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REGISTERED NUMBER: 00463959 (England and Wales)















Strategic Report, Directors' Report and

Financial Statements for the Year Ended 31 March 2023

for

Ernest V. Waddington Limited

Ernest V. Waddington Limited (Registered number: 00463959)

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










Page

Company Information 1

Strategic Report 2

Directors' Report 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 16


Ernest V. Waddington Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mr Antony Edward Waddington
Mr Edward James Waddington



REGISTERED OFFICE: Queen Street Chambers
68 Queen Street
Sheffield
South Yorkshire
S1 1WR



BUSINESS ADDRESS: The Boatyard
Broomville Street
Swinton
South Yorkshire
S64 8AT



REGISTERED NUMBER: 00463959 (England and Wales)



INDEPENDENT AUDITORS: Landin Wilcock & Co
Statutory Auditor
68 Queen Street
Sheffield
South Yorkshire
S1 1WR



BANKERS: National Westminster Bank plc
Bank Street
Mexborough
South Yorkshire
S64 9QE



SOLICITORS: Andrew Jackson Solicitors LLP
Marina Court
Castle Street
Hull
HU1 1TJ

Ernest V. Waddington Limited (Registered number: 00463959)

Strategic Report
for the Year Ended 31 March 2023


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

REVIEW OF BUSINESS
The financial year to 31 March 2023 confirmed the company as holding a significant investment property portfolio, with rental income increasing by over £1,000,000.

KEY FINANCIAL PERFORMANCE INDICATORS

2023 2022
£    £   
Turnover 11,684,798 10,648,998
Operating profit 11,164,562 10,465,752
Net assets 93,264,479 83,840,728

The results for the year ended 31 March 2023 were very consistent with those of the previous year , with a growth in revenue on the back of continuing development of the company's investment properties.

The directors in recent years have invested all retained reserves in the growth of its investment property portfolio. A change in this year, is that the company has now provided funding to two new associated companies for them to construct and obtain investment properties. The company receives interest on the funding provided and the funding will be repaid from rents received by the associated companies.

The balance sheet remains incredibly strong on the back of significant post taxation profit, and it is credible that there is no external debt within the balance sheet. The continued growth on the back of the investment property portfolio will take the company to increased strength.

PRINCIPAL RISKS AND UNCERTAINTIES
The company derives a significant part of its revenue from a substantial investment portfolio, which leads to healthy cash generation. The directors do not foresee any risks, business or financial, with regards to the continuing nature of the revenue stream.

The investment properties are responsible for the strength shown by the balance sheet, and there is no perceived uncertainty as to their continuing value at greater than shown in the balance sheet.

ON BEHALF OF THE BOARD:





Mr Antony Edward Waddington - Director


25 September 2024

Ernest V. Waddington Limited (Registered number: 00463959)

Directors' Report
for the Year Ended 31 March 2023


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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of managing warehouses and other property, the sale of timber products and the carriage of goods by canal.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2023.

FUTURE DEVELOPMENTS
The company has consolidated it's investment property portfolio in recent years, which it will continue to invest in for the foreseeable future. It is envisaged that in the next few years the property portfolio will increase in both number and value.

DIRECTORS
Mr Antony Edward Waddington has held office during the whole of the period from 1 April 2022 to the date of this report.

Other changes in directors holding office are as follows:

Mr Edward James Waddington - appointed 27 June 2022

FINANCIAL INSTRUMENTS
The Company's principal financial assets are cash and trade receivables. Credit risk is managed through assessment of the financial strength of customers prior to entering into a contract. Liquidity risk is managed through the management of payables and receivables within contractual obligations and effective credit control monitoring procedures. The company does not use any complex financial instruments.

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

Ernest V. Waddington Limited (Registered number: 00463959)

Directors' Report
for the Year Ended 31 March 2023


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

AUDITORS
The auditors, Landin Wilcock & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr Antony Edward Waddington - Director


25 September 2024

Report of the Independent Auditors to the Members of
Ernest V. Waddington Limited


Qualified Opinion
We have audited the financial statements of Ernest V. Waddington Limited (the 'company') for the year ended 31 March 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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, except for the effects of the matter described in the basis for qualified opinion section of our report, the company financial statements:
- give a true and fair view of the state of the company’s affairs as at 31 March 2023 and of its the 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 qualified opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. The company has not revalued its investment property to its fair market value which is in excess of the carrying value. The directors consider the cost of undertaking this on an annual basis to be excessive and the investment is therefore accounted for on a cost basis. Under FRS 102, the company should have revalued the investment property on an annual basis to its fair market value and accounted for any gain/ loss through the income statement. If this had been undertaken, there would then have been a deferred tax creditor required on the revaluation of the investment property.

Had the investment property been revalued, investment property, deferred taxation and retained earnings in the accompanying financial statements would have been materially affected. The effects on the financial statements of the failure to revalue have not been determined.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Key audit matters
Except for the matter described in the basis for qualified opinion section, we have determined that there are no key audit matters to be communicated in our report.

Report of the Independent Auditors to the Members of
Ernest V. Waddington Limited


Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Directors' Report, 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.

As described in the Basis for qualified opinion section of our report, our audit opinion is qualified for non revaluation of investment property to fair market value and then the subsequent impact this would have on deferred taxation and retained earnings.

Information included in the strategic report / directors’ report also omits this information and accordingly we have concluded that the other information is materially misstated for the same reason.

Opinions on other matters prescribed by the Companies Act 2006
Except for the matter described in the Basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:

-the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Comparative information in the financial statements is derived from the company's prior period financial statements which were not audited.

However, we have observed a physical stock count at the prior year end date and also carried out normal year end audit procedures regarding stock existence, condition and cut off, in relation to stock movements. We have also obtained sufficient evidence in relation to all other opening balances, and after the restatement of the prior year balances discussed in note 8, we are not aware of any possible material misstatements outside of the reasons for our qualified audit opinion. These reasons were also present in the prior year period.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

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

Report of the Independent Auditors to the Members of
Ernest V. Waddington Limited


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

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

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

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

- minimal reliance was placed upon the operating effectiveness of internal controls in the design and performance of our substantive procedures;

- discussions were held with management considering known or suspected non-compliance with laws, regulations and fraud;

- journal entries were reviewed for any entries made outside the ordinary reporting processes with particular emphasis on those with unusual account combinations, entries crediting revenue and those without specific descriptions;

- management assumptions in their significant accounting estimates were challenged and scrutinised.

There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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
Ernest V. Waddington Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mr Robert Hampstead (Senior Statutory Auditor)
for and on behalf of Landin Wilcock & Co
Statutory Auditor
68 Queen Street
Sheffield
South Yorkshire
S1 1WR

25 September 2024

Ernest V. Waddington Limited (Registered number: 00463959)

Income Statement
for the Year Ended 31 March 2023

31/3/23 31/3/22
as restated
(Unaudited)
Notes £    £   

TURNOVER 3 11,684,798 10,648,998

Cost of sales (923,409 ) (942,870 )
GROSS PROFIT 10,761,389 9,706,128

Administrative expenses 101,024 422,510
10,862,413 10,128,638

Other operating income 302,149 337,114
OPERATING PROFIT 5 11,164,562 10,465,752

Income from fixed asset investments 80 24
Interest receivable and similar income 160,749 4,484
11,325,391 10,470,260

Interest payable and similar expenses 6 (22,500 ) (22,500 )
PROFIT BEFORE TAXATION 11,302,891 10,447,760

Tax on profit 7 (1,879,140 ) (2,017,571 )
PROFIT FOR THE FINANCIAL YEAR 9,423,751 8,430,189

Ernest V. Waddington Limited (Registered number: 00463959)

Other Comprehensive Income
for the Year Ended 31 March 2023

31/3/23 31/3/22
as restated
(Unaudited)
Notes £    £   

PROFIT FOR THE YEAR 9,423,751 8,430,189


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

9,423,751

8,430,189
Note
Prior year adjustment 8 3,030,227
TOTAL COMPREHENSIVE INCOME SINCE LAST
ANNUAL REPORT

12,453,978

Ernest V. Waddington Limited (Registered number: 00463959)

Balance Sheet
31 March 2023

31/3/23 31/3/22 1/4/21
as restated
(Unaudited)
Notes £    £    £   
FIXED ASSETS
Tangible assets 10 289,252 330,746 385,133
Investments 11 73,871 73,871 73,868
Investment property 12 86,388,235 86,058,491 83,929,320
86,751,358 86,463,108 84,388,321

CURRENT ASSETS
Stocks 13 155,599 95,271 136,101
Debtors 14 11,387,317 7,648,141 3,604,205
Cash at bank and in hand 10,542,917 5,260,419 3,614,166
22,085,833 13,003,831 7,354,472
CREDITORS
Amounts falling due within one year 15 (13,506,598 ) (12,333,599 ) (13,539,597 )
NET CURRENT ASSETS/(LIABILITIES) 8,579,235 670,232 (6,185,125 )
TOTAL ASSETS LESS CURRENT LIABILITIES 95,330,593 87,133,340 78,203,196

PROVISIONS FOR LIABILITIES 17 (1,639,982 ) (1,766,480 ) (1,266,525 )

ACCRUALS AND DEFERRED INCOME 18 (426,132 ) (1,526,132 ) (1,526,132 )
NET ASSETS 93,264,479 83,840,728 75,410,539

CAPITAL AND RESERVES
Called up share capital 19 2,310,000 2,310,000 2,310,000
Retained earnings 20 90,954,479 81,530,728 73,100,539
SHAREHOLDERS' FUNDS 93,264,479 83,840,728 75,410,539

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:





Mr Antony Edward Waddington - Director


Ernest V. Waddington Limited (Registered number: 00463959)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2021 2,310,000 73,100,539 75,410,539

Changes in equity
Total comprehensive income - 5,399,962 5,399,962
Balance at 31 March 2022 2,310,000 78,500,501 80,810,501
Prior year adjustment - 3,030,227 3,030,227
As restated 2,310,000 81,530,728 83,840,728

Changes in equity
Total comprehensive income - 9,423,751 9,423,751
Balance at 31 March 2023 2,310,000 90,954,479 93,264,479

Ernest V. Waddington Limited (Registered number: 00463959)

Cash Flow Statement
for the Year Ended 31 March 2023

31/3/23 31/3/22
as restated
(Unaudited)
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 6,261,939 4,398,448
Interest paid (22,500 ) (22,500 )
Tax paid (1,746,657 ) (1,415,489 )
Net cash from operating activities 4,492,782 2,960,459

Cash flows from investing activities
Purchase of tangible fixed assets (11,167 ) (21,628 )
Purchase of fixed asset investments - (3 )
Purchase of investment property (559,738 ) (3,978,493 )
Sale of tangible fixed assets 969,798 832,088
Sale of investment property 229,994 1,849,322
Interest received 160,749 4,484
Dividends received 80 24
Net cash from investing activities 789,716 (1,314,206 )

Increase in cash and cash equivalents 5,282,498 1,646,253
Cash and cash equivalents at beginning
of year

2

5,260,419

3,614,166

Cash and cash equivalents at end of year 2 10,542,917 5,260,419

Ernest V. Waddington Limited (Registered number: 00463959)

Notes to the Cash Flow Statement
for the Year Ended 31 March 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31/3/23 31/3/22
as restated
(Unaudited)
£    £   
Profit before taxation 11,302,891 10,447,760
Depreciation charges 52,661 60,596
Profit on disposal of fixed assets (969,798 ) (816,670 )
Finance costs 22,500 22,500
Finance income (160,829 ) (4,508 )
10,247,425 9,709,678
(Increase)/decrease in stocks (60,328 ) 40,830
Increase in trade and other debtors (3,739,176 ) (4,043,936 )
Decrease in trade and other creditors (185,982 ) (1,308,124 )
Cash generated from operations 6,261,939 4,398,448

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 March 2023
31/3/23 1/4/22
£    £   
Cash and cash equivalents 10,542,917 5,260,419
Year ended 31 March 2022
31/3/22 1/4/21
as restated
(Unaudited)
£    £   
Cash and cash equivalents 5,260,419 3,614,166


Ernest V. Waddington Limited (Registered number: 00463959)

Notes to the Cash Flow Statement
for the Year Ended 31 March 2023


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/22 Cash flow At 31/3/23
£    £    £   
Net cash
Cash at bank and in hand 5,260,419 5,282,498 10,542,917
5,260,419 5,282,498 10,542,917
Debt
Debts falling due within 1 year (750,000 ) - (750,000 )
(750,000 ) - (750,000 )
Total 4,510,419 5,282,498 9,792,917

Ernest V. Waddington Limited (Registered number: 00463959)

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


1. STATUTORY INFORMATION

Ernest V. Waddington Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


2. 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.

Whilst the company holds subsidiary undertakings as identified in note 11, group accounts have not been prepared. This is because the directors believe that individually and in aggregate the subsidiary undertakings are not material and also not necessary to give a true and fair view of the group as a whole.

Related party exemption
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.

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

Rental income is recognised on a straight line basis over the term of the rental agreement.

Timber sales are recognised at when the goods are delivered to or collected by the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance and 10% on reducing balance
Fixtures and fittings - 33% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are initially measured at cost. Subsequently, they are measured at cost less accumulated depreciation and impairment losses.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is held at historic cost. This is a departure from the requirements of FRS 102 because the directors believe that the determination of fair value would take undue cost or effort.

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

Ernest V. Waddington Limited (Registered number: 00463959)

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


2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities.

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

Current or deferred taxation assets and liabilities are not discounted.

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

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants
Government grants are recognised in accordance with the performance model.

A grant that does not impose future performance-related conditions is recognised in income when the grant proceeds are received or receivable. Those that do impose performance-related conditions are only recognised in income when those performance-related conditions are met. Amounts received in relation to a grant before the revenue recognition criteria are met are recognised as a liability.

Ernest V. Waddington Limited (Registered number: 00463959)

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


3. TURNOVER

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

An analysis of turnover by class of business is given below:

31/3/23 31/3/22
as restated
(Unaudited)
£    £   
Sale of goods 398,137 698,721
Rental income 11,001,643 9,946,998
Other income 285,018 3,279
11,684,798 10,648,998

An analysis of turnover by geographical market is given below:

31/3/23 31/3/22
as restated
(Unaudited)
£    £   
United Kingdom 11,684,798 10,648,998
11,684,798 10,648,998

4. EMPLOYEES AND DIRECTORS
31/3/23 31/3/22
as restated
(Unaudited)
£    £   
Wages and salaries 338,175 333,318
Other pension costs 50,000 40,000
388,175 373,318

The average number of employees during the year was as follows:
31/3/23 31/3/22
as restated
(Unaudited)

Directors 2 2
Operations 12 12
Administration 6 6
20 20

Ernest V. Waddington Limited (Registered number: 00463959)

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


4. EMPLOYEES AND DIRECTORS - continued

31/3/23 31/3/22
as restated
(Unaudited)
£    £   
Directors' remuneration 7,200 -
Directors' pension contributions to money purchase schemes 50,000 40,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 1

5. OPERATING PROFIT

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

31/3/23 31/3/22
as restated
(Unaudited)
£    £   
Depreciation - owned assets 52,661 60,597
Profit on disposal of fixed assets (969,798 ) (816,670 )
Auditors' remuneration 25,000 -

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31/3/23 31/3/22
as restated
(Unaudited)
£    £   
Interest payable 22,500 22,500

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31/3/23 31/3/22
as restated
(Unaudited)
£    £   
Current tax:
UK corporation tax 2,005,638 1,517,616

Deferred tax (126,498 ) 499,955
Tax on profit 1,879,140 2,017,571

Ernest V. Waddington Limited (Registered number: 00463959)

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


7. TAXATION - continued

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

31/3/23 31/3/22
as restated
(Unaudited)
£    £   
Profit before tax 11,302,891 10,447,760
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

2,147,549

1,985,074

Effects of:
Expenses not deductible for tax purposes 11,414 58
Income not taxable for tax purposes (30,849 ) (56,263 )
Capital allowances in excess of depreciation (1,904 ) (13,248 )
Adjustments to tax charge in respect of previous periods (661 ) (142,473 )
Adjustment to deferred tax charge in respect of previous periods (231,542 ) 110,823
Change in tax rate - 139,234
Indexation allowance on assets sold (14,867 ) (5,634 )
Total tax charge 1,879,140 2,017,571

8. PRIOR YEAR ADJUSTMENT

In prior periods, government grants have not been recognised according to the company's accounting policies. This has been resolved in the current period and has resulted in a £3,128,050 increase to retained earnings brought forward and a reduction of £3,128,050 in non-current liabilities in the comparative balance sheet.

Adjustments to prior periods have also been made for irrecoverable VAT. This VAT was irrecoverable at the balance sheet dates previously presented and as such should not have have been carried as a reduction to the VAT liability. This has now been resolved resulting in a reduction in retained earnings of £97,823 and an increase in current liabilities of £97,823.

The above adjustments are not exhaustive of all prior period errors but represent those that have impacted retained earnings. For details of other errors, please see note 9.

Ernest V. Waddington Limited (Registered number: 00463959)

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


9. RECLASSIFICATION OF COMPARATIVE AMOUNTS

In the current year, errors have been identified regarding the classification of items in the balance sheet. These are outlined below and the resultant adjustments to the comparative amounts have been documented.

The company's property portfolio has historically been classified as property, plant and equipment. This is not accurate as the most suitable classification would be investment property in line with FRS 102. The portfolio has been reclassified and the impact to the comparative balance sheet is as follows: increase investment property by £86,058,491, reduce tangible fixed assets by £86,058,491.

The company issued preference shares a number of years ago and these have historically been classified as a non-current liability. However, the terms of the preference shares are such that redemption is at the discretion of the company. Therefore, appropriate classification of the preference shares is in equity. The comparative balance sheet has been adjusted as follows: increase equity £2,300,000, reduce non-current liabilities £2,300,000.

The company holds a loan of £750,000 with a third party, with no set repayment terms. This has previously been treated as a non-current liability. However, as the company has no right to defer settlement of the loan, it should have been classified as a current liability. The comparative balance sheet has been adjusted as follows: increase current liabilities £750,000, reduce non-current liabilities £750,000.

10. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2022 1,787,935 16,334 63,620 1,867,889
Additions 10,809 358 - 11,167
At 31 March 2023 1,798,744 16,692 63,620 1,879,056
DEPRECIATION
At 1 April 2022 1,467,208 16,334 53,601 1,537,143
Charge for year 50,037 119 2,505 52,661
At 31 March 2023 1,517,245 16,453 56,106 1,589,804
NET BOOK VALUE
At 31 March 2023 281,499 239 7,514 289,252
At 31 March 2022 320,727 - 10,019 330,746

Ernest V. Waddington Limited (Registered number: 00463959)

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


11. FIXED ASSET INVESTMENTS
Shares in
group Listed Unlisted
undertakings investments investments Totals
£    £    £    £   
COST
At 1 April 2022
and 31 March 2023 11 1,360 72,500 73,871
NET BOOK VALUE
At 31 March 2023 11 1,360 72,500 73,871
At 31 March 2022 11 1,360 72,500 73,871

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

Subsidiaries

Millfield Investments Limited
Registered office: 68 Queen Street, Sheffield, S1 1WR
Nature of business: Property management
%
Class of shares: holding
Ordinary 100.00
31/3/23 31/3/22
£    £   
Aggregate capital and reserves 213,458 205,741
Profit for the year 7,717 8,318

Woodsome Park Management Limited
Registered office: 68 Queen Street, Sheffield, S1 1WR
Nature of business: Dormant company
%
Class of shares: holding
Ordinary 71.40
30.4.23 30.4.22
£    £   
Aggregate capital and reserves 7 7

Shortwood Business Park Management Company Limited
Registered office: 68 Queen Street, Sheffield, S1 1WR
Nature of business: Dormant company
%
Class of shares: holding
Ordinary 100.00
31/3/23 31/3/22
£    £   
Aggregate capital and reserves 2 2

Ernest V. Waddington Limited (Registered number: 00463959)

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


11. FIXED ASSET INVESTMENTS - continued

Associated company

Newhall Road (Sheffield) Management Company Limited
Registered office: 68 Queen Street, Sheffield, S1 1WR
Nature of business: Dormant company
%
Class of shares: holding
Ordinary 10.70
30.9.23 30.9.22
£    £   
Aggregate capital and reserves 28 28

12. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 86,058,491
Additions 559,738
Disposals (229,994 )
At 31 March 2023 86,388,235
NET BOOK VALUE
At 31 March 2023 86,388,235
At 31 March 2022 86,058,491

13. STOCKS
31/3/23 31/3/22
as restated
(Unaudited)
£    £   
Finished goods 155,599 95,271

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
as restated
(Unaudited)
£    £   
Trade debtors 46,212 186,524
Other debtors 10,578,039 6,780,443
Directors' current accounts 22,681 -
Prepayments 740,385 681,174
11,387,317 7,648,141

Ernest V. Waddington Limited (Registered number: 00463959)

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


15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
as restated
(Unaudited)
£    £   
Other loans (see note 16) 750,000 750,000
Trade creditors 358,542 570,523
Amounts owed to group undertakings 130,442 122,191
Tax 925,109 666,128
Social security and other taxes 3,648 3,609
VAT 400,543 251,426
Other creditors 8,831,134 9,104,389
Rent Deposits 172,278 137,126
Directors' current accounts 90,951 72,541
Accrued expenses 743,951 655,666
Deferred government grants 1,100,000 -
13,506,598 12,333,599

16. LOANS

An analysis of the maturity of loans is given below:

31/3/23 31/3/22
as restated
(Unaudited)
£    £   
Amounts falling due within one year or on demand:
Other loans 750,000 750,000

17. PROVISIONS FOR LIABILITIES
31/3/23 31/3/22
as restated
(Unaudited)
£    £   
Deferred tax 1,639,982 1,766,480

Deferred
tax
£   
Balance at 1 April 2022 1,766,480
Credit to Income Statement during year (126,498 )
Balance at 31 March 2023 1,639,982

Ernest V. Waddington Limited (Registered number: 00463959)

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


18. ACCRUALS AND DEFERRED INCOME
31/3/23 31/3/22
as restated
(Unaudited)
£    £   
Deferred government grants 426,132 1,526,132

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/3/23 31/3/22
value: £    £   
10,000 Ordinary 10000 10,000 10,000
2,300,000 Preference 1 2,300,000 2,300,000
2,310,000 2,310,000

Ordinary shares carry full voting rights, the right to participate in dividends, repayment of capital and the company's assets in a winding up. Ordinary shares are not redeemable.

Preference shares carry no voting rights, no rights to a dividend, and no right to a return of assets on the company's winding up. Preference shares are redeemable at the option of the company.

20. RESERVES
Retained
earnings
£   

At 1 April 2022 78,500,501
Prior year adjustment 3,030,227
81,530,728
Profit for the year 9,423,751
At 31 March 2023 90,954,479

Retained earnings comprise cumulated profits and losses net of dividends and transfers.

21. CAPITAL COMMITMENTS
31/3/23 31/3/22
as restated
(Unaudited)
£    £   
Contracted but not provided for in the
financial statements - 1,500,000

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date there is £22,681 due from director E J Waddington (2022 - £78,234 due to).

Ernest V. Waddington Limited (Registered number: 00463959)

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


23. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
31/3/23 31/3/22
as restated
(Unaudited)
£    £   
Transfers from related party - 8,136
Amount due from related party 25,323 25,323

Other related parties
31/3/23 31/3/22
as restated
(Unaudited)
£    £   
Transfers from related party 868,170 361,048
Transfers to related party 5,049,179 6,420,725
Amount due from related party 10,513,487 6,545,838
Amount due to related party 8,725,713 8,939,073

24. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr Antony Edward Waddington.