Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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WREKIN PRODUCTS LIMITED
COMPANY INFORMATION
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WREKIN PRODUCTS LIMITED
CONTENTS
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WREKIN PRODUCTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The principal activity of the company is the sale, distribution and fabrication of access covers and geotextiles.
The directors consider that the results for the year and the financial position at the end of the year were satisfactory.
Our review is consistent with the size and non complex nature of our business. Trading performance is in line with expectations which took account of difficult economic conditions as the market emerges from the pandemic and challenges associated with Brexit . Sales are £50,672,407 for the 12 months period to 31st December 2023, from £41,862,795 for the 9 month period to 31 December 2022 and our gross margin position remains satisfactory at £15,121,781 (31 December 2022 restated: £10,542,069). We consider that our key financial performance indicators are the operating performance and liquidity ratio. The company operating profit for the 12 month period is £5,268,217 (the 9 month period prior was £3,450,629) and profit before tax and dividends for the 12 month period is £5,203,304 (from £3,253,626 of the 9 month period prior). The profit after tax and dividends of £1,817,641 for the 12 month period (from £2,824,986 for the 9 months prior) has been retained and added to reserves. Liquidity ratio has increased to 2.49:1 (31 December 2022: 1.77:1). Liquidity ratio has been calculated by dividing liquid assets by current liabilities. We have continued to invest in research and development to help continue the organic growth of the company. With the forecast planning and changes that have been implemented we are confident that the business is wholly sustainable for the foreseeable future and well placed to deal with future challenges. There will continue to be risks and uncertainties in the market and we are therefore aware that any plans for the future strategic development of the business may be subject to unforeseen future events outside of our control.
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WREKIN PRODUCTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The company's activities expose it to a number of financial risks including price risk, credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the company's policies approved by the board of directors.
The company's activities expose it primarily to the financial risks of changes in foreign exchange rates. The company uses foreign exchange forward contracts to hedge these exposures. Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows. The company's principal financial assets are trade and other receivables. The company's credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. The company has no significant concentration of credit risk, with exposure spread over a large number of counterparts and customers. Credit insurance is taken out to minimise the bad debt of its trade receivables. In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the company uses a mixture of short term and long term debt finance. The company is exposed to commodity price risk, but endeavours to manage this risk. The business is well placed to face adverse trading conditions in terms of cash position, diverse customer base and dynamic and flexible management.
In view of the nature of the business long term customer relationships are key to the business. All directors and managers spend time nurturing these relationships by attending social and work related events and through working together in partnership. This helps promote these relationships and ensure that there are strong foundations from which we can continue to build in the future.
The creation and retention of customer accounts, is carefully monitored to ensure that there is a foundation for growth and that the diverse customer base of the business is retained. Numerous new customer accounts continue to be created. Staff development and retention is also key to be able to deliver the high level of customer service upon which the businesses customer relationships are built. Stability is also important as it creates the environment where long term relationships can be built. Directors and managers continually assess the training needs of staff to fulfil these aims. Furthermore, the business ensures that there is an intake of junior staff to build for the future. Where possible staff are promoted from within, and many key management positions are filled by people who started as trainees and have developed through the business. Health and Safety risks are constantly reviewed by the directors. Details from regular health and safety meetings, and any accidents and near misses are reviewed carefully. The Company is ISO 45001 accredited and together with an internal HSQE manager the company also employ external consultants to help monitor and improve health and safety procedures. Wrekin has also invested significant effort in developing and planning its Environmental Social Governance Report, which is available on our website. The targets set within will be delivered and reported upon annually, the company produces an annual EPD report issued to the market and available on our website.
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WREKIN PRODUCTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The likely consequences of any decision in the long term The board have a combined experience of over 125 years’ in the industry; the majority of which has been spent working for the Company. This understanding and experience combined with a strategy that focuses on long term stability and growth rather than short term gain ensures that all decisions focus on a positive long term benefit to the Company and its stakeholders. The interests of the company's employees The Company recognises that the success of the business depends on attracting, retaining, engaging and motivating employees. The Company policies are designed to ensure recruitment, promotion and opportunities for training, pay and benefits are not discriminatory, confirming the equal treatment of all individuals. It is the policy of the Company to ensure no applicants or existing employees are discriminated due to disabilities and that equal opportunities are given in regard to employment, training and career path development. In the event of an employee of the Company becoming disabled, every practical effort is made to ensure that their employment with the Company continues, and that appropriate training is arranged as needed. The need to foster the company's business relationships with suppliers, customers and others Customer engagement is fostered to gather and feedback customer's views to management, in order to guide product decisions and service offering to improve end user value and service. Senior management invest significant time in building and enhancing strong relationships with customers and this ethos is at the heart of the business. Fostering strong relationships with our suppliers is a priority of the Company, as it has allowed us to adapt to customers' needs through the uncertainty created in the current trading environment, ensuring value can be added to our customer experience where possible. This is done through regular contact with key suppliers and supplier conferences. Employees The Company consults with employees, through appropriate channels including an annual employee survey, with respect to matters likely to affect their interests. The Directors engage in regular communication with department managers to ensure that information can be shared with staff and that there is an opportunity for staff to provide feedback. Furthermore, the Directors operate an open door policy and foster a culture of transparency and openness to encourage all members of staff to engage with them. The Directors are committed to furthering the development of communication procedures with employees, the business has appointed external consultants and for 2024 will begin enrolling into a well established workplace accreditation scheme. Local Communities The Company recognises its roll and responsibilities toward local communities. Encouragement is given to support local communities through engagement, such as by sponsoring organisations and sports teams or donating to charitable organisations. The Company actively supports a number of local charities; it makes significant regular donations to air ambulance, SADS, Lighthouse, Pancreatic Cancer Research Fund, Macmillan Cancer Support and many more charity contributions throughout the year.
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WREKIN PRODUCTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The impact of the company's operations on the community and the environment
The Company recognises the importance of its environmental responsibilities and has prioritised reducing its carbon footprint through various initiatives such as:
∙Replacing its car fleet with Hybrid and fully electric cars;
∙Review of electric and hybrid car schemes to allow employees the opportunity to upgrade;
∙Upgrading existing lighting at sites to low energy LED fixtures;
∙Investigation underway for the installation of solar panel energy generation;
∙Forklift trucks are upgraded to fully electric;
∙Lichfield waste is non-landfill;
∙Product EPD reports to be published in 2024.
The desirability of the company maintaining a reputation for high standards of business conduct The Company aims to maintain a reputation for high standards of business conduct, maintaining good relationships with customers and suppliers. The board is updated and monitors compliance with relevant government standards and health and safety legislation. The company has also issued company values and behaviours documents as part of the evolution of our company manual, to help guide staff conduct. The need to act fairly as between members of the company When forming and reviewing long term strategy, the Directors consider the impact on relevant stakeholders.
This report was approved by the board on 29 May 2024 and signed on its behalf.
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WREKIN PRODUCTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, was £4,117,641 (9 months ended 31 December 2022 - £2,824,986).
Dividends paid during the year amounted to £2,300,000 (9 months ended 31 December 2022: £nil).
The directors who served during the year were:
Details of the Company's research and development activities are contained within the Strategic Report.
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WREKIN PRODUCTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Details on the Company's engagement with suppliers, customers and others are included in the Strategic Report.
This section includes our mandatory reporting of energy and greenhouse gas emissions for the year 1 January 2023 to 31 December 2023, pursuant to the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, implementing the government's Streamlined Energy and Carbon Reporting (SECR) policy.
Our methodology to calculate our greenhouse gas emissions is based on the Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance (March 2019) issued by DEFRA, using DEFRA's 2020 and 2021 conversion factors as appropriate. In some cases, consumption has been extrapolated from available data or direct comparison made to a comparable period.
We report using a financial control approach to define our organisational boundary. We have reported all material emission sources required by the regulations for which we deem ourselves to be responsible and have maintained records of all source data and calculations.
The table below includes total energy consumption (reported as kWh) and greenhouse gas emissions for the sources required by the regulations, along with our intensity ratios. Reporting period 01/01/2023 - 01/04/2022 - 31/12/2023 31/12/2022 Total Energy Consumption Used for Emissions Calculation (kWh) 221,711 219,829 Gas Combustion Emissions, Scope 1 (tC02e) 16.80 13.70 Purchased Electricity Emissions, Scope 2 (tC02e) 30.40 33.90 Vehicle Fuel Combustion Emissions, Scope 1 (tC02e) 51.06 41.02 Total Gross Reported Emissions (tC02e) 98.26 88.76 Intensity Ratio: per person employed (tC02e / employee) 1.346 1.184
The auditors, PKF Smith Cooper Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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WREKIN PRODUCTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
This report was approved by the board on 29 May 2024 and signed on its behalf.
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WREKIN PRODUCTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WREKIN PRODUCTS LIMITED
We have audited the financial statements of Wrekin Products Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, 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).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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WREKIN PRODUCTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WREKIN PRODUCTS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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WREKIN PRODUCTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WREKIN PRODUCTS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Based on our understanding of the Company and industry, we identified the key laws and regulations affecting the Company are:
∙Companies Act 2006;
∙Tax legislation; and
∙Health and safety and employment legislation.
We identified that the principal risk of fraud or non-compliance with laws and regulations related to:
∙Management bias in respect of accounting estimates and judgements made;
∙Management override of control; and
∙Posting of unusual journals or transactions.
We focussed on those areas that could give rise to a material misstatement in the Company financial statements.
Our procedures included, but were not limited to:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud;
∙Reviewing minutes of meetings of those charged with governance where available;
∙Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias, in particular depreciation of tangible fixed assets and provision of slow moving stock items.
It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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WREKIN PRODUCTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WREKIN PRODUCTS LIMITED (CONTINUED)
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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 an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditors
158 Edmund Street
B3 2HB
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WREKIN PRODUCTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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WREKIN PRODUCTS LIMITED
REGISTERED NUMBER: 02609935
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 May 2024.
The notes on pages 15 to 30 form part of these financial statements.
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WREKIN PRODUCTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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WREKIN PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Wrekin Products Limited is a private limited company, limited by shares and incorporated in England. The address of the registered office and company registration number are given in the company information of these financial statements. The nature of the company's operations and principal activities are described in the strategic report on page 1.
The financial statements are prepared in sterling which is the functional currency of the company. The financial statements level of rounding is to the nearest £1. The reporting period covered by the financial statements is the 12 months ended 31 December 2023 and therefore, the comparatives for the 9 months ended 31 December 2022 are not entirely comparable. The company shortened its year end previously to coincide with other group companies.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f), 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Wrekin Holdings Limited for year ended 31 December 2023 and these financial statements may be obtained from its registered office, Unit 1a Europa Way, Britannia Enterprise Park, Lichfield, Staffordshire, WS14 9TZ.
The directors have, at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
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WREKIN PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Turnover is recognised at the fair value of the consideration received or receivable for sale of goods to external customers in the ordinary nature of the business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Turnover is shown net of Value Added Tax.
Turnover is recognised on despatch of goods to customer.
Transactions in currencies other than the functional currency (foreign currencies) are initially recorded at a fixed exchange rate.
Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are retranslated at the rate ruling at the date of the transaction or, if the asset or liability is measured at fair value, the rate when that fair value was determined. All translation differences are taken to the Statement of Comprehensive Income, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.
Research and development expenditure is written off in the Statement of Comprehensive Income in the period in which it is incurred.
An asset and corresponding liability are recognised for leasing agreements that transfer to the Company substantially all of the risks and rewards incidental to ownership ("finance leases"). The amount capitalised is the fair value of the leased asset or, if lower, the present value of the minimum lease payments payable during the lease term, both determined at inception of the lease. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the Statement of Comprehensive Income so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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WREKIN PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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WREKIN PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Patents acquired by the company are initially measured at cost and subsequently measured at cost less amortisation and any impairment losses. Amortisation is provided to write down patents over a period of 5 years.
In the opinion of the directors the amortisation basis represents the period over which the intangible assets are expected to give rise to economic benefits. Amortisation is charged to administrative expenses.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
At each reporting date, the Company assesses whether stocks are impaired or if an impairment loss recognised in prior periods has reversed. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell, is recognised as an impairment loss in the Statement of Comprehensive Income. Reversals of impairment losses are also recognised in the Statement of Comprehensive Income.
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WREKIN PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.
Stock Provision Stock is stated net of provisions for slow moving and obsolete stock, the calculation of which includes judgements. The directors review these periodically to ensure slow moving and obsolete stock is identified and provisions are appropriately calculated. Estimation of useful life The charge in respect of periodic depreciation and amortisation is derived after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The useful lives of all assets are determined at the time the asset is acquired and reviewed at least annually for appropriateness by the directors.
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WREKIN PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The whole of the turnover is attributable to the one principal activity of the company.
Analysis of turnover by country of destination:
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WREKIN PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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WREKIN PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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WREKIN PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
11.Taxation (continued)
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WREKIN PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
11.Taxation (continued)
In the budget on 31 March 2021, the UK Government announced a proposal to increase the rate of corporation tax from 19% to 25%, which will increase the Company's tax rate from 1 April 2023. This rate was substantively enacted on 24 May 2021, and has led to the Company's deferred tax liabilities being calculated at the higher rate of 25%.
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WREKIN PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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WREKIN PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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WREKIN PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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WREKIN PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Profit and loss account
There has been a restatement to the financial statements for the comparative period ended 31 December 2022 to correct the presentation of carriage on sales. This adjustment has only had an impact on the presentation of the statement of comprehensive income. There has been no restatement to the net assets shown in the statement of financial position. The adjustment has resulted in cost of sales reducing by £1,484,584 and distribution costs increasing by £1,484,584.
The company has a Duty Deferment Guarantee in favour of HM Revenue & Customs for £20,000 (2022 - £200,000).
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WREKIN PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The contributions payable by the Company charged to the Statement of Comprehensive Income amounted to £207,760 (9 months ended 31 December 2022: £179,432). Contributions totalling £nil (2022: £nil) were payable to the fund at year end.
29.Forward contracts
At the year end, as part of its normal trading activities, the company had entered into an agreement for the forward purchasing of $3m (2022 - $nil).
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WREKIN PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The immediate parent company as at the statement of financial position date was Wrekin Holdings Limited. Wrekin Holdings Limited is a private limited company, limited by shares and incorporated in England. The registered address is Unit 1a Europa Way, Britannia Enterprise Park, Lichfield, Staffordshire, WS14 9TZ. The consolidated financial statements of Wrekin Holdings Limited are publicly available from the registered office, Unit 1a Europa Way, Britannia Enterprise Park, Lichfield, Staffordshire, WS14 9TZ.
The ultimate parent company is Pil Newco. Pil Newco is a private company, limited by shares and incorporated in France. The registered office is 26 Rue George Sand, 75016, Paris, France. The controlling party is David Azoute.
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