Company registration number 00671546 (England and Wales)
W.D. COE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
W.D. COE LIMITED
COMPANY INFORMATION
Directors
Mr W D Coe
Miss B J Coe
Company number
00671546
Registered office
W.D Coe Limited
20 -28 Norwich Road
Ipswich
IP1 2NH
Auditor
Ensors Accountants LLP
Connexions
159 Princes Street
Ipswich
IP1 1QJ
Business address
W.D Coe Limited
20 -28 Norwich Road
Ipswich
IP1 2NH
W.D. COE LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 39
W.D. COE 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

For the retail side of the business the year ended 29 February 2024 was challenging with a drop off in trade from the post pandemic surge of the previous year and the significant costs rises in product, energy and wages having an impact on demand and also margin. These factors led to a drop in turnover and a loss being recorded in the retail side of the business. Since year end – conditions whilst still challenging have improved, electricity contracts have been agreed at much lower levels and the retail side of the business has returned to profit.

Martlesham Heath Squash Club

The club saw a steady growth in membership numbers. It has had to continue its investments in plant and equipment but has managed to return to profit in the year.

Prinicipal risks and uncertainties

The uncertainty in various areas continues with conflicts, a slowing economy and inflation effects being the key factors. The group however has reduced its debt, and whilst a new normal level of trade is hard to discern it is still developing an integrated omni channel solution that it is continually evolving to ensure it can remain agile and responsive to the rapid changes in the retail market. It does not reply on any one key supplier and has key person insurance policies in place to cover key personnel.

Financial performance

Financial performance for the period has been analysed as follows:

Key performance indicators

The directors consider the company’s key performance indicators to be continued increase in turnover, Gross profit %, Net profit %, the level of stock holding and management of our working capital.

 

Turnover for the year was down by 1.5% and the gross margin decreased from 54.32% to 52.57%. The group's stock holding increased and the group realised a loss of £90k compared to a profit of £248k in the previous year.

Future developments

The directors believe given the plan outlined above the company will have a strong omnichannel solution to allow the company the flexibility to meet the challenges and opportunities of the coming years.

 

On behalf of the board

Mr W D Coe
Director
29 November 2024
W.D. COE 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 and its associates continues to be that of menswear, ladies wear and school wear retailing.

 

Martlesham Heath Squash Club Limited, the subsidiary company, owns and runs a health fitness club for its members.

Results and dividends

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

Ordinary dividends were paid amounting to £17,500. 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 W D Coe
Miss B J Coe
Financial instruments
Financial risk management objectives and policies

The group uses various financial instruments. These include cash and overdrafts, along with various items such as trade debtors, trade creditors and hire purchase contracts. The main purpose of these financial instruments is to aid in the working capital management of the group.

 

The existence of these financial instruments exposes the group to a number of financial risks, these have been described in more detail below.

 

The main risks arising from the group's financial instruments are liquidity risk, interest rate risk, foreign exchange risk and credit risk. The directors review and agree policies for managing each of these risks and they are summarised below. The policies have remained unchanged from previous years.

Liquidity risk

The group ensures that sufficient liquidity is achieved by maintaining close contact with those providing primary external funding in conjunction with regular reviews of cash flow forecasts and budgets.

Interest rate risk

The group is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The group's medium term objective is to reduce the level of fixed rate borrowings.

Foreign currency risk

The group's principal foreign currency exposures arise from trading with overseas companies. The exposure is viewed to be minimal as the settlement period of foreign exchange transactions is small.

Credit risk

Investments of cash surpluses and borrowings are made through banks and companies which must fulfil credit rating criteria approved by the Board of Directors.

 

All customers that wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts as necessary.

W.D. COE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
Post reporting date events

On 1 October 2024 Martlesham Heath Squash Club ceased to be a subsidiary, the shares held by W D Coe Limited were distributed at nominal value to the shareholders.

 

On 3 September 2024 W D Coe Limited gained significant control of Trotter & Deane Limited, directors Jane Dean-Bowers and John Dean-Bowers entered into a share repurchase agreement with Trotter & Deane Limited, the entity agreed to repurchase 37,716 A Ordinary shares of £1 each. On the same date, both Jane Dean-Bowers and John Dean-Bowers resigned from their position as directors in the entity.

 

Auditor

In accordance with the company's articles, a resolution proposing that Ensors Accountants LLP be reappointed as auditor of the group 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 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.

On behalf of the board
Mr W D Coe
Director
29 November 2024
W.D. COE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 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.

W.D. COE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF W.D. COE LIMITED
- 5 -
Opinion

We have audited the financial statements of W.D. Coe Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 February 2024 which comprise the group profit and loss account, 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, the company statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:

W.D. COE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF W.D. COE 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.

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.

Our audit was designed to include tests of detail together with an assessment of the control environment to enable us to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement due to fraud. This included work on areas where we consider there is a higher risk of fraud including transactions with related parties, revenue recognition, management override of systems and control and accounting estimates.

 

W.D. COE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF W.D. COE LIMITED
- 7 -

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

 

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

 

Further description

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.

Malcolm McGready
Senior Statutory Auditor
For and on behalf of Ensors Chartered Accountants LLP
29 November 2024
Chartered Accountants
Statutory Auditor
Connexions
159 Princes Street
Ipswich
IP1 1QJ
W.D. COE LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 8 -
2024
2023
Notes
£'000
£'000
Turnover
3
9,872
10,024
Cost of sales
(4,682)
(4,569)
Gross profit
5,190
5,455
Administrative expenses
(5,356)
(5,379)
Other operating income
93
97
Operating (loss)/profit
4
(73)
173
Interest receivable and similar income
8
100
142
Interest payable and similar expenses
9
(78)
(84)
Fair value gains and losses on investment properties
14
-
0
46
(Loss)/profit before taxation
(51)
277
Tax on (loss)/profit
10
(24)
(29)
(Loss)/profit for the financial year
(75)
248
(Loss)/profit for the financial year is all attributable to the owners of the parent company.

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

W.D. COE LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 9 -
2024
2023
£'000
£'000
(Loss)/profit for the year
(75)
248
Other comprehensive income
Actuarial (loss)/gain on defined benefit pension schemes
(212)
1,813
Total comprehensive income for the year
(287)
2,061
Total comprehensive income for the year is all attributable to the owners of the parent company.
W.D. COE LIMITED
GROUP BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 10 -
29 February 2024
28 February 2023
as restated
Notes
£'000
£'000
£'000
£'000
Fixed assets
Tangible assets
13
3,496
3,559
Investment property
14
140
140
Investments
15
190
174
3,826
3,873
Current assets
Stocks
18
3,433
3,422
Debtors
19
648
372
Cash at bank and in hand
6
6
4,087
3,800
Creditors: amounts falling due within one year
20
(4,402)
(3,703)
Net current (liabilities)/assets
(315)
97
Total assets less current liabilities
3,511
3,970
Creditors: amounts falling due after more than one year
21
(267)
(421)
Net assets
3,244
3,549
Capital and reserves
Called up share capital
25
71
76
Capital redemption reserve
49
44
Other reserves
884
733
Profit and loss reserves
2,240
2,696
Total equity
3,244
3,549
The financial statements were approved by the board of directors and authorised for issue on 29 November 2024 and are signed on its behalf by:
29 November 2024
Mr W D Coe
Director
Company registration number 00671546 (England and Wales)
W.D. COE LIMITED
COMPANY BALANCE SHEET
AS AT 29 FEBRUARY 2024
29 February 2024
- 11 -
29 February 2024
28 February 2023
as restated
Notes
£'000
£'000
£'000
£'000
Fixed assets
Tangible assets
13
2,865
2,927
Investment property
14
140
140
Investments
15
51
76
3,056
3,143
Current assets
Stocks
18
3,429
3,418
Debtors
19
646
434
Cash at bank and in hand
4
5
4,079
3,857
Creditors: amounts falling due within one year
20
(3,906)
(3,215)
Net current assets
173
642
Total assets less current liabilities
3,229
3,785
Creditors: amounts falling due after more than one year
21
(249)
(393)
Net assets
2,980
3,392
Capital and reserves
Called up share capital
25
71
76
Capital redemption reserve
49
44
Other reserves
883
733
Profit and loss reserves
1,977
2,539
Total equity
2,980
3,392

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £180,617 (2023 - £214,905 profit).

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 29 November 2024 and are signed on its behalf by:
29 November 2024
Mr W D Coe
Director
Company registration number 00671546 (England and Wales)
W.D. COE LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 12 -
Share capital
Capital redemption reserve
Other reserves
Treasury shares
Profit and loss reserves
Total
Notes
£'000
£'000
£'000
£'000
£'000
£'000
As restated for the period ended 28 February 2023:
Balance at 1 March 2022
81
39
1,112
(531)
787
1,488
Year ended 28 February 2023:
Profit for the year
-
-
-
-
248
248
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
-
-
1,813
1,813
Total comprehensive income
-
-
-
-
2,061
2,061
Own shares acquired
-
-
-
-
(152)
(152)
Shares cancelled
(5)
5
-
152
-
152
Balance at 28 February 2023:
76
44
1,112
(379)
2,696
3,549
Year ended 29 February 2024:
Loss for the year
-
-
-
-
(75)
(75)
Other comprehensive income:
Actuarial loss on defined benefit plan
-
-
-
-
(212)
(212)
Total comprehensive income
-
-
-
-
(287)
(287)
Dividends
11
-
-
-
-
(18)
(18)
Own shares acquired
-
-
-
-
(151)
(151)
Shares cancelled
(5)
5
-
151
-
151
Balance at 29 February 2024
71
49
1,112
(228)
2,240
3,244
The prior year has been restated to reflect the remaining shares the entity is committed to repurchase, this has been recognised as Treasury shares.
W.D. COE LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 13 -
Share capital
Capital redemption reserve
Other reserves
Treasury shares
Profit and loss reserves
Total
Notes
£'000
£'000
£'000
£'000
£'000
£'000
As restated for the period ended 28 February 2023:
Balance at 1 March 2022
81
39
1,112
(531)
663
1,364
Year ended 28 February 2023:
Profit for the year
-
-
-
-
215
215
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
-
-
1,813
1,813
Total comprehensive income
-
-
-
-
2,028
2,028
Own shares acquired
-
-
-
-
(152)
(152)
Shares cancelled
(5)
5
-
152
-
152
Balance at 28 February 2023:
76
44
1,112
(379)
2,539
3,392
Year ended 29 February 2024:
Profit for the year
-
-
-
-
(181)
(181)
Other comprehensive income:
Actuarial loss on defined benefit plan
-
-
-
-
(212)
(212)
Total comprehensive income
-
-
-
-
(393)
(393)
Dividends
11
-
-
-
-
(18)
(18)
Own shares acquired
-
-
-
-
(151)
(151)
Shares cancelled
(5)
5
-
151
-
151
Balance at 29 February 2024
71
49
1,112
(228)
1,977
2,980
The prior year has been restated to reflect the remaining shares the entity is committed to repurchase, this has been recognised as Treasury shares.
W.D. COE LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 14 -
2024
2023
Notes
£'000
£'000
£'000
£'000
Cash flows from operating activities
Cash generated from operations
31
273
162
Interest paid
(76)
(36)
Income taxes paid
-
(25)
Net cash inflow from operating activities
197
101
Investing activities
Purchase of tangible fixed assets
(243)
(156)
Proceeds from disposal of tangible fixed assets
94
2
Purchase of investment property
-
(9)
Proceeds from disposal of investment property
-
200
Interest received
3
5
Dividends received
26
-
0
Net cash (used in)/generated from investing activities
(120)
42
Financing activities
Purchase of own shares
(151)
(152)
Proceeds from borrowings
178
47
Repayment of bank loans
(10)
(70)
Purchase of derivatives
-
(1)
Payment of finance leases obligations
(12)
21
Dividends paid to equity shareholders
(18)
-
0
Net cash used in financing activities
(13)
(155)
Net increase/(decrease) in cash and cash equivalents
64
(12)
Cash and cash equivalents at beginning of year
(574)
(562)
Cash and cash equivalents at end of year
(510)
(574)
Relating to:
Cash at bank and in hand
6
6
Bank overdrafts included in creditors payable within one year
(516)
(580)
W.D. COE LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 15 -
2024
2023
Notes
£'000
£'000
£'000
£'000
Cash flows from operating activities
Cash generated from/(absorbed by) operations
30
110
(38)
Interest paid
(70)
(29)
Income taxes paid
-
0
(11)
Net cash inflow/(outflow) from operating activities
40
(78)
Investing activities
Purchase of tangible fixed assets
(182)
(119)
Proceeds from disposal of tangible fixed assets
94
2
Investment property additions
-
0
(9)
Proceeds from disposal of investment property
-
0
200
Impairment of investment in subsidiary
-
26
Interest received
3
3
Dividends received
26
56
Net cash (used in)/generated from investing activities
(59)
159
Financing activities
Purchase of own shares
(151)
(152)
Intercompany borrowings
(30)
-
Proceeds from borrowings
197
50
Repayment of bank loans
-
(11)
Purchase of derivatives
-
(1)
Payment of finance leases obligations
(12)
21
Dividends paid to equity shareholders
(18)
-
Net cash used in financing activities
(14)
(93)
Net decrease in cash and cash equivalents
(33)
(12)
Cash and cash equivalents at beginning of year
(479)
(467)
Cash and cash equivalents at end of year
(512)
(479)
Relating to:
Cash at bank and in hand
4
5
Bank overdrafts included in creditors payable within one year
(516)
(484)
W.D. COE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 16 -
1
Accounting policies
Company information

W.D. Coe Limited (“the company”) is a company limited by shares, domiciled and incorporated in England and Wales. The registered office is 20-28 Norwich Road, Ipswich, Suffolk, IP1 2NH. The company registration number is 00671546.

 

The group consists of W.D. Coe Limited and its subsidiary.

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 £'000.

The financial statements have been prepared under the historical cost convention, [modified to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
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. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated financial statements incorporate those of W.D. Coe Limited and of its subsidiary (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

 

All financial statements are made up to 29 February 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used 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. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

 

W.D. COE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 17 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

1.4
Going concern

At 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.

1.5
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.

 

Membership subscriptions can be paid in advance and are recognised over the period of membership with any subscriptions received in advance of services provided recognised as deferred income.

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.

1.6
Tangible fixed assets

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

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

Land and buildings Freehold
2% on cost excluding land
Land and buildings Leasehold
over the unexpired period of the lease
Fixtures, fittings & equipment
10-33% on cost
Motor vehicles
25% on net book value
Hirewear
33% on cost

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.

1.7
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

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.

W.D. COE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 18 -

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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

1.10
Stocks

Stocks are stated at the lower of cost and net realisable value, allowing for obsolescence and subsequent reductions in retail prices. Cost comprises the direct costs to the company of purchasing the goods.

W.D. COE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 19 -

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.

1.11
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.

1.12
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.

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 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.

W.D. COE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 20 -
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, 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.

 

Derecognition of financial liabilities

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

1.13
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.

1.14
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.

W.D. COE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 21 -
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.

1.15
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.

1.16
Retirement benefits

The Group operates a defined contribution scheme for the benefit of its employees. Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
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.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

W.D. COE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 22 -
1.18
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.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.19
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.

Stock provisioning

The majority of stocks within the group are items of menswear, womenswear and schoolwear; consisting of fashionable clothing and accessories which is a very changeable market, as such the value of slower moving or aged stock needs to be considered with regard to the net realisable value achievable for such items. When considering the provision, management considers the nature and age of the stock as well as applying assumptions around the anticipated saleability of the stock.

Defined Benefit Pension Scheme

The group has a defined benefit pension scheme which is closed to future accrual. The valuation of the defined benefit pension obligation necessarily involves a calculation which depends on the expected future outflow of economic benefits that the group expects to make to satisfy this obligation. The calculation depends on a number of factors such as the methodology, discount rate and mortality assumptions used. The group use a qualified actuary to assist in preparing the necessary calculation in accordance with the requirements of FRS102.

W.D. COE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 23 -
3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2024
2023
£'000
£'000
Turnover analysed by class of business
Sale of goods
8,894
9,226
Provision of services
978
798
9,872
10,024
2024
2023
£'000
£'000
Other revenue
Interest income
8
5
Rental income
46
43
Other income
9
18
Commissions received
1
3
Grants received
-
2
4
Operating (loss)/profit
2024
2023
£'000
£'000
Operating (loss)/profit for the year is stated after charging/(crediting):
Government grants
-
(2)
Depreciation of owned tangible fixed assets
243
241
Depreciation of tangible fixed assets held under finance leases
10
-
Impairment of owned tangible fixed assets
-
77
Loss/(profit) on disposal of tangible fixed assets
3
(1)
Operating lease charges
114
110
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£'000
£'000
For audit services
Audit of the financial statements of the group and company
26
18
Audit of the financial statements of the company's subsidiaries
7
6
33
24
W.D. COE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 24 -
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Office and management
23
24
23
24
Retailing
127
126
127
126
Health & fitness club operators
45
46
-
-
Total
195
196
150
150

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£'000
£'000
£'000
£'000
Wages and salaries
3,185
2,961
2,672
2,487
Social security costs
229
215
207
196
Pension costs
133
247
125
238
3,547
3,423
3,004
2,921
7
Directors' remuneration
2024
2023
£'000
£'000
Remuneration for qualifying services
160
146
Company pension contributions to defined contribution schemes
16
9
176
155

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

The number of directors for whom retirement benefits are accruing under defined benefit schemes amounted to 2 (2023 - 2).

W.D. COE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 25 -
8
Interest receivable and similar income
2024
2023
£'000
£'000
Interest income
Interest on bank deposits
3
3
Other interest income
5
2
Total interest revenue
8
5
Income from fixed asset investments
Income from participating interests - associates
92
137
Total income
100
142
2024
2023
Investment income includes the following:
£'000
£'000
Interest on financial assets not measured at fair value through profit or loss
3
3
9
Interest payable and similar expenses
2024
2023
£'000
£'000
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
92
35
Other finance costs:
Interest on finance leases and hire purchase contracts
2
1
Net interest on the net defined benefit liability
(16)
48
Total finance costs
78
84
W.D. COE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 26 -
10
Taxation
2024
2023
£'000
£'000
Current tax
Other taxes
24
29

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

2024
2023
£'000
£'000
(Loss)/profit before taxation
(51)
277
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 24.49% (2023: 19.00%)
(12)
53
Tax effect of expenses that are not deductible in determining taxable profit
22
18
Tax effect of income not taxable in determining taxable profit
-
0
(7)
Adjustments in respect of prior years
-
0
(18)
Fixed asset differences
(14)
(17)
Adjust deferred tax to average rate of 19%
-
0
9
Deferred tax not recognised
4
(38)
Associate tax charge
24
29
Taxation charge
24
29
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£'000
£'000
Final paid
18
-
W.D. COE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 27 -
12
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2024
2023
Notes
£'000
£'000
In respect of:
Property, plant and equipment
13
-
77
Recognised in:
Administrative expenses
-
77

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

 

13
Tangible fixed assets
Group
Land and buildings Freehold
Land and buildings Leasehold
Fixtures, fittings & equipment
Motor vehicles
Hirewear
Total
£'000
£'000
£'000
£'000
£'000
£'000
Cost
At 1 March 2023
3,681
726
4,256
210
-
0
8,873
Additions
-
0
-
0
146
32
95
273
Disposals
(110)
-
0
(4)
(11)
-
0
(125)
At 29 February 2024
3,571
726
4,398
231
95
9,021
Depreciation and impairment
At 1 March 2023
1,011
228
3,921
154
-
0
5,314
Depreciation charged in the year
54
12
146
18
13
243
Eliminated in respect of disposals
(23)
-
0
(4)
(5)
-
0
(32)
At 29 February 2024
1,042
240
4,063
167
13
5,525
Carrying amount
At 29 February 2024
2,529
486
335
64
82
3,496
At 28 February 2023
2,670
498
335
56
-
0
3,559
W.D. COE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
13
Tangible fixed assets
(Continued)
- 28 -
Company
Land and buildings Freehold
Fixtures, fittings & equipment
Motor vehicles
Hirewear
Total
£'000
£'000
£'000
£'000
£'000
Cost
At 1 March 2023
3,681
3,567
210
-
0
7,458
Additions
-
0
85
32
95
212
Disposals
(110)
(4)
(11)
-
0
(125)
At 29 February 2024
3,571
3,648
231
95
7,545
Depreciation and impairment
At 1 March 2023
1,011
3,366
154
-
0
4,531
Depreciation charged in the year
54
96
18
13
181
Eliminated in respect of disposals
(23)
(4)
(5)
-
0
(32)
At 29 February 2024
1,042
3,458
167
13
4,680
Carrying amount
At 29 February 2024
2,529
190
64
82
2,865
At 28 February 2023
2,670
201
56
-
0
2,927

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
2024
2023
2024
2023
£'000
£'000
£'000
£'000
Fixtures, fittings & equipment
-
0
4
-
0
4
Motor vehicles
44
30
44
30
44
34
44
34

More information on impairment movements in the year is given in note 12.

14
Investment property
Group
Company
2024
2024
£'000
£'000
Fair value
At 1 March 2023 and 29 February 2024
140
140

The fair value as at the 29 February 2024, has been determined by the directors based on market evidence of transaction prices for similar properties and considered this valuation appropriate.

 

 

W.D. COE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 29 -
15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£'000
£'000
£'000
£'000
Investments in subsidiaries
16
-
0
-
0
-
0
25
Investments in associates
17
190
174
51
51
190
174
51
76
Movements in fixed asset investments
Group
Shares in associates
£'000
Cost or valuation
At 1 March 2023
174
Valuation changes
16
At 29 February 2024
190
Carrying amount
At 29 February 2024
190
At 28 February 2023
174
Movements in fixed asset investments
Company
Shares in subsidiaries and associates
£'000
Cost or valuation
At 1 March 2023
76
Valuation changes
(25)
At 29 February 2024
51
Carrying amount
At 29 February 2024
51
At 28 February 2023
76
16
Subsidiaries

Details of the company's subsidiaries at 29 February 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Martlesham Heath Squash Club Limited
24 Norwich Road, Ipswich, Suffolk, IP1 2NH
Ordinary
100.00
W.D. COE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 30 -
17
Associates

Details of associates at 29 February 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Trotter & Deane Limited
27-28 Abbeygate Street, Bury St. Edmunds, Suffolk, IP33 1UN
Ordinary
44
C&D Uniform Solutions Limited
81 St. Johns Street, Bury St. Edmunds, Suffolk, IP33 1SQ
Ordinary
49
18
Stocks
Group
Company
2024
2023
2024
2023
£'000
£'000
£'000
£'000
Finished goods and goods for resale
3,433
3,422
3,429
3,418
19
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£'000
£'000
£'000
£'000
Trade debtors
200
229
192
219
Other debtors
362
62
399
147
Prepayments and accrued income
86
81
55
68
648
372
646
434

Trade debtors represent largely budget accounts with customers where the maximum credit period is two years. An amount of this will therefore be due in more than one year, but the directors consider it impractical to calculate the amount in question.

20
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£'000
£'000
£'000
£'000
Bank loans and overdrafts
22
526
590
516
484
Obligations under finance leases
23
16
9
16
9
Other borrowings
22
175
125
175
125
Merchant cash advance
305
-
0
305
-
0
Trade creditors
1,616
1,518
1,591
1,502
Corporation tax payable
8
8
8
8
Other taxation and social security
272
263
232
222
Other creditors
935
721
927
699
Accruals and deferred income
549
469
136
166
4,402
3,703
3,906
3,215
W.D. COE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 31 -
21
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£'000
£'000
£'000
£'000
Bank loans and overdrafts
22
18
28
-
0
-
0
Obligations under finance leases
23
21
13
21
13
Other creditors
228
380
228
380
267
421
249
393
22
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£'000
£'000
£'000
£'000
Bank loans
28
38
-
0
-
0
Bank overdrafts
516
580
516
484
Other loans
175
125
175
125
719
743
691
609
Payable within one year
701
715
691
609
Payable after one year
18
28
-
0
-
0

The long-term loans are secured by fixed charge over certain freehold properties of the company and by an unlimited debenture over the other assets of the company. The overdraft is secured on certain freehold properties and the investment property in the company.


All loans in the parent pay interest at base rate + margin.

 

23
Finance lease obligations
Group
Company
2024
2023
2024
2023
£'000
£'000
£'000
£'000
Future minimum lease payments due under finance leases:
Within one year
16
9
16
9
In two to five years
21
13
21
13
37
22
37
22

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. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. The finance leases are secured on the assets concerned.

W.D. COE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 32 -
24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£'000
£'000
Charge to profit or loss in respect of defined contribution schemes
159
146

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.

Defined benefit schemes

The company operates a defined benefit scheme for qualifying employees. Under the scheme the employees are entitled to retirement benefits varying between 1.67% and 2.44% of final pensionable salary for each year of service as a member of the scheme up to the date the pension accrual ceased (see below).

 

As at 31 December 2006, all future benefits for scheme members ceased and the scheme was closed to new entrants.

 

The most recent actuarial valuations of plan assets and the present value of the defined benefit obligation were carried out at 31 August 2022 by D Martin, Fellow of the Institute and Faculty of Actuaries. The value of the liability shown in the financial statements reflects this actuarial valuation.

 

The assets of the scheme are held separately from those of the company, invested via MM Wealth. Contributions to the scheme are charged to the profit and loss account in accordance with the schedule of contributions determined by a qualified actuary on the basis of triennial valuations. During the year, pension deficit payments of £210k (2023: £149k) have been paid. The liability is forecast to be eliminated over 2 years and 4 months from the valuation date.

Valuation

The main actuarial assumptions used in the valuation as at 18 July 2024 were as follows:

Mortality assumptions
2024
2023

Assumed life expectations on retirement at age 65:

Years
Years
Assumed life expectations on retirement at age 65
- Males
21.4
21.30
- Females
23.8
23.70
Retiring in 20 years
- Males
22.4
22.30
- Females
24.9
24.90
Other costs and income
14
39
Effect of changes in the amount of surplus that is not recoverable
374
221
W.D. COE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
24
Retirement benefit schemes
(Continued)
- 33 -

The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:

Group
Company
2024
2023
2024
2023
£'000
£'000
£'000
£'000
Present value of defined benefit obligations
4,488
4,510
4,488
4,510
Fair value of plan assets
(4,862)
(4,731)
(4,862)
(4,731)
Surplus in scheme
(374)
(221)
(374)
(221)
Restriction on scheme assets
374
221
374
221
Total liability recognised
-
-
-
-
No pension  asset has been recognised on the basis that it has not currently lead to a reduction of contributions and is not currently realisable on the closure of the fund.
Group
Company
2024
2024

Movements in the present value of defined benefit obligations

£'000
£'000
Liabilities at 1 March 2023
4,510
4,510
Benefits paid
(200)
(200)
Interest cost
216
216
Other
(38)
(38)
At 29 February 2024
4,488
4,488

The defined benefit obligations arise from plans which are wholly or partly funded.

Group
Company
2024
2024

Movements in the fair value of plan assets

£'000
£'000
Fair value of assets at 1 March 2023
4,731
4,731
Interest income
232
232
Return on plan assets (excluding amounts included in net interest)
(97)
(97)
Benefits paid
(200)
(200)
Contributions by the employer
210
210
Other
(14)
(14)
At 29 February 2024
4,862
4,862

The actual return on plan assets was £232,000 (2023 - £128,000).

W.D. COE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
24
Retirement benefit schemes
(Continued)
- 34 -

Fair value of plan assets at the reporting period end

Group
Company
2024
2023
2024
2023
£'000
£'000
£'000
£'000
Equity instruments
1,409
2,065
1,409
2,065
Property
375
301
375
301
UK fixed interest
2,831
2,063
2,831
2,063
Cash
247
302
247
302
4,862
4,731
4,862
4,731
25
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£'000
£'000
Issued and fully paid
Ordinary shares of £1 each
71
76
71
76
26
Financial commitments, guarantees and contingent liabilities

The trustees of W D Coe Limited Pension Scheme hold a charge up to a maximum value of £800,000 over a company property.

 

The Company is guarantor of Trotter & Deane Limited's overdraft of £50,000.

 

 

27
Operating lease commitments
Lessee

The operating leases represent leases of land, buildings and equipment from third parties. The leases are negotiated over varying terms.

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
2024
2023
2024
2023
£'000
£'000
£'000
£'000
Within one year
103
112
78
87
Between two and five years
363
376
263
276
In over five years
1,113
1,185
169
216
1,579
1,673
510
579
W.D. COE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 35 -
28
Events after the reporting date

On 1 October 2024 Martlesham Heath Squash Club ceased to be a subsidiary, the shares held by W D Coe Limited were distributed at nominal value to the shareholders.

 

On 3 September 2024 W D Coe Limited gained significant control of Trotter & Deane Limited, directors Jane Dean-Bowers and John Dean-Bowers entered into a share repurchase agreement with Trotter & Deane Limited, the entity agreed to repurchase 37,716 A Ordinary shares of £1 each. On the same date, both Jane Dean-Bowers and John Dean-Bowers resigned from their position as directors in the entity.

29
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
2024
2023
£'000
£'000
Group
Entities over which the group has control, joint control or significant influence
33
58
Company
Entities over which the company has control, joint control or significant influence
33
60
Admin charges and recharge of expenses
Interest payable
2024
2023
2024
2023
£'000
£'000
£'000
£'000
Group
Entities over which the entity has control, joint control or significant influence
71
53
13
5
Key management personnel
1
-
10
7
Company
Entities over which the entity has control, joint control or significant influence
71
37
13
5
Key management personnel
1
-
10
7
W.D. COE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
29
Related party transactions
(Continued)
- 36 -

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£'000
£'000
Group
Entities over which the group has control, joint control or significant influence
250
104
Key management personnel
519
460
Other related parties
295
125
Company
Entities over which the company has control, joint control or significant influence
250
104
Key management personnel
519
460
Other related parties
295
125

 

Amounts due from related parties
2024
2023
Balance
Balance
£'000
£'000
Group
Entities over which the group has control, joint control or significant influence
55
36
Key management personnel
249
4
Company
Entities over which the company has control, joint control or significant influence
116
106
Key management personnel
250
4
Other information

In the 2024 year end W D Coe Limited received dividends of £26,478 from Trotter & Deane Limited.

 

Martlesham Heath Squash Club Limited provide an all monies guarantee to W D Coe Limited up to a maximum of £500k.

W.D. COE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 37 -
30
Cash generated from/(absorbed by) operations - company
2024
2023
£'000
£'000
(Loss)/profit for the year after tax
(181)
215
Adjustments for:
Taxation charged
-
0
14
Finance costs
87
77
Investment income
(29)
(59)
Gain on disposal of tangible fixed assets
-
(1)
Fair value gain on investment properties
-
0
(46)
Depreciation and impairment of tangible fixed assets
235
249
Pension scheme non-cash movement
(212)
(110)
Movements in working capital:
Increase in stocks
(11)
(1,123)
(Increase)/decrease in debtors
(218)
60
Increase in creditors
439
686
Cash generated from/(absorbed by) operations
110
(38)
31
Cash generated from group operations
2024
2023
£'000
£'000
(Loss)/profit for the year after tax
(174)
248
Adjustments for:
Taxation charged
-
29
Finance costs
93
84
Investment income
(29)
(142)
Gain on disposal of tangible fixed assets
-
(1)
Fair value gain on investment properties
-
0
(46)
Depreciation and impairment
297
318
Pension scheme non-cash movement
(212)
(110)
Movements in working capital:
Increase in stocks
(11)
(1,124)
(Increase)/decrease in debtors
(233)
67
Increase in creditors
423
739
Increase in deferred income
119
98
Cash generated from operations
273
160
W.D. COE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 38 -
32
Analysis of changes in net debt - group
1 March 2023
Cash flows
New finance leases
29 February 2024
£'000
£'000
£'000
£'000
Cash at bank and in hand
6
-
-
6
Bank overdrafts
(580)
64
-
(516)
(574)
64
-
(510)
Borrowings excluding overdrafts
(163)
(40)
-
(203)
Obligations under finance leases
(22)
15
(30)
(37)
(759)
39
(30)
(750)
33
Analysis of changes in net debt - company
1 March 2023
Cash flows
New finance leases
29 February 2024
£'000
£'000
£'000
£'000
Cash at bank and in hand
5
(1)
-
4
Bank overdrafts
(484)
(32)
-
(516)
(479)
(33)
-
(512)
Borrowings excluding overdrafts
(125)
(50)
-
(175)
Obligations under finance leases
(22)
15
(30)
(37)
(626)
(68)
(30)
(724)
W.D. COE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 39 -
34
Prior period adjustment

Included within creditors amounts falling due after more than 1 year is £379,575 in relation to the shares the parent entity is obligated to repurchase through a share buyback scheme. The remaining shares the entity has agreed to repurchase should be recognised, the effect of the prior year adjustment has been outlined below:

Reconciliation of changes in equity - group
1 March
28 February
2022
2023
£'000
£'000
Adjustments to prior year
Recognition of outstanding shares to repurchase
(531)
(379)
Equity as previously reported
2,019
3,928
Equity as adjusted
1,488
3,549
2023
£'000
Analysis of the effect upon equity
Treasury shares
(379)
(379)
Reconciliation of changes in equity - company
1 March
28 February
2022
2023
£'000
£'000
Adjustments to prior year
Recognition of outstanding shares to repurchase
(531)
(379)
Equity as previously reported
1,895
3,392
Equity as adjusted
1,364
3,013
2023
£'000
Analysis of the effect upon equity
Treasury shares
(379)
(379)
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