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REGISTERED NUMBER: 00222877 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

T.WARD & SON,LIMITED

T.WARD & SON,LIMITED (REGISTERED NUMBER: 00222877)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Certified Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


T.WARD & SON,LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr T Redshaw
Mr I K Noble
Mrs C A Postlethwaite
Mr S A Hulbert
Mr M A Morsby
Mr L Howe
Mr J O Ashworth
Mr A J Baxter





REGISTERED OFFICE: James Freel Close
Barrow In Furness
Cumbria
LA14 2NW





REGISTERED NUMBER: 00222877 (England and Wales)





ACCOUNTANTS: R F Miller & Co
Double Tree Court
10A Cavendish St
Ulverston
Cumbria
LA12 7AD

CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
T.WARD & SON,LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In accordance with the engagement letter, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.

This report is made to the director in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the director the financial statements that we have been engaged to compile, to report to the director that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's director for our work or for this report.

You have acknowledged on the balance sheet as at 31 December 2023 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.






R F Miller & Co
Double Tree Court
10A Cavendish St
Ulverston
Cumbria
LA12 7AD


23 September 2024

T.WARD & SON,LIMITED (REGISTERED NUMBER: 00222877)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 289,832 262,032
Investments 5 13,199 13,199
303,031 275,231

CURRENT ASSETS
Stocks 521,334 497,102
Debtors 6 492,980 440,522
Cash at bank and in hand 1,530 4,230
1,015,844 941,854
CREDITORS
Amounts falling due within one year 7 588,544 567,669
NET CURRENT ASSETS 427,300 374,185
TOTAL ASSETS LESS CURRENT
LIABILITIES

730,331

649,416

CREDITORS
Amounts falling due after more than one
year

8

(22,429

)

(33,712

)

PROVISIONS FOR LIABILITIES (37,593 ) (19,911 )
NET ASSETS 670,309 595,793

CAPITAL AND RESERVES
Called up share capital 10 104,651 104,651
Capital redemption reserve 11 45,449 45,449
Retained earnings 11 520,209 445,693
SHAREHOLDERS' FUNDS 670,309 595,793

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

T.WARD & SON,LIMITED (REGISTERED NUMBER: 00222877)

BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:





Mr T Redshaw - Director


T.WARD & SON,LIMITED (REGISTERED NUMBER: 00222877)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

T.Ward & Son,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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 1% on cost
Plant and machinery - at varying rates on cost
Fixtures and fittings - at varying rates on cost
Motor vehicles - at varying rates on cost
Computer equipment - at varying rates on cost

INVESTMENTS IN SUBSIDIARIES
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Stocks and work in progress are stated at the lower of cost and estimated costs to complete and sell, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Estimated selling price less costs to complete and sell is based on the estimated selling price of the goods less any estimated completion or selling costs likely to be incurred on the sale.

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 balance sheet date.


T.WARD & SON,LIMITED (REGISTERED NUMBER: 00222877)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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

The average number of employees during the year was 77 (2022 - 76 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2023 150,310 142,615 53,381
Additions 4,474 30,944 -
Disposals - - -
At 31 December 2023 154,784 173,559 53,381
DEPRECIATION
At 1 January 2023 36,064 138,150 51,576
Charge for year 1,500 3,843 829
Eliminated on disposal - - -
At 31 December 2023 37,564 141,993 52,405
NET BOOK VALUE
At 31 December 2023 117,220 31,566 976
At 31 December 2022 114,246 4,465 1,805

T.WARD & SON,LIMITED (REGISTERED NUMBER: 00222877)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 351,669 213,946 911,921
Additions 62,120 915 98,453
Disposals (45,639 ) - (45,639 )
At 31 December 2023 368,150 214,861 964,735
DEPRECIATION
At 1 January 2023 218,301 205,798 649,889
Charge for year 51,004 3,772 60,948
Eliminated on disposal (35,934 ) - (35,934 )
At 31 December 2023 233,371 209,570 674,903
NET BOOK VALUE
At 31 December 2023 134,779 5,291 289,832
At 31 December 2022 133,368 8,148 262,032

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023 138,334
Transfer to ownership (63,384 )
At 31 December 2023 74,950
DEPRECIATION
At 1 January 2023 75,573
Transfer to ownership (53,450 )
At 31 December 2023 22,123
NET BOOK VALUE
At 31 December 2023 52,827
At 31 December 2022 62,761

T.WARD & SON,LIMITED (REGISTERED NUMBER: 00222877)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 29,180
PROVISIONS
At 1 January 2023
and 31 December 2023 15,981
NET BOOK VALUE
At 31 December 2023 13,199
At 31 December 2022 13,199

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Ward Glass Limited
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves (110,919 ) (110,919 )

Ward Contracting Limited
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 100 100

Furness Glass Limited
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 99 99

T.WARD & SON,LIMITED (REGISTERED NUMBER: 00222877)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. FIXED ASSET INVESTMENTS - continued

Furness Engineering and Technology Limited
Registered office:
Nature of business: Engineering and general consultancy
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 494,420 451,737
Profit for the year 183,529 46,483

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 422,432 369,237
Other debtors 19,652 27,924
Prepayments and accrued income 50,896 43,361
492,980 440,522

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 119,372 10,121
Hire purchase contracts 501 23,558
Trade creditors 176,834 194,811
Amounts owed to group undertakings 104,097 101,804
Corporation tax 7,635 9,961
Social security and other taxes 47,274 44,124
VAT 68,326 95,903
Other creditors 7,353 1,301
Accruals and deferred income 57,152 86,086
588,544 567,669

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 10,401 10,375
Bank loans - 2-5 years 12,028 21,548
Bank loans more 5 yr by instal - 1,288
Hire purchase contracts - 501
22,429 33,712

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 1,288

T.WARD & SON,LIMITED (REGISTERED NUMBER: 00222877)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft 109,230 -
Bank loans 32,571 43,332
Hire purchase contracts 501 24,059
142,302 67,391

Barclays Bank PLC has a debenture over the assets of the company and also a first charge over the freehold property.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
34,851 Ordinary A £1 34,851 34,851
69,700 Ordinary B £1 69,700 69,700
4 Ordinary C, D, E, F £25 100 100
104,651 104,651

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

At 1 January 2023 445,693 45,449 491,142
Profit for the year 199,288 199,288
Dividends (124,772 ) (124,772 )
At 31 December 2023 520,209 45,449 565,658

12. CONTINGENT LIABILITIES

Barclays Bank PLC has a debenture over the assets of all other members of the group as security for the bank overdraft and loans. The company also has a cross guarantee against bank borrowings of the group. The maximum potential liability at 31 December 2023 was £32,571 (2022 - £43,332).

T.WARD & SON,LIMITED (REGISTERED NUMBER: 00222877)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

13. RELATED PARTY DISCLOSURES

During the year, the following dividends were paid:

Mrs L R Redshaw received a dividend of £nil (2022: £50,000)
Mr T Redshaw received a dividend of £17,677 (2022: £64,379).
J E Redshaw received a dividend of £14,570 (2022: £10,429)
A H P Redshaw received a dividend of £46,262 (2022: £27,750)
L T M Lewis received a dividend of £46,262 (2022: £26,570)

During the year the company made sales to a subsidiary company, Furness Engineering and Technology Limited, of £5,489 (2022: £509), made purchases from the subsidiary company of £713 (2022: £691) and received dividends of £140346 (2022: £166,925). The balance outstanding at the year end is £104,097 creditor (2022: £101,804).

14. ULTIMATE CONTROLLING PARTY

The company was under the control of Sequoia Operations Ltd at the year end following a share for share exchange on 1 December 2023 with all shareholders participating in the exchange on a 1 for 1 basis.The company was under the control of Mrs L R Redshaw in the current year up until the share for share exchange and throughout the previous year.