Company registration number 13896984 (England and Wales)
WHC016 LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
WHC016 LIMITED
COMPANY INFORMATION
Directors
Mr J P Hall
Mr D Wight
Mr M L Sidwell
Mr A J Cantrell
Mrs L J Vede
Mr P N C Lupton
Mr J G Smith
Company number
13896984
Registered office
Sandbrook House
Sandbrook Way
Rochdale
Auditor
Barlow Andrews LLP
Carlyle House
78 Chorley New Road
Bolton
WHC016 LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 34
WHC016 LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
Review of the business
The key performance indicators for the group are as follows:
As restated
2023
2022
£
£
Turnover
24,492,330
9,512,364
Profit before taxation
538,704
741,158
Gross profit margin
19.23%
22.88%
Net current assets
3,547,489
3,450,781
Profit and loss reserves
520,519
511,653
Debtors days
91
182

During the year ended 31 December 2023 the business undertook further restructuring, with an asset hive down of the Midlands division of Granada Material Handling Limited (GMH) to form a new subsidiary, Granada Cranes Limited (GCL). The restructure took place in April, with the local senior management team taking an investment in the new company. Their 30 years’ experience provides a strong foundation for them to enhance and develop operations, productivity and competitiveness in the UK crane manufacturing market. In addition, GMH took the decision to move the head office and manufacturing operations to the state-of-the-art facility in North Wales (opened in 2022), whilst retaining an administration centre in Lancashire. It is anticipated that the reorganisation will strengthen the group's position within the industry, both UK and abroad.

 

In the period to December turnover is reported at £24.5m (£9.5m 5 months trading 2022) and PBT £538,137 (£741,158 5 months trading 2022). The results reflect the reorganisation undertaken in the period and is expected to strengthen next year.

 

The performance in 2023 remained strong with a full order book and a development strategy for offshore crane products. The group remains committed to provide technical solutions for its customers in both the UK and Europe, whilst establishing a presence in Asia and America.

 

The facility in North Wales gives the business an ability to manufacture larger capacity cranes and provides a platform to drive enhanced margins through streamlined production. Whilst the group as a whole, remains committed to supporting the local economies with employment opportunities.

 

At the year end the group had shareholders’ funds of £5.6m (2022 £5.5m). The directors remain confident of the group's position and are optimistic about the trading prospects for 2024.

Future developments

GMH is seeking to expand into the offshore wind market in the Asia Pacific countries (APAC). As well as continuing its long-term maintenance support in the Aerospace and Construction industries in the UK. GCL is positioning itself to grow its manufacturing capabilities in the Midlands and provide a UK wide Service Support network.

Principal risks and uncertainties

Risk management is addressed through internal policies, procedures and control mechanisms. Policies are approved, with periodic reviews ensuring they remain robust and relevant for the current climate. The group remains focused on its compliance with regulations and both legal and ethical standards.

 

Financial risk management objectives and policies

Exchange rate and interest rates fluctuations are challenges that the business recognises as risk factors. The utilisation of forward exchange contracts eliminates possible adverse currency movements on overseas transactions. Whilst expansion into different geographical markets and industrial sectors provides diversification to the revenue stream reducing the impact of interest rate changes.

 

The group does not utilise any other type of hedging instrument other than an operational bank account. It’s exposure to price risk, credit risk, liquidity risk and cash flow risk is not material for the assessment of the assets, liabilities, financial position and profit or loss of the group.

WHC016 LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Key performance indicators

The group's financial key performance indicators comprise of turnover and pre-tax profitability as shown above.

Matters of strategic importance

There are no other matters of strategic importance to disclose.

On behalf of the board

Mrs L J Vede
Director
4 November 2024
WHC016 LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of WHC016 Limited is that of a holding company. WHC016 Limited directly own 100% of the share capital of Granada Material Handling Limited and 75% indirectly of the share capital of Granada Cranes Limited (from 01 April 2023). The principal activity for both of these companies is to manufacture, sell and service material handling equipment.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

 

Preference dividends were paid amounting to £455,181. The directors do not recommend payment of a final 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 J P Hall
Mr D Wight
Mr M L Sidwell
Mr A J Cantrell
Mrs L J Vede
Mr P N C Lupton
Mr J G Smith
Research and development

During the period, the group incurred £211,153 (2022: £1,133,344) of research and development expenditure of which £Nil (2022: £219,279) was capitalised.

 

Auditor

The auditor, Barlow Andrews LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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 auditor of the company 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 auditor of the company 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
Mrs L J Vede
Director
4 November 2024
WHC016 LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

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 group and company, and of the profit or loss of the group 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 group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

WHC016 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WHC016 LIMITED
- 5 -
Opinion

We have audited the financial statements of WHC016 Limited (the 'parent company') and its subsidiary (the 'group') for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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 group and parent 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 group's and 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 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:

WHC016 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WHC016 LIMITED
- 6 -
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 their 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 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 parent 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.

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

 

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

WHC016 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WHC016 LIMITED
- 7 -

To address the risk of fraud through management bias and override of controls, we:

 

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

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.

Emma Woods
For and on behalf of
4 November 2024
Barlow Andrews LLP
Chartered Accountants
Statutory Auditor
Carlyle House
78 Chorley New Road
Bolton
WHC016 LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
Year
Period
ended
ended
31 December
31 December
2023
2022
Notes
£
£
Turnover
3
24,492,330
9,512,364
Cost of sales
(19,783,055)
(7,336,217)
Gross profit
4,709,275
2,176,147
Distribution costs
(240,832)
(102,793)
Administrative expenses
(3,952,521)
(1,342,801)
Other operating income
22,215
10,605
Operating profit
4
538,137
741,158
Interest receivable and similar income
567
-
0
Profit before taxation
538,704
741,158
Tax on profit
8
(49,444)
94,449
Profit for the financial year
489,260
835,607
Profit for the financial year is attributable to:
- Owners of the parent company
464,047
835,607
- Non-controlling interests
25,213
-
489,260
835,607
Total comprehensive income for the year is attributable to:
- Owners of the parent company
464,047
835,607
- Non-controlling interests
25,213
-
489,260
835,607
WHC016 LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
10
920,043
1,027,233
Other intangible assets
10
295,196
348,042
Total intangible assets
1,215,239
1,375,275
Tangible assets
11
906,595
742,413
2,121,834
2,117,688
Current assets
Stocks
14
2,754,030
1,668,516
Debtors
15
7,529,427
6,059,054
Cash at bank and in hand
282,431
1,671,103
10,565,888
9,398,673
Creditors: amounts falling due within one year
16
(7,018,399)
(5,947,892)
Net current assets
3,547,489
3,450,781
Total assets less current liabilities
5,669,323
5,568,469
Creditors: amounts falling due after more than one year
17
(72,273)
(31,816)
Provisions for liabilities
Deferred tax liability
20
(23,818)
-
0
(23,818)
-
Net assets
5,573,232
5,536,653
Capital and reserves
Called up share capital
23
5,025,000
5,025,000
Profit and loss reserves
520,519
511,653
Equity attributable to owners of the parent company
5,545,519
5,536,653
Non-controlling interests
27,713
-
5,573,232
5,536,653
The financial statements were approved by the board of directors and authorised for issue on 4 November 2024 and are signed on its behalf by:
04 November 2024
Mrs L J Vede
Director
Company registration number 13896984 (England and Wales)
WHC016 LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Investments
12
5,447,178
5,447,178
Current assets
Debtors
15
25,000
25,000
Creditors: amounts falling due within one year
16
(65,594)
(59,594)
Net current liabilities
(40,594)
(34,594)
Net assets
5,406,584
5,412,584
Capital and reserves
Called up share capital
23
5,025,000
5,025,000
Profit and loss reserves
381,584
387,584
Total equity
5,406,584
5,412,584

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £449,181 (2022 - £711,538 profit).

The financial statements were approved by the board of directors and authorised for issue on 4 November 2024 and are signed on its behalf by:
04 November 2024
Mrs L J Vede
Director
Company registration number 13896984 (England and Wales)
WHC016 LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
As restated for the period ended 31 December 2022:
Balance at 1 August 2022
-
0
-
0
-
-
-
Period ended 31 December 2022:
Profit and total comprehensive income
-
835,607
835,607
-
835,607
Issue of share capital
23
5,025,000
-
5,025,000
-
5,025,000
Dividends
9
-
(323,954)
(323,954)
-
(323,954)
Balance at 31 December 2022
5,025,000
511,653
5,536,653
-
0
5,536,653
Year ended 31 December 2023:
Profit and total comprehensive income
-
464,047
464,047
25,213
489,260
Dividends
9
-
(455,181)
(455,181)
-
(455,181)
Non-controlling interest arising on the issue of new shares
-
-
-
2,500
2,500
Balance at 31 December 2023
5,025,000
520,519
5,545,519
27,713
5,573,232
WHC016 LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 31 December 2022:
Balance at 1 August 2022
-
0
-
0
-
Period ended 31 December 2022:
Profit and total comprehensive income for the period
-
711,538
711,538
Issue of share capital
23
5,025,000
-
5,025,000
Dividends
9
-
(323,954)
(323,954)
Balance at 31 December 2022
5,025,000
387,584
5,412,584
Year ended 31 December 2023:
Profit and total comprehensive income
-
449,181
449,181
Dividends
9
-
(455,181)
(455,181)
Balance at 31 December 2023
5,025,000
381,584
5,406,584
WHC016 LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
28
(525,063)
2,035,905
Income taxes refunded
15,551
-
Net cash (outflow)/inflow from operating activities
(509,512)
2,035,905
Investing activities
Purchase of subsidiary
-
(447,062)
Cash received on acquisition
-
1,092,818
Purchase of intangible assets
(28,020)
(226,461)
Purchase of tangible fixed assets
(401,414)
(460,143)
Proceeds from disposal of tangible fixed assets
14,200
-
Additional loans paid to directors
(13,682)
-
Interest received
567
-
0
Net cash used in investing activities
(428,349)
(40,848)
Financing activities
Payment of finance leases obligations
(22,967)
-
Proceeds from issue of shares to non-controlling interests
2,500
-
Dividends paid to equity shareholders
(455,181)
(323,954)
Net cash used in financing activities
(475,648)
(323,954)
Net (decrease)/increase in cash and cash equivalents
(1,413,509)
1,671,103
Cash and cash equivalents at beginning of year
1,671,103
-
0
Cash and cash equivalents at end of year
257,594
1,671,103
Relating to:
Cash at bank and in hand
282,431
1,671,103
Bank overdrafts included in creditors payable within one year
(24,837)
-
WHC016 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information

WHC016 Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 1, Sherwood Industrial Park, Queensway, Rochdale.

 

The group consists of WHC016 Limited and its subsidiary.

1.1
Reporting period

The reporting period is to the year ending 31 December 2023. The prior year period presents the accounts for a 5 month period following the acquisition of the subsidiary, Granada Material Handling Limited. The parent company was incorporated on 7 February 2022.

1.2
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.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.3
Prior period error

A prior period restatement has been made in the 2023 financial statements.  The restatement has been made to cancel £387,584 of dividends described as paid by WHC016 Limited in the 2022 financial statements.  The dividends were not paid and subsequently the company has cancelled this interim dividend.  The effect of this restatement is to increase retained profits and decrease the amounts owed to group undertakings as at 31 December 2022.

 

 

WHC016 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.4
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination.

 

The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

 

Investments in subsidiaries are accounted for at cost less impairment.

1.5
Basis of consolidation

The consolidated group financial statements consist of all the financial statements of the parent company, WHC016 Limited, together with all entities controlled by the parent (its subsidiaries).

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring accounting policies into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.6
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

1.7
Turnover

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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Service and maintenance income is recognised on an invoiced basis, after the work is completed. All turnover is recognised net of VAT and after discounts where applicable.

1.8
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.9
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

WHC016 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.10
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software
25% straight line
Development costs
20% straight line
1.11
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 equipment
20% straight line
Fixtures and fittings
15% - 25% straight line
Motor vehicles
25% straight line

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 recognised in the profit and loss account.

1.12
Fixed asset investments

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

WHC016 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.13
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.

1.14
Stocks and work in progress

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.

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.

Work in progress is valued based on direct materials and labour costs.

 

Profit on contracts is recognised by reference to the stage of completion of each contract where there is reasonable certainty that the contract will be profitable. Where the outcome of the contract cannot be established with reasonable certainty, no profit is recognised. Foreseeable losses are provided for in full at the point at which the loss is anticipated.

 

Where costs are incurred in advance of work being completed then these are included in work in progress and where work is completed and costs have yet to be incurred, the amounts are included in accruals.

1.15
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.16
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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

 

Financial assets and liabilities are offset and 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.

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.

WHC016 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
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.

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 group 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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies 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.

 

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.17
Equity instruments

Equity instruments issued by the group 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 group.

WHC016 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.18
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 group’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 if, and only if, there is 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.

1.19
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.

1.20
Retirement benefits

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

1.21
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 leased asset are consumed.

WHC016 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.22
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

When a grant does not specify performance conditions, it is recognised in income when the proceeds are received or receivable.

1.23
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

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

 

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

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Income and profit recognition on contracts

The directors recognise profit on contracts by reference to the stage of completion on each contract where there is a reasonable certainty that the contract will be profitable. Where the outcome of the contract cannot be established with reasonable certainty, no profit is recognised. Foreseeable losses are provided for in full at the point at which the loss is anticipated.

 

Where costs are incurred in advance of work being completed then these are included in work in progress and where work is completed and costs have yet to be incurred the amounts are included in accruals.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Provision of goods and services
24,492,330
9,512,364
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
16,246,823
6,210,977
Overseas
8,245,507
3,301,387
24,492,330
9,512,364
WHC016 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Turnover and other revenue
(Continued)
- 21 -
2023
2022
£
£
Other revenue
Interest income
567
-
Grants received
22,215
10,605
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(57,967)
(14,772)
Research and development costs
211,153
914,065
Government grants
(22,215)
(10,605)
Depreciation of owned tangible fixed assets
261,874
82,652
Loss on disposal of tangible fixed assets
24,612
16,681
Amortisation of intangible assets
188,056
62,820
Operating lease charges
406,804
144,991
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
6,000
6,000
Audit of the financial statements of the company's subsidiaries
28,353
14,640
34,353
20,640
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Production staff
103
92
-
-
Administrative staff
40
34
7
7
Total
143
126
7
7
WHC016 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Employees
(Continued)
- 22 -

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
7,360,513
2,647,372
-
0
-
0
Social security costs
756,191
251,396
-
-
Pension costs
238,524
75,598
-
0
-
0
8,355,228
2,974,366
-
0
-
0
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
642,780
335,386
Company pension contributions to defined contribution schemes
21,054
7,833
663,834
343,219

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2022 - 4).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
191,126
100,492
Company pension contributions to defined contribution schemes
5,739
1,958

 

8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
15,626
-
0
Deferred tax
Origination and reversal of timing differences
33,818
(94,449)
Total tax charge/(credit)
49,444
(94,449)
WHC016 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Taxation
(Continued)
- 23 -

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

2023
2022
£
£
Profit before taxation
538,704
741,158
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
134,676
140,820
Tax effect of expenses that are not deductible in determining taxable profit
103,394
3,931
Tax effect of utilisation of tax losses not previously recognised
(188,555)
-
0
Unutilised tax losses carried forward
(1,500)
208,317
Differences between capital allowances and depreciation
13,702
(24,908)
Research and development tax credit
(45,643)
(298,426)
Other permanent differences
-
0
(29,734)
Tax at marginal rate
(448)
-
0
Deferred tax asset
33,818
(94,449)
Taxation charge/(credit)
49,444
(94,449)
9
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Ordinary dividends paid
-
190,000
Preference dividends paid
455,181
133,954
455,181
323,954
WHC016 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
10
Intangible fixed assets
Group
Goodwill
Software
Development costs
Total
£
£
£
£
Cost
At 1 January 2023
1,071,895
14,717
351,483
1,438,095
Additions
-
0
28,020
-
0
28,020
At 31 December 2023
1,071,895
42,737
351,483
1,466,115
Amortisation and impairment
At 1 January 2023
44,662
2,325
15,833
62,820
Amortisation charged for the year
107,190
10,570
70,296
188,056
At 31 December 2023
151,852
12,895
86,129
250,876
Carrying amount
At 31 December 2023
920,043
29,842
265,354
1,215,239
At 31 December 2022
1,027,233
12,392
335,650
1,375,275
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
11
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
203,504
578,913
41,296
823,713
Additions
103,094
155,283
204,626
463,003
Disposals
(3,745)
(51,599)
(10,246)
(65,590)
At 31 December 2023
302,853
682,597
235,676
1,221,126
Depreciation and impairment
At 1 January 2023
40,181
37,992
3,127
81,300
Depreciation charged in the year
103,767
124,682
33,425
261,874
Eliminated in respect of disposals
(3,745)
(24,898)
-
0
(28,643)
At 31 December 2023
140,203
137,776
36,552
314,531
Carrying amount
At 31 December 2023
162,650
544,821
199,124
906,595
At 31 December 2022
163,323
540,921
38,169
742,413
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
WHC016 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Tangible fixed assets
(Continued)
- 25 -

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Motor vehicles
43,306
-
0
-
0
-
0
12
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
5,447,178
5,447,178
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
5,447,178
Carrying amount
At 31 December 2023
5,447,178
At 31 December 2022
5,447,178
13
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Granada Material Handling Limited
Unit 1, Sherwood Industrial park, Queensway, Rochdale
Manufacture, sell and service material handling equipment
Ordinary
100.00
-
Granada Cranes Limited
Parsonage Street, Oldbury, West Midlands, England, B69 4PH
Manufacture, sell and service material handling equipment
Ordinary
-
75.00
WHC016 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
14
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
94,019
106,368
-
-
Work in progress
2,660,011
1,562,148
-
-
2,754,030
1,668,516
-
-
15
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
6,123,022
4,746,954
-
0
-
0
Gross amounts owed by contract customers
672,851
642,784
-
0
-
0
Unpaid share capital
32,500
25,000
25,000
25,000
Corporation tax recoverable
23,902
39,453
-
0
-
0
Other debtors
105,969
140,482
-
0
-
0
Prepayments and accrued income
331,183
214,381
-
0
-
0
7,289,427
5,809,054
25,000
25,000
Deferred tax asset (note 20)
240,000
250,000
-
0
-
0
7,529,427
6,059,054
25,000
25,000
16
Creditors: amounts falling due within one year
Group
As restated
Company
As restated
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
18
24,837
-
0
-
0
-
0
Obligations under finance leases
19
10,778
-
0
-
0
-
0
Payments received on account
1,968,662
1,915,524
-
0
-
0
Trade creditors
2,893,961
2,049,254
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
65,594
59,594
Corporation tax payable
15,626
-
0
-
0
-
0
Other taxation and social security
450,626
534,239
-
-
Government grants
21
22,215
10,605
-
0
-
0
Other creditors
89,676
44,507
-
0
-
0
Accruals and deferred income
1,542,018
1,393,763
-
0
-
0
7,018,399
5,947,892
65,594
59,594
WHC016 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
17
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
19
27,844
-
0
-
0
-
0
Government grants
21
44,429
31,816
-
0
-
0
72,273
31,816
-
-
18
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank overdrafts
24,837
-
0
-
0
-
0
Payable within one year
24,837
-
0
-
0
-
0

The bank overdraft is secured by a fixed and floating charge over all assets of a subsidiary of the group.

19
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
10,778
-
0
-
0
-
0
In two to five years
27,844
-
0
-
0
-
0
38,622
-
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

WHC016 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
20
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Accelerated capital allowances
24,035
-
(128,706)
(155,320)
Tax losses
-
-
364,548
401,220
Retirement benefit obligations
(217)
-
4,158
4,100
23,818
-
240,000
250,000
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Asset at 1 January 2023
(250,000)
-
Charge to profit or loss
33,818
-
Asset at 31 December 2023
(216,182)
-

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.

WHC016 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
21
Government grants
Group
Company
2023
2022
2023
2022
£
£
£
£
Arising from government grants
66,644
42,421
-
-

Deferred income is included in the financial statements as follows:

Current liabilities
22,215
10,605
-
0
-
0
Non-current liabilities
44,429
31,816
-
0
-
0
66,644
42,421
-
-
22
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
238,524
75,598

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

WHC016 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
23
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
A ordinary shares of £1 each
70,000
70,000
70,000
70,000
B ordinary shares of £1 each
25,000
25,000
25,000
25,000
95,000
95,000
95,000
95,000
2023
2022
2023
2022
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
4,930,000
4,930,000
4,930,000
4,930,000
Preference shares classified as equity
4,930,000
4,930,000
Total equity share capital
5,025,000
5,025,000

On 7 February 2022, being the date of incorporation, 1 A Ordinary share was issued at par. Following the incorporation the company issued and allotted 69,999 A ordinary shares, 25,000 B ordinary shares and 4,930,000 preference shares.

 

The B Ordinary shares of £1 each have been allotted to four of the directors of the company. As at the year end, these shares were issued but not paid for.

 

The A Ordinary Shares carry voting rights, the rights to receive dividends and the right to participate in a distribution, in accordance with the company's articles.

 

The B Ordinary Shares carry voting rights, the rights to receive dividends and the right to participate in a distribution, in accordance with the company's articles.

 

The Preference Shares do not carry voting rights and are non redeemable. The shares carry the right to receive dividends at a coupon equal to Base Rate plus 4.5% per annum to 31 December 2026 and Base Rate plus 7.5% from 1 January 2027 and each year thereafter. The shares have the right to participate in a distribution, in accordance with the company's articles.

 

 

 

WHC016 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
24
Operating lease commitments
Lessee

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
376,941
448,023
-
-
Between two and five years
641,714
1,127,048
-
-
In over five years
-
776,007
-
-
1,018,655
2,351,078
-
-
25
Financial commitments, guarantees and contingent liabilities

The group have the following contract related guarantees in favour of various companies;-

 

Dated 15 February 2023 for £223,321.

Dated 19 May 2021 for £22,782.

Dated 29 June 2021 for £50,606.

Dated 29 November 2019 for £25,130.

Dated 13 November 2023 for €43,000.

Dated 13 November 2023 for €43,000.

Dated 13 November 2023 for €43,000.

Dated 29 July 2022 for €17,500.

Dated 15 February 2023 for £133,992.

Dated 12 June 2017 for £50,727.

 

There is also a debenture including Fixed Charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertaking both present and future dated 8 February 2017.

 

There is an Unlimited Multilateral Guarantee dated 10 November 2023 given by Granada Cranes Limited with Granada Material Handling Limited and an Unlimited Multilateral Guarantee dated 5 September 2022 given by Granada Material Handling Limited with WHC016 Limited.

26
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
732,630
640,089

Key management personnel is considered to be the directors of the parent company and any subsidiary directors with strategic influence.

WHC016 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 32 -
27
Directors' transactions

Dividends totalling £160,117 (2022: £66,433) were paid in the year in respect of shares held by the company's directors.

 

At 31 December 2023, there was a balance of £103,518 (2022: £89,836) due from the directors of the group which is included within other debtors. There was also a balance of £356 (2022:£Nil) due to a director which is included within other creditors. These loans are interest free with no fixed repayment dates. The highest outstanding balance owed by a director was £66,372 (2022: £53,682).

 

The group occupied two properties which are owned by two pension schemes, one of which is a subsidiary's self-administered pension scheme. Rent of £82,300 (2022: £83,800) was paid during the year. No amounts were outstanding to the pension schemes at 31 December 2023 (2022: £Nil).

 

28
Cash (absorbed by)/generated from group operations
2023
2022
£
£
Profit for the year after tax
489,260
835,607
Adjustments for:
Taxation charged/(credited)
49,444
(94,449)
Investment income
(567)
-
0
Loss on disposal of tangible fixed assets
24,612
16,681
Amortisation and impairment of intangible assets
188,056
62,820
Depreciation and impairment of tangible fixed assets
261,874
82,652
Dividends declared not paid
-
(387,584)
Unpaid share capital in new subsidiary
(7,500)
-
Movements in working capital:
Increase in stocks
(1,085,514)
(23,574)
(Increase)/decrease in debtors
(1,474,742)
1,409,969
Increase in creditors
1,005,791
91,362
Increase in deferred income
24,223
42,421
Cash (absorbed by)/generated from operations
(525,063)
2,035,905
WHC016 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 33 -
29
Analysis of changes in net funds - group
1 January 2023
Cash flows
New finance leases
31 December 2023
£
£
£
£
Cash at bank and in hand
1,671,103
(1,388,672)
-
282,431
Bank overdrafts
-
0
(24,837)
-
(24,837)
1,671,103
(1,413,509)
-
257,594
Obligations under finance leases
-
22,967
(61,589)
(38,622)
1,671,103
(1,390,542)
(61,589)
218,972
30
Prior period adjustment
Reconciliation of changes in equity - group
1 August
31 December
2022
2022
£
£
Adjustments to prior year
Unpaid dividends
-
387,584
Equity as previously reported
-
5,149,069
Equity as adjusted
-
5,536,653
Analysis of the effect upon equity
Profit and loss reserves
-
387,584
Reconciliation of changes in profit for the previous financial period
2022
£
Adjustments to prior year
Total adjustments
-
Profit as previously reported
835,607
Profit as adjusted
835,607
Changes to the balance sheet - company
As previously reported
Adjustment
As restated at 31 Dec 2022
£
£
£
Creditors due within one year
Other creditors
(447,178)
387,584
(59,594)
Capital and reserves
Profit and loss reserves
-
387,584
387,584
WHC016 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
30
Prior period adjustment
(Continued)
- 34 -
Changes to the profit and loss account - company
As previously reported
Adjustment
As restated
Period ended 31 December 2022
£
£
£
Profit after taxation
711,538
-
711,538
Reconciliation of changes in equity - company
1 August
31 December
2022
2022
£
£
Adjustments to prior year
Ordinary dividends not paid
387,584
387,584
Equity as previously reported
-
5,025,000
Equity as adjusted
387,584
5,412,584
Analysis of the effect upon equity
Profit and loss reserves
-
387,584
Reconciliation of changes in profit for the previous financial period
2022
£
Adjustments to prior year
Total adjustments
-
Profit as previously reported
711,538
Profit as adjusted
711,538
Notes to reconciliation
Interim dividend

A prior period restatement has been made in the 2023 financial statements.  The restatement has been made to cancel £387,584 of dividends described as paid by WHC016 Limited in the 2022 financial statements.  The dividends were not paid and subsequently the company has cancelled this interim dividend.  The effect of this restatement is to increase retained profits and decrease the amounts owed to group undertakings as at 31 December 2022.

 

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