IRIS Accounts Production v24.2.0.383 14091877 Board of Directors 31.1.24 1.2.23 31.1.24 31.1.24 Roofing activities, agents involved in the sale of timber and building materials and wholesale of wood, construction materials and sanitary equipment. 37 55 true true false true true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure140918772023-01-31140918772024-01-31140918772023-02-012024-01-31140918772022-05-05140918772022-05-062023-01-31140918772023-01-3114091877ns16:EnglandWales2023-02-012024-01-3114091877ns15:PoundSterling2023-02-012024-01-3114091877ns11:Director12023-02-012024-01-3114091877ns11:Consolidated2024-01-3114091877ns11:ConsolidatedGroupCompanyAccounts2023-02-012024-01-3114091877ns11:PrivateLimitedCompanyLtd2023-02-012024-01-3114091877ns11:FRS102ns11:Consolidated2023-02-012024-01-3114091877ns11:Auditedns11:Consolidated2023-02-012024-01-3114091877ns11:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-02-012024-01-3114091877ns11:LargeMedium-sizedCompaniesRegimeForAccounts2023-02-012024-01-3114091877ns11:Consolidatedns11:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-02-012024-01-3114091877ns11:LargeMedium-sizedCompaniesRegimeForAccountsns11:Consolidated2023-02-012024-01-3114091877ns11:FullAccounts2023-02-012024-01-311409187712023-02-012024-01-3114091877ns11:Consolidated2023-02-012024-01-3114091877ns11:Director22023-02-012024-01-3114091877ns11:Director32023-02-012024-01-3114091877ns11:Director42023-02-012024-01-3114091877ns11:RegisteredOffice2023-02-012024-01-3114091877ns11:Consolidated2022-05-062023-01-3114091877ns6:CurrentFinancialInstruments2024-01-3114091877ns6:CurrentFinancialInstruments2023-01-3114091877ns6:ShareCapital2024-01-3114091877ns6:ShareCapital2023-01-3114091877ns6:RetainedEarningsAccumulatedLosses2024-01-3114091877ns6:RetainedEarningsAccumulatedLosses2023-01-3114091877ns6:ShareCapital2022-05-062023-01-3114091877ns6:RetainedEarningsAccumulatedLosses2022-05-062023-01-3114091877ns6:RetainedEarningsAccumulatedLosses2023-02-012024-01-3114091877ns6:NetGoodwill2023-02-012024-01-3114091877ns6:IntangibleAssetsOtherThanGoodwill2023-02-012024-01-3114091877ns6:CostValuation2023-01-3114091877ns6:WithinOneYearns6:CurrentFinancialInstruments2024-01-3114091877ns6:WithinOneYearns6:CurrentFinancialInstruments2023-01-3114091877ns6:RetainedEarningsAccumulatedLosses2023-01-31
REGISTERED NUMBER: 14091877 (England and Wales)



















WHEELER WATTS HOLDINGS LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024






WHEELER WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 14091877)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Profit and Loss Account 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


WHEELER WATTS HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: A J F Wheeler
S R Watts
Mrs F Wheeler
Mrs N Watts





REGISTERED OFFICE: Broad House
1 The Broadway
Old Hatfield
Hertfordshire
AL9 5BG





REGISTERED NUMBER: 14091877 (England and Wales)





AUDITORS: Keelings Limited
Statutory Auditors, Chartered Tax Advisers
and Chartered Certified Accountants
Broad House
1 The Broadway
Old Hatfield
Hertfordshire
AL9 5BG

WHEELER WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 14091877)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present their strategic report of the company and the group for the year ended 31 January 2024.

In preparing the strategic report, the directors have complied with s414C of the Companies Act 2006.

PRINCIPAL ACTIVITY

The principal activity of the Group in the period under review was that of supply of roofing materials.

REVIEW OF BUSINESS
On 6 May 2022, the Group's trading activities commenced when Wheeler Watts Holdings Limited acquired Eroofing Limited on a share for share exchange. The size of the Group was further increased through another share for share exchange with Watts Roofing Supplies Limited on 9 May 2022.

The negative goodwill on consolidation was £1.18m, and was amortised during the year, leaving the balance of £1.05m at the balance sheet date.

The consolidated profit and loss account on page 9 reflects the results of the Group since the two acquisitions last year, and shows turnover of £20.6m (2023: £13.6m) and costs of £19.8m (2023: £12.8m), including interest payable of £57k (2023: £32k), and amortisation of goodwill on consolidation of £127k (2023: £95k), leaving a profit before taxation of £831k (2023: £780k).

The Group's balance sheet shows tangible fixed assets of £837k (2023: £884k) and negative goodwill of £1.05m (2023: £1.18m). Current assets were £5.0m (2023: £4.7m) (including cash of £935k ((2023: £984k)), but with current liabilities of £3.7m (2023: £3.5m), net current assets were £1.3m (2023: £1.3m). Long term liabilities and provisions were £717k (2023: £761k), leaving Group's net assets of £359k (2023: £216k).

After the year end, the size of the Group was increased through two further acquisitions, for which the estimated consideration of £3m was paid.

The Directors believe that the outlook for the Group is strong, and plan to continue to grow the business.


WHEELER WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 14091877)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The directors considers the following to be the group's principal operational risks in the short term:

The UK's departure from the European Union ('Brexit') and its impact on the labour market
Brexit continues to impact the group operationally, as the reduced pool of available employees leads to increases in salary expenditure and additional use of contractors to fill short-term staffing gaps. The directors have diversified the group's recruitment practices and, to the greatest extent possible, have factored the prevailing uncertainty into the group's financial planning.

Health and safety
The group understands the need to provide a safe environment for its staff, subcontractors, customers, suppliers or anyone else on its premises. Everyone in the business has accountability for health and safety, and they are given the necessary tools (including training, safety equipment and resources) to operate safely. Compliance is organised and monitored through a dedicated health and safety team across the business.

Regulatory changes
The directors always aim to respond proactively to, and exceed, any regulatory requirements affecting the group's operations. Major changes to these regulatory requirements can result in significant cost to the group, but no regulatory changes having a materially adverse effect on the group's activities are anticipated at this time.

Inflation and rises in energy prices
The UK is currently experiencing high levels of inflation, which impacts on the group's variable and fixed costs and could reduce the group's operating margin. Specifically, energy prices have risen significantly more than the general rate of inflation. The directors will continue to assess the impact of inflation on the business regularly.

Liquidity and cashflow
The group continues to invest in its operations and therefore has to monitor its liquidity closely in order to ensure working capital requirements are met in addition to the cost of investment. Cash forecasts are maintained which include a range of possible outcomes, with the results discussed at board level so that any operational or financing requirements are agreed in advance of any large expenditure.

FUTURE DEVELOPMENTS
The group continues to invest acquire businesses in the next financial year following the acquisition of two investments in the period to 31 January 2023. The directors expect the commercial performance of the business to continue to improve.

ON BEHALF OF THE BOARD:





A J F Wheeler - Director


30 September 2024

WHEELER WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 14091877)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 January 2024.

COMMENCEMENT OF TRADING
Wheeler Watts Holdings Limited was incorporated on 6 May 2022, with the Group being created on the same day, following the share for share exchange with Eroofing Limited. Following this, the size of the Group was increased through further share for share exchange with Watts Roofing Supplies Limited on 9 May 2022.

DIVIDENDS
Interim dividends of £458,600 (2023: £340,000) were paid during the year; no final dividend is recommended

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report.

A J F Wheeler
S R Watts
Mrs F Wheeler
Mrs N Watts

INDEMNITY PROVISION FOR DIRECTORS
No qualifying third party indemnity provision for the benefit of one or more directors was in force at any time during the financial period or to the date of approval of this report.

EMPLOYEE INFORMATION
The directors recognise the importance of human resources. Employee views are taken into consideration when decisions are made that affect them, through real-time communication and feedback . There is meaningful development and career progression opportunities wifhin the group, creating an attractive workplace. Employees are treated fairly and equally, as monitored by regular employee surveys.

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.

WHEELER WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 14091877)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JANUARY 2024


AUDITORS
Pursuant to Section 487(2) of the Companies Act 2006, the auditors will be deemed to be reappointed and Keelings Limited will therefore continue in office.

ON BEHALF OF THE BOARD:





A J F Wheeler - Director


30 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WHEELER WATTS HOLDINGS LIMITED

Opinion
We have audited the financial statements of Wheeler Watts Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024 which comprise the Consolidated Profit and Loss Account, 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 January 2024 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
WHEELER WATTS 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 four, 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 gained an understanding of the legal and regulatory framework applicable to the group and the industry in which it operates and considered the risk of acts by management which were contrary to applicable laws and regulations, including fraud. These included,but were not limited to, compliance with Financial Reporting Framework FRS 102, Companies Act 2006, General Data Protection Regulations and applicable Health and Safety and Employment Legislation. We made enquiries of the directors of the group to obtain further understanding of the risks of non-compliance. We focused on laws and regulations that could give rise to a material misstatement in the financial statements. Our tests included, but were not limited to:
- agreeing the financial statement disclosures to underlying supporting documentation;
- enquiring of management about known or suspected instances of non-compliance with laws and regulations;
- reviewing minutes of board meetings throughout the year; and
- obtaining an understanding of the control environment in place to prevent and detect irregularities.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring from fraud, rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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
WHEELER WATTS HOLDINGS 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.




Domenico Maurello (Senior Statutory Auditor)
for and on behalf of Keelings Limited
Statutory Auditors, Chartered Tax Advisers
and Chartered Certified Accountants
Broad House
1 The Broadway
Old Hatfield
Hertfordshire
AL9 5BG

30 September 2024

WHEELER WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 14091877)

CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2024

PERIOD
6.5.22
YEAR ENDED TO
31.1.24 31.1.23
Notes £    £   

TURNOVER 20,415,971 13,657,087

Cost of sales 17,899,653 11,819,272
GROSS PROFIT 2,516,318 1,837,815

Administrative expenses 1,781,845 1,026,826
734,473 810,989

Other operating income 147,750 -
OPERATING PROFIT 4 882,223 810,989

Interest receivable and similar income 5,778 1,923
888,001 812,912

Interest payable and similar expenses 5 57,162 32,400
PROFIT BEFORE TAXATION 830,839 780,512

Tax on profit 6 229,449 224,004
PROFIT FOR THE FINANCIAL YEAR 601,390 556,508
Profit attributable to:
Owners of the parent 601,390 556,508

WHEELER WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 14091877)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024

PERIOD
6.5.22
YEAR ENDED TO
31.1.24 31.1.23
Notes £    £   

PROFIT FOR THE YEAR 601,390 556,508


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

601,390

556,508

Total comprehensive income attributable to:
Owners of the parent 601,390 556,508

WHEELER WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 14091877)

CONSOLIDATED BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 (1,049,962 ) (1,177,244 )
Tangible assets 10 836,942 883,665
Investments 11 - -
(213,020 ) (293,579 )

CURRENT ASSETS
Stocks 12 2,499,808 2,217,445
Debtors 13 1,473,419 1,570,758
Cash at bank and in hand 935,319 984,373
4,908,546 4,772,576
CREDITORS
Amounts falling due within one year 14 3,618,725 3,500,428
NET CURRENT ASSETS 1,289,821 1,272,148
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,076,801

978,569

CREDITORS
Amounts falling due after more than one
year

15

(509,658

)

(594,257

)

PROVISIONS FOR LIABILITIES 18 (207,745 ) (167,704 )
NET ASSETS 359,398 216,608

CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings 20 359,298 216,508
359,398 216,608

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2024 and were signed on its behalf by:





A J F Wheeler - Director


WHEELER WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 14091877)

COMPANY BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 400 400
400 400

CURRENT ASSETS
Debtors 13 50,000 50,000

CREDITORS
Amounts falling due within one year 14 16,300 300
NET CURRENT ASSETS 33,700 49,700
TOTAL ASSETS LESS CURRENT
LIABILITIES

34,100

50,100

CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings 20 34,000 50,000
34,100 50,100

Company's profit for the financial year 442,600 390,000

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2024 and were signed on its behalf by:





A J F Wheeler - Director


WHEELER WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 14091877)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024

Called up
share Retained Total
capital earnings equity
£    £    £   

Changes in equity
Issue of share capital 100 - 100
Dividends - (340,000 ) (340,000 )
Total comprehensive income - 556,508 556,508
Balance at 31 January 2023 100 216,508 216,608

Changes in equity
Dividends - (458,600 ) (458,600 )
Total comprehensive income - 601,390 601,390
Balance at 31 January 2024 100 359,298 359,398

WHEELER WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 14091877)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024

Called up
share Retained Total
capital earnings equity
£    £    £   

Changes in equity
Issue of share capital 100 - 100
Dividends - (340,000 ) (340,000 )
Total comprehensive income - 390,000 390,000
Balance at 31 January 2023 100 50,000 50,100

Changes in equity
Dividends - (458,600 ) (458,600 )
Total comprehensive income - 442,600 442,600
Balance at 31 January 2024 100 34,000 34,100

WHEELER WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 14091877)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024

PERIOD
6.5.22
YEAR ENDED TO
31.1.24 31.1.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 718,070 298,018
Interest paid (17,689 ) (13,034 )
Interest element of hire purchase payments
paid

(39,473

)

(19,366

)
Tax paid (56,300 ) -
Net cash from operating activities 604,608 265,618

Cash flows from investing activities
Purchase of intangible fixed assets - 1,272,819
Purchase of tangible fixed assets (224,801 ) (1,045,945 )
Sale of tangible fixed assets 29,245 47,150
Interest received 5,778 1,923
Net cash from investing activities (189,778 ) 275,947

Cash flows from financing activities
New loans in year - 146,390
Loan repayments in year (27,919 ) (36,768 )
New hire purchase in the year 206,261 765,547
Capital repayments in year (183,626 ) (93,893 )
Amount introduced by directors - 1,432
Share issue - 100
Equity dividends paid (458,600 ) (340,000 )
Net cash from financing activities (463,884 ) 442,808

(Decrease)/increase in cash and cash equivalents (49,054 ) 984,373
Cash and cash equivalents at beginning of
year

2

984,373

-

Cash and cash equivalents at end of year 2 935,319 984,373

WHEELER WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 14091877)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
PERIOD
6.5.22
YEAR ENDED TO
31.1.24 31.1.23
£    £   
Profit before taxation 830,839 780,512
Depreciation charges 113,204 27,366
Loss/(profit) on disposal of fixed assets 1,796 (7,809 )
Finance costs 57,162 32,400
Finance income (5,778 ) (1,923 )
997,223 830,546
Increase in stocks (282,363 ) (2,217,445 )
Decrease/(increase) in trade and other debtors 97,339 (1,570,758 )
(Decrease)/increase in trade and other creditors (94,129 ) 3,255,675
Cash generated from operations 718,070 298,018

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 January 2024
31.1.24 1.2.23
£    £   
Cash and cash equivalents 935,319 984,373
Period ended 31 January 2023
31.1.23 6.5.22
£    £   
Cash and cash equivalents 984,373 -


3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.2.23 Cash flow At 31.1.24
£    £    £   
Net cash
Cash at bank and in hand 984,373 (49,054 ) 935,319
984,373 (49,054 ) 935,319
Debt
Finance leases (671,654 ) (22,634 ) (694,288 )
Debts falling due within 1 year (39,600 ) (42,107 ) (81,707 )
Debts falling due after 1 year (70,022 ) 70,022 -
(781,276 ) 5,281 (775,995 )
Total 203,097 (43,773 ) 159,324

WHEELER WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 14091877)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

Wheeler Watts Holdings 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 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 ('FRS 102'), the Financial Reporting Standard applicable in the UK and the Republic of Ireland, and the Companies Act 2006.

The financial statements are prepared in Pounds Sterling ('£'), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Going concern
The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for at least 12 months from the date of approval of these financial statements. The Group therefore continues to adopt the going concern basis in preparing its consolidated financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions
In preparing these financial statements, advantage has been taken of the following disclosure exemptions available in FRS 102:

- only one reconciliation of the number of shares outstanding at the end of the period has been presented, as the reconciliations for the group and parent company would be identical;
- no cash flow statement has been presented for the parent company;
- disclosures in respect of the parent company's financial instruments have not been made, as the equivalent disclosure has been provided in respect of the group as a whole;
- no disclosure has been made of the aggregate remuneration of key management personnel of the parent company, as their remuneration is included in the totals for the group as a whole; and
- related party transactions and balances with group members are not disclosed. Transactions between entities in the group that have been eliminated on consolidation are not included in the consolidated financial statements.

WHEELER WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 14091877)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued

Basis of consolidation
The consolidated financial statements present the results of the company and its subsidiaries ('the group') as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases.

Significant judgements and estimates
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. These estimates and judgements are made in the light of historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. However, actual results may differ from those anticipated.

In the preparation of these financial statements, the group's critical accounting judgements and estimates are in respect of impairment of assets, depreciation and the provision for doubtful debts. Details of these judgements and estimates are described in the relevant accounting policy, the notes to the financial statements and below:

- Impairment of fixed assets: factors taken into consideration include the economic viability and expected future financial performance of the asset and, where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

- Depreciation of tangible fixed assets: these are depreciated over their useful lives, taking into account residual values. The useful lives and residual values are assessed annually and depend on a number of factors. As regards useful lives, considerations include technological innovation and maintenance programmes, while residual value assessments review matters such as future market conditions, the remaining life of the asset and projected disposal values.

- Doubtful debts: a provision is made when the directors consider that collection of the full amount due is no longer probable. Their assessment is based on the age of the debt, the likely success of any action taken to recover it and the costs of such action.

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

Goodwill
Goodwill represents the difference between the cost of a business combination and the acquirer's interest in the fair value of the group's share of the identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis and charged to the Consolidated Profit and Loss Account over its useful economic life of ten years.

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.

WHEELER WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 14091877)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvement to property- 20% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings- 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Impairment of assets
At the end of each reporting period, the directors review the carrying amounts of the company's tangible assets to determine whether there is any indication that those assets have suffered impairment. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment. Where it is not possible to estimate the recoverable amount of an individual asset, the directors estimate the recoverable amount of the cash-generating unit to which the asset belongs.

The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount and an impairment loss is recognised immediately in the Consolidated Profit and Loss Account.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the lower of:
a. the revised estimate of its recoverable amount; and
b. the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years.

A reversal of an impairment loss is recognised immediately in the Consolidated Profit and Loss Account.

Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.

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

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible into known amounts of cash with an insignificant risk of change in value.

Financial instruments
The entity has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the entity's balance sheet when the entity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


WHEELER WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 14091877)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued
Basic financial assets are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Equity
Equity comprises the following:
- share capital, which represents the nominal value of equity shares; and
- profit and loss reserves, which represent retained profits.

An equity share is a contract that evidences a residual interest in the assets of the company after deducting all its liabilities. Equity shares issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity shares are recognised as liabilities once they are no longer at the discretion of the company.

Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss Account, except that a charge attributable to an item of income and expense recognised as other comprehensive income, or to an item recognised directly in equity, is recognised in other comprehensive income or directly in equity, respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

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 future taxable profits.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss Account, 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.

WHEELER WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 14091877)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Operating leases
Rentals paid under operating leases are charged to the Consolidated Profit and Loss Account on a straight line basis over the lease term.

Finance costs
Finance costs are charged to the Consolidated Profit and Loss Account over the term of the debt, using the effective interest method, so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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.

WHEELER WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 14091877)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

3. EMPLOYEES AND DIRECTORS

Peiod
6.5.22
Year Ended to
31.1.24 31.1.23
£ £

Wages and salaries 1,689,804 1,034,629
Social security costs 154,792 101,109
Other pension costs 34,462 22,915
1,879,058 1,158,653

The average number of employees during the year was as follows:

Period
6.5.22
Year Ended to
31.1.24 31.1.23

Direct 49 33
Administrative 6 4
55 37


Period
6.5.22
Year Ended to
31.1.24 31.1.23
£ £

Directors' pension 114,580 78,462

114,580 101,046



PERIOD
6.5.22
YEAR ENDED TO
31.1.24 31.1.23
£    £   
Directors' remuneration 31,928 22,584

WHEELER WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 14091877)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

4. OPERATING PROFIT

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

PERIOD
6.5.22
YEAR ENDED TO
31.1.24 31.1.23
£    £   
Depreciation - owned assets 40,990 37,676
Depreciation - assets on hire purchase contracts 199,493 85,263
Loss/(profit) on disposal of fixed assets 1,796 (7,809 )
Goodwill amortisation (127,282 ) (95,575 )
Auditors' remuneration 15,000 -
Auditors' remuneration for non audit work 15,000 12,482
Foreign exchange differences (4,649 ) (5,834 )

5. INTEREST PAYABLE AND SIMILAR EXPENSES
PERIOD
6.5.22
YEAR ENDED TO
31.1.24 31.1.23
£    £   
Bank loan interest 17,553 12,933
CT late payment interest 136 101
Hire purchase 39,473 19,366
57,162 32,400

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
PERIOD
6.5.22
YEAR ENDED TO
31.1.24 31.1.23
£    £   
Current tax:
UK corporation tax 189,408 56,300

Deferred tax 40,041 167,704
Tax on profit 229,449 224,004

WHEELER WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 14091877)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

6. 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:

PERIOD
6.5.22
YEAR ENDED TO
31.1.24 31.1.23
£    £   
Profit before tax 830,839 780,512
Profit multiplied by the standard rate of corporation tax in the UK of 19 %
(2023 - 19 %)

157,859

148,297

Effects of:
Expenses not deductible for tax purposes 58,969 43,810
Capital allowances in excess of depreciation (42,418 ) (159,298 )
Profit/loss on disposal of assets 341 (1,778 )
Goodwill ammortisation (24,184 ) (18,159 )
Additional rate at 25% 39,862 -
Deferred tax 40,041 167,704
Eliminate pre acquisition profits - 40,191
Eliminate pre acquisition corporation tax - 3,237
Marginal relief (1,021 ) -
Total tax charge 229,449 224,004

7. INDIVIDUAL PROFIT AND LOSS ACCOUNT

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.


8. DIVIDENDS

Period
6.5.22
Year Ended to
31.1.24 31.1.23

Ordinary 'A' shares of £1 each 128,800 95.500
Ordinary 'B' shares of £1 each 100,500 74,500
Ordinary 'C' shares of £1 each 125,500 93,000
Ordinary 'D' shares of £1 each 103,800 77,000
458,600 340,000

WHEELER WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 14091877)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 February 2023
and 31 January 2024 (1,272,819 )
AMORTISATION
At 1 February 2023 (95,575 )
Amortisation for year (127,282 )
At 31 January 2024 (222,857 )
NET BOOK VALUE
At 31 January 2024 (1,049,962 )
At 31 January 2023 (1,177,244 )

10. TANGIBLE FIXED ASSETS

Group
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 February 2023 14,094 161,208 24,045
Additions - 113,261 6,245
Disposals - (28,205 ) -
At 31 January 2024 14,094 246,264 30,290
DEPRECIATION
At 1 February 2023 3,997 30,917 2,480
Charge for year 5,448 41,062 5,733
Eliminated on disposal - (21,318 ) -
At 31 January 2024 9,445 50,661 8,213
NET BOOK VALUE
At 31 January 2024 4,649 195,603 22,077
At 31 January 2023 10,097 130,291 21,565

WHEELER WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 14091877)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

10. TANGIBLE FIXED ASSETS - continued

Group

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 February 2023 736,048 14,950 950,345
Additions 94,350 10,945 224,801
Disposals (86,066 ) - (114,271 )
At 31 January 2024 744,332 25,895 1,060,875
DEPRECIATION
At 1 February 2023 25,441 3,845 66,680
Charge for year 182,372 5,868 240,483
Eliminated on disposal (61,912 ) - (83,230 )
At 31 January 2024 145,901 9,713 223,933
NET BOOK VALUE
At 31 January 2024 598,431 16,182 836,942
At 31 January 2023 710,607 11,105 883,665

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 February 2023 78,486 717,278 795,764
Additions 113,261 93,000 206,261
Transfer to ownership (37,956 ) (53,295 ) (91,251 )
At 31 January 2024 153,791 756,983 910,774
DEPRECIATION
At 1 February 2023 13,980 38,330 52,310
Charge for year 21,921 177,572 199,493
Transfer to ownership (24,141 ) (31,204 ) (55,345 )
At 31 January 2024 11,760 184,698 196,458
NET BOOK VALUE
At 31 January 2024 142,031 572,285 714,316
At 31 January 2023 64,506 678,948 743,454

WHEELER WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 14091877)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 February 2023
and 31 January 2024 400
NET BOOK VALUE
At 31 January 2024 400
At 31 January 2023 400


The following are wholly-owned subsidiary undertakings of Wheeler Watts Holdings Limited:

Watts Roofing Supplies Limited
Registered office: Warren Farm, Royston Road, Baldock, Hertfordshire, SG7 6QZ
Nature of business: supply of roofing materials

Eroofing Limited
Registered office: Unit 2 Hillgate, Wilbury Way, Hitchin, Hertfordshire, England, SG4
0RY

Nature of business: supply of roofing materials

The following subsidiary entities are exempt from audit by virtue of s479A of Companies Act 2006:

Watts Roofing Supplies Limited
Eroofing Limited

12. STOCKS

Group
2024 2023
£    £   
Stocks 2,499,808 2,217,445

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 1,247,903 1,491,389 - -
Amounts owed by group undertakings - - 50,000 50,000
Other debtors 50,484 45,057 - -
VAT - 1,172 - -
Prepayments and accrued income 175,032 33,140 - -
1,473,419 1,570,758 50,000 50,000

WHEELER WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 14091877)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 16) 81,707 39,600 - -
Hire purchase contracts (see note 17) 184,630 147,419 - -
Trade creditors 2,702,811 3,133,582 - -
Amounts owed to group undertakings - - 16,000 -
Tax 189,408 56,300 - -
Social security and other taxes 38,860 68,289 - -
VAT 189,130 - - -
Other creditors 64,021 42,874 - -
Directors' current accounts 1,434 1,434 300 300
Accrued expenses 166,724 10,930 - -
3,618,725 3,500,428 16,300 300

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2024 2023
£    £   
Bank loans (see note 16) - 70,022
Hire purchase contracts (see note 17) 509,658 524,235
509,658 594,257

16. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 81,707 39,600
Amounts falling due between one and two years:
Bank loans - 1-2 years - 70,022

WHEELER WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 14091877)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 184,630 147,419
Between one and five years 509,658 524,235
694,288 671,654

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 181,460 181,460
Between one and five years 282,607 464,007
464,067 645,467

The group has rental leases for the various premises used by the business which are non-cancellable and vary in length from 20 months to 60 months at the year end.

18. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax 207,745 167,704

Group
Deferred
tax
£   
Balance at 1 February 2023 167,704
Provided during year 40,041
Balance at 31 January 2024 207,745

WHEELER WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 14091877)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
Value: £ £

25 Ordinary 'A' £1 25 25
25 Ordinary 'B' £1 25 25
25 Ordinary 'C' £1 25 25
25 Ordinary 'D' £1 25 25
100 100

The rights attaching to each class of shares are identical to, and rank pari passu with, shares of all other classes in respect of distributions and votes. Dividends may be declared in respect of particular classes only.

20. RESERVES

Group
Retained
earnings
£   

At 1 February 2023 216,508
Profit for the year 601,390
Dividends (458,600 )
At 31 January 2024 359,298

Company
Retained
earnings
£   

At 1 February 2023 50,000
Profit for the year 442,600
Dividends (458,600 )
At 31 January 2024 34,000


21. PENSION COMMITMENTS

The group contributes to pension schemes for the benefit of its employees. These schemes operate on the money purchase principle, which ensures that their liabilities cannot exceed their assets. The assets of the schemes are held in independent funds. The pension charge represents contributions payable for the year by the group and amounts to £29,342. Pension contributions of £2,840 were owed at the balance sheet date

22. POST BALANCE SHEET EVENTS

After the date of these financial statements Wheeler Watts Holdings Limited acquired two companies for the estimated consideration of £3m.

WHEELER WATTS HOLDINGS LIMITED (REGISTERED NUMBER: 14091877)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

23. CONTROLLING PARTY

The Group does not have an ultimate controlling party.

At the balance sheet date, the Group owed £1,434 (2023: £1,434) to the directors. No terms have been laid down as to payment of interest or repayment of capital in respect of this loan.