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REGISTERED NUMBER: 03832351 (England and Wales)















Strategic Report, Report of the Director and

Financial Statements for the Year Ended 31 October 2023

for

Wolds Engineering Services Limited

Wolds Engineering Services Limited (Registered number: 03832351)

Contents of the Financial Statements
for the Year Ended 31 October 2023










Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Statement of Income and Retained Earnings 8

Statement of Financial Position 9

Statement of Cash Flows 10

Notes to the Statement of Cash Flows 11

Notes to the Financial Statements 12


Wolds Engineering Services Limited

Company Information
for the Year Ended 31 October 2023







DIRECTOR: J Oxley





SECRETARY: K Oxley





REGISTERED OFFICE: The Wolds Building
Unit 1, Hampden Road
Pocklington Industrial Estate
Pocklington
East Yorkshire
YO42 1NR





REGISTERED NUMBER: 03832351 (England and Wales)





AUDITORS: Harris Lacey & Swain
Suite 1, The Riverside Building
Livingstone Road
Hessle
HULL
HU13 0DZ

Wolds Engineering Services Limited (Registered number: 03832351)

Strategic Report
for the Year Ended 31 October 2023


The director presents his strategic report for the year ended 31 October 2023.

REVIEW OF BUSINESS
The financial statements indicate that the company has shown as increase in turnover from £12,533,201 to £15,028,982 following a strong trading year.

The profit margin has decreased slightly from 29.3% to 28.6% with continued pressure on margins given the global economic situation. Continued buying of products through buying groups should ensure the margins stay strong going forward.

The company's distributable reserves at the balance sheet date increased to £6,974,838 with cash balances at a higher level than the previous year and the mortgage on the premises coming down. No additional third party funding is expected to be required at the current growth rate of the company.

PRINCIPAL RISKS AND UNCERTAINTIES
Details of the principal risks and uncertainties facing the business are as follows:

Regulatory Risk
The director continually assess the impact of new actual or proposed legislation which may impact on the viability of the products sold. As the company continues to sell a multitude of products, any changes would have minimal affect.

Exchange Rate Risk
A small proportion of the company's purchases are made from overseas. Any variation in the exchange rate can affect the cost price of the company's products and the margin on sale. The director continues to assess this however and change in the exchange rate would have a minimal affect on the profitability of the business.

Economic Conditions
As with most businesses operating in what are still uncertain economic conditions, there may be pressure on business activities, but the company has sought to minimise this risk by building strong relationships with principle customers and suppliers alike and maintaining sufficient levels of liquid funds.

ON BEHALF OF THE BOARD:





J Oxley - Director


18 September 2024

Wolds Engineering Services Limited (Registered number: 03832351)

Report of the Director
for the Year Ended 31 October 2023


The director presents his report with the financial statements of the company for the year ended 31 October 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the supply of bearings, power transmission products, tools and engineering consumables.

DIVIDENDS
An interim dividend of £6260.875 per share was paid on 31 October 2023. The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 31 October 2023 will be £ 251,184 .

DIRECTOR
J Oxley held office during the whole of the period from 1 November 2022 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.

AUDITORS
The auditors, Harris Lacey & Swain, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J Oxley - Director


18 September 2024

Report of the Independent Auditors to the Members of
Wolds Engineering Services Limited


Opinion
We have audited the financial statements of Wolds Engineering Services Limited (the 'company') for the year ended 31 October 2023 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 October 2023 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.

Report of the Independent Auditors to the Members of
Wolds Engineering Services Limited


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.

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.

Report of the Independent Auditors to the Members of
Wolds Engineering Services Limited


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 identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

Audit response to risks identified
- the nature of the industry and sector, control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets
- results of our enquiries of management and their own identification and assessment of the risks of irregularities;
- any matters we identified having obtained and reviewed the companies' documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagement team including regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue deferrals. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, UK Corporate Governance Code and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

Audit response to risks identified

Our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- reading minutes of meetings of those charged with governance
- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

Report of the Independent Auditors to the Members of
Wolds Engineering Services Limited

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the 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.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

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.




Richard D Lacey BA, BFP, FCA (Senior Statutory Auditor)
for and on behalf of Harris Lacey & Swain
Suite 1, The Riverside Building
Livingstone Road
Hessle
HULL
HU13 0DZ

19 September 2024

Wolds Engineering Services Limited (Registered number: 03832351)

Statement of Income and
Retained Earnings
for the Year Ended 31 October 2023

2023 2022
Notes £    £   

TURNOVER 15,028,982 12,533,201

Cost of sales 10,730,526 8,853,996
GROSS PROFIT 4,298,456 3,679,205

Administrative expenses 2,598,610 2,162,801
1,699,846 1,516,404

Other operating income 9,126 11,424
OPERATING PROFIT 4 1,708,972 1,527,828

Interest receivable and similar income 13,236 910
1,722,208 1,528,738

Interest payable and similar expenses 5 - 585
PROFIT BEFORE TAXATION 1,722,208 1,528,153

Tax on profit 6 308,741 239,660
PROFIT FOR THE FINANCIAL YEAR 1,413,467 1,288,493

Retained earnings at beginning of year 5,812,455 4,654,545

Dividends 7 (251,184 ) (130,583 )

RETAINED EARNINGS AT END OF
YEAR

6,974,738

5,812,455

Wolds Engineering Services Limited (Registered number: 03832351)

Statement of Financial Position
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 1,625,805 1,441,142
Investments 9 3,000 3,000
1,628,805 1,444,142

CURRENT ASSETS
Stocks 10 3,716,215 3,129,606
Debtors 11 3,395,830 3,197,363
Cash at bank and in hand 756,838 587,154
7,868,883 6,914,123
CREDITORS
Amounts falling due within one year 12 2,281,949 2,328,804
NET CURRENT ASSETS 5,586,934 4,585,319
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,215,739

6,029,461

CREDITORS
Amounts falling due after more than one
year

13

(124,794

)

(154,303

)

PROVISIONS FOR LIABILITIES 17 (116,107 ) (62,603 )
NET ASSETS 6,974,838 5,812,555

CAPITAL AND RESERVES
Called up share capital 18 40 40
Capital redemption reserve 19 60 60
Retained earnings 19 6,974,738 5,812,455
SHAREHOLDERS' FUNDS 6,974,838 5,812,555

The financial statements were approved by the director and authorised for issue on 18 September 2024 and were signed by:





J Oxley - Director


Wolds Engineering Services Limited (Registered number: 03832351)

Statement of Cash Flows
for the Year Ended 31 October 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 949,252 896,145
Interest element of hire purchase or finance
lease rental payments paid

-

(585

)
Tax paid (165,955 ) (148,391 )
Net cash from operating activities 783,297 747,169

Cash flows from investing activities
Purchase of tangible fixed assets (413,592 ) (308,104 )
Sale of tangible fixed assets 67,240 325
Interest received 13,236 910
Net cash from investing activities (333,116 ) (306,869 )

Cash flows from financing activities
Loan repayments in year (29,313 ) (27,304 )
Capital repayments in year - (21,169 )
Equity dividends paid (251,184 ) (130,583 )
Net cash from financing activities (280,497 ) (179,056 )

Increase in cash and cash equivalents 169,684 261,244
Cash and cash equivalents at beginning of
year

2

587,154

325,910

Cash and cash equivalents at end of year 2 756,838 587,154

Wolds Engineering Services Limited (Registered number: 03832351)

Notes to the Statement of Cash Flows
for the Year Ended 31 October 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 1,722,208 1,528,153
Depreciation charges 161,656 133,276
(Profit)/loss on disposal of fixed assets (167 ) 548
Finance costs - 585
Finance income (13,236 ) (910 )
1,870,461 1,661,652
Increase in stocks (586,609 ) (666,902 )
Increase in trade and other debtors (198,467 ) (192,966 )
(Decrease)/increase in trade and other creditors (136,133 ) 94,361
Cash generated from operations 949,252 896,145

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 756,838 587,154
Year ended 31 October 2022
31.10.22 1.11.21
£    £   
Cash and cash equivalents 587,154 325,910


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.22 Cash flow At 31.10.23
£    £    £   
Net cash
Cash at bank and in hand 587,154 169,684 756,838
587,154 169,684 756,838
Debt
Debts falling due within 1 year (33,000 ) 4 (32,996 )
Debts falling due after 1 year (154,303 ) 29,509 (124,794 )
(187,303 ) 29,513 (157,790 )
Total 399,851 199,197 599,048

Wolds Engineering Services Limited (Registered number: 03832351)

Notes to the Financial Statements
for the Year Ended 31 October 2023


1. STATUTORY INFORMATION

Wolds Engineering Services 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.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the Directors' best knowledge of the amount, events or actions, actual results ultimately differ from these estimates. The Directors do not consider there to be any material estimates and judgements.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 40% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items, obsolete and slow moving stocks being classified as items with no activity since for the past 6 years.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised a initial transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less an impairment loss in the case of trade debtors.


Wolds Engineering Services Limited (Registered number: 03832351)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


2. ACCOUNTING POLICIES - continued
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.

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 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.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,520,471 1,287,943
Social security costs 152,347 129,351
Other pension costs 36,152 30,650
1,708,970 1,447,944

Wolds Engineering Services Limited (Registered number: 03832351)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2023 2022

Management 6 6
Office 15 14
Sales 4 4
Warehousing & Distribution 22 21
47 45

2023 2022
£    £   
Director's remuneration 9,096 8,991

4. OPERATING PROFIT

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

2023 2022
£    £   
Hire of plant and machinery 2,183 5,911
Other operating leases 43,908 40,012
Depreciation - owned assets 161,856 133,276
(Profit)/loss on disposal of fixed assets (167 ) 548
Auditors' remuneration 8,000 8,000

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Hire purchase - 585

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 379,764 290,062
R&D Tax Claim (125,627 ) (57,466 )
Overprovision prior year 1,100 -
Total current tax 255,237 232,596

Deferred tax 53,504 7,064
Tax on profit 308,741 239,660

Wolds Engineering Services Limited (Registered number: 03832351)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


6. TAXATION - continued

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

2023 2022
£    £   
Profit before tax 1,722,208 1,528,153
Profit multiplied by the standard rate of corporation tax in the UK of
22.520% (2022 - 19%)

387,841

290,349

Effects of:
Expenses not deductible for tax purposes 16,151 2,503
Capital allowances in excess of depreciation (24,190 ) (2,498 )
Sale of assets (38 ) (312 )
R&D Tax Claim (125,627 ) (57,446 )
Deferred tax 53,504 7,064
Under provision - prior year 1,100 -
Total tax charge 308,741 239,660

7. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 251,184 130,583

8. TANGIBLE FIXED ASSETS
Improvements Fixtures
Freehold to and
property property fittings
£    £    £   
COST
At 1 November 2022 979,990 177,586 221,117
Additions - 65,067 55,857
Disposals - - -
At 31 October 2023 979,990 242,653 276,974
DEPRECIATION
At 1 November 2022 141,171 50,709 117,463
Charge for year 19,599 24,236 15,745
Eliminated on disposal - - -
At 31 October 2023 160,770 74,945 133,208
NET BOOK VALUE
At 31 October 2023 819,220 167,708 143,766
At 31 October 2022 838,819 126,877 103,654

Wolds Engineering Services Limited (Registered number: 03832351)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


8. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 November 2022 675,686 161,371 2,215,750
Additions 286,252 6,416 413,592
Disposals (108,855 ) - (108,855 )
At 31 October 2023 853,083 167,787 2,520,487
DEPRECIATION
At 1 November 2022 329,109 136,156 774,608
Charge for year 93,150 9,126 161,856
Eliminated on disposal (41,782 ) - (41,782 )
At 31 October 2023 380,477 145,282 894,682
NET BOOK VALUE
At 31 October 2023 472,606 22,505 1,625,805
At 31 October 2022 346,577 25,215 1,441,142

9. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 November 2022
and 31 October 2023 3,000
NET BOOK VALUE
At 31 October 2023 3,000
At 31 October 2022 3,000

10. STOCKS
2023 2022
£    £   
Stocks 3,716,215 3,129,606

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,987,928 2,964,501
Other debtors 156,142 153,566
Prepayments 251,760 79,296
3,395,830 3,197,363

Wolds Engineering Services Limited (Registered number: 03832351)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 14) 32,996 33,000
Trade creditors 1,629,119 1,819,289
Tax 379,764 290,482
Social security and other taxes 55,697 38,862
VAT 172,726 136,509
Accrued expenses 11,647 10,662
2,281,949 2,328,804

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 14) 124,794 154,303

14. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 32,996 33,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 117,837 130,536

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 6,957 23,767

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Between one and five years - 43,248

Wolds Engineering Services Limited (Registered number: 03832351)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


16. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 157,790 187,303

Barclays Bank PLC have a fixed and floating charge over the undertaking and all property assets present and future including goodwill, book debts, uncalled capital, buildings, fixtures, plant and machinery.

17. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 116,107 62,603

Deferred
tax
£   
Balance at 1 November 2022 62,603
Provided during year 53,504
Balance at 31 October 2023 116,107

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
40 Ordinary £1 40 40

19. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 November 2022 5,812,455 60 5,812,515
Profit for the year 1,413,467 1,413,467
Dividends (251,184 ) (251,184 )
At 31 October 2023 6,974,738 60 6,974,798

20. RELATED PARTY DISCLOSURES

Included in other debtors is an amount owed of £133,142 (2022 : £135,566), this is owed from JK & MT Property Ltd, a company in which Mr John Oxley, the director of Wolds Engineering Services Ltd is a director and shareholder.

Wolds Engineering Services Limited (Registered number: 03832351)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


21. ULTIMATE CONTROLLING PARTY

The controlling party is J Oxley.

Mr John Oxley has control over the company by virtue of his directorship and shareholding.