736) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
10. | FIXED ASSET INVESTMENTS - continued |
Company |
Listed | Unlisted |
investments | investments | Totals |
£ | £ | £ |
COST |
At 1 April 2023 | 4,500,617 |
Additions | 1,325,070 |
Disposals | ( |
) | (1,354,372 | ) |
Revaluations | 396,516 |
At 31 March 2024 | 4,867,831 |
NET BOOK VALUE |
At 31 March 2024 | 4,867,831 |
At 31 March 2023 | 4,500,617 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Wigginton House, 1-4 Rockware Avenue, Greenford, Middlesex, UB6 0AA |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: Wigginton House, 1-4 Rockware Avenue, Greenford, Middlesex, UB6 0AA |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Unlisted investments are held at cost and comprise of the equity shares in the subsidiaries. |
W.G. WIGGINTON GROUP LIMITED (REGISTERED NUMBER: 04199736) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
11. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
and 31 March 2024 | 2,261,961 |
NET BOOK VALUE |
At 31 March 2024 | 2,261,961 |
At 31 March 2023 | 2,261,961 |
The directors have valued the investment property at 31 March 2024 based on their knowledge and understanding of the property market. They do not have any recognised professional qualifications in this field. |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2023 | 250,000 |
Cost | 2,011,961 |
2,261,961 |
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. |
12. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 48,000 | 331,719 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 4,798,449 | 7,566,714 |
Amounts owed by group undertakings | - | - |
Amounts recoverable on contract | 1,409,104 | 454,257 |
Other debtors | 886 | 1,661 |
Accrued income | 110,254 | - |
Prepayments | 28,773 | 23,153 |
6,347,466 | 8,045,785 |
14. | CASH AT BANK AND IN HAND |
Cash at bank includes £4 million held in a fixed treasury account. These fund are not available to the group until maturity on 21 October 2024. |
W.G. WIGGINTON GROUP LIMITED (REGISTERED NUMBER: 04199736) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade creditors | 2,064,785 | 4,045,005 |
Tax | 808,029 | 858,529 |
Social security and other taxes | 74,406 | 67,475 |
VAT | 630,029 | 1,438,734 | - | - |
Other creditors | 22,929 | 24,562 |
Directors' current accounts | 46,472 | 6,565 | 3,242 | 3,242 |
Accruals and deferred income | 3,464,940 | 4,547,843 |
7,111,590 | 10,988,713 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable | operating leases |
2024 | 2023 |
£ | £ |
Within one year | 51,000 | 51,000 |
Between one and five years | 204,000 | 204,000 |
In more than five years | 76,500 | 127,500 |
331,500 | 382,500 |
17. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax |
Other timing differences | 62,500 | 62,500 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2023 | 62,500 |
Balance at 31 March 2024 | 62,500 |
None of the deferred tax liability is expected to reverse next year. This relates to the timing differences on the revaluation of the investment properties. |
W.G. WIGGINTON GROUP LIMITED (REGISTERED NUMBER: 04199736) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 10p | 683 | 683 |
A Ordinary | 10p | 50 | 50 |
B Ordinary | 10p | 50 | 50 |
783 | 783 |
The Ordinary shares have attached to them full voting, dividend and capital distribution rights. |
The A and B Ordinary shares have the following rights: |
No voting rights are attached except in the case where the special rights are varied (in such a case each share will carry one vote). |
The shares will rank equally with existing ordinary shares to a return of capital on a winding up. |
No rights are attached to a share in the surplus assets of the company after a repayment of capital. |
19. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is P P P Keyland. |
20. | OPERATING LEASE INCOME |
Minimum lease income receivable is as follows: |
Group |
Non-cancellable operating leases |
2024 | 2023 |
£ | £ |
Within one year | 6,600 | 37,985 |
Between one and five years | - | 4,140 |
In more than five years | - | - |
6,600 | 42,125 |