Company Registration No. 1476898 (England and Wales)
WALLWORK CAMBRIDGE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
WALLWORK CAMBRIDGE LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
WALLWORK CAMBRIDGE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1
1
Tangible assets
4
2,751,727
2,844,592
2,751,728
2,844,593
Current assets
Stocks
106,631
110,237
Debtors
5
4,725,861
3,535,311
Cash at bank and in hand
36
105
4,832,528
3,645,653
Creditors: amounts falling due within one year
6
(5,217,939)
(4,677,051)
Net current liabilities
(385,411)
(1,031,398)
Total assets less current liabilities
2,366,317
1,813,195
Provisions for liabilities
(535,789)
(525,139)
Net assets
1,830,528
1,288,056
Capital and reserves
Called up share capital
2,500
2,500
Profit and loss reserves
1,828,028
1,285,556
Total equity
1,830,528
1,288,056
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 15 August 2024 and are signed on its behalf by:
Mr S P Collins
Director
Company registration number 1476898 (England and Wales)
WALLWORK CAMBRIDGE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
2,500
685,447
687,947
Year ended 31 March 2023:
Profit and total comprehensive income
-
216,076
216,076
Credit to equity for equity settled share-based payments
-
384,033
384,033
Balance at 31 March 2023
2,500
1,285,556
1,288,056
Year ended 31 March 2024:
Profit and total comprehensive income
-
273,062
273,062
Credit to equity for equity settled share-based payments
-
269,410
269,410
Balance at 31 March 2024
2,500
1,828,028
1,830,528
WALLWORK CAMBRIDGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Wallwork Cambridge Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lodge Bank Works, Lord Street, Bury, Lancashire, BL9 0RE.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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.
This 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:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of WHT Holdings Limited. These consolidated financial statements are available from its registered office, Wallwork Offices, 69 Hacking Street, Bury, BL9 0RG.
1.2
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.
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.
1.3
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.
WALLWORK CAMBRIDGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.4
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:
Patents & licences
Equal annual instalments over 7 years
Development costs
Equal annual instalments over 7 years
1.5
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
over useful economic life straight line 5 to 20 years
Fixtures and fittings
5 years straight line
Computers
2 years straight line
Motor vehicles
10 years LGV and 5 years HGV
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.
1.6
Impairment of fixed assets
At each reporting period end date, the company 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.
1.7
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 relate mainly to consumable items used in the production process.
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.
1.8
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.
WALLWORK CAMBRIDGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
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 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.
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.
1.10
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.
1.11
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.
WALLWORK CAMBRIDGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
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.
1.12
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Share-based payments
Equity-settled share based payments are satisfied in equity shares of the parent company. There are no compensating payments to the parent company for these equity shares.
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
1.15
Leases
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.
WALLWORK CAMBRIDGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
1.16
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
62
64
3
Intangible fixed assets
Patents & licences
Development costs
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
119,815
85,850
205,665
Amortisation and impairment
At 1 April 2023 and 31 March 2024
119,815
85,849
205,664
Carrying amount
At 31 March 2024
1
1
At 31 March 2023
1
1
WALLWORK CAMBRIDGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
4
Tangible fixed assets
Assets under construction
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2023
429,123
7,784,509
381,705
195,758
114,450
8,905,545
Additions
61,426
36,722
98,148
Disposals
(9,617)
(9,617)
Transfers
(42,049)
42,049
At 31 March 2024
448,500
7,863,280
381,705
195,758
104,833
8,994,076
Depreciation and impairment
At 1 April 2023
5,444,430
315,420
194,428
106,675
6,060,953
Depreciation charged in the year
157,772
24,136
1,330
5,371
188,609
Eliminated in respect of disposals
(7,213)
(7,213)
At 31 March 2024
5,602,202
339,556
195,758
104,833
6,242,349
Carrying amount
At 31 March 2024
448,500
2,261,078
42,149
2,751,727
At 31 March 2023
429,123
2,340,079
66,285
1,330
7,775
2,844,592
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,151,102
1,448,897
Corporation tax recoverable
25,113
Amounts owed by group undertakings
2,893,844
1,575,735
Other debtors
26,575
15,539
Prepayments and accrued income
282,570
209,175
4,354,091
3,274,459
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
371,770
260,852
Total debtors
4,725,861
3,535,311
Amounts owed by group undertakings within one year are unsecured, interest free and repayable on demand.
WALLWORK CAMBRIDGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
392,302
552,592
Amounts owed to group undertakings
4,063,447
3,575,767
Corporation tax
113,187
Other taxation and social security
278,472
263,670
Other creditors
370,531
285,022
5,217,939
4,677,051
Amounts owed to group undertakings within one year are unsecured, interest free and repayable on demand.
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Ceri Dixon BSc (Hons) FCA
Statutory Auditor:
PM+M Solutions for Business LLP
Date of audit report:
15 August 2024
8
Financial commitments, guarantees and contingent liabilities
The company has an ongoing obligation to pay 1% of its annual turnover to its parent company, WHT Holdings Limited, as a licence fee for the use of intellectual property and 1% for the use of Trademarks. In addition, £22,500 (2023: £22,500) is payable monthly to the parent company in relation to property costs.
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
212,470
218,129
10
Ultimate Controlling Party
The company is a wholly owned subsidiary of WHT Holdings Limited, whose registered office is Wallwork Offices, 69 Hacking Street, Bury, BL9 0RG.
The ultimate controlling parties are trusts for the benefit of the Wallwork family and the full time working directors of Wallwork Heat Treatment Limited.
2024-03-312023-04-01false15 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityThis audit opinion is unqualifiedMr S P CollinsMr I C GriffinMr M JarvisMr T J PelariMr H A WallworkMr A FoxMr I Charlestonfalsefalse14768982023-04-012024-03-3114768982024-03-3114768982023-03-311476898core:PatentsTrademarksLicencesConcessionsSimilar2024-03-311476898core:DevelopmentCostsCapitalisedDevelopmentExpenditure2024-03-311476898core:PatentsTrademarksLicencesConcessionsSimilar2023-03-311476898core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-03-311476898core:ConstructionInProgressAssetsUnderConstruction2024-03-311476898core:PlantMachinery2024-03-311476898core:FurnitureFittings2024-03-311476898core:ComputerEquipment2024-03-311476898core:MotorVehicles2024-03-311476898core:ConstructionInProgressAssetsUnderConstruction2023-03-311476898core:PlantMachinery2023-03-311476898core:FurnitureFittings2023-03-311476898core:ComputerEquipment2023-03-311476898core:MotorVehicles2023-03-311476898core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-311476898core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-311476898core:CurrentFinancialInstruments2024-03-311476898core:CurrentFinancialInstruments2023-03-311476898core:ShareCapital2024-03-311476898core:ShareCapital2023-03-311476898core:RetainedEarningsAccumulatedLosses2024-03-311476898core:RetainedEarningsAccumulatedLosses2023-03-311476898core:ShareCapital2022-03-311476898core:RetainedEarningsAccumulatedLosses2022-03-311476898bus:Director12023-04-012024-03-311476898core:RetainedEarningsAccumulatedLosses2022-04-012023-03-3114768982022-04-012023-03-311476898core:RetainedEarningsAccumulatedLosses2023-04-012024-03-311476898core:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-311476898core:PatentsTrademarksLicencesConcessionsSimilar2023-04-012024-03-311476898core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-04-012024-03-311476898core:PlantMachinery2023-04-012024-03-311476898core:FurnitureFittings2023-04-012024-03-311476898core:ComputerEquipment2023-04-012024-03-311476898core:MotorVehicles2023-04-012024-03-311476898core:PatentsTrademarksLicencesConcessionsSimilar2023-03-311476898core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-03-3114768982023-03-311476898core:ConstructionInProgressAssetsUnderConstruction2023-03-311476898core:PlantMachinery2023-03-311476898core:FurnitureFittings2023-03-311476898core:ComputerEquipment2023-03-311476898core:MotorVehicles2023-03-311476898core:ConstructionInProgressAssetsUnderConstruction2023-04-012024-03-311476898core:Non-currentFinancialInstruments2024-03-311476898core:Non-currentFinancialInstruments2023-03-311476898bus:PrivateLimitedCompanyLtd2023-04-012024-03-311476898bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-311476898bus:FRS1022023-04-012024-03-311476898bus:Audited2023-04-012024-03-311476898bus:Director22023-04-012024-03-311476898bus:Director32023-04-012024-03-311476898bus:Director42023-04-012024-03-311476898bus:Director52023-04-012024-03-311476898bus:Director62023-04-012024-03-311476898bus:CompanySecretary12023-04-012024-03-311476898bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP