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REGISTERED NUMBER: 07193695 (England and Wales)















WELLAND POWER LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






WELLAND POWER LIMITED (REGISTERED NUMBER: 07193695)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4 to 6

Income Statement 7

Other Comprehensive Income 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11 to 18


WELLAND POWER LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: C L Farrow





REGISTERED OFFICE: Unit 2
Welland Business Park
Clay Lake
Spalding
Lincolnshire
PE12 6BL





REGISTERED NUMBER: 07193695 (England and Wales)





AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

WELLAND POWER LIMITED (REGISTERED NUMBER: 07193695)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The director presents his strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS
The company continues to trade well in a tough international market. Output prices are falling on standard products, while there is still some scope for good margins in special projects. Price stability seems to have returned to all the major elements of our product and labour availability seems to have improved.

International markets are suffering from a shortage of foreign exchange, making trading in some areas impossible. We believe that this issue will continue into late 2024 and maybe into 2025.

The balance sheet remains robust, but ongoing investment in UK production facilities is unlikely due to the lack of competitiveness of the UK economy for our product range vs other markets.

PRINCIPAL RISKS AND UNCERTAINTIES
The business faces risks from a reversal in the GBP/USD weakness, which historically have caused large pricing discrepancies to emerge worldwide in our product range. In addition, a further deterioration in the availability of foreign exchange in some of our markets could impact overall sales.

Despite the risks, the business is well capitalized, has low net borrowing and a strong team to drive it forwards. Compared to our competitors, we feel the risks are limited, but for the whole of our sector, substantial risk remains.

ON BEHALF OF THE BOARD:





C L Farrow - Director


30 August 2024

WELLAND POWER LIMITED (REGISTERED NUMBER: 07193695)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 MARCH 2024

The director presents his report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of machinery manufacturers and dealers.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2024.

DIRECTOR
C L Farrow held office during the whole of the period from 1 April 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he 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 company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





C L Farrow - Director


30 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WELLAND POWER LIMITED

Opinion
We have audited the financial statements of Welland Power Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and 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 company's affairs as at 31 March 2024 and of its 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 company 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

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, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WELLAND POWER LIMITED


Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the 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 director either intends to liquidate the company or to cease operations, or has 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:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as depreciation of tangible fixed assets, as well as the risk of inappropriate journal entries to manipulate profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates and re-performing the calculation.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations, employment laws and quality management system.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included confirmation of valid ISO:9001 accreditation, a review of the company's employment and health and safety controls, to ensure no areas of non-compliance. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

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 further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WELLAND POWER LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Alistair Main FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

30 August 2024

WELLAND POWER LIMITED (REGISTERED NUMBER: 07193695)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £    £    £   

TURNOVER 3 14,256,081 15,879,229

Cost of sales 12,756,908 14,047,931
GROSS PROFIT 1,499,173 1,831,298

Distribution costs 14,550 7,936
Administrative expenses 1,377,017 1,210,465
1,391,567 1,218,401
107,606 612,897

Other operating income 3,266 -
OPERATING PROFIT 5 110,872 612,897

Loan balance written off 6 55,411 85,804
55,461 527,093

Interest receivable and similar income 83,554 71,529
139,015 598,622

Interest payable and similar expenses 7 80,579 75,313
PROFIT BEFORE TAXATION 58,436 523,309

Tax on profit 8 (12,517 ) 174,346
PROFIT FOR THE FINANCIAL YEAR 70,953 348,963

WELLAND POWER LIMITED (REGISTERED NUMBER: 07193695)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 70,953 348,963


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 70,953 348,963

WELLAND POWER LIMITED (REGISTERED NUMBER: 07193695)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 826,515 833,858

CURRENT ASSETS
Stocks 10 2,861,130 4,632,827
Debtors 11 1,562,083 1,821,857
Cash at bank and in hand 618,918 800,797
5,042,131 7,255,481
CREDITORS
Amounts falling due within one year 12 1,877,990 4,065,157
NET CURRENT ASSETS 3,164,141 3,190,324
TOTAL ASSETS LESS CURRENT LIABILITIES 3,990,656 4,024,182

CREDITORS
Amounts falling due after more than one year 13 (267,960 ) (344,520 )

PROVISIONS FOR LIABILITIES 17 (180,545 ) (208,464 )
NET ASSETS 3,542,151 3,471,198

CAPITAL AND RESERVES
Called up share capital 18 1,200,001 1,200,001
Revaluation reserve 19 142,507 142,507
Retained earnings 19 2,199,643 2,128,690
SHAREHOLDERS' FUNDS 3,542,151 3,471,198

The financial statements were approved by the director and authorised for issue on 30 August 2024 and were signed by:





C L Farrow - Director


WELLAND POWER LIMITED (REGISTERED NUMBER: 07193695)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2022 1,200,001 1,779,727 142,507 3,122,235

Changes in equity
Total comprehensive income - 348,963 - 348,963
Balance at 31 March 2023 1,200,001 2,128,690 142,507 3,471,198

Changes in equity
Total comprehensive income - 70,953 - 70,953
Balance at 31 March 2024 1,200,001 2,199,643 142,507 3,542,151

WELLAND POWER LIMITED (REGISTERED NUMBER: 07193695)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Welland Power Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 33.7.

Related party exemption
The company has taken advantage of the exemption provided by 33.1A of FRS 102 not to disclose transactions entered into between members of a group, provided that any subsidiary which is party to the transaction is wholly owned by the parent entity.

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

Revenue is recognised based on the terms of the sale, either on despatch from the company or on delivery and acceptance by the customer.

Tangible fixed assets
Assets are recognised using the revaluation model. Assets are recognised at revaluation value less subsequent accumulated depreciation to ensure that its carrying value does not differ materially from its fair value at the reporting date. This provides more reliable and relevant information about the financial position of the company.

Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.

Fair values are determined from market based evidence. The last revaluation was undertaken at 31 March 2018.

Revaluation gains and losses are recognised in the Statement of Comprehensive Income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in the profit or loss.

Revalued assets are subsequently being depreciated at rates varying from 20% to 33% on revalued amount in order to write down assets to residual values over their remaining useful economic life.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, and after making due allowance for obsolete and slow moving items.

WELLAND POWER LIMITED (REGISTERED NUMBER: 07193695)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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
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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

WELLAND POWER LIMITED (REGISTERED NUMBER: 07193695)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Critical accounting judgements and estimation uncertainty
In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

There are currently no key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements.

3. TURNOVER

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

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 4,363,764 5,923,339
Europe 206,110 563,242
Rest of World 9,686,207 9,392,648
14,256,081 15,879,229

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,010,062 894,602
Social security costs 93,104 79,730
Other pension costs 25,643 29,524
1,128,809 1,003,856

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

Direct labour 24 20
Administration 11 12
35 32

2024 2023
£    £   
Director's remuneration 9,345 9,050
Director's pension contributions to money purchase schemes 280 272

WELLAND POWER LIMITED (REGISTERED NUMBER: 07193695)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. OPERATING PROFIT

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

2024 2023
£    £   
Hire of plant and machinery 14,550 7,936
Other operating leases 160,532 147,626
Depreciation - owned assets 145,844 164,064
Profit on disposal of fixed assets - (62,892 )
Auditors' remuneration 12,550 11,800
Auditors' remuneration for non audit work 4,513 5,140
Foreign exchange differences (15,003 ) (21,784 )

6. EXCEPTIONAL ITEMS

The company wrote off an element of a non-trading loan outstanding to one of its customers on the basis that there were some doubts surrounding the full recoverability of the loan.

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 46,996 38,657
HMRC Interest 1,322 -
Other interest 18,855 20,478
Interest payable - 113
Hire purchase interest 13,406 16,065
80,579 75,313

8. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 9,633 59,958
Prior year adjustment 5,769 16,266
Total current tax 15,402 76,224

Deferred tax (27,919 ) 98,122
Tax on profit (12,517 ) 174,346

WELLAND POWER LIMITED (REGISTERED NUMBER: 07193695)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

8. TAXATION - continued

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

2024 2023
£    £   
Profit before tax 58,436 523,309
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 -
19%)

14,609

99,429

Effects of:
Expenses not deductible for tax purposes - 42,776
Income not taxable for tax purposes - (27,360 )
Capital allowances in excess of depreciation - (6,796 )
Adjustments to tax charge in respect of previous periods (26,964 ) 16,266
Change in tax rate (162 ) 50,031


Total tax (credit)/charge (12,517 ) 174,346

9. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 1,255,165 151,716 1,406,881
Additions 138,501 - 138,501
At 31 March 2024 1,393,666 151,716 1,545,382
DEPRECIATION
At 1 April 2023 490,976 82,047 573,023
Charge for year 133,335 12,509 145,844
At 31 March 2024 624,311 94,556 718,867
NET BOOK VALUE
At 31 March 2024 769,355 57,160 826,515
At 31 March 2023 764,189 69,669 833,858

Cost or valuation at 31 March 2024 is represented by:

Fixtures
Plant and and
machinery fittings Totals
£    £    £   
Valuation in 2017 88,903 4,950 93,853
Cost 1,304,763 146,766 1,451,529
1,393,666 151,716 1,545,382

WELLAND POWER LIMITED (REGISTERED NUMBER: 07193695)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

9. TANGIBLE FIXED ASSETS - continued

If all tangible fixed assets had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 620,631 620,631
Aggregate depreciation 443,844 443,844

Tangible fixed assets were valued on an open market basis on 31 March 2018 by relevant distributors of the products .

10. STOCKS
2024 2023
£    £   
Valuation 2,861,130 4,632,827

The difference between purchase price or production cost of stocks and their replacement cost is not material.

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,430,868 1,527,423
Amounts owed by group undertakings - 91,900
Other debtors 7 53,365
Tax 16,266 16,266
VAT 47,789 55,993
Prepayments and accrued income 67,153 76,910
1,562,083 1,821,857

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 14) - 1,188,879
Hire purchase contracts (see note 15) 76,560 76,560
Trade creditors 1,119,487 1,785,636
Amounts owed to group undertakings 390,994 908,597
Taxation 75,361 59,958
Other taxes and social security 23,309 -
Other creditors 46,410 6,523
Directors' current accounts - 5,634
Accruals and deferred income 145,869 33,370
1,877,990 4,065,157

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 15) 267,960 344,520

WELLAND POWER LIMITED (REGISTERED NUMBER: 07193695)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 1,615
Bank loans - 1,187,264
- 1,188,879

15. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 76,560 76,560
Between one and five years 267,960 344,520
344,520 421,080

16. FINANCIAL INSTRUMENTS

The company has the following financial instruments:

2024 2023
£ £
Financial assets that are debt instruments measured at amortised cost
Trade debtors 1,430,868 1,527,423
Financial liabilities measured at amortised cost
Bank loans and overdrafts - 1,188,879
Trade creditors 1,119,487 1,785,637


There is no interest income or expense for financial assets and liabilities that are not measured at fair value through profit and loss.

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 180,545 208,464

Deferred
tax
£   
Balance at 1 April 2023 208,464
Provided during year (27,919 )
Balance at 31 March 2024 180,545

WELLAND POWER LIMITED (REGISTERED NUMBER: 07193695)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,200,001 Ordinary £1 1,200,001 1,200,001

19. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 April 2023 2,128,690 142,507 2,271,197
Profit for the year 70,953 - 70,953
At 31 March 2024 2,199,643 142,507 2,342,150

20. ULTIMATE PARENT COMPANY

The company is 100% owned by Xeinz Group Limited, a company incorporated in England and Wales.

21. RELATED PARTY DISCLOSURES

As a wholly owned subsidiary of Xeinz Group Limited, the company is exempt from the requirements to disclose transactions with other members of the group, headed by Xeinz Group Limited on the grounds that consolidated financial statements are publicly available at Companies House.

Key management compensation is considered to be the same as the directors remuneration disclosure.

22. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is E J R Farrow by virtue of his 75% shareholding in the parent company Xeinz Group Limited.