REGISTERED NUMBER: 09361477 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
WEAVER INVESTMENTS LTD |
REGISTERED NUMBER: 09361477 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
WEAVER INVESTMENTS LTD |
WEAVER INVESTMENTS LTD (REGISTERED NUMBER: 09361477) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 6 |
Report of the Independent Auditors | 8 |
Consolidated Income Statement | 12 |
Consolidated Other Comprehensive Income | 13 |
Consolidated Balance Sheet | 14 |
Company Balance Sheet | 15 |
Consolidated Statement of Changes in Equity | 16 |
Company Statement of Changes in Equity | 17 |
Consolidated Cash Flow Statement | 18 |
Notes to the Consolidated Cash Flow Statement | 19 |
Notes to the Consolidated Financial Statements | 20 |
WEAVER INVESTMENTS LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Certified Accountants |
Kings Chambers |
Queens Cross |
High Street |
Dudley |
West Midlands |
DY1 1QT |
WEAVER INVESTMENTS LTD (REGISTERED NUMBER: 09361477) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their strategic report of the company and the group for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
The principal activity of the Group during the year continued to be that of providing steel slitting services. |
The key financial performance indicators during the year were as follows: |
2023 | 2022 | change |
£ | £ | % |
Turnover | 37,712,171 | 50,075,562 | -33% |
Profit before tax | 573,214 | 1,945,529 | -342% |
Shareholders' funds | 8,576,518 | 9,632,775 | -12% |
Demand weakened and sales and supply prices fell progressively during the year. These price falls, combined with lower volume, fed through into reducing turnover. |
We continue to develop our business systems and these will add to our efficiency gains during the year, continuing the gains made through upgrading machinery, works facilities and new offices made over recent years. |
We continue to operate with a strong cash position. We have adequate stocks and forward orders placed to ensure supply stability into 2024. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The management of the business and execution of the group's strategy are subject to a number of risks including price, credit, liquidity and cash flow risks. The key business risks and uncertainties are considered to be competition from other steel service centres, the weakness of the UK economy, product availability and the external macro-economic and geo-political problems affecting the UK and around the world. The Group has policies in place which are aimed to mitigate and manage these risks. |
WEAVER INVESTMENTS LTD (REGISTERED NUMBER: 09361477) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
SECTION 172(1) STATEMENT |
Section 172 (1) of the Companies Act obliges the Directors to promote the success of the Company for the benefit of the Company's members as a whole. |
This section specifies that the Directors have a duty to act in a way which they consider, in good faith, is most likely to promote the success of the company and in doing so, have regard (amongst other matters) to: |
- the likely consequences of any decision in the long term; |
- the interests of the Company's employees; |
- the need to foster the Company's business relationships with suppliers, customers and others; |
- the impact on the Company's operations on the community and the environment; |
- the desirability of the company maintaining reputation for high standards of business and conducts; and |
- the need to act fairly as between members of the Company. |
The company is a holding company of the Weaver Investments Ltd Group ("Group") and therefore, key decisions which affect the Group, this Company and stakeholders are made by the board of the Group. |
The board believes that effective communication and proactive engagement with group subsidiaries is paramount in establishing a mutual understanding of objectives. The Group directors (AP Weaver and AM Weaver) sit on the boards of each subsidiary. This forms the primary communication between all stakeholders and facilitates effective open, transparent and two-way engagement of each boards inter-linked strategic decisions. This structure supports the board in performing its duties. |
The Board of Directors consider, both individually and collectively, that they have acted in accordance with section 172 (1) of the Companies Act 2006 in decisions taken during the year ended 31st December 2023. |
Decision making |
In meeting the Group's strategic objectives the Directors have regard to the long term impact of their decision making, recognising that the future success of the Group is strongly correlated to successful stakeholder relationships. The Group recently completed a full upgrade of its production slitting line to ensure high quality and efficient production, maintaining customer satisfaction and Group reputation. |
Employees |
Due to the size and nature of the Group's operations, employees have direct access to directors. We endeavour to provide safe working conditions which enable employees to perform well and training is provided where required. The Group complies with health and safety regulations and maintains an ISO 45001 occupational health and safety management system. Employee facilities were also refurbished during the year. |
Business relationships |
Good working relationships with customers and suppliers is considered vital to the ongoing success of the Group. We seek to build long term relationships with suppliers offering quality and reliable products and services and in turn this enables us to fulfil our commitments and meet the expectations of our customers and other stakeholders. |
Environment |
The Directors recognise the impact of the Group's operations on the community and environment. During the year, initiatives aimed at reducing the Group's carbon footprint include increased use of zero emission vehicles, installation of energy efficient lighting systems and safe disposal of manufacturing waste. The Group also operates an ISO14001 environmental management system. |
WEAVER INVESTMENTS LTD (REGISTERED NUMBER: 09361477) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
STREAMLINED ENERGY AND CARBON REPORTING |
As the group's energy consumption in the reporting period exceeded 40,000 kWh it is required to comply with the Streamlined Energy and Carbon Reporting requirements. |
ENERGY AND CARBON REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 |
ENERGY CONSUMPTION KWH |
Total energy consumed in the year: | kWh | kWh |
-Gas combustion | 191,961 |
-Fuel consumed for transport | 12,598 |
-Purchased electricity | 304,111 |
508,670 |
EMISSIONS OF C02 EQUIVALENT |
Scope 1 - direct emissions | Tonnes | Tonnes |
-Gas combustion | 50 |
-Fuel consumed for owned transport | 3 |
53 |
Scope 2 - indirect emissions |
-Purchased electricity | 67 |
Total gross emissions | 120 |
INTENSITY RATIO |
Tonnes C02e per 1000 tonnes of production | 3 |
QUANTIFICATION AND REPORTING METHODOLOGY |
The group has followed and used the following quantification and reporting methodologies: |
-HM Government 2019 Environmental Reporting Guidelines; |
-GHG Reporting Protocol; and |
-Government Conversion Factors for energy and emissions reporting. |
MEASURES TAKEN TO IMPROVE EFFICIENCY |
The group further increased the use of zero emission vehicles and also installed additional energy efficient lighting systems during the period. |
WEAVER INVESTMENTS LTD (REGISTERED NUMBER: 09361477) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
ON BEHALF OF THE BOARD: |
WEAVER INVESTMENTS LTD (REGISTERED NUMBER: 09361477) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of steel slitting services. |
DIVIDENDS |
Interim dividends per share were paid during the year as follows: |
D Ordinary 0.1p | - | £76.923 | - 31 December 2023 |
E Ordinary 0.1p | - £38.462 | - 31 December 2023 |
The total distribution of dividends for the year ended 31 December 2023 will be £ 1,500,000 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group 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). 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 the group and of the profit or loss of the group 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; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information. |
WEAVER INVESTMENTS LTD (REGISTERED NUMBER: 09361477) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
AUDITORS |
The auditors, Saxon & Co Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WEAVER INVESTMENTS LTD |
Opinion |
We have audited the financial statements of Weaver Investments Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 December 2023 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 |
WEAVER INVESTMENTS LTD |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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 six, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WEAVER INVESTMENTS LTD |
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 to obtain sufficient appropriate audit evidence on which to base our opinion. |
To identify and assess risks of material misstatement in respect of irregularities, including fraud, we conduct general and specific risk assessment procedures which include considering: |
- The nature of the group and the industry in which it operates, business performance and the control environment. |
- The laws and regulations applicable to the group. |
- Management's own assessment of the risk of fraud occurring and non-compliance with laws and regulations. |
- The operating effectiveness of management's controls established to mitigate the risks of fraud or non-compliance with laws and regulations. |
- Whether management know of any instances of fraud or non-compliance with laws and regulations. |
We also hold an audit engagement team meeting to discuss how and where fraud might occur, if any opportunities and incentives may exist within the business and assess any potential indicators of fraud. |
As a result of our procedures we identified direct and indirect laws and regulations applicable to the group. Direct laws and regulations are those that effect the financial statements and indirect laws and regulations are those that may be central to the group's ability to operate. The direct laws and regulations identified are the Companies Act, UK GAAP and UK Tax Legislation. The indirect laws and regulations identified are International Organization Standardization (ISO) regulations covering health and safety, quality management and environmental management. |
Our response to the risks identified include: |
- Reviewing the financial statement disclosures and testing supporting documentation. |
- Enquiring of management concerning actual or potential litigation claims. |
- Performing analytical procedures to identify any unusual or unexpected variances that may be indicators of material misstatement due to fraud. |
- Assessing the risk of management override of controls and bias by testing the appropriateness of journal entries and estimates within the financial statements. |
- Obtaining an understanding of related parties and evaluating related party transactions and any significant transactions outside the normal course of business. |
We also communicate the requirement to maintain professional skepticism to all members of the engagement team and ensure they are aware of relevant identified laws and regulations, related parties and potential fraud risks and remain alert to any indicators 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 |
WEAVER INVESTMENTS LTD |
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. |
for and on behalf of |
Statutory Auditors |
Chartered Certified Accountants |
Kings Chambers |
Queens Cross |
High Street |
Dudley |
West Midlands |
DY1 1QT |
WEAVER INVESTMENTS LTD (REGISTERED NUMBER: 09361477) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 3 | 37,712,171 | 50,075,562 |
Cost of sales | 34,848,913 | 45,468,073 |
GROSS PROFIT | 2,863,258 | 4,607,489 |
Administrative expenses | 2,359,002 | 2,678,497 |
OPERATING PROFIT | 5 | 504,256 | 1,928,992 |
Interest receivable and similar income | 68,958 | 16,537 |
PROFIT BEFORE TAXATION | 573,214 | 1,945,529 |
Tax on profit | 6 | 129,471 | 413,181 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 443,743 | 1,532,348 |
WEAVER INVESTMENTS LTD (REGISTERED NUMBER: 09361477) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 443,743 | 1,532,348 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 443,743 | 1,532,348 |
Total comprehensive income attributable to: |
Owners of the parent | 443,743 | 1,532,348 |
WEAVER INVESTMENTS LTD (REGISTERED NUMBER: 09361477) |
CONSOLIDATED BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | - | (10,086 | ) |
Tangible assets | 10 | 4,017,123 | 4,122,069 |
Investments | 11 | - | - |
4,017,123 | 4,111,983 |
CURRENT ASSETS |
Stocks | 12 | 8,083,286 | 14,817,699 |
Debtors | 13 | 7,095,415 | 12,828,318 |
Cash at bank and in hand | 7,621,674 | 1,739,030 |
22,800,375 | 29,385,047 |
CREDITORS |
Amounts falling due within one year | 14 | 17,612,832 | 23,175,724 |
NET CURRENT ASSETS | 5,187,543 | 6,209,323 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 9,204,666 | 10,321,306 |
PROVISIONS FOR LIABILITIES | 16 | 628,148 | 688,531 |
NET ASSETS | 8,576,518 | 9,632,775 |
CAPITAL AND RESERVES |
Called up share capital | 17 | 50 | 50 |
Revaluation reserve | 18 | 559,046 | 559,046 |
Other reserves | 18 | 1,499,953 | 1,499,953 |
Retained earnings | 18 | 6,517,469 | 7,573,726 |
SHAREHOLDERS' FUNDS | 8,576,518 | 9,632,775 |
The financial statements were approved by the Board of Directors and authorised for issue on 9 May 2024 and were signed on its behalf by: |
A P Weaver - Director |
WEAVER INVESTMENTS LTD (REGISTERED NUMBER: 09361477) |
COMPANY BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 17 | 50 | 50 |
Other reserves | 18 | 1,499,953 | 1,499,953 |
Retained earnings | 18 | 3,604,859 | 4,674,637 |
SHAREHOLDERS' FUNDS | 5,104,862 | 6,174,640 |
Company's profit for the financial year | 430,222 | 1,499,931 |
The financial statements were approved by the Board of Directors and authorised for issue on |
WEAVER INVESTMENTS LTD (REGISTERED NUMBER: 09361477) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up |
share | Retained | Revaluation | Other | Total |
capital | earnings | reserve | reserves | equity |
£ | £ | £ | £ | £ |
Balance at 1 January 2022 | 50 | 6,041,378 | 559,046 | 1,499,953 | 8,100,427 |
Changes in equity |
Total comprehensive income | - | 1,532,348 | - | - | 1,532,348 |
Balance at 31 December 2022 | 50 | 7,573,726 | 559,046 | 1,499,953 | 9,632,775 |
Changes in equity |
Dividends | - | (1,500,000 | ) | - | - | (1,500,000 | ) |
Total comprehensive income | - | 443,743 | - | - | 443,743 |
Balance at 31 December 2023 | 50 | 6,517,469 | 559,046 | 1,499,953 | 8,576,518 |
WEAVER INVESTMENTS LTD (REGISTERED NUMBER: 09361477) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up |
share | Retained | Other | Total |
capital | earnings | reserves | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 | 50 | 3,174,706 | 1,499,953 | 4,674,709 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2022 | 50 | 4,674,637 | 1,499,953 | 6,174,640 |
Changes in equity |
Dividends | - | (1,500,000 | ) | - | (1,500,000 | ) |
Total comprehensive income | - |
Balance at 31 December 2023 | 50 | 3,604,859 | 1,499,953 | 5,104,862 |
WEAVER INVESTMENTS LTD (REGISTERED NUMBER: 09361477) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 7,790,697 | (2,635,432 | ) |
Tax paid | (245,559 | ) | (763,992 | ) |
Net cash from operating activities | 7,545,138 | (3,399,424 | ) |
Cash flows from investing activities |
Purchase of tangible fixed assets | (231,452 | ) | (553,946 | ) |
Sale of tangible fixed assets | - | 1 |
Interest received | 68,958 | 16,537 |
Net cash from investing activities | (162,494 | ) | (537,408 | ) |
Cash flows from financing activities |
Loan repayments in year | - | (2,199,999 | ) |
Equity dividends paid | (1,500,000 | ) | - |
Net cash from financing activities | (1,500,000 | ) | (2,199,999 | ) |
Increase/(decrease) in cash and cash equivalents | 5,882,644 | (6,136,831 | ) |
Cash and cash equivalents at beginning of year | 2 | 1,739,030 | 7,875,861 |
Cash and cash equivalents at end of year | 2 | 7,621,674 | 1,739,030 |
WEAVER INVESTMENTS LTD (REGISTERED NUMBER: 09361477) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 573,214 | 1,945,529 |
Depreciation charges | 336,399 | 316,431 |
Negative goodwill recovered | (10,086 | ) | (30,000 | ) |
Finance income | (68,958 | ) | (16,537 | ) |
830,569 | 2,215,423 |
Decrease/(increase) in stocks | 6,734,413 | (1,100,975 | ) |
Decrease/(increase) in trade and other debtors | 5,732,903 | (3,036,586 | ) |
Decrease in trade and other creditors | (5,507,188 | ) | (713,294 | ) |
Cash generated from operations | 7,790,697 | (2,635,432 | ) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 7,621,674 | 1,739,030 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 1,739,030 | 7,875,861 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.23 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,739,030 | 5,882,644 | 7,621,674 |
1,739,030 | 5,882,644 | 7,621,674 |
Debt |
Debts falling due within 1 year | (125,001 | ) | - | (125,001 | ) |
(125,001 | ) | - | (125,001 | ) |
Total | 1,614,029 | 5,882,644 | 7,496,673 |
WEAVER INVESTMENTS LTD (REGISTERED NUMBER: 09361477) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Weaver Investments Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
In accordance with Financial Reporting Standard 102 certain items are included at Fair Value. |
The financial statements are presented in £ pounds sterling which is also the group's functional currency. |
Basis of consolidation |
The group financial statements consolidate the financial statements of the Company and its subsidiary undertakings drawn up to 31 December each year. The results of subsidiaries acquired or sold are consolidated for the period from or to the date on which control passed. Business combinations are accounted for under the purchase method. All intra-group transactions, balances, income and expenses are eliminated on consolidation. |
Judgements and estimates |
In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision only affects that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Business combinations and goodwill |
Business combinations are accounted for by applying the purchase method. The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combinations. |
Goodwill arising on the acquisition of subsidiary undertaking and businesses, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life. Provision is made for impairment. |
Negative goodwill is similarly included in the balance sheet and is credited to the profit and loss account in the periods in which the acquired non-monetary assets are recovered through depreciation or sale. Negative goodwill in excess of the fair values of the non-monetary assets acquired is credited to the profit and loss account in the periods expected to benefit. |
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. |
WEAVER INVESTMENTS LTD (REGISTERED NUMBER: 09361477) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Depreciation is provided on all tangible fixed assets other than freehold land. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Basic financial instruments are recognised at amortised cost. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
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. |
Foreign currencies |
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date. Exchange differences are recognised in profit or loss in the period in which they arise. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
WEAVER INVESTMENTS LTD (REGISTERED NUMBER: 09361477) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by geographical market is given below: |
2023 | 2022 |
£ | £ |
United Kingdom | 37,712,171 | 49,763,543 |
Europe | - | 312,019 |
37,712,171 | 50,075,562 |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 930,512 | 1,171,200 |
Social security costs | 92,989 | 100,552 |
Other pension costs | 95,745 | 271,692 |
1,119,246 | 1,543,444 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Management | 4 | 4 |
Sales | 3 | 3 |
Operations | 13 | 13 |
2023 | 2022 |
£ | £ |
Directors' remuneration | 100,677 | 192,000 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets | 336,398 | 316,431 |
Auditors' remuneration | 20,753 | 16,850 |
Auditors' remuneration for non audit work | 21,950 | 18,145 |
Negative goodwill credited to profit or loss. | (10,086 | ) | (30,000 | ) |
WEAVER INVESTMENTS LTD (REGISTERED NUMBER: 09361477) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
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 | 189,854 | 342,123 |
Deferred tax | (60,383 | ) | 71,058 |
Tax on profit | 129,471 | 413,181 |
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 | 573,214 | 1,945,529 |
Profit multiplied by the standard rate of corporation tax in the UK of 23.446 % (2022 - 19 %) | 134,396 | 369,651 |
Effects of: |
Expenses not deductible for tax purposes | (5,829 | ) | (22,964 | ) |
Capital allowances in excess of depreciation | - | (4,583 | ) |
Depreciation in excess of capital allowances | 35,471 | - |
Utilisation of tax losses | (85 | ) | - |
Adjustments to tax charge in respect of previous periods | 25,901 | - |
Deferred Tax Movement | (60,383 | ) | 71,058 |
Tax losses carried forward | - | 19 |
Total tax charge | 129,471 | 413,181 |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
The parent company made a profit of £432,417 during the year (2022- £1,499,931). |
8. | DIVIDENDS |
2023 | 2022 |
£ | £ |
D Ordinary shares of 0.1p each |
Interim | 1,000,000 | - |
E Ordinary shares of 0.1p each |
Interim | 500,000 | - |
1,500,000 | - |
WEAVER INVESTMENTS LTD (REGISTERED NUMBER: 09361477) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 | (2,182,355 | ) |
AMORTISATION |
At 1 January 2023 | (2,172,269 | ) |
Negative goodwill recovered | (10,086 | ) |
At 31 December 2023 | (2,182,355 | ) |
NET BOOK VALUE |
At 31 December 2023 | - |
At 31 December 2022 | (10,086 | ) |
Negative goodwill arose on the acquisition of United Slitting Services Ltd in 2018. It is being written back in the period in which the acquired non-monetary assets are recovered through depreciation or sale. Non-monetary assets recovered in the period amounted to £10,086 (2022 - £30,000). |
10. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2023 | 1,691,242 | 2,991,188 | 64,173 |
Additions | - | 2,840 | - |
At 31 December 2023 | 1,691,242 | 2,994,028 | 64,173 |
DEPRECIATION |
At 1 January 2023 | 39,296 | 841,302 | 22,941 |
Charge for year | 40,849 | 141,477 | 12,377 |
At 31 December 2023 | 80,145 | 982,779 | 35,318 |
NET BOOK VALUE |
At 31 December 2023 | 1,611,097 | 2,011,249 | 28,855 |
At 31 December 2022 | 1,651,946 | 2,149,886 | 41,232 |
WEAVER INVESTMENTS LTD (REGISTERED NUMBER: 09361477) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2023 | 527,163 | 67,095 | 5,340,861 |
Additions | 218,059 | 10,553 | 231,452 |
At 31 December 2023 | 745,222 | 77,648 | 5,572,313 |
DEPRECIATION |
At 1 January 2023 | 284,014 | 31,239 | 1,218,792 |
Charge for year | 128,666 | 13,029 | 336,398 |
At 31 December 2023 | 412,680 | 44,268 | 1,555,190 |
NET BOOK VALUE |
At 31 December 2023 | 332,542 | 33,380 | 4,017,123 |
At 31 December 2022 | 243,149 | 35,856 | 4,122,069 |
Included in cost or valuation of land and buildings is freehold land of £634,833 (2022 - £634,833) which is not depreciated. |
Cost or valuation at 31 December 2023 is represented by: |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
Valuation in 2019 | 332,619 | - | - |
Valuation in 2021 | 125,000 | - | - |
Cost | 1,233,623 | 2,994,028 | 64,173 |
1,691,242 | 2,994,028 | 64,173 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
Valuation in 2019 | - | - | 332,619 |
Valuation in 2021 | - | - | 125,000 |
Cost | 745,222 | 77,648 | 5,114,694 |
745,222 | 77,648 | 5,572,313 |
WEAVER INVESTMENTS LTD (REGISTERED NUMBER: 09361477) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
If land and buildings had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 1,233,623 | 1,233,623 |
Aggregate depreciation | 355,128 | 318,863 |
Value of land in freehold land and buildings | 327,000 | 327,000 |
Freehold land and buildings were valued on an open market basis on 31 December 2021 by the directors . |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Mill Lane, Halesowen West Midlands,B63 3JP |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Loss for the year | ( | ) | ( | ) |
WEAVER INVESTMENTS LTD (REGISTERED NUMBER: 09361477) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
11. | FIXED ASSET INVESTMENTS - continued |
Registered office: Mill Lane, Halesowen, West Midlands, B63 3JP |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
12. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Stocks | 8,083,286 | 14,817,699 |
13. | DEBTORS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 6,733,206 | 11,739,545 |
Amounts owed by group undertakings | - | - |
Other debtors | 24,492 | 6,492 |
Loans | - | 1,194 | - | - |
VAT | - | 813,308 |
Prepayments and accrued income | - | - |
Prepayments | 135,284 | 67,921 |
6,892,982 | 12,628,460 |
Amounts falling due after more than one year: |
Loans | 202,433 | 199,858 | - | - |
Aggregate amounts | 7,095,415 | 12,828,318 |
WEAVER INVESTMENTS LTD (REGISTERED NUMBER: 09361477) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Other loans (see note 15) | 59,689 | 59,688 |
Trade creditors | 16,741,538 | 22,417,721 |
Tax | 77,687 | 133,392 |
Social security and other taxes | 20,448 | 31,872 |
VAT | 93,544 | - | - | - |
Other creditors | 9,295 | 15,793 |
Directors' current accounts | 66,710 | 66,710 | 66,710 | 66,710 |
Accrued expenses | 543,921 | 450,548 |
17,612,832 | 23,175,724 |
Directors loans |
There are currently no formal terms and conditions attaching to the loan for repayment or interest. It is also unsecured. |
Other loans |
Other loans represents loans from shareholders. There are currently no formal terms and conditions attaching to the loan for repayment or interest. It is also unsecured. |
15. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Other loans | 59,689 | 59,688 |
16. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Deferred tax | 628,148 | 688,531 |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2023 | 688,531 |
Provided during year | (60,383 | ) |
Balance at 31 December 2023 | 628,148 |
WEAVER INVESTMENTS LTD (REGISTERED NUMBER: 09361477) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal value: | 2023 | 2022 |
£ | £ |
NIL | Ordinary | 0.1p | - | 50 |
19,900 | A Ordinary | 0.1p | 19.9 | - |
100 | B Ordinary | 0.1p | 0.1 | - |
4,000 | C Ordinary | 0.1p | 4 | - |
13,000 | D Ordinary | 0.1p | 13 | - |
13,000 | E Ordinary | 0.1p | 13 | - |
50 | 50 |
During the year the Company reclassified its Ordinary shares. |
18. | RESERVES |
Group |
Retained | Revaluation | Other |
earnings | reserve | reserves | Totals |
£ | £ | £ | £ |
At 1 January 2023 | 7,573,726 | 559,046 | 1,499,953 | 9,632,725 |
Profit for the year | 443,743 | 443,743 |
Dividends | (1,500,000 | ) | (1,500,000 | ) |
At 31 December 2023 | 6,517,469 | 559,046 | 1,499,953 | 8,576,468 |
Company |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
At 1 January 2023 | 4,674,637 | 1,499,953 | 6,174,590 |
Profit for the year | - |
Dividends | (1,500,000 | ) | - | (1,500,000 | ) |
At 31 December 2023 | 3,604,859 | 1,499,953 | 5,104,812 |
WEAVER INVESTMENTS LTD (REGISTERED NUMBER: 09361477) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
19. | PENSION COMMITMENTS |
Defined contribution scheme |
The group operates a defined contribution scheme for all qualifying employees. The assets of the scheme are held separately from those of the group in independently administered funds. |
2023 | 2022 |
£ | £ |
Charge to the income statement in respect of defined contribution schemes | 21,969 | 19,126 |
20. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Loans from related parties are disclosed in note 14 of the financial statements. |
Key management personnel of the entity or its parent (in the aggregate) |
2023 | 2022 |
£ | £ |
Loan repayments (inc. interest) | (14,200 | ) | (12,000 | ) |
Amount due from related party | 202,432 | 201,052 |
Other related parties |
2023 | 2022 |
£ | £ |
Amount due from related parties | 18,000 | - |
During the year, a total of key management personnel compensation of £ 301,811 (2022 - £ 364,478 ) was paid. |
All directors and certain senior employees who have authority and responsibility for planning, directing and controlling the activities of the group are considered to be key management personnel. |
21. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling parties are AP Weaver, AMS Weaver and CP Weaver. |