REGISTERED NUMBER: 01812607 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 31 December 2023 |
for |
W. E. Roberts (Holdings) Limited |
REGISTERED NUMBER: 01812607 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 31 December 2023 |
for |
W. E. Roberts (Holdings) Limited |
W. E. Roberts (Holdings) Limited (Registered number: 01812607) |
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 | 3 |
Report of the Independent Auditors | 4 |
Consolidated Statement of Income and Retained Earnings |
7 |
Consolidated Balance Sheet | 8 |
Company Balance Sheet | 9 |
Consolidated Cash Flow Statement | 10 |
Notes to the Consolidated Cash Flow Statement | 11 |
Notes to the Consolidated Financial Statements | 12 |
W. E. Roberts (Holdings) Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
First Floor, West Barn |
North Frith Farm, Ashes Lane, Hadlow |
Tonbridge |
Kent |
TN11 9QU |
W. E. Roberts (Holdings) Limited (Registered number: 01812607) |
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 |
Business Overview |
W.E. Roberts Group is primarily engaged in the manufacture of corrugated cardboard packaging. |
Performance Review |
W.E. Roberts Group has focused primarily on the growth strategy set for 2023, succeeding in achieving a 4.4% increase in output from 2022. The business has put in place a robust structure to support continued and controlled growth and has invested significantly in its people. This investment in people has been not only through increasing wages but also through the creation and launch of an Academy, to improve knowledge and skills for new and existing employees. This strategy to improve structure and improve the knowledge and skills of the workforce has put W.E. Roberts Group in a strong position to grow and the business has started to see signs of continued growth into 2024. |
Inflationary rises and the cost of living drove an increase in pay demand, combined with the strategy to invest in the workforce this resulted in a rise in wages across the business in 2023, however W.E. Roberts Group has focused heavily on efficiencies in process, people and machinery including investing in new materials handling equipment and integrating sophisticated automation and traceability software for the corrugator. This investment, increased efficiencies and alongside an increase in revenue, the business was able to realise an increase in profit in 2023. |
W.E. Roberts Group will continue the sustainability goals started in 2023 into 2024, to reduce energy consumption, emissions and to invest in greener energy. This year, we have made significant strides, including the introduction of an electric forklift truck and an ongoing project into investing in solar energy will continue. |
The business heads out of 2023 with strong foundations and a robust structure to enable growth and profitability in 2024. |
Key Financial Highlights |
- Profit/(loss) before tax for the year: £96,732 (2022: (£519,983) loss). |
- Turnover:£24,147,293 an increase of 1.36% from 2022. |
ON BEHALF OF THE BOARD: |
W. E. Roberts (Holdings) Limited (Registered number: 01812607) |
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. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 December 2023 was £117,300; in respect of B ordinary shares £45,300 and in respect of C ordinary shares £72,000. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
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; |
- | 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Deeks Evans Audit Services Limited, 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 |
W. E. Roberts (Holdings) Limited |
Opinion |
We have audited the financial statements of W. E. Roberts (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, 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 |
W. E. Roberts (Holdings) Limited |
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 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 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. |
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 identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience; through verbal and written communications with those charged with governance and other management: auditors and via inspection of the company's regulatory and legal correspondence. |
We discussed with those charged with governance and other management the polices and procedures regarding |
compliance with laws and regulations. |
We communicated identified laws and regulations to the audit team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company. |
The potential effect of these laws and regulations on the financial statements varies considerably. |
Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the company's constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulation as part of our procedures on the related financial statement items. |
Secondly the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigation. We identified the following areas as those most likely to have such an effect: employment legislation; health and safety legislation; trade legislation; data protection legislation; anti-bribery and corruption legislation. |
Report of the Independent Auditors to the Members of |
W. E. Roberts (Holdings) Limited |
Auditing Standards limit the required procedures to identify non-compliance with these laws and regulations to the procedures, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance which laws and regulations that could have a material impact on the financial statements. |
In relation to fraud, we performed the following specific procedures in addition to those already noted: |
(a) identifying and testing journal entries, in particular those involving large or unusual account combinations |
(b) obtaining third party confirmations of banking and finance arrangements and |
(c) Ensuring that testing undertaken on transactions and the balance sheet includes a number of items selected on a random basis |
These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements. |
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and preformed our audit in accordance with Auditing Standards.For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud. |
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. |
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 Auditor |
First Floor, West Barn |
North Frith Farm, Ashes Lane, Hadlow |
Tonbridge |
Kent |
TN11 9QU |
W. E. Roberts (Holdings) Limited (Registered number: 01812607) |
Consolidated |
Statement of Income and |
Retained Earnings |
for the Year Ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 3 | 24,147,293 | 24,621,444 |
Cost of sales | (16,686,237 | ) | (18,674,708 | ) |
GROSS PROFIT | 7,461,056 | 5,946,736 |
Distribution costs | (1,288,174 | ) | (1,029,769 | ) |
Administrative expenses | (5,961,669 | ) | (5,479,590 | ) |
211,213 | (562,623 | ) |
Other operating income | 150,000 | 122,749 |
OPERATING PROFIT/(LOSS) | 5 | 361,213 | (439,874 | ) |
Interest receivable & similar income | 5,839 | 252 |
367,052 | (439,622 | ) |
Interest payable and similar expenses | 6 | (270,319 | ) | (135,326 | ) |
PROFIT/(LOSS) BEFORE TAXATION | 96,733 | (574,948 | ) |
Tax on profit/(loss) | 7 | (26,900 | ) | - |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
Retained earnings at beginning of year | 3,107,103 | 4,133,201 |
Dividends | 9 | (117,300 | ) | (470,200 | ) |
RETAINED EARNINGS FOR THE GROUP AT END OF YEAR |
3,059,636 |
3,088,053 |
Profit/(loss) attributable to: |
Owners of the parent | 69,833 | (574,948 | ) |
W. E. Roberts (Holdings) Limited (Registered number: 01812607) |
Consolidated Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 | 7,114,975 | 7,065,709 |
Investments | 11 | - | - |
7,114,975 | 7,065,709 |
CURRENT ASSETS |
Stocks | 12 | 1,334,392 | 1,493,078 |
Debtors | 13 | 4,665,878 | 5,147,806 |
Cash at bank and in hand | 42,134 | 121,747 |
6,042,404 | 6,762,631 |
CREDITORS |
Amounts falling due within one year | 14 | 5,879,387 | 7,217,681 |
NET CURRENT ASSETS/(LIABILITIES) | 163,017 | (455,050 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
7,277,992 |
6,610,659 |
CREDITORS |
Amounts falling due after more than one year |
15 |
(3,644,887 |
) |
(2,956,987 |
) |
PROVISIONS FOR LIABILITIES | 19 | (439,100 | ) | (412,200 | ) |
NET ASSETS | 3,194,005 | 3,241,472 |
CAPITAL & RESERVES |
Called up share capital | 20 | 1,000 | 1,000 |
Revaluation reserve | 21 | 114,319 | 133,369 |
Retained earnings | 21 | 3,078,686 | 3,107,103 |
SHAREHOLDERS' FUNDS | 3,194,005 | 3,241,472 |
The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2024 and were signed on its behalf by: |
R J Puffette - Director |
P T Roberts - Director |
W. E. Roberts (Holdings) Limited (Registered number: 01812607) |
Company Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
Investments | 11 |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL & RESERVES |
Called up share capital | 20 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 117,300 | 432,200 |
The financial statements were approved by the Board of Directors and authorised for issue on |
W. E. Roberts (Holdings) Limited (Registered number: 01812607) |
Consolidated Cash Flow Statement |
for the Year Ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 998,108 | 1,553,661 |
Interest paid | (227,992 | ) | (88,543 | ) |
Interest element of hire purchase payments paid |
(42,327 |
) |
(46,783 |
) |
Tax paid | (46,455 | ) | - |
Net cash from operating activities | 681,334 | 1,418,335 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (843,775 | ) | (356,170 | ) |
Sale of tangible fixed assets | 37,213 | 16,537 |
Interest received | 5,839 | 252 |
Net cash from investing activities | (800,723 | ) | (339,381 | ) |
Cash flows from financing activities |
Loan repayments in year | 844,423 | (138,568 | ) |
Capital repayments in year | (256,846 | ) | (201,878 | ) |
Amount introduced by directors | - | 108,009 |
Amount withdrawn by directors | (430,501 | ) | (350,116 | ) |
Equity dividends paid | (117,300 | ) | (470,200 | ) |
Net cash from financing activities | 39,776 | (1,052,753 | ) |
(Decrease)/increase in cash and cash equivalents | (79,613 | ) | 26,201 |
Cash and cash equivalents at beginning of year |
2 |
121,747 |
95,546 |
Cash and cash equivalents at end of year |
2 |
42,134 |
121,747 |
W. E. Roberts (Holdings) Limited (Registered number: 01812607) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 December 2023 |
1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit/(loss) before taxation | 96,733 | (574,948 | ) |
Depreciation charges | 749,033 | 1,119,255 |
Loss/(profit) on disposal of fixed assets | 8,263 | (7,981 | ) |
Finance costs | 270,319 | 135,326 |
Finance income | (5,839 | ) | (252 | ) |
1,118,509 | 671,400 |
Decrease in stocks | 158,686 | 459,914 |
Decrease in trade and other debtors | 678,844 | 318,184 |
(Decrease)/increase in trade and other creditors | (957,931 | ) | 104,163 |
Cash generated from operations | 998,108 | 1,553,661 |
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 | 42,134 | 121,747 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 121,747 | 95,546 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.1.23 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 121,747 | (79,613 | ) | 42,134 |
121,747 | (79,613 | ) | 42,134 |
Debt |
Finance leases | (1,445,113 | ) | 256,846 | (1,188,267 | ) |
Debts falling due within 1 year | (147,581 | ) | (76,399 | ) | (223,980 | ) |
Debts falling due after 1 year | (2,137,899 | ) | (768,024 | ) | (2,905,923 | ) |
(3,730,593 | ) | (587,577 | ) | (4,318,170 | ) |
Total | (3,608,846 | ) | (667,190 | ) | (4,276,036 | ) |
W. E. Roberts (Holdings) Limited (Registered number: 01812607) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
W. E. Roberts (Holdings) Limited is a |
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. |
These financial statements have been prepared on a going concern basis and the directors have considered a period of at least twelve months from the date of signing of the balance sheet. |
Significant judgements and estimates |
Estimates and assumptions concerning the future and judgements are made by the management in the preparation of the financial statements. They affect the application of the Company's accounting policies, reported amounts of assets, liabilities, income and expenses and disclosures made. They are assessed on an going concern basis and are based on experience and relevant factors, including expectations of future events that are believed to be reasonable in the period of revision and future periods, in case the revision also effects future periods. |
Turnover |
Turnover is recognised when it is probable that the economic benefits will flow to the group and when the revenue and costs, if applicable, can be measured reliably and on the following basis: |
Sales of products is recognised on transfer of risks and rewards of ownership, which generally coincides with the time when products are delivered to customers and the title passed. |
Tangible fixed assets |
Freehold property | - |
Long leasehold | - |
Plant & machinery | - |
Motor vehicles | - |
Computer equipment | - |
Where freehold property has not been depreciated this is because the directors believe the current value to be reasonable. |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
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. |
W. E. Roberts (Holdings) Limited (Registered number: 01812607) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
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. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
3. | TURNOVER |
The turnover and profit (2022 - loss) 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 | 24,147,293 | 24,621,444 |
24,147,293 | 24,621,444 |
W. E. Roberts (Holdings) Limited (Registered number: 01812607) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 5,995,690 | 5,443,048 |
Social security costs | 506,148 | 484,552 |
Other pension costs | 88,920 | 83,696 |
6,590,758 | 6,011,296 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Office & management | 56 | 52 |
Manufacturing | 110 | 108 |
2023 | 2022 |
£ | £ |
Directors' remuneration | 150,667 | 117,500 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 1 | 1 |
5. | OPERATING PROFIT/(LOSS) |
The operating profit (2022 - operating loss) is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets | 260,531 | 491,465 |
Depreciation - assets on hire purchase contracts | 488,502 | 627,790 |
Loss/(profit) on disposal of fixed assets | 8,263 | (7,981 | ) |
Auditors' remuneration | 18,000 | 19,500 |
Auditors' remuneration for non audit work | 24,750 | 22,500 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest | - | 50 |
Bank loan interest | 227,079 | 88,493 |
Other interest payable | 913 | - |
Hire purchase | 42,327 | 46,783 |
270,319 | 135,326 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Deferred tax | 26,900 | - |
Tax on profit/(loss) | 26,900 | - |
W. E. Roberts (Holdings) Limited (Registered number: 01812607) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit/(loss) before tax | 96,733 | (574,948 | ) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25 % (2022 - 19 %) |
24,183 |
(109,240 |
) |
Effects of: |
Expenses not deductible for tax purposes | 3,375 | 5,476 |
Superdeduction - capital allowances & Research & Development | (658 | ) | (16,267 | ) |
Effect of change of tax rate | - | 120,031 |
Total tax charge | 26,900 | - |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
2023 | 2022 |
£ | £ |
B ordinary shares of £1 each |
Dividends paid | 45,300 | 181,200 |
C ordinary shares of £1 each |
Dividends paid | 72,000 | 289,000 |
117,300 | 470,200 |
10. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Long | Plant & |
property | leasehold | machinery |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2023 | 4,367,560 | 753,282 | 8,974,528 |
Additions | 101,472 | 6,015 | 689,044 |
Disposals | - | - | (22,000 | ) |
At 31 December 2023 | 4,469,032 | 759,297 | 9,641,572 |
DEPRECIATION |
At 1 January 2023 | 64,545 | 397,692 | 6,883,106 |
Charge for year | 16,169 | 57,289 | 502,032 |
Eliminated on disposal | - | - | (21,999 | ) |
At 31 December 2023 | 80,714 | 454,981 | 7,363,139 |
NET BOOK VALUE |
At 31 December 2023 | 4,388,318 | 304,316 | 2,278,433 |
At 31 December 2022 | 4,303,015 | 355,590 | 2,091,422 |
W. E. Roberts (Holdings) Limited (Registered number: 01812607) |
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 | 1,065,603 | 222,597 | 15,383,570 |
Additions | 36,000 | 11,244 | 843,775 |
Disposals | (129,351 | ) | - | (151,351 | ) |
At 31 December 2023 | 972,252 | 233,841 | 16,075,994 |
DEPRECIATION |
At 1 January 2023 | 756,281 | 216,237 | 8,317,861 |
Charge for year | 164,371 | 9,172 | 749,033 |
Eliminated on disposal | (83,876 | ) | - | (105,875 | ) |
At 31 December 2023 | 836,776 | 225,409 | 8,961,019 |
NET BOOK VALUE |
At 31 December 2023 | 135,476 | 8,432 | 7,114,975 |
At 31 December 2022 | 309,322 | 6,360 | 7,065,709 |
Leasehold costs were valued on an open market basis on 26 November 2018 by a firm of surveyors. |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant & | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2023 | 2,482,543 | 506,363 | 2,988,906 |
Additions | 473,726 | - | 473,726 |
Disposals | - | (55,886 | ) | (55,886 | ) |
Transfer to ownership | (508,555 | ) | 42,995 | (465,560 | ) |
At 31 December 2023 | 2,447,714 | 493,472 | 2,941,186 |
DEPRECIATION |
At 1 January 2023 | 1,223,162 | 414,198 | 1,637,360 |
Charge for year | 379,665 | 108,837 | 488,502 |
Eliminated on disposal | - | (33,531 | ) | (33,531 | ) |
Transfer to ownership | (465,017 | ) | 8,599 | (456,418 | ) |
At 31 December 2023 | 1,137,810 | 498,103 | 1,635,913 |
NET BOOK VALUE |
At 31 December 2023 | 1,309,904 | (4,631 | ) | 1,305,273 |
At 31 December 2022 | 1,259,381 | 92,165 | 1,351,546 |
W. E. Roberts (Holdings) Limited (Registered number: 01812607) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
11. | FIXED ASSET INVESTMENTS |
Company |
Unlisted |
investments |
£ |
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: Thames Works, Grove Road, Northfleet, Kent. DA11 9AX |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit/(loss) for the year | ( |
) |
Registered office: Thames Works, Grove Road, Northfleet, Kent. DA11 9AX |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Loss for the year | ( |
) |
The company was not trading throughout the year. |
Registered office: Thames Works, Grove Road, Northfleet, Kent. DA11 9AX |
Nature of business: |
% |
Class of shares: | holding |
The company was not trading throughout the year. |
W. E. Roberts (Holdings) Limited (Registered number: 01812607) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
12. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Stocks | 960,152 | 1,102,102 |
Work-in-progress | 374,240 | 390,976 |
1,334,392 | 1,493,078 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Trade debtors | 4,131,335 | 4,627,822 |
Other debtors | 14,582 | 174,619 |
Directors' current accounts | 196,916 | - |
Prepayments & accrued income | 323,045 | 345,365 |
4,665,878 | 5,147,806 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans & overdrafts (see note 16) | 223,980 | 147,581 |
Hire purchase contracts (see note 17) | 449,303 | 626,025 |
Trade creditors | 1,475,479 | 1,469,827 |
Amounts owed to participating interests | - | - | 325,157 | 325,157 |
Corporation tax | - | 46,455 |
Social security & other taxes | 534,099 | 497,300 |
Other creditors | 3,057,253 | 3,826,728 |
Directors' current accounts | 11,134 | 244,719 | - | - |
Accrued expenses | 128,139 | 359,046 |
5,879,387 | 7,217,681 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Bank loans (see note 16) | 2,905,923 | 2,137,899 |
Hire purchase contracts (see note 17) | 738,964 | 819,088 |
3,644,887 | 2,956,987 |
W. E. Roberts (Holdings) Limited (Registered number: 01812607) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 223,980 | 147,581 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 245,980 | 151,605 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 686,408 | 479,902 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 1,973,535 | 1,506,392 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Gross obligations repayable: |
Within one year | 491,919 | 665,726 |
Between one and five years | 782,951 | 851,712 |
1,274,870 | 1,517,438 |
Finance charges repayable: |
Within one year | 42,616 | 39,701 |
Between one and five years | 43,987 | 32,624 |
86,603 | 72,325 |
Net obligations repayable: |
Within one year | 449,303 | 626,025 |
Between one and five years | 738,964 | 819,088 |
1,188,267 | 1,445,113 |
W. E. Roberts (Holdings) Limited (Registered number: 01812607) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2023 | 2022 |
£ | £ |
Bank loans | 3,129,903 | 2,285,480 |
The following have a fixed and floating charge in the bank's standard form over the assets of the company: |
Lloyds Commercial Finance Limited has a fixed and floating charge in the bank's standard form over the assets of the company dated 25 July 2011. |
Lloyds Bank plc letter of set off dated 23 October 2020 to include W E Roberts (Holdings) Limited, W E Roberts Limited and W E Roberts (Packing Supplies) Limited |
Trade creditors include amounts due in respect of stock purchases subject to reservation of title clauses. The total amount due is approximately £853,000. |
19. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Deferred tax | 439,100 | 412,200 |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2023 | 412,200 |
Accelerated capital allowances | 26,900 |
Balance at 31 December 2023 | 439,100 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
A ordinary | £1 | 994 | 994 |
B ordinary | £1 | 2 | 2 |
C ordinary | £1 | 4 | 4 |
1,000 | 1,000 |
W. E. Roberts (Holdings) Limited (Registered number: 01812607) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
21. | RESERVES |
Group |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2023 | 3,107,103 | 133,369 | 3,240,472 |
Profit for the year | 69,833 | 69,833 |
Dividends | (117,300 | ) | (117,300 | ) |
Revaluation in the year | 19,050 | (19,050 | ) | - |
At 31 December 2023 | 3,078,686 | 114,319 | 3,193,005 |
Company |
Retained |
earnings |
£ |
At 1 January 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 December 2023 |
22. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022: |
2023 | 2022 |
£ | £ |
A W E Roberts |
Balance outstanding at start of year | (95 | ) | (42 | ) |
Amounts advanced | 58,693 | (53 | ) |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 58,598 | (95 | ) |
S W T Roberts |
Balance outstanding at start of year | (75,425 | ) | (14,594 | ) |
Amounts advanced | 136,422 | (60,831 | ) |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 60,997 | (75,425 | ) |
P T Roberts |
Balance outstanding at start of year | (93,072 | ) | (423,382 | ) |
Amounts advanced | 167,663 | 330,310 |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 74,591 | (93,072 | ) |
W. E. Roberts (Holdings) Limited (Registered number: 01812607) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
22. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
R J Puffette |
Balance outstanding at start of year | (1,377 | ) | (21,183 | ) |
Amounts advanced | 4,107 | 19,806 |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 2,730 | (1,377 | ) |
23. | RELATED PARTY DISCLOSURES |
Other related parties |
2023 | 2022 |
£ | £ |
Rent paid | (48,630 | ) | 138,040 |
Amount due to related party | 8,958 | 8,958 |
During the year, a total of key management personnel compensation of £ 150,667 (2022 - £ 117,500 ) was paid. |