REGISTERED NUMBER: 07194850 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
for |
Wheeler's (Westbury) Holdings Limited |
REGISTERED NUMBER: 07194850 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
for |
Wheeler's (Westbury) Holdings Limited |
Wheeler's (Westbury) Holdings Limited (Registered number: 07194850) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Statement of 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 |
Wheeler's (Westbury) Holdings Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditor |
The Old Post Office |
41-43 Market Place |
Chippenham |
Wiltshire |
SN15 3HR |
Wheeler's (Westbury) Holdings Limited (Registered number: 07194850) |
Group Strategic Report |
for the Year Ended 31 December 2023 |
The directors present their strategic report of the company and the group for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
Our objective is to maintain our breadth of activity and grow the individual segments. |
Overall the group's result was a net profit before tax of £183,815 (2022: £113,411) and the net liabilities at the year-end was £167,329 (2022: £156,981). Trading conditions have remained challenging in a competitive market and with inflationary pressures. |
We enter 2024 with a strong orderbook which means that we have confidence in the financial prospects and an improving performance for the business in the coming year. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The group is subject to a number of risks including market competition, availability of qualified labour and the sourcing of products. Risks are reviewed on an ongoing basis to ensure that adverse effects are minimised including an apprentice training programme. |
The group's operation exposes it to a variety of financial risks that include the effects of credit risk, liquidity risk and interest rate risk. The directors seek to limit the impact on the financial performance of the group by monitoring levels of exposure to financial risks. |
There is some uncertainty following the election of the new Labour government. Future taxation policy could potentially impact client investment decisions, both scale and timing, which will have some repercussions on the volume of future work. Conversely the aim to grow the economy could have a positive impact. Employment law changes are likely to have some negative impact on our cost structure. We make no comment on the desirability of such policies but it does create some degree of uncertainty. |
BUSINESS IMPROVEMENT PROGRAMME |
The group remains engaged in a business improvement programme, including greater utilisation of digital solutions, to ensure we exit this period in a competitive position. |
EMPLOYEE OWNED TRUST |
In June 2022 an employee-owned trust was established, Wheelers Trustees Limited, as a vehicle to own the Wheelers Group shares on behalf of the employees. The directors believe that this change will secure the future of the business, secure the independent ownership of the business, and give the business and employees control over their own future. |
TRADING CONDITIONS |
- Inflationary Pressures - We are seeing upward pressure on supplier prices driven by macro-economic factors, including the war in Ukraine. We continue to work with our key suppliers and sub-contractors to minimise the impact on both the company and our customers. |
- Labour Shortages - The supply of trade and technical skills remains a factor in the industry. We are continuing with our apprenticeship programme and endeavour to ensure we remain an employer of choice in the region. |
Wheeler's (Westbury) Holdings Limited (Registered number: 07194850) |
Group Strategic Report |
for the Year Ended 31 December 2023 |
KEY PERFORMANCE INDICATORS |
The group's key financial performance indicators during the year were as follows: |
2023 | 2022 | 2021 |
Turnover | £13,571,627 | £12,787,811 | £13,060,399 |
Gross profit | £4,021,749 | £3,807,871 | £3,393,717 |
Gross profit margin | 30% | 30% | 26% |
Profit before tax | £183,815 | £113,411 | £182,844 |
Net assets/(liabilities) | (£167,329) | (£156,981) | £1,530,432 |
The group's directors are of the opinion that, given the straightforward nature of the business, analysis using these KPI's give a good understanding of the development, performance and position of the business. However, the directors review monthly management accounts and also the performance on both on-going and completed contracts. |
ON BEHALF OF THE BOARD: |
Wheeler's (Westbury) Holdings Limited (Registered number: 07194850) |
Report of the Directors |
for the Year Ended 31 December 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of the provision of electrical, plumbing and heating and fire and security services to the commercial, public and private sectors. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
FINANCIAL INSTRUMENTS |
Financial risk management |
The group has established a risk and financial management framework whose primary objectives are to protect the group from events that hinder the achievement of the group's performance objectives. |
The objectives aim to limit undue counterparty exposure, ensure sufficient working capital exists and monitor the management of risk at a business unit level. |
Liquidity risk |
The group actively monitors its debt finance to ensure sufficient funds are available for its operations. Asset acquisitions are financed in order to spread the debt over the asset's economic life. |
Interest rate risk |
The group has interest bearing assets and interest bearing liabilities. For significant amounts the group fixes interest rates to increase certainty over future interest flows. |
Credit risk |
The group has implemented policies that require appropriate credit checks on potential customers before sales are made. Measures are put in place to reduce the finance given to companies with below average credit ratings and customer payment performance is continually monitored. |
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. |
Wheeler's (Westbury) Holdings Limited (Registered number: 07194850) |
Report of the Directors |
for the Year Ended 31 December 2023 |
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, Mander Duffill, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Wheeler's (Westbury) Holdings Limited |
Opinion |
We have audited the financial statements of Wheeler's (Westbury) Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Statement of 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 December 2023 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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 |
Wheeler's (Westbury) Holdings Limited |
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. |
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: |
In planning and designing our audit tests, we identify and assess the risks of material mis-statements, whether due to fraud or error. Our risk assessment procedures included: |
- Enquiries of management about the entities policies and procedures on compliance with laws and regulations and whether they were aware of any instances of noncompliance together with the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations. |
- Enquiries of management about the entities policies and procedures on fraud risks, including any actual, suspected or alleged fraud. |
- Considered the nature of the industry and sector, control environment and business performance including the key drivers for directors' remuneration, bonus levels and performance targets. |
- Reading minutes of meetings of those charged with governance. |
We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
Report of the Independent Auditors to the Members of |
Wheeler's (Westbury) Holdings Limited |
We obtained an understanding of the legal and regulatory frameworks that the entity operates in, through discussions with the director, and from our commercial knowledge and experience of the sector in which the company operates, to enable us to identify the key laws and regulations applicable to the company. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statement or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. |
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls including the following: |
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. |
- Enquiry of management concerning actual and potential litigation and claims. |
- Reviewing correspondence with HMRC, and the company's legal advisors. |
- Addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether judgements made in making accounting estimates are indicative of a potential bias, and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. |
In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations. |
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 |
Chartered Accountants & Statutory Auditor |
The Old Post Office |
41-43 Market Place |
Chippenham |
Wiltshire |
SN15 3HR |
Wheeler's (Westbury) Holdings Limited (Registered number: 07194850) |
Consolidated |
Statement of Comprehensive |
Income |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
TURNOVER | 3 | 13,571,627 | 12,787,811 |
Cost of sales | 9,549,878 | 8,979,940 |
GROSS PROFIT | 4,021,749 | 3,807,871 |
Administrative expenses | 3,807,721 | 3,668,765 |
OPERATING PROFIT | 6 | 214,028 | 139,106 |
Interest receivable and similar income | 8 | 2,743 | 1,015 |
216,771 | 140,121 |
Interest payable and similar expenses | 9 | 32,956 | 26,710 |
PROFIT BEFORE TAXATION | 183,815 | 113,411 |
Tax on profit | 10 | 78,056 | 55,483 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
105,759 |
57,928 |
Profit attributable to: |
Owners of the parent | 105,759 | 57,928 |
Total comprehensive income attributable to: |
Owners of the parent | 105,759 | 57,928 |
Wheeler's (Westbury) Holdings Limited (Registered number: 07194850) |
Consolidated Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 12 | 292,053 | 438,081 |
Tangible assets | 13 | 708,269 | 628,791 |
Investments | 14 | - | - |
1,000,322 | 1,066,872 |
CURRENT ASSETS |
Stocks | 15 | 525,730 | 225,703 |
Debtors | 16 | 2,606,718 | 2,172,306 |
Cash at bank and in hand | 381,287 | 280,837 |
3,513,735 | 2,678,846 |
CREDITORS |
Amounts falling due within one year | 17 | 4,200,264 | 3,369,909 |
NET CURRENT LIABILITIES | (686,529 | ) | (691,063 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
313,793 |
375,809 |
CREDITORS |
Amounts falling due after more than one year |
18 |
(369,761 |
) |
(429,692 |
) |
PROVISIONS FOR LIABILITIES | 22 | (111,361 | ) | (103,098 | ) |
NET LIABILITIES | (167,329 | ) | (156,981 | ) |
CAPITAL AND RESERVES |
Called up share capital | 23 | 33,001 | 35,177 |
Share premium | 24 | 304,960 | 304,960 |
Capital redemption reserve | 24 | 100,000 | 97,824 |
Retained earnings | 24 | (605,290 | ) | (594,942 | ) |
SHAREHOLDERS' FUNDS | (167,329 | ) | (156,981 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2024 and were signed on its behalf by: |
K Borgeat - Director |
Wheeler's (Westbury) Holdings Limited (Registered number: 07194850) |
Company Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 12 |
Tangible assets | 13 |
Investments | 14 |
CURRENT ASSETS |
Debtors | 16 |
CREDITORS |
Amounts falling due within one year | 17 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 23 |
Share premium | 24 | 304,960 | 304,960 |
Capital redemption reserve | 24 |
Retained earnings | 24 |
SHAREHOLDERS' FUNDS |
Company's loss for the financial year | - | (16,500 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on |
Wheeler's (Westbury) Holdings Limited (Registered number: 07194850) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 December 2023 |
Called up | Capital |
share | Retained | Share | redemption | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 January 2022 | 38,710 | 1,070,465 | 295,000 | 91,290 | 1,495,465 |
Changes in equity |
Reduction in share capital | (3,533 | ) | - | - | - | (3,533 | ) |
Total comprehensive income | - | 57,928 | - | - | 57,928 |
EOT contribution | - | (1,560,000 | ) | - | - | (1,560,000 | ) |
Purchase of own shares | - | (163,335 | ) | - | 6,534 | (156,801 | ) |
Balance at 31 December 2022 | 35,177 | (594,942 | ) | 295,000 | 97,824 | (166,941 | ) |
Changes in equity |
Reduction in share capital | (2,176 | ) | - | - | - | (2,176 | ) |
Total comprehensive income | - | 105,759 | - | - | 105,759 |
EOT contribution | - | (61,667 | ) | - | - | (61,667 | ) |
Purchase of own shares | - | (54,440 | ) | - | 2,176 | (52,264 | ) |
Balance at 31 December 2023 | 33,001 | (605,290 | ) | 295,000 | 100,000 | (177,289 | ) |
Wheeler's (Westbury) Holdings Limited (Registered number: 07194850) |
Company Statement of Changes in Equity |
for the Year Ended 31 December 2023 |
Called up | Capital |
share | Retained | Share | redemption | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Reduction in share capital | (3,533 | ) | - | - | - | (3,533 | ) |
Total comprehensive income | - | ( |
) | - | ( |
) |
Purchase of own shares | - | (163,335 | ) | - | 6,534 | (156,801 | ) |
Balance at 31 December 2022 | 35,177 | 452,185 | 295,000 | 880,186 |
Changes in equity |
Reduction in share capital | (2,176 | ) | - | - | - | (2,176 | ) |
Purchase of own shares | - | (54,440 | ) | - | 2,176 | (52,264 | ) |
Balance at 31 December 2023 | 33,001 | 397,745 | 295,000 | 825,746 |
Wheeler's (Westbury) Holdings Limited (Registered number: 07194850) |
Consolidated Cash Flow Statement |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 570,975 | 509,720 |
Interest paid | (10,992 | ) | (11,354 | ) |
Interest element of hire purchase payments paid |
(21,964 |
) |
(15,356 |
) |
Tax paid | (35,043 | ) | (40,643 | ) |
Net cash from operating activities | 502,976 | 442,367 |
Cash flows from investing activities |
Purchase of tangible fixed assets | - | (51,479 | ) |
Sale of tangible fixed assets | 100,307 | 84,271 |
Interest received | 2,743 | 1,015 |
Net cash from investing activities | 103,050 | 33,807 |
Cash flows from financing activities |
Loan repayments in year | (90,000 | ) | (90,000 | ) |
Share issue | - | 12,961 |
Purchase of own shares | (54,440 | ) | (163,335 | ) |
Payment of finance leases obligations | (299,469 | ) | (221,802 | ) |
EOT contribution | (61,667 | ) | (1,560,000 | ) |
Net cash from financing activities | (505,576 | ) | (2,022,176 | ) |
Increase/(decrease) in cash and cash equivalents | 100,450 | (1,546,002 | ) |
Cash and cash equivalents at beginning of year |
2 |
280,837 |
1,826,839 |
Cash and cash equivalents at end of year |
2 |
381,287 |
280,837 |
Wheeler's (Westbury) Holdings Limited (Registered number: 07194850) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 December 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.12.23 | 31.12.22 |
£ | £ |
Profit before taxation | 183,815 | 113,411 |
Depreciation charges | 414,593 | 381,510 |
Profit on disposal of fixed assets | (46,694 | ) | (69,739 | ) |
Finance costs | 32,956 | 26,710 |
Finance income | (2,743 | ) | (1,015 | ) |
581,927 | 450,877 |
(Increase)/decrease in stocks | (300,027 | ) | 137,253 |
(Increase)/decrease in trade and other debtors | (434,412 | ) | 376,472 |
Increase/(decrease) in trade and other creditors | 723,487 | (454,882 | ) |
Cash generated from operations | 570,975 | 509,720 |
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 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 381,287 | 280,837 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 280,837 | 1,826,839 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
Other |
non-cash |
At 1.1.23 | Cash flow | changes | At 31.12.23 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 280,837 | 100,450 | 381,287 |
280,837 | 100,450 | 381,287 |
Debt |
Finance leases | (382,315 | ) | 299,469 | - | (484,503 | ) |
Debts falling due |
within 1 year | (90,000 | ) | - | - | (90,000 | ) |
Debts falling due |
after 1 year | (232,500 | ) | 90,000 | - | (142,500 | ) |
(704,815 | ) | 389,469 | - | (717,003 | ) |
Total | (423,978 | ) | 489,919 | - | (335,716 | ) |
Wheeler's (Westbury) Holdings Limited (Registered number: 07194850) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Wheeler's (Westbury) Holdings Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
In the parent company financial statements, 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 costs directly attributable to the business combination. 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. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment. |
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill. |
The consolidated group financial statements consist of the financial statements of the financial statements of the parent company Wheelers (Westbury) Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group's share of its interest in joint ventures and associates. |
All financial statements are made upto 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group. |
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. unrealised losses are also eliminated unless the transaction provides evidence of impairment of the asset transferred. |
All subsidiaries have been included in the group financial statements using the purchase method of accounting. Accordingly, the group profit and loss account and statement of cash flows include the results and cashflows of all entities for the year. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition. |
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. |
Wheeler's (Westbury) Holdings Limited (Registered number: 07194850) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. 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 where the revision only affects that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Critical judgements |
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. |
Doubtful debts |
The directors have reviewed all significant debts on a case by case basis and have written off doubtful debts based upon their knowledge of both the specific customer and the current economic conditions within the industry. |
Long term contracts |
The group has a number of long-term and complex projects which requires the group to exercise judgement over contractual entitlements. The range of potential outcomes in future financial periods could result in a material positive or negative movement to underlying profitability and cash flow. Estimates are made and revalued at each reporting date as to the quantum and timing of liabilities arising from contracts in progress and completed contracts. |
Key sources of estimation uncertainty |
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows: |
Estimated useful lives |
In determining the estimated useful life, the group considers the expected usage (capacity or physical output) of the asset, expected physical wear and tear of the asset and expected technical advancements in the industry that could lead to obsolescence of the asset. Each year the group reviews the above to establish if there is any change in expected useful life of tangible assets. |
Calculation of residual values of tangible assets |
Estimated residual value of tangible assets is reviewed annually with consideration given to any changes in the market prices and improvements in technology that would alter demand for such tangible assets. |
Wheeler's (Westbury) Holdings Limited (Registered number: 07194850) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover represents the value, net of Value Added Tax, of services provided to customers outside the company and, in the case of long term contracts, credit is taken appropriate to the stage of completion when the outcome of the contract can be assessed with reasonable certainty. Turnover is wholly attributable to the company and occurs wholly within the United Kingdom. |
Where turnover is determined by reference to performance criteria which are achieved over a period of time, it is only recognised once it is probable that the performance criteria will be met. Where turnover is contingent on a future event which cannot be determined, no amounts are recognised whilst the uncertainty remains. Long term contracts are assessed on a contract by contract basis and reflected in the profit and loss account by recording turnover and related costs as contract activity progresses. |
The amount by which turnover exceeds payments on account is classified as 'gross amounts owed by contract customers' and included in debtors; to the extent that payments on account exceed relevant turnover and long term contract balances, the excess is included as deferred income and is not recognised until the event crystallises. |
Goodwill |
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life. |
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. |
Where the cost of the business combination exceeds the fair value of the group's interest of the assets, liabilities and contingent liabilities acquired, negative goodwill arises. The group, after consideration of the assets, liabilities and contingent liabilities acquired and the cost of the combination, recognises negative goodwill on the balance sheet and releases this to profit and loss, up to the fair value of non-monetary assets. |
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. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Furniture, fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Wheeler's (Westbury) Holdings Limited (Registered number: 07194850) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. |
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential. |
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss. |
Where the outcome of a construction contract can be reliably estimated, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be reliably measured and its receipt is considered probable. |
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately. |
Construction contracts |
Where the outcome of a construction contract cannot be reliably estimated, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period. |
The 'percentage of completion method' is used to determine the appropriate amount to recognise in a given period. 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, as well as surveys of work performed. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered. |
Wheeler's (Westbury) Holdings Limited (Registered number: 07194850) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts being presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant 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. |
Other financial liabilities |
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge. |
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
Wheeler's (Westbury) Holdings Limited (Registered number: 07194850) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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 |
The costs of short term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. |
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
Wheeler's (Westbury) Holdings Limited (Registered number: 07194850) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Share-based payments |
For cash-settled share-based payments, a liability is recognised for the goods and services acquired, measured initially at the fair value of the liability. At the balance sheet date until the liability is settled, and at the date of the settlement, the fair value of the liability is remeasured, with any changes in fair value recognised in profit or loss for the year. |
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes method. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity. |
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value. |
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
31.12.23 | 31.12.22 |
£ | £ |
Mechanical | 6,745,819 | 5,530,412 |
Electrical | 6,825,808 | 7,257,399 |
13,571,627 | 12,787,811 |
An analysis of turnover by geographical market is given below: |
31.12.23 | 31.12.22 |
£ | £ |
United Kingdom | 13,571,627 | 12,787,811 |
13,571,627 | 12,787,811 |
4. | EMPLOYEES AND DIRECTORS |
31.12.23 | 31.12.22 |
£ | £ |
Wages and salaries | 4,609,369 | 4,415,210 |
Social security costs | 458,078 | 464,696 |
Other pension costs | 134,965 | 126,665 |
5,202,412 | 5,006,571 |
Wheeler's (Westbury) Holdings Limited (Registered number: 07194850) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
31.12.23 | 31.12.22 |
Directors | 4 | 4 |
Employees | 113 | 136 |
The average number of employees by undertakings that were proportionately consolidated during the year was 117 (2022 - 113 ) . |
5. | DIRECTORS' EMOLUMENTS |
31.12.23 | 31.12.22 |
£ | £ |
Directors' remuneration | 280,228 | 319,709 |
Directors' pension contributions to money purchase schemes | 27,038 | 22,691 |
The number of directors to whom retirement benefits were accruing was as follows: |
Defined benefit schemes | 4 | 4 |
Information regarding the highest paid director is as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Emoluments etc | 100,421 | 112,855 |
Pension contributions to money purchase schemes | 12,820 | 12,820 |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.12.23 | 31.12.22 |
£ | £ |
Hire of plant and machinery | 1,724 | 1,202 |
Depreciation - owned assets | 19,189 | 31,749 |
Depreciation - assets on hire purchase contracts | 249,377 | 203,733 |
Profit on disposal of fixed assets | (46,694 | ) | (69,739 | ) |
Goodwill amortisation | 146,028 | 146,028 |
Operating lease charges | 62,102 | 76,060 |
7. | AUDITORS' REMUNERATION |
31.12.23 | 31.12.22 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
18,500 |
18,290 |
8. | INTEREST RECEIVABLE AND SIMILAR INCOME |
31.12.23 | 31.12.22 |
£ | £ |
Interest received | 2,743 | 1,015 |
Wheeler's (Westbury) Holdings Limited (Registered number: 07194850) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
9. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.23 | 31.12.22 |
£ | £ |
Bank interest | 10,853 | 11,354 |
Interest on tax paid late | 139 | - |
Hire purchase | 21,964 | 15,356 |
32,956 | 26,710 |
10. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Current tax: |
UK corporation tax | 69,793 | 35,043 |
Deferred tax | 8,263 | 20,440 |
Tax on profit | 78,056 | 55,483 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31.12.23 | 31.12.22 |
£ | £ |
Profit before tax | 183,815 | 113,411 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2022 - 19 %) |
45,954 |
21,548 |
Effects of: |
Expenses not deductible for tax purposes | 42,167 | 27,755 |
Income not taxable for tax purposes | - | (11,625 | ) |
Capital allowances in excess of depreciation | (12,942 | ) | - |
Depreciation on assets not qualifying for tax allowances | - | (2,491 | ) |
current year |
Non material differences | (1,570 | ) | (144 | ) |
Deferred tax | 8,263 | 20,440 |
Marginal tax relief | (3,816 | ) | - |
Total tax charge | 78,056 | 55,483 |
11. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
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. |
Wheeler's (Westbury) Holdings Limited (Registered number: 07194850) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
12. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 | 2,036,813 |
AMORTISATION |
At 1 January 2023 | 1,598,732 |
Amortisation for year | 146,028 |
At 31 December 2023 | 1,744,760 |
NET BOOK VALUE |
At 31 December 2023 | 292,053 |
At 31 December 2022 | 438,081 |
13. | TANGIBLE FIXED ASSETS |
Group |
Furniture, |
Improvements | fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 January 2023 | 59,407 | 41,507 | 132,884 |
Additions | - | - | - |
Disposals | - | - | - |
At 31 December 2023 | 59,407 | 41,507 | 132,884 |
DEPRECIATION |
At 1 January 2023 | 45,800 | 41,380 | 132,884 |
Charge for year | 5,701 | 127 | - |
Eliminated on disposal | - | - | - |
At 31 December 2023 | 51,501 | 41,507 | 132,884 |
NET BOOK VALUE |
At 31 December 2023 | 7,906 | - | - |
At 31 December 2022 | 13,607 | 127 | - |
Wheeler's (Westbury) Holdings Limited (Registered number: 07194850) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
13. | TANGIBLE FIXED ASSETS - continued |
Group |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2023 | 1,533,414 | 187,608 | 1,954,820 |
Additions | 401,657 | - | 401,657 |
Disposals | (322,486 | ) | - | (322,486 | ) |
At 31 December 2023 | 1,612,585 | 187,608 | 2,033,991 |
DEPRECIATION |
At 1 January 2023 | 918,357 | 187,608 | 1,326,029 |
Charge for year | 262,738 | - | 268,566 |
Eliminated on disposal | (268,873 | ) | - | (268,873 | ) |
At 31 December 2023 | 912,222 | 187,608 | 1,325,722 |
NET BOOK VALUE |
At 31 December 2023 | 700,363 | - | 708,269 |
At 31 December 2022 | 615,057 | - | 628,791 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 January 2023 | 1,372,441 |
Additions | 401,657 |
Disposals | (196,785 | ) |
Transfer to ownership | (683,678 | ) |
At 31 December 2023 | 893,635 |
DEPRECIATION |
At 1 January 2023 | 831,354 |
Charge for year | 249,377 |
Eliminated on disposal | (196,605 | ) |
Transfer to ownership | (552,177 | ) |
At 31 December 2023 | 331,949 |
NET BOOK VALUE |
At 31 December 2023 | 561,686 |
At 31 December 2022 | 541,087 |
Wheeler's (Westbury) Holdings Limited (Registered number: 07194850) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
14. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 31d Link Road, West Wilts Trading Estate, Westbury, Wiltshire, BA13 4JB |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 31d Link Road, West Wilts Trading Estate, Westbury, Wiltshire, BA13 4JB |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 31d Link Road, West Wilts Trading Estate, Westbury, Wiltshire, BA13 4JB |
Nature of business: |
% |
Class of shares: | holding |
15. | STOCKS |
Group |
31.12.23 | 31.12.22 |
£ | £ |
Stocks | 115,364 | 127,664 |
Work-in-progress | 410,366 | 98,039 |
525,730 | 225,703 |
Wheeler's (Westbury) Holdings Limited (Registered number: 07194850) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.12.23 | 31.12.22 | 31.12.23 | 31.12.22 |
£ | £ | £ | £ |
Trade debtors | 1,367,881 | 1,513,087 |
Retentions | 643,889 | 553,041 | - | - |
Other debtors | 80,689 | 33,429 |
Prepayments and accrued income | 514,259 | 72,749 |
2,606,718 | 2,172,306 |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.12.23 | 31.12.22 | 31.12.23 | 31.12.22 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 19) | 90,000 | 90,000 |
Hire purchase contracts (see note 20) | 257,242 | 185,123 |
Trade creditors | 1,486,483 | 1,178,333 |
Amounts owed to group undertakings | - | - |
Corporation tax | 69,793 | 35,043 |
Social security and other taxes | 144,394 | 124,316 |
VAT | 2,952 | 3,012 | - | - |
Other creditors | 67,113 | 46,105 |
Accruals and deferred income | 2,082,287 | 1,707,977 |
4,200,264 | 3,369,909 |
18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans (see note 19) | 142,500 | 232,500 |
Hire purchase contracts (see note 20) | 227,261 | 197,192 |
369,761 | 429,692 |
19. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
31.12.23 | 31.12.22 |
£ | £ |
Amounts falling due within one year or | on demand: |
Bank loans | 90,000 | 90,000 |
Amounts falling due between one and | two years: |
Bank loans - 1-2 years | 142,500 | 232,500 |
Wheeler's (Westbury) Holdings Limited (Registered number: 07194850) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
20. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
31.12.23 | 31.12.22 |
£ | £ |
Net obligations repayable: |
Within one year | 257,242 | 185,123 |
Between one and five years | 227,261 | 197,192 |
484,503 | 382,315 |
Group |
Non-cancellable | operating leases |
31.12.23 | 31.12.22 |
£ | £ |
Within one year | 10,666 | 69,859 |
Between one and five years | 22,340 | 127,005 |
33,006 | 196,864 |
21. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans | 232,500 | 322,500 |
Hire purchase contracts | 484,503 | 382,315 |
717,003 | 704,815 |
Obligations in respect of hire purchase contracts are secured on the assets financed. |
Bank loans are secured by a fixed and floating charge over the company's assets. |
22. | PROVISIONS FOR LIABILITIES |
Group |
31.12.23 | 31.12.22 |
£ | £ |
Deferred tax |
Other timing differences | (2,719 | ) | (969 | ) |
Accelerated capital allowances | 114,080 | 104,067 |
111,361 | 103,098 |
Wheeler's (Westbury) Holdings Limited (Registered number: 07194850) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
22. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2023 | 103,098 |
Provided during year | 8,263 |
Balance at 31 December 2023 | 111,361 |
23. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary | £1 | 33,000 | 33,000 |
Ordinary B | £1 | - | 2,176 |
Preference share | £1 | 1 | 1 |
33,001 | 35,177 |
In 2023, the group repurchased and cancelled its own shares with a nominal value of £2,176. |
The ordinary shares carry the rights to attend and vote at any general meeting, to receive dividend distributions and to receive a return of assets on liquidation or winding up. These shares are non-redeemable. |
The Ordinary B shares do not carry the rights to attend and vote at any general meeting, to receive dividend distributions and the shares do not confer any rights of redemption. The shares rank equally with the ordinary shares in all other respects. |
The preference shares do not carry voting rights, do not carry dividend rights and the shares do not confer any rights of redemption. |
24. | RESERVES |
Group |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 January 2023 | (594,942 | ) | 304,960 | 97,824 | (192,158 | ) |
Profit for the year | 105,759 | 105,759 |
EOT contribution | (61,667 | ) | - | - | (61,667 | ) |
Purchase of own shares | (54,440 | ) | - | 2,176 | (52,264 | ) |
At 31 December 2023 | (605,290 | ) | 304,960 | 100,000 | (200,330 | ) |
Wheeler's (Westbury) Holdings Limited (Registered number: 07194850) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
24. | RESERVES - continued |
Company |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 January 2023 | 304,960 | 854,969 |
Profit for the year |
Purchase of own shares | (54,440 | ) | - | 2,176 | (52,264 | ) |
At 31 December 2023 | 802,705 |
25. | PENSION COMMITMENTS |
Defined contribution schemes |
2023 | 2022 |
£ | £ |
Charge to profit or loss in respect of defined contribution schemes | 134,965 | 126,665 |
The company operates a defined contribution scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. |
At 31 December 2023, £10,878 was due in respect of pension liabilities (2022 - £3,875). |
26. | ULTIMATE CONTROLLING PARTY |
Wheeler's (Westbury) Holdings Limited is controlled by Wheelers Trustees Limited a corporate trustee of the Wheeler's Employee Ownership Trust. |