Company registration number 02378186 (England and Wales)
WULFRUN BUILDING SOLUTIONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
WULFRUN BUILDING SOLUTIONS LIMITED
COMPANY INFORMATION
Directors
Mr S P Bailey
Mr C S Tweddle
Mr A R Egan
Mr S Byrne
Company number
02378186
Registered office
1 Pelham Street
Wolverhampton
United Kingdom
WV3 0BJ
Auditor
BK Plus Audit Limited
29 Waterloo Road
Wolverhampton
West Midlands
WV1 4DJ
WULFRUN BUILDING SOLUTIONS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 24
WULFRUN BUILDING SOLUTIONS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 1 -

The directors present the strategic report for the year ended 29 February 2024.

Review of the business

We continued to suffer the effects of losing an MOD MTC within the previous reporting year which reduced turnover. During the year we invested in the labour control team, which has enabled a reduction in the requirement for subcontractors and an improved utilisation of labour. The combined effect of this was to improve delivery efficiency and increase margins.

Overheads have been maintained in order to continue to deliver high levels of service to all clients and provide the capacity for growth. The investment in the labour control team and continued development of productive staff skills ensures that we remain well seated to undertake and deliver current and future projects within Central England. We remain strong in the Government and Leisure sectors.

Principal risks and uncertainties

We aim to present a balanced and comprehensive review of the development of our business during the year and its position at the year end.

Our review is consistent with the size and nature of our business and is presented in the risks and uncertainties that we face.

We review these risks and uncertainties and where possible develop strategies to manage and minimise effect.

Future developments

The Mechanical & Electrical department continues to grow on successful delivery of services and future growth is planned benefitting from the ability to deliver a full solution to our clients.

We are aware that plans for future development of the business may be subject to unforeseen events outside our control.

 

 

On behalf of the board

Mr S P Bailey
Director
9 October 2024
WULFRUN BUILDING SOLUTIONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -

The directors present their annual report and financial statements for the year ended 29 February 2024.

Principal activities

The principal activity of the company over the previous year was the maintenance and refurbishment of the building fabric on commercial premises and sites. However we have now directly integrated a mechanical, electrical and fire alarm services department to our company providing a total FM solution to our clients

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £90,750. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr S P Bailey
Mr C S Tweddle
Mr A R Egan
Mr S Byrne
Auditor

BK Plus Audit Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr S P Bailey
Director
9 October 2024
WULFRUN BUILDING SOLUTIONS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

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

 

 

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

WULFRUN BUILDING SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WULFRUN BUILDING SOLUTIONS LIMITED
- 4 -
Opinion

We have audited the financial statements of Wulfrun Building Solutions Limited (the 'company') for the year ended 29 February 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

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

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

WULFRUN BUILDING SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WULFRUN BUILDING SOLUTIONS LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

From the preliminary of the audit, we ensure our understanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environments, and their compliance with the applicable legal and regulatory frameworks. This information supports our risk identification and the subsequent design of audit procedures to mitigate those risks; ensuring the that the audit evidence obtained is sufficient and appropriate to support our opinion.

 

In response to the risks identified, specific to this entity, we designed procedures which included, but were not limited to:

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

WULFRUN BUILDING SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WULFRUN BUILDING SOLUTIONS LIMITED (CONTINUED)
- 6 -

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 an auditor's report 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.

Christopher Hession C.A.
Senior Statutory Auditor
For and on behalf of BK Plus Audit Limited
9 October 2024
29 Waterloo Road
Wolverhampton
West Midlands
WV1 4DJ
WULFRUN BUILDING SOLUTIONS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
11,572,827
14,164,185
Cost of sales
(9,844,094)
(12,859,616)
Gross profit
1,728,733
1,304,569
Administrative expenses
(1,636,147)
(1,521,361)
Operating profit/(loss)
4
92,586
(216,792)
Interest receivable and similar income
7
1,603
82
Interest payable and similar expenses
8
(24,390)
(22,574)
Profit/(loss) before taxation
69,799
(239,284)
Tax on profit/(loss)
9
32,874
187,427
Profit/(loss) for the financial year
102,673
(51,857)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

WULFRUN BUILDING SOLUTIONS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 8 -
2024
2023
£
£
Profit/(loss) for the year
102,673
(51,857)
Other comprehensive income
-
-
Total comprehensive income for the year
102,673
(51,857)
WULFRUN BUILDING SOLUTIONS LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
805,438
847,924
Current assets
Stocks
12
1,449,674
1,196,777
Debtors
13
1,337,003
1,928,194
Cash at bank and in hand
1,231
799
2,787,908
3,125,770
Creditors: amounts falling due within one year
14
(2,063,252)
(2,452,528)
Net current assets
724,656
673,242
Total assets less current liabilities
1,530,094
1,521,166
Creditors: amounts falling due after more than one year
15
(138,222)
(173,859)
Provisions for liabilities
Deferred tax liability
18
193,748
161,106
(193,748)
(161,106)
Net assets
1,198,124
1,186,201
Capital and reserves
Called up share capital
20
230
230
Profit and loss reserves
21
1,197,894
1,185,971
Total equity
1,198,124
1,186,201

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 9 October 2024 and are signed on its behalf by:
Mr S P Bailey
Director
Company registration number 02378186 (England and Wales)
WULFRUN BUILDING SOLUTIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 March 2022
230
1,447,828
1,448,058
Year ended 28 February 2023:
Loss and total comprehensive income
-
(51,857)
(51,857)
Dividends
10
-
(210,000)
(210,000)
Balance at 28 February 2023
230
1,185,971
1,186,201
Year ended 29 February 2024:
Profit and total comprehensive income
-
102,673
102,673
Dividends
10
-
(90,750)
(90,750)
Balance at 29 February 2024
230
1,197,894
1,198,124
WULFRUN BUILDING SOLUTIONS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
418,678
123,590
Interest paid
(24,390)
(22,574)
Income taxes refunded
67,186
191,104
Net cash inflow from operating activities
461,474
292,120
Investing activities
Purchase of tangible fixed assets
(232,446)
(234,253)
Proceeds from disposal of tangible fixed assets
12,318
12,394
Interest received
1,603
82
Net cash used in investing activities
(218,525)
(221,777)
Financing activities
Payment of finance leases obligations
(143,474)
(176,136)
Dividends paid
(90,750)
(210,000)
Net cash used in financing activities
(234,224)
(386,136)
Net increase/(decrease) in cash and cash equivalents
8,725
(315,793)
Cash and cash equivalents at beginning of year
(308,388)
7,405
Cash and cash equivalents at end of year
(299,663)
(308,388)
Relating to:
Cash at bank and in hand
1,231
799
Bank overdrafts included in creditors payable within one year
(300,894)
(309,187)
WULFRUN BUILDING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 12 -
1
Accounting policies
Company information

Wulfrun Building Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Pelham Street, Wolverhampton, United Kingdom, WV3 0BJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in 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.

 

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% straight line
Fixtures and fittings
15% reducing balance
Equipment
33% straight line
Motor vehicles
25% reducing balance
Integral features
15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

WULFRUN BUILDING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 13 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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 for which the estimates of future cash flows have not been adjusted.

 

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. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed 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 profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, 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.

WULFRUN BUILDING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 14 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

WULFRUN BUILDING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 15 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

WULFRUN BUILDING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 16 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2024
2023
£
£
Provision of services
11,572,827
14,164,185
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
11,572,827
14,164,185
WULFRUN BUILDING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
3
Turnover and other revenue
(Continued)
- 17 -
2024
2023
£
£
Other revenue
Interest income
1,603
82
4
Operating profit/(loss)
2024
2023
Operating profit/(loss) for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
7,000
7,000
Depreciation of owned tangible fixed assets
262,078
243,886
Loss on disposal of tangible fixed assets
536
6,627
Operating lease charges
318,217
469,443
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Direct staff
109
114
Administrative staff
13
10
Management staff
4
4
Total
126
128

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
4,708,140
4,992,005
Social security costs
550,113
507,361
Pension costs
25,156
19,311
5,283,409
5,518,677
WULFRUN BUILDING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 18 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
327,129
380,246
Company pension contributions to defined contribution schemes
16,870
14,560
343,999
394,806

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 4).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
92,483
121,200
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest receivable
1,603
82
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
1,603
82
8
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
24,390
22,574
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
(181,983)
Adjustments in respect of prior periods
(65,516)
-
0
Total current tax
(65,516)
(181,983)
WULFRUN BUILDING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
9
Taxation
2024
2023
£
£
(Continued)
- 19 -
Deferred tax
Origination and reversal of timing differences
32,642
(5,444)
Total tax credit
(32,874)
(187,427)

The actual credit for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit/(loss) before taxation
69,799
(239,284)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 24.49% (2023: 19.00%)
17,094
(45,464)
Adjustments in respect of prior years
(65,515)
-
0
Permanent capital allowances in excess of depreciation
7,013
6,180
Research and development tax credit
(40,873)
(181,983)
130% super deduction
(17)
(13,352)
Effect of change in deferred tax rate
49,424
-
0
Effect in R&D tax rate
-
0
47,192
Taxation credit for the year
(32,874)
(187,427)
10
Dividends
2024
2023
£
£
Final paid
90,750
210,000
WULFRUN BUILDING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 20 -
11
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Equipment
Motor vehicles
Integral features
Total
£
£
£
£
£
£
Cost
At 1 March 2023
26,410
39,902
57,571
1,600,419
-
0
1,724,302
Additions
-
0
2,286
7,674
131,331
91,155
232,446
Disposals
-
0
-
0
-
0
(53,734)
-
0
(53,734)
At 29 February 2024
26,410
42,188
65,245
1,678,016
91,155
1,903,014
Depreciation and impairment
At 1 March 2023
19,028
27,514
48,919
780,917
-
0
876,378
Depreciation charged in the year
3,863
2,201
6,349
235,992
13,673
262,078
Eliminated in respect of disposals
-
0
-
0
-
0
(40,880)
-
0
(40,880)
At 29 February 2024
22,891
29,715
55,268
976,029
13,673
1,097,576
Carrying amount
At 29 February 2024
3,519
12,473
9,977
701,987
77,482
805,438
At 28 February 2023
7,382
12,388
8,652
819,502
-
0
847,924

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Motor vehicles
561,157
622,897
12
Stocks
2024
2023
£
£
Work in progress
1,449,674
1,196,777
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
831,544
1,357,039
Corporation tax recoverable
241,139
242,809
Other debtors
5,410
82,096
Prepayments and accrued income
258,910
246,250
1,337,003
1,928,194
WULFRUN BUILDING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 21 -
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
300,894
309,187
Obligations under finance leases
17
153,958
261,795
Trade creditors
1,133,935
1,347,191
Taxation and social security
275,107
289,868
Other creditors
81,721
190,886
Accruals and deferred income
117,637
53,601
2,063,252
2,452,528
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
17
138,222
173,859
16
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
300,894
309,187
Payable within one year
300,894
309,187
17
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
153,957
261,795
In two to five years
138,223
173,859
292,180
435,654
WULFRUN BUILDING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 22 -
18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
193,748
161,106
2024
Movements in the year:
£
Liability at 1 March 2023
161,106
Charge to profit or loss
32,642
Liability at 29 February 2024
193,748
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
25,156
19,311

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
90
90
90
90
Ordinary B shares of £1 each
100
100
100
100
Ordinary C shares of £1 each
20
20
20
20
Ordinary D shares of £1 each
20
20
20
20
230
230
230
230
21
Profit and loss reserves

This reserve includes all current and prior period retained profits and losses and measurement of fair value as deemed cost on transition to FRS 102 of some classes of fixed assets.

WULFRUN BUILDING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 23 -
22
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
50,431
47,179
Between two and five years
38,448
32,853
88,879
80,032
23
Related party transactions

During the year rent of £12,000 (2023: £12,000) was paid to a company that two of the directors have an interest. Amounts due from the company at the year end amounted to £5,410 (2023: £3,632).

24
Directors' transactions

Amounts due to the directors at the year end totalled £43,468 (2023: £120,474).

25
Cash generated from operations
2024
2023
£
£
Profit/(loss) for the year after tax
102,673
(51,857)
Adjustments for:
Taxation credited
(32,874)
(187,427)
Finance costs
24,390
22,574
Investment income
(1,603)
(82)
Loss on disposal of tangible fixed assets
536
6,627
Depreciation and impairment of tangible fixed assets
262,078
243,886
Movements in working capital:
Increase in stocks
(252,897)
(1,196,777)
Decrease in debtors
589,521
1,569,496
Decrease in creditors
(273,146)
(282,850)
Cash generated from operations
418,678
123,590
WULFRUN BUILDING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 24 -
26
Analysis of changes in net debt
1 March 2023
Cash flows
29 February 2024
£
£
£
Cash at bank and in hand
799
432
1,231
Bank overdrafts
(309,187)
8,293
(300,894)
(308,388)
8,725
(299,663)
Obligations under finance leases
(435,654)
143,474
(292,180)
(744,042)
152,199
(591,843)
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