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REGISTERED NUMBER: 07549979 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2023

for

Waverley Contract & Supply Limited

Waverley Contract & Supply Limited (Registered number: 07549979)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Statement of Comprehensive Income 10

Statement of Financial Position 11

Statement of Changes in Equity 12

Statement of Cash Flows 13

Notes to the Statement of Cash Flows 14

Notes to the Financial Statements 15


Waverley Contract & Supply Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: J James
D James
B James
F James





SECRETARY: B James





REGISTERED OFFICE: Rowan House
Guildford Road Trading Estate
Farnham
Surrey
GU9 9PZ





REGISTERED NUMBER: 07549979 (England and Wales)





AUDITORS: The Barnbrook Sinclair Partnership LLP
Chartered Accountants
Statutory Auditor
Chancery House
30 St Johns Road
Woking
Surrey
GU21 7SA

Waverley Contract & Supply Limited (Registered number: 07549979)

Strategic Report
for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS AND FUTURE DEVELOPMENTS
The Board aims to present a review of the development and performance of the company during the year under review and its position at the year end. This review is consistent with the size and nature of the company and is written in the context of risks and uncertainties it faces.

During the period under review, the directors report that turnover decreased by 4% over the previous period, and gross profit decreased by 1%. The gross profit % increased from 34.4% in 2022 to 35.4% in 2023.

The company considers that its key performance indicators are those that communicate the financial performance and strength of the company, primarily turnover, gross profit and operating profit. 2023 proved to be a difficult year for growth, and the company saw turnover reduce from £13.7m in 2022 down to £13.1m. However, gross profit margins improved and so the reduction in gross profit was limited to only £77,000.

During 2022 the company acquired the trade and assets of SioSystems, a supplier of acoustic soundproofing for offices. In September 2022 it moved its Luton operation to larger premises and has invested in additional staff headcount to help deliver future growth. The resulting increases in premises and staff costs during this period of investment, combined with significant marketing campaigns in 2023, has led to an increase in overhead costs and a reduction in net profit. Nonetheless, the directors are satisfied with profit before tax for the year of £450,000.

After corporation tax and dividends, the net assets of the company decreased from £2.46m to £2.33m.

The directors are of the opinion that further analysis using Key Performance Indicators is not necessary for an understanding of the development, performance or position of the company.

The directors aim to maintain the company's existing management policies which have resulted in the company's successful period of trading. These policies include the intention to grow sales and maintain control over costs.

The directors consider that the results for the period to be satisfactory and are confident that the company will continue to trade profitably in the future. The continuing profitability has left the company in a sound financial position at the end of the year and is in line with the company's expectations.

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the company and the nature of its trading strategy are subject to a number of risks. The company operates a thorough risk assessment and management process which involves a formal review of all the risks identified and introducing processes to monitor and mitigate each risk, where possible.

Cost inflation
The company continues to have a strong supply chain system, which allows it to negotiate better purchasing terms and work with suppliers to improve supply chain efficiency. However, the company remains exposed to periods of cost inflation and continually assesses any risks identified with the aim of mitigating the threats these may have on the company's operations and profitability.

Market conditions
The company operates in a variety of sectors including commercial, leisure, public sector, education and multiple dwelling units, with demand and pricing for the company's products dependant on the success in these sectors. The company mitigates this risk by ensuring it monitors the market to ensure production runs are optimised, stock holding levels are closely monitored with its pricing strategy being constantly assessed by comparison to competitors rates.


Waverley Contract & Supply Limited (Registered number: 07549979)

Strategic Report
for the Year Ended 31 December 2023

PRINCIPLE RISKS AND UNCERTAINTIES AND FINANCIAL RISK MANAGEMENT
The company's principal financial instruments comprise bank balances, funding from director/shareholder loans, inventories, trade debtors and trade creditors. The main purpose of these instruments is to provide funds for the company's operations. Their existence exposes the company to a number of financial risks, which have been considered and are managed as follows:

Operational risk
Operational risk is the risk of a direct or indirect loss resulting from the inadequacies or failures of processes or controls due to technology, staff, organisation or external factors. To monitor and control operational risk, the company maintains a system of comprehensive policies and a control framework which is designed to provide a sound and well-controlled operational environment.

Liquidity risk
Liquidity risk is the risk that the company will have insufficient resources to meet its financial liabilities as they fall due. The company's strategy to managing liquidity risk is to ensure that the company has sufficient funds to meet all its potential liabilities as they fall due. In respect of bank balances, the liquidity risk is managed by maintaining a substantial cash balance at all times. In respect of the director/shareholder loans, there are no fixed payment dates, the directors/shareholders will only seek repayment if there are sufficient liquid resources to enable any payments. The liquidity risk is therefore managed by ensuring there are always sufficient funds available to meet all monthly liabilities.

Price risk
Price risk is the risk that financial performance of the company will be adversely affected by pricing changes. This risk is managed by actively ensuring alternative sources of supply so that suppliers for all key components are always in a competitive situation. Generous allowances for price increases are built into project costings as a contingency, whilst also keeping the quote validity terms relatively short. Competitors would also be exposed to the same risks and therefore it would be expected that any significant price increases could be passed onto customers.


Interest rate risk
Interest rate risk is the risk that the financial performance of the company will be adversely affected by adverse fluctuations on interest rates being charged to the company on its financial instruments. The interest rate risk is managed by the on-going monitoring and assessment of its borrowings and the interest rate charged. The company has HP loans with fixed rates of interest. The shareholder loan from Mr & Mrs G James is subject to variable interest at above Bank of England base rate. This is deemed sufficiently low with the current base rate to mitigate this risk.

Credit risk
The company has a significant and diverse customer base, ranging from large contractors to individual operations. This, combined with undertaking stringent credit checks and the implementation of further safeguards, where necessary, minimises credit risk.

Currency risk
Currency risk is the risk that the financial performance of the company will be adversely affected by adverse fluctuations in foreign currencies used by the company. The company has minimal exposure to foreign currency risk.

The directors review the principal risks and uncertainties facing the company on a regular basis and ensure systems and policies are continuously updated to reflect any changes, they work in an efficient manner to minimise those risks and help achieve the company's objectives.


Waverley Contract & Supply Limited (Registered number: 07549979)

Strategic Report
for the Year Ended 31 December 2023

GOING CONCERN
The company's business activities, together with the factors likely to affect its future development, performance and position are set out above. After making enquiries, the directors have an expectation that the company's net current assets as at 31 December 2023 of £1.9m are more than sufficient to provide adequate resources to continue in operational existence for the foreseeable future.

The directors have therefore concluded that it is appropriate to prepare the financial statements on a going concern basis.

ON BEHALF OF THE BOARD:





D James - Director


19 September 2024

Waverley Contract & Supply Limited (Registered number: 07549979)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of manufacturing and supplying blinds, curtains, canopies, screens and partitions.

DIVIDENDS
During the year, interim dividends were paid totalling £468 per £1 Ordinary Share. The total interim dividends paid amounted to £468,000. No interim dividends were paid on the £100 Redeemable Preference Shares. The directors recommend that no final dividends be paid with respect to the year ended 31 December 2023.

RESEARCH AND DEVELOPMENT
The company is engaged in ongoing research and development aimed at moving ahead of its competitors, improving its business processes, altering existing products and services to include new knowledge or components, and drive up revenues through better sales and marketing. This commercial work underpinned the company's need to carry out research and development.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

J James
D James
B James
F James

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Waverley Contract & Supply Limited (Registered number: 07549979)

Report of the Directors
for the Year Ended 31 December 2023


AUDITORS
The auditors, The Barnbrook Sinclair Partnership LLP, have indicated their willingness to continue in office.

ON BEHALF OF THE BOARD:





D James - Director


19 September 2024

Report of the Independent Auditors to the Members of
Waverley Contract & Supply Limited

Opinion
We have audited the financial statements of Waverley Contract & Supply Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, 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 December 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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Waverley Contract & Supply 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 Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, 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 directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory framework that the company operates in, focussing 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 include the Companies Act and tax legislation. In addition we considered the provisions of other laws and regulations that do not have an effect on the financial statements but compliance with which may be fundamental to the company's ability to incur or to avoid a material penalty, including the company's operating licences and environmental regulations.

Our procedures in response to the risks identified included reviewing the financial statements disclosures and testing supporting documentation to assess compliance with the provisions of relevant laws and regulations considered to have a direct effect in the financial statements, enquiring of management concerning actual or 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, reviewing correspondence with relevant regulatory authorities and 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 audit risks to all engagement team members and remained alert to any indications of fraud or non-compliance 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.

Report of the Independent Auditors to the Members of
Waverley Contract & Supply 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.




Andrew Carpenter (FCA) (Senior Statutory Auditor)
for and on behalf of The Barnbrook Sinclair Partnership LLP
Chartered Accountants
Statutory Auditor
Chancery House
30 St Johns Road
Woking
Surrey
GU21 7SA

19 September 2024

Waverley Contract & Supply Limited (Registered number: 07549979)

Statement of Comprehensive
Income
for the Year Ended 31 December 2023

31/12/23 31/12/22
Notes £    £   

REVENUE 4 13,145,157 13,733,334

Cost of sales (8,491,066 ) (9,002,209 )
GROSS PROFIT 4,654,091 4,731,125

Administrative expenses (4,189,556 ) (4,083,639 )
464,535 647,486

Other operating income 5 30,003 371,061
OPERATING PROFIT 7 494,538 1,018,547

Interest receivable and similar income 3,216 400
497,754 1,018,947

Interest payable and similar expenses 8 (48,175 ) (30,126 )
PROFIT BEFORE TAXATION 449,579 988,821

Tax on profit 9 (107,955 ) (277,404 )
PROFIT FOR THE FINANCIAL YEAR 341,624 711,417

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

341,624

711,417

Waverley Contract & Supply Limited (Registered number: 07549979)

Statement of Financial Position
31 December 2023

31/12/23 31/12/22
Notes £    £   
FIXED ASSETS
Intangible assets 11 35,811 144,000
Property, plant and equipment 12 689,101 728,776
724,912 872,776

CURRENT ASSETS
Inventories 13 1,221,838 1,281,766
Debtors 14 1,213,890 1,385,423
Prepayments and accrued income 1,987,177 1,098,191
Cash at bank 564,546 866,503
4,987,451 4,631,883
CREDITORS
Amounts falling due within one year 15 (3,092,154 ) (2,734,936 )
NET CURRENT ASSETS 1,895,297 1,896,947
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,620,209

2,769,723

CREDITORS
Amounts falling due after more than one
year

16

(119,210

)

(133,767

)

PROVISIONS FOR LIABILITIES 20 (166,489 ) (175,070 )
NET ASSETS 2,334,510 2,460,886

CAPITAL AND RESERVES
Called up share capital 21 1,000 1,000
Retained earnings 22 2,333,510 2,459,886
SHAREHOLDERS' FUNDS 2,334,510 2,460,886

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2024 and were signed on its behalf by:





D James - Director


Waverley Contract & Supply Limited (Registered number: 07549979)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 1,000 2,108,469 2,109,469

Changes in equity
Dividends - (360,000 ) (360,000 )
Total comprehensive income - 711,417 711,417
Balance at 31 December 2022 1,000 2,459,886 2,460,886

Changes in equity
Dividends - (468,000 ) (468,000 )
Total comprehensive income - 341,624 341,624
Balance at 31 December 2023 1,000 2,333,510 2,334,510

Waverley Contract & Supply Limited (Registered number: 07549979)

Statement of Cash Flows
for the Year Ended 31 December 2023

31/12/23 31/12/22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 435,927 472,901
Interest paid (29,268 ) (3,599 )
Interest element of hire purchase payments
paid

(16,366

)

(23,808

)
Tax paid (182,986 ) (149,565 )
Net cash from operating activities 207,307 295,929

Cash flows from investing activities
Purchase of intangible fixed assets (48,883 ) (2,274 )
Purchase of tangible fixed assets (75,752 ) (213,842 )
Sale of tangible fixed assets 57,700 59,400
Interest received 3,216 400
Net cash from investing activities (63,719 ) (156,316 )

Cash flows from financing activities
New loans in year - 250,000
Loan repayments in year (4,421 ) (131,479 )
Capital repayments in year (200,068 ) (207,448 )
Amount introduced by directors 240,000 -
Amount withdrawn by directors (13,056 ) (1,597 )
Equity dividends paid (468,000 ) (360,000 )
Net cash from financing activities (445,545 ) (450,524 )

Decrease in cash and cash equivalents (301,957 ) (310,911 )
Cash and cash equivalents at beginning of
year

2

866,503

1,177,414

Cash and cash equivalents at end of year 2 564,546 866,503

Waverley Contract & Supply Limited (Registered number: 07549979)

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

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31/12/23 31/12/22
£    £   
Profit before taxation 449,579 988,821
Depreciation charges 201,311 508,339
Profit on disposal of fixed assets (6,782 ) (7,796 )
Finance costs 48,175 30,126
Finance income (3,216 ) (400 )
689,067 1,519,090
Decrease/(increase) in inventories 59,928 (294,530 )
Increase in trade and other debtors (699,182 ) (1,124,394 )
Increase in trade and other creditors 386,114 372,735
Cash generated from operations 435,927 472,901

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 December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 564,546 866,503
Year ended 31 December 2022
31/12/22 1/1/22
£    £   
Cash and cash equivalents 866,503 1,177,414


3. ANALYSIS OF CHANGES IN NET FUNDS

Other
non-cash
At 1/1/23 Cash flow changes At 31/12/23
£    £    £    £   
Net cash
Cash at bank 866,503 (301,957 ) 564,546
866,503 (301,957 ) 564,546
Debt
Finance leases (262,701 ) 200,068 (162,273 ) (224,906 )
Debts falling due
after 1 year (25,000 ) - - (25,000 )
(287,701 ) 200,068 (162,273 ) (249,906 )
Total 578,802 (101,889 ) (162,273 ) 314,640

Waverley Contract & Supply Limited (Registered number: 07549979)

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

1. STATUTORY INFORMATION

Waverley Contract & Supply 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Going concern
The company's business activities, together with the factors likely to affect its future development, performance and position are set out above. After making enquiries, the directors have an expectation that the company's net current assets as at 31 December 2023 of £1.9m are more than sufficient to provide adequate resources to continue in operational existence for the foreseeable future. The directors have therefore concluded that it is appropriate to prepare the financial statements on a going concern basis.

Turnover
Revenue 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 at the fair value of the consideration received or receivable for sale of goods and services to external customers in the ordinary nature of the business. Revenue is recognised when it and the associated costs can be reliably measured, future economic benefits are probable, and the risks and rewards of ownership have been transferred to the customer. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Revenue is stated net of Value Added Tax.

Goodwill
Goodwill, representing the excess of the purchase price compared with the fair value of net assets acquired, is capitalised and written off evenly over the number of years which, in the opinion of the directors, represents the goodwill's useful economic life.

Goodwill recognised at acquisition is measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Computer software is being amortised evenly over its estimated useful life of four years.

Waverley Contract & Supply Limited (Registered number: 07549979)

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

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Fixed assets are stated at cost, net of depreciation and any provision for impairment.

Depreciation is provided on all tangible fixed assets at rates calculated to write each asset down to its estimate residual value on a straight line basis over its expected useful life, as follows:-

Fixtures, fittings and equipment - 25% on a reducing balance
Motor vehicles - 25% on a reducing balance.

Residual value is calculated on prices prevailing at the reporting date, after estimated costs of disposal, for the asset as if it were at the age and in the condition expected at the end of its useful life.

Impairment of fixed assets
Fixed assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable or as otherwise required by relevant accounting standards.

Shortfalls between the carrying value of fixed assets and their recoverable amounts, being the higher of net realisable value and value-in-use, are recognised as impairments. Impairment losses are recognised in the profit and loss account.

Inventories
Inventories are valued at the lower of cost and net realisable value. Cost of finished goods and work in progress includes overheads appropriate to the stage of manufacture. Net realisable value is based upon estimated selling price less further costs expected to be incurred to completion and disposal. Provision is made for obsolete and slow-moving items.

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

Current or deferred taxation assets and liabilities are not discounted.

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

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Waverley Contract & Supply Limited (Registered number: 07549979)

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

3. ACCOUNTING POLICIES - continued

Foreign currencies
Transactions in currencies other than the functional currency (foreign currencies) are initially recorded at the exchange rate prevailing on the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction or, if the asset or liability is measure at fair value, the rate when that fair value was determined.

All translation differences are taken to profit or loss, 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.

Hire purchase and leasing commitments
Where assets are financed by leasing agreements that give rights approximating to ownership ("finance leases"), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable during the lease term. The corresponding leasing commitments are shown as obligations to the lessor.

Lease payments are treated as consisting of capital and interest elements, and the interest is charged to the profit and loss account in proportion to the remaining balance outstanding.

All other leases are "operating leases" and the annual rentals are charged to the income statement on a straight line basis over the lease term.

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 the income statement in the period to which they relate.

For defined contribution schemes the amount charged to the profit and loss account in respect of pension costs and other post retirement benefits is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock.

The holiday year for the company ends at the reporting date. Employees are entitled to carry forward unused holiday and the financial statements include an accrual for this accordingly.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102, in full, to all of its financial instruments.

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument, and are offset only when the company currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets
Debtors
Debtors which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price. Debtors are subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

Waverley Contract & Supply Limited (Registered number: 07549979)

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

3. ACCOUNTING POLICIES - continued

Where an arrangement with a debtor constitutes a financing transaction, the debtor is initially and subsequently measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

A provision for impairment of debtors is established when there is evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event accruing after the impairment loss was recognised, are recognised immediately in profit or loss.

Financial liabilities and equity
Creditors
Creditors which are payable within one year and which do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

Borrowings
Borrowings are initially recognised at the transaction price, including transaction costs, and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges.

Derecognition of financial assets and liabilities
A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires.

Dividends
Dividends are recognised as liabilities once they are no longer at the discretion of the company.

Critical accounting estimates and areas of judgement
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.

Critical accounting estimates and assumptions
The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Valuation of inventories
Inventories are stated at the lower of cost and net realisable value. Estimates are made in respect of determining the net realisable value of inventories and so the amount of impairment losses. The directors have assessed the net realisable value of the company's inventories having regard to the age of the stock, the number of individual items held and the level of recent sales of stock lines. However the assessment of net realisable value is inherently subjective as it is made on the basis on previous sale activity which may in future not prove to be accurate.

Amortisation of Goodwill
Goodwill, representing the excess of the purchase price compared with the fair value of net assets acquired, is capitalised and written off evenly over the number of years which, in the opinion of the directors, represents the goodwill's useful economic life. However the assessment of the useful economic life is inherently subjective as it is made on the basis of plans and forecasts which may in future prove not to be accurate.

Waverley Contract & Supply Limited (Registered number: 07549979)

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

4. REVENUE

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

An analysis of revenue by geographical market is given below:

31/12/23 31/12/22
£    £   
United Kingdom 13,145,157 13,733,334
13,145,157 13,733,334

5. OTHER OPERATING INCOME
31/12/23 31/12/22
£    £   
Management fees charged 30,003 14,561
Sale of client portfolio - 356,500
30,003 371,061

6. EMPLOYEES AND DIRECTORS
31/12/23 31/12/22
£    £   
Wages and salaries 2,970,905 2,873,299
Social security costs 318,541 324,467
Other pension costs 64,826 67,069
3,354,272 3,264,835

The average number of employees during the year was as follows:
31/12/23 31/12/22

Directors 4 4
Finance & Office 13 13
Project Managers & Admin 8 9
Sales & Marketing 17 17
Workshop 21 24
63 67

31/12/23 31/12/22
£    £   
Directors' remuneration 186,608 177,855

Waverley Contract & Supply Limited (Registered number: 07549979)

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

7. OPERATING PROFIT

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

31/12/23 31/12/22
£    £   
Hire of plant and machinery 5,527 1,837
Depreciation - owned assets 99,190 64,681
Depreciation - assets on hire purchase contracts 102,775 101,127
Profit on disposal of fixed assets (6,782 ) (7,796 )
Goodwill amortisation - 326,929
Patents and licences amortisation 2,846 12,500
Computer software amortisation - 3,102
Auditor's remuneration 15,000 12,000
Foreign exchange differences 9,349 27,708
Operating lease payments 389,091 315,598

8. INTEREST PAYABLE AND SIMILAR EXPENSES
31/12/23 31/12/22
£    £   
Loan interest 31,809 6,318
Hire purchase interest 16,366 23,808
48,175 30,126

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31/12/23 31/12/22
£    £   
Current tax:
UK corporation tax 116,536 182,901

Deferred tax (8,581 ) 94,503
Tax on profit 107,955 277,404

Waverley Contract & Supply Limited (Registered number: 07549979)

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

9. 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:

31/12/23 31/12/22
£    £   
Profit before tax 449,579 988,821
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

112,395

187,876

Effects of:
Expenses not deductible for tax purposes 3,708 4,704
Capital allowances in excess of depreciation - (9,859 )
Depreciation in excess of capital allowances 8,344 -
Unpaid pension contributions disallowed until paid (273 ) 180
Impact of partial year charged at 19% (7,638 ) -
Increase in deferred tax provision - 94,503
Decrease in deferred tax provision (8,581 ) -
Total tax charge 107,955 277,404

10. DIVIDENDS
31/12/23 31/12/22
£    £   
Ordinary shares of £1 each
Interim 468,000 360,000

11. INTANGIBLE FIXED ASSETS
Patents
and Computer
Goodwill licences software Totals
£    £    £    £   
Cost
At 1 January 2023 1,167,000 125,000 70,900 1,362,900
Disposals (35,000 ) (73,843 ) - (108,843 )
At 31 December 2023 1,132,000 51,157 70,900 1,254,057
Amortisation
At 1 January 2023 1,135,500 12,500 70,900 1,218,900
Amortisation for year - 2,846 - 2,846
Eliminated on disposal (3,500 ) - - (3,500 )
At 31 December 2023 1,132,000 15,346 70,900 1,218,246
Net book value
At 31 December 2023 - 35,811 - 35,811
At 31 December 2022 31,500 112,500 - 144,000

Waverley Contract & Supply Limited (Registered number: 07549979)

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

12. PROPERTY, PLANT AND EQUIPMENT
Fixtures,
fittings Motor
& equipment vehicles Totals
£    £    £   
Cost
At 1 January 2023 982,256 305,109 1,287,365
Additions 78,808 134,400 213,208
Disposals (53,410 ) (101,779 ) (155,189 )
At 31 December 2023 1,007,654 337,730 1,345,384
Depreciation
At 1 January 2023 442,409 116,180 558,589
Charge for year 146,266 55,699 201,965
Eliminated on disposal (39,282 ) (64,989 ) (104,271 )
At 31 December 2023 549,393 106,890 656,283
Net book value
At 31 December 2023 458,261 230,840 689,101
At 31 December 2022 539,847 188,929 728,776

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures,
fittings Motor
& equipment vehicles Totals
£    £    £   
Cost
At 1 January 2023 222,252 263,066 485,318
Additions - 134,400 134,400
Disposals - (66,731 ) (66,731 )
Transfer to ownership - (134,463 ) (134,463 )
At 31 December 2023 222,252 196,272 418,524
Depreciation
At 1 January 2023 29,684 90,747 120,431
Charge for year 48,142 54,633 102,775
Eliminated on disposal - (42,288 ) (42,288 )
Transfer to ownership - (69,262 ) (69,262 )
At 31 December 2023 77,826 33,830 111,656
Net book value
At 31 December 2023 144,426 162,442 306,868
At 31 December 2022 192,568 172,319 364,887

Waverley Contract & Supply Limited (Registered number: 07549979)

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

13. INVENTORIES
31/12/23 31/12/22
£    £   
Work-in-progress 232,835 350,328
Finished goods 989,003 931,438
1,221,838 1,281,766

14. DEBTORS
31/12/23 31/12/22
£    £   
Amounts falling due within one year:
Trade debtors 967,062 1,031,819
Other debtors 216,828 197,058
Directors' current accounts - 6,546
1,183,890 1,235,423

Amounts falling due after more than one year:
Other debtors and prepayments 30,000 150,000

Aggregate amounts 1,213,890 1,385,423

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Hire purchase contracts (see note 18) 130,696 153,934
Trade creditors 1,326,419 1,081,954
Tax 116,491 182,941
Social security and other taxes 86,821 107,166
VAT 327,445 411,241
Other creditors 786,582 703,085
Directors' current accounts 246,803 26,405
Accruals and deferred income 70,897 68,210
3,092,154 2,734,936

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/12/23 31/12/22
£    £   
Preference shares (see note 17) 25,000 25,000
Hire purchase contracts (see note 18) 94,210 108,767
119,210 133,767

17. LOANS


Waverley Contract & Supply Limited (Registered number: 07549979)

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

17. LOANS - continued

Details of shares shown as liabilities are as follows:

Allotted, issued and fully paid:
Number: Class: Nominal 31/12/23 31/12/22
value: £    £   
250 Redeemable preference £100 25,000 25,000

The redeemable preference shares do not have attached to them any right to vote. They do have rights on a capital distribution as set out in the Articles of Association and rights to dividends. They are redeemable at any time upon the discretion of the company with seven days notice to the holders.

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31/12/23 31/12/22
£    £   
Net obligations repayable:
Within one year 130,696 153,934
Between one and five years 94,210 108,767
224,906 262,701

Non-cancellable operating leases
31/12/23 31/12/22
£    £   
Within one year 269,081 279,393
Between one and five years 618,345 868,749
887,426 1,148,142

19. SECURED DEBTS

The following secured debts are included within creditors:

31/12/23 31/12/22
£    £   
Hire purchase contracts 224,906 262,701

Obligations under hire purchase contracts are secured upon the assets to which they relate.

20. PROVISIONS FOR LIABILITIES
31/12/23 31/12/22
£    £   
Deferred tax
Accelerated capital allowances 167,876 176,744
Other timing differences (1,387 ) (1,674 )
166,489 175,070

Waverley Contract & Supply Limited (Registered number: 07549979)

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

20. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 175,070
Credit to Statement of Comprehensive Income during year (8,581 )
Balance at 31 December 2023 166,489

The deferred tax provision relates principally to accelerated capital allowances. The timing of the reversal of the provision is uncertain due to the offset of excess depreciation of existing assets and accelerated capital allowances being claimed on future purchases.

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/12/23 31/12/22
value: £    £   
1,000 Ordinary £1 1,000 1,000

Details of the Redeemable Preference Shares reflected within creditors are disclosed in note 17 to the financial statements.

22. RESERVES
Retained
earnings
£   

At 1 January 2023 2,459,886
Profit for the year 341,624
Dividends (468,000 )
At 31 December 2023 2,333,510

Retained earnings represents the cumulative profit and loss net of distributions to shareholders.

23. CAPITAL COMMITMENTS
31/12/23 31/12/22
£    £   
Contracted but not provided for in the
financial statements 132,912 -