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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:

A P Weaver


A M S Weaver







SECRETARY:

C P Weaver







REGISTERED OFFICE:

Mill House


Mill Lane


Halesowen


West Midlands


B63 3JP







REGISTERED NUMBER:

09361477 (England and Wales)







AUDITORS:

Saxon & Co Accountants Ltd


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:






A P Weaver - Director



9 May 2024



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.


A P Weaver

A M S Weaver


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:






A P Weaver - Director



9 May 2024


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.





Matthew Saxon (Senior Statutory Auditor)

for and on behalf of Saxon & Co Accountants Ltd

Statutory Auditors

Chartered Certified Accountants

Kings Chambers

Queens Cross

High Street

Dudley

West Midlands

DY1 1QT


9 May 2024



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

443,743


1,532,348



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

4,536,689


4,536,689



4,536,689


4,536,689




CURRENT ASSETS

Debtors

13

702,401


1,759,901



Cash at bank and in hand

4,367


4,451



706,768


1,764,352



CREDITORS

Amounts falling due within one year

14

138,595


126,401



NET CURRENT ASSETS

568,173


1,637,951



TOTAL ASSETS LESS CURRENT

LIABILITIES

5,104,862


6,174,640




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 9 May 2024 and were signed on its behalf by:






A P Weaver - Director




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

-


1,499,931


-


1,499,931



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

-


430,222


-


430,222



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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements


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



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


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Freehold property

-

4% on cost


Plant and machinery

-  

10% on cost and 5% on cost


Motor vehicles

-

25% on cost


Computer equipment

-

33% on cost


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



20


20





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

4,536,689




NET BOOK VALUE


At 31 December 2023

4,536,689




At 31 December 2022

4,536,689





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



Subsidiaries



United Slitting Services Ltd


Registered office: Mill Lane, Halesowen West Midlands,B63 3JP


Nature of business: Dormant


%


Class of shares:

holding



Ordinary

100.00


2023

2022


£   

£   



Aggregate capital and reserves

-


117




Loss for the year

(117

)

(33

)




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



USS Ltd


Registered office: Mill Lane, Halesowen, West Midlands, B63 3JP


Nature of business: Steel slitting


%


Class of shares:

holding



Ordinary

100.00


2023

2022


£   

£   



Aggregate capital and reserves

8,008,345


8,004,792




Profit for the year

560,829


1,915,630





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

-


-


668,901


1,759,901




Other debtors

24,492


6,492


18,000


-




Loans

-


1,194


-


-




VAT

-


813,308


-


-




Prepayments and accrued income

-


-


15,500


-




Prepayments

135,284


67,921


-


-



6,892,982


12,628,460


702,401


1,759,901





Amounts falling due after more than one year:



Loans

202,433


199,858


-


-





Aggregate amounts

7,095,415


12,828,318


702,401


1,759,901





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


59,690


59,691




Trade creditors

16,741,538


22,417,721


-


-




Tax

77,687


133,392


2,195


-




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


10,000


-



17,612,832


23,175,724


138,595


126,401





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


59,690


59,691




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

430,222


-


430,222




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.