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Registered number: 00504927










WW Martin Ltd










Annual report and financial statements

For the year ended 29 February 2024

 
WW Martin Ltd
 

Company Information


Directors
M R Darling 
I D Posnett 
D A Barker 
T J Codd 




Registered number
00504927



Registered office
Dane Park Road

Ramsgate

Kent

CT11 7LT




Independent auditors
Kreston Reeves LLP
Chartered Accountants & Statutory Auditor

37 St Margaret's Street

Canterbury

Kent

CT1 2TU




Bankers
Lloyds Bank Plc
3rd Floor

2 City Place

Beehive Ring Road

Gatwick

West Sussex

RH6 0PA




Solicitors
Girlings
Stourside Place

Station Road

Ashford

Kent

TN23 1PP
Fenwick Elliott
Aldwych House
71-91 Aldwych 
London
WC2B 4HN





 
WW Martin Ltd
 

Contents



Page
Group strategic report
 
1 - 4
Directors' report
 
5 - 8
Independent auditors' report
 
9 - 13
Consolidated profit and loss account
 
14
Consolidated balance sheet
 
15 - 16
Company balance sheet
 
17 - 18
Consolidated statement of changes in equity
 
19
Company statement of changes in equity
 
20
Consolidated statement of cash flows
 
21
Notes to the financial statements
 
22 - 42


 
WW Martin Ltd
 

Group strategic report
For the year ended 29 February 2024

Introduction
 
The Directors are pleased to present their Strategic Report and the Financial Statements of the Group for the year ending 29th February 2024.
The Parent Company is celebrating its 147th year and its first year as the Parent Company for all its associated businesses WWM Civils, KRS Interiors, East Kent Brickwork and WWM Plant Hire. 
The subsidairy companies within the Group have all performed well and WW Martin itself continues to go from strength to strength. It is led by a strong leadership team and is testimony to the commitment shown by our loyal, professional and experienced staff and equally as important our long-standing Supply Chain with support from our excellent Client base.

Business review
 
The turnover of the Group is £51,918M, profit is £3,039M after tax. The Balance Sheet now stands at £9,237M and the Board predicts that the year ending February 2025 will see the value of the Balance Sheet and turnover increase exponentially.
Cash at the Year End is £14,357M. Cashflow continues to be closely monitored to ensure a good level of liquidity and strict credit control policies are in place. As the Company’s liquidity continues to be high, interest has accrued in the sum of £290K. The Board expects that liquidity will remain constant throughout the coming year and although interest rates are predicted to fall, and this level of interest will increase for the coming year. 
The Directors are pleased with the direction and performance of the Group and that it continues to perform well, delivering excellent services for our Clients. WW Martin has positioned itself as a “go to” contractor for a high-quality, non-adversarial approach to construction. This has resulted in repeat negotiated work. Year-on-year we are becoming financially stronger, with good cash in hand and an ever-increasing Balance Sheet. This is the seventh year of increased margin and cash. 
The Company has entered the new financial year with a strong order book and a good level of tenders. Turnover from the Kent County Council (KCC) £500M “Property Construction Partnership Framework” contributed a relatively small amount in the reported result. 
Under the Framework we have Projects currently in, or, imminently waiting for planning decisions in order that they can start on site, albeit we currently have on site over £25M of live projects. The increased turnover will contribute to the 2025 and 2026 result.
The formation of the Group has been a success and has been welcomed by our Clients. The close collaboration between the businesses and investment into WW Martin’s self-delivery capabilities is driving more efficient, innovative and sustainable solutions for our Client Partners. It also enables the business to be agile and responsive. It has increased the strength of the Balance Sheet, turnover and margin.
Health and Safety and Environmental Management are core business values and we believe that effective Health, Safety and Environmental management actively contributes to our success. We are proud of our safety record. 
We approach the subject in a responsible, practicable and pragmatic manner, concentrating on the matters that make a difference. We are ISO 45001 accredited and have an excellent culture of health and safety.
It is our policy to do all that is reasonably practicable to ensure that we provide a safe and healthy environment not just for those that work for us, but for any others who may be affected by our business activities.
To maintain these high standards, we make sure we have competent, trained people. Our Management Systems and Policies provide clear guidance and monitoring/reporting and analysis of performance and incidents. Each of our projects is regularly audited by our inhouse H&S Manager and is supported by external industry experts, with prevention and continuous improvement being the underlying theme. It is the intention that all the businesses follow the same Management System.
 
Page 1

 
WW Martin Ltd
 

Group strategic report (continued)
For the year ended 29 February 2024

As well as ensuring the health and safety of our staff and supply chain, we also believe in mitigating the environmental impact of each project and actively look for ways to operate ever more sustainably.
We have established a an Environmental and Sustainability Committee who meet regularly to ensure that the business is identifying realistic measures to reduce the environmental impact of the operations of the business, as we follow roadmap to Net Carbon Zero by 2025.
We have committed to increasing social value across the business and we are active in the local community where we operate. This includes local employment, community partnerships and charity fundraising. We are particularly proud of our partnerships with Ramsgate FC and Kent Cricket and support them in their work in the local community. 

Principal risks and uncertainties
 
There are a number of potential risks and uncertainties which could impact the Company’s performance which are considered by the Directors on a regular basis. The Board of Directors and the senior members of staff consider the risks of all significant business decisions and projects in an open and transparent manner to ensure that the risk to the company’s operations is eliminated or minimised.
The Company remains focused and remains vigilant when assessing tenders as the market remains competitive. Contractors continue to go out of business, and we continue to try and avoid the race to the bottom that often accompanies a competitive market.   
The newly formed Group continues to self-deliver and is working extremely well to ensure projects are completed on time and to the required quality. The subsidiary businesses maintain their competitiveness by also working for clients outside the Group.
Recruiting and maintaining staff is potentially a risk. We are a family business, and we recognise the huge important role that employees have in making the business successful. We pride ourselves on having excellent staff who care passionately about the business and our clients. We aim to be the employer of choice offering both informal and formal training for everyone within the business. We want everyone to feel part of the family by making people feel valued, engaged and safe and importantly enjoy coming to work. It is for this reason that WW Martin has an excellent staff retention rate and an average service length of over 11 years. The reputation of the business makes recruitment easier.
We aim to be the first-choice contractor for the supply chain. We want our supply chain to have the same values as us, are customer focused and care. For our part, we are absolutely committed to maintaining prompt payments which has resulted in us having an excellent reputation in the market. It is also important to us that the supply chain enjoy working with us. The Directors are extremely proud of their record of never having an adjudication with a sub-contractor.
Inflation is calming and with the reduction in house building, material supplies are more readily available than they have been in recent times.
We are conscious of and prepared to navigate the changing political and economic landscapes, particularly form the recent experiences of Brexit, the pandemic, the Ukraine war and the ongoing conflict in Gaza. We believe that the agile nature of the business will allow us to successfully navigate these unforeseen risks.
Future Developments 
All Phases of the new ED Expansion at East Kent Hospitals University NHS Foundation Trust at The Queen Elizabeth Queen Mother hospital in Margate are now complete. This was logistically and technically challenging and we remain proud as a business that the NHS put their trust in us to deliver such an important project.  This trust was repaid in that the NHS are delighted with the finished building which is now an award-winning scheme.
We have been appointed on the £20M Fire Remedial Works Measured Term Contract over 4 years covering QEQM hospital in Margate, William Harvey in Ashford, Kent & Canterbury, Buckland Hospital in Dover and Deal hospital. We have also been appointed as the single contractor on the Minor Works Framework for all work at QEQM hospital, on a 4 year Framework. 
 
Page 2

 
WW Martin Ltd
 

Group strategic report (continued)
For the year ended 29 February 2024

After the completion of Phase 1 of the new stroke unit at Maidstone Hospital, we were successful in securing the next two phases and are due to hand these over in the Spring. With our excellent track record, we are well positioned to secure future work at the hospital.
At the same hospital, WWM Civils completed a £7M civils package for the new Barns Theatre scheme, appointed direct by the Trust. This was Civils largest project.
We are also working at Medway Hospital.
We have just commenced on site with two KCC schools in Deal and Teynham. These are the first major schemes to be appointed to WW Martin under the Construction Partnership Framework. These are due to be completed in 2025. We are also in the planning stage of two further schools which will commence in Q4 2024.
Of the current portfolio, we have three exciting projects on site. The high-profile redevelopment of Kingsmead Leisure complex in Canterbury and the extremely high-quality MEMS and Oscar Acoustics head offices. In the case of the latter, they are a sub-contractor and chose WW Martin to build their new warehouse and offices, as a result of the great relationship previously built when the sub-contractor was employed by WW Martin.
We are due to complete the new visitors centre, retail shop and carpark for the National Trust at Ightham Mote. The project incorporated very traditional trades and included hempcrete blocks, which have rarely been used in the Country.
Following the successful partnership with English Rural Housing to build thirteen units in Shepherdswell, Kent, where WW Martin retained three units, we have negotiated a further 13-unit development in West Kingsdown. The open and transparent nature of the relationship between the two businesses, lent itself to following the same model, except on this scheme WW Martin will only retain two units. Again, these units will increase the value of the Balance Sheet and provide future rental income, or capital profit.
The business’ workload continues to be very diverse which protects the business should a particular sector be affected by events. Our workload for this year is equally split between Healthcare, Education, Industrial and Residential. Another demonstration of our diversity is that we are due to commence the construction of a 91 bed student accommodation complex in the Spring. 
Research and Development 
As in previous years, the Group continues to invest in research and development to realise tax incentives on leading edge technologies, which is often associated with challenging projects.

Financial key performance indicators
 
The Group’s financial key performance indicators are Gross Profit Percentage, Current Ratio and Return on Capital Employed.
      2024   2023
Gross Profit Percentage   15.7%                   12.2%
Current Ratio    1.35   1.32
Return on Capital Employed  37%                 36%   
Conclusion 
The Board is extremely pleased with the strategic position of the Group. We are confident that the measures that we have taken place us in the very best position to organically grow over the coming year.

Page 3

 
WW Martin Ltd
 

Group strategic report (continued)
For the year ended 29 February 2024

Directors' statement of compliance with duty to promote the success of the Group
 
Section 172 of the Companies Act 2006 requires the directors of the Group to act in the way they consider, in good faith, would most likely promote the success of the Group for the benefit of its members as a whole. In doing this, section 172 requires a director to have regard, amongst other matters, to the:
• likely consequences of any decisions in the long-term;
• interests of the group’s employees;
• need to foster the group’s business relationships with suppliers, customers and others;
• impact of the group’s operations on the community and environment;
• desirability of the group maintaining a reputation for high standards of business conduct, and
• need to act fairly as between members of the group.
In discharging our section 172 duties we have regard to the factors set out above. We acknowledge that every decision we make will not necessarily result in a positive outcome for all of our stakeholders. By considering the Group’s purpose, vision and values together with its strategic priorities and having a process in place for decision-making, we do, however, aim to make sure that our decisions are consistent and predictable. Information regarding our engagement with employees and the Group's business relationships is included in the Directors' Report.  
All members of the Board are executives within the Group and work alongside the management team  on a day-to-day basis.  The Board engage with the management team in setting, approving and overseeing execution of the business strategy and related policies. Monitoring of this is conducted through regular business review meetings which are attended by the Board of Directors. Board meetings are held periodically, and activities reviewed through the consideration and discussion of information, which is sent in advance of each Board meeting and through presentations to the Board, and the consideration of the impact of the relevant decisions on stakeholders.


This report was approved by the board and signed on its behalf.



I D Posnett
Director

Date: 27 November 2024

Page 4

 
WW Martin Ltd
 

 
Directors' report
For the year ended 29 February 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

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

Results and dividends

The profit for the year, after taxation, amounted to £3,039,847 (2023 - £2,292,761).

The directors declared a dividend totalling £666,250 for the year ended 29 February 2024 (2023 - £569,000). 

Directors

The directors who served during the year were:

M R Darling 
I D Posnett 
D A Barker 
T J Codd 

Financial instruments

The Group finances its operations through various financial instruments comprising bank balances, bank overdrafts, finance leases, trade debtors and trade creditors.
The Group ensures its liquidity is maintained by entering into short term financial instruments to support operational and other funding requirements.  The Group's liquidity management process includes projecting cashflows and considering the level of liquid assets.
Trade debtors are managed in respect of credit and cashflow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Page 5

 
WW Martin Ltd
 

 
Directors' report (continued)
For the year ended 29 February 2024

Engagement with suppliers, customers and others

Employee engagement
The Group and the Board is committed to promoting a diverse and inclusive workplace, reflective of the communities in which it does business. We approach diversity in the broadest sense, recognising that successful businesses flourish through embracing diversity into their business strategy and developing talent at every level in the organisation. We operate a successful employment, apprenticeship and training programme which provides opportunities for a whole host of  different groups including young persons, over 50’s, and hard to reach groups including long term unemployed, school and college leavers, lone parents, ex-offenders and ex-service personnel in Kent. The Group also works with local training providers and our supply chain providing Apprenticeship opportunities.
The Board and Senior Management are responsible for ensuring that the Group’s purpose, vision and values are effectively communicated to employees and that the Group’s activities reflect the culture we wish to instill in employees and drive appropriate behaviours. Examples of how this is achieved include: formal and informal meetings, a mandatory code of conduct, dedicated training sessions, quarterly staff newsletters and our annual group wide business strategy day.
 
Fostering business relationships
The Group’s key stakeholders are its employees, customers, suppliers, planning authorities and the local Kent Community. The views and impact of the Group’s activities on those stakeholders are an important consideration for Directors when making relevant decisions. While there are cases where the board itself judges that it should engage directly with certain stakeholder groups or on certain issues, the size and spread of our stakeholders means that generally our stakeholder engagement best takes place at an operational level.
The senior management team foster long term relationships with key customers in line with the Group’s Integrated Management Systems policy.  We work with key customer Groups and stakeholders including Kent County Council, local planning authorities and NHS Trusts to deliver their needs as part of our strategic relationships with them, alongside our partnerships with local developers and suppliers.  
The Board is committed to working alongside our Customers and local authorities to deliver high quality sustainable affordable home projects.  Our partnership with Orbit homes has led to the Parent Company being the first construction firm of a new build housing project to receive “Green Plaque” status, recognizing the commitment of the Board to its strategic objective of delivering to the highest environmental standards.  
The relevance of each stakeholder group may increase or decrease depending on the matter or issue in question, so the Board seeks to consider the needs and priorities of each stakeholder group during its discussions and as part of its decision making. 
 
Page 6

 
WW Martin Ltd
 

 
Directors' report (continued)
For the year ended 29 February 2024

 
Corporate Governance
The Board aspires to have high standards of corporate governance.
We have not adopted the revised 2018 UK Corporate Governance Code, which is designed for premium listed companies and, whilst we fully support the introduction of the Wates Corporate Governance Principles for Large Private Companies (in particular the focus on purpose, culture and employee and stakeholder engagement). We expect to adopt our own corporate governance principles in due course which we believe will be most appropriate for the Group and will be designed to ensure effective decision-making to promote the Group’s success for the long term.
Our primary aim is that our governance is:
• effective in providing challenge, advice and support to management;
• provides checks and balances and encourages constructive challenge; and
• drives informed, collaborative and accountable decision-making.
In the absence of an express corporate governance code, we continue to comply with relevant law and regulations in relation to governance arrangements and have processes in place to ensure decisions are made at the appropriate level.

Greenhouse gas emissions, energy consumption and energy efficiency action

The Group's greenhouse gas emissions and energy consumption are as follows: 


2024
2023

UK energy used kWh
601,350
591,038

Associated greenhouse gas emissions (in tonnes of CO2 equivalent)
138.2
134.96

The GHG Reporting Protocol - Corporate Standard methodology was used to calculate the company's emissions and energy consumption. 
The intensity ratio has been calculated using CO2 in tonnes per full time employee, which gives a ratio of 1.44 (2023: 1.39).
The Group is committed to reducing its emissions encouraging greater use of Electric vehicles and has installed EV charging points for staff.



Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006Kreston Reeves LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

Page 7

 
WW Martin Ltd
 

 
Directors' report (continued)
For the year ended 29 February 2024

This report was approved by the board and signed on its behalf.
 





I D Posnett
Director

Date: 27 November 2024

Page 8

 
WW Martin Ltd
 

 
Independent auditors' report to the members of WW Martin Ltd
 

Opinion


We have audited the financial statements of WW Martin Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 29 February 2024, which comprise the Consolidated profit and loss account, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 29 February 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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


Page 9

 
WW Martin Ltd
 

 
Independent auditors' report to the members of WW Martin Ltd (continued)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the 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:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 5, 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 Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 10

 
WW Martin Ltd
 

 
Independent auditors' report to the members of WW Martin Ltd (continued)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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 Group 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:

Capability of the audit in detecting irregularities, including fraud
The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks.
 
Based on our understanding of the Company and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, taxation and pension legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure and management bias in accounting estimates and judgemental areas of the financial statements such as revenue recognition and amounts recoverable on long-term contracts. Audit procedures performed by the engagement team included: 
• Discussions with management and assessment of known or suspected instances of non-compliance with   laws and regulations (including health and safety) and fraud; and
• Assessment of identified fraud risk factors; and
• Challenging assumptions and judgements made by management in its significant accounting estimates;    and
• Performing analytical procedures to identify any unusual or unexpected relationships, including related    party transactions, that may indicate risks of material misstatement due to fraud; and
• Confirmation of related parties with management, and review of transactions throughout the period to    identify any previously undisclosed transactions with related parties outside the normal course of     business; and
• Performing analytical procedures with automated data analytics tools to identify any unusual or     unexpected relationships, including related party transactions, that may indicate risks of material     misstatement due to fraud; and
• Reading minutes of meetings of those charged with governance
• Review of significant and unusual transactions and evaluation of the underlying financial rationale     supporting the transactions; and
• Identifying and testing journal entries, in particular any manual entries made at the year end for financial    statement preparation.
 
Page 11

 
WW Martin Ltd
 

 
Independent auditors' report to the members of WW Martin Ltd (continued)




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


As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statementsWe are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


Other matters 
 

The prior period financial statements for the subsidiary companies of the group for the year ended 28 February 2023 were not audited. Accordingly the corresponding figures presented as part of the consolidated financial statements of the group for the period ended 29 February 2024 are unaudited.  


Page 12

 
WW Martin Ltd
 

 
Independent auditors' report to the members of WW Martin Ltd (continued)


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 2006Our 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 Auditors' 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.





Mark Attwood FCCA (Senior statutory auditor)
  
for and on behalf of
Kreston Reeves LLP
 
Chartered Accountants
Statutory Auditor
  
Canterbury

27 November 2024
Page 13

 
WW Martin Ltd
 

Consolidated profit and loss account
For the year ended 29 February 2024

2024
2023
Note
£
£

  

Turnover
 4 
51,918,284
52,731,211

Cost of sales
  
(43,766,796)
(46,286,032)

Gross profit
  
8,151,488
6,445,179

Administrative expenses
  
(4,629,576)
(3,872,681)

Other operating income
 5 
32,297
11,813

Operating profit
 6 
3,554,209
2,584,311

Interest receivable and similar income
 10 
290,078
9,279

Interest payable and similar expenses
 11 
(7,226)
(4,549)

Profit before tax
  
3,837,061
2,589,041

Tax on profit
 12 
(797,214)
(296,280)

Profit for the financial year
  
3,039,847
2,292,761

Profit for the year attributable to:
  

Owners of the parent
  
3,039,847
2,292,761

  
3,039,847
2,292,761

There are no items of other comprehensive income for 2024 or 2023 other than the profit for the yearAs a result, no separate Statement of comprehensive income has been presented.

The notes on pages 22 to 42 form part of these financial statements.

Page 14

 
WW Martin Ltd
Registered number: 00504927

Consolidated balance sheet
As at 29 February 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
2,378,398
2,289,624

  
2,378,398
2,289,624

Current assets
  

Stocks
 16 
1,810,246
499,125

Debtors: amounts falling due after more than one year
 17 
775,094
2,299

Debtors: amounts falling due within one year
 17 
10,906,014
8,380,336

Cash at bank and in hand
 18 
14,357,634
11,389,486

  
27,848,988
20,271,246

Creditors: amounts falling due within one year
 19 
(20,588,640)
(15,372,332)

Net current assets
  
 
 
7,260,348
 
 
4,898,914

Total assets less current liabilities
  
9,638,746
7,188,538

Creditors: amounts falling due after more than one year
 20 
(99,461)
(53,243)

Provisions for liabilities
  

Deferred taxation
 23 
(302,160)
(271,767)

  
 
 
(302,160)
 
 
(271,767)

Net assets
  
9,237,125
6,863,528


Capital and reserves
  

Called up share capital 
  
14,252
14,252

Share premium account
  
900
900

Revaluation reserve
 25 
173,538
173,538

Capital redemption reserve
 25 
10,232
10,232

Profit and loss account
 25 
9,038,203
6,664,606

Equity attributable to owners of the parent Company
  
9,237,125
6,863,528

  
9,237,125
6,863,528


Page 15

 
WW Martin Ltd
Registered number: 00504927

Consolidated balance sheet (continued)
As at 29 February 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 November 2024.




I D Posnett
M R Darling
Director
Director

The notes on pages 22 to 42 form part of these financial statements.

Page 16

 
WW Martin Ltd
Registered number: 00504927

Company balance sheet
As at 29 February 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
1,716,247
1,561,665

Investments
 15 
200,201
200,000

  
1,916,448
1,761,665

Current assets
  

Stocks
 16 
1,473,626
316,034

Debtors: amounts falling due after more than one year
 17 
775,094
2,299

Debtors: amounts falling due within one year
 17 
9,526,205
6,195,760

Cash at bank and in hand
 18 
10,951,742
10,882,786

  
22,726,667
17,396,879

Creditors: amounts falling due within one year
 19 
(17,535,969)
(13,291,441)

Net current assets
  
 
 
5,190,698
 
 
4,105,438

Total assets less current liabilities
  
7,107,146
5,867,103

  

Creditors: amounts falling due after more than one year
 20 
(80,911)
(24,589)

Provisions for liabilities
  

Deferred taxation
 23 
(168,841)
(120,706)

  
 
 
(168,841)
 
 
(120,706)

Net assets
  
6,857,394
5,721,808


Capital and reserves
  

Called up share capital 
 24 
14,252
9,775

Share premium account
 25 
900
900

Revaluation reserve
 25 
173,538
173,538

Capital redemption reserve
 25 
10,232
10,232

Profit and loss account brought forward
  
5,527,363
4,034,031

Profit for the year
  
1,631,109
1,665,674

Other changes in the profit and loss account

  

(500,000)
(172,342)

Profit and loss account carried forward
  
6,658,472
5,527,363

  
6,857,394
5,721,808


Page 17

 
WW Martin Ltd
Registered number: 00504927

Company balance sheet (continued)
As at 29 February 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 November 2024.


I D Posnett
M R Darling
Director
Director

The notes on pages 22 to 42 form part of these financial statements.

Page 18
 

 
WW Martin Ltd


 

Consolidated statement of changes in equity
For the year ended 29 February 2024



Called up share capital
Share premium account
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity


£
£
£
£
£
£



At 1 March 2022
14,252
900
10,232
251,196
4,863,187
5,139,767





Profit for the year
-
-
-
-
2,292,761
2,292,761


Dividends: Equity capital
-
-
-
-
(569,000)
(569,000)


Transfer to/from profit and loss account
-
-
-
(77,658)
77,658
-





At 1 March 2023
14,252
900
10,232
173,538
6,664,606
6,863,528





Profit for the year
-
-
-
-
3,039,847
3,039,847


Dividends: Equity capital
-
-
-
-
(666,250)
(666,250)



At 29 February 2024
14,252
900
10,232
173,538
9,038,203
9,237,125



The notes on pages 22 to 42 form part of these financial statements.

Page 19

 

 
WW Martin Ltd


 

Company statement of changes in equity
For the year ended 29 February 2024



Called up share capital
Share premium account
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity


£
£
£
£
£
£



At 1 March 2022
9,775
900
10,232
251,196
4,034,031
4,306,134





Profit for the year
-
-
-
-
1,665,674
1,665,674


Dividends: Equity capital
-
-
-
-
(250,000)
(250,000)


Transfer to/from profit and loss account
-
-
-
(77,658)
77,658
-





At 1 March 2023
9,775
900
10,232
173,538
5,527,363
5,721,808





Profit for the year
-
-
-
-
1,631,109
1,631,109


Dividends: Equity capital
-
-
-
-
(500,000)
(500,000)


Shares issued during the year
4,477
-
-
-
-
4,477



At 29 February 2024
14,252
900
10,232
173,538
6,658,472
6,857,394



The notes on pages 22 to 42 form part of these financial statements.

Page 20
 
WW Martin Ltd
 

Consolidated statement of cash flows
For the year ended 29 February 2024

29 February
28 February
2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
3,039,847
2,292,761

Adjustments for:

Depreciation of tangible assets
274,637
68,297

Loss on disposal of tangible assets
4,811
(8,862)

Government grants received
(19,587)
(5,954)

Interest paid
55,117
4,549

Interest received
(290,078)
(9,279)

Taxation charge
797,214
296,280

(Increase)/decrease in stocks
(1,311,121)
275,157

(Increase)/decrease in debtors
(3,298,473)
3,892,551

Increase/(decrease) in creditors
4,515,788
(3,792,854)

Corporation tax (paid)
(100,865)
(212,313)

Net cash generated from operating activities

3,667,290
2,800,333


Cash flows from investing activities

Purchase of tangible fixed assets
(437,706)
(695,612)

Sale of tangible fixed assets
64,831
40,967

Government grants received
19,587
5,954

Interest received
290,078
9,279

HP interest paid
(3,937)
(544)

Net cash from investing activities

(67,147)
(639,956)

Cash flows from financing activities

Repayment of/new loans
(10,236)
100,150

Repayment of/new finance leases
95,671
(13,363)

Dividends paid
(666,250)
(569,000)

Interest paid
(51,180)
(4,005)

Net cash used in financing activities
(631,995)
(486,218)

Net increase in cash and cash equivalents
2,968,148
1,674,159

Cash and cash equivalents at beginning of year
11,389,486
9,715,327

Cash and cash equivalents at the end of year
14,357,634
11,389,486


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
14,357,634
11,389,486

14,357,634
11,389,486


Page 21

 
WW Martin Ltd
 

 
Notes to the financial statements
For the year ended 29 February 2024

1.


General information

WW Martin Ltd is a limited liability company incorporated in England. The company's registered office is Dane Park Road, Ramsgate, Kent, CT11 7LT. The company's registered number is 00504927.
The company's principal activity continues to be that of building contractors.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and loss account in these financial statements.

The group's functional and presentational currency is Pounds Sterling.
The group's financial statements are presented to the nearest Pound. 
The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

Merger accounting
On 1 June 2023, WW Martin Ltd purchased the share cpaital of WWM Civils Limited, WWM Plant Hire Ltd, East Kent Brickwork Ltd and K R S Interiors Limited as part of a group reorganisation. 
he consolidated financial statements present the results of WW Martin Ltd and its subsidiaries (together referred to as the "Group") as if they form a single entity. The directors have adopted the merger accounting principles in drawing up these financial statements which is which is accounted for as if the entities had always been combined. The assets, liabilities, and reserves of the combining entities are brought together at their existing carrying values prior to the merger.
Comparative information of the group
Comparative information for the Group has been restated as if the entities had always been combined.
Elimination of Intra-group transactions
All intra-group transactions, balances, income, and expenses are eliminated in full on consolidation.

 
2.3

Going concern

In the opinion of the directors, there are no factors in existence that would result in the Group not being considered as a going concern. As such, the financial statements have been prepared on a going concern basis.

Page 22

 
WW Martin Ltd
 

 
Notes to the financial statements
For the year ended 29 February 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Construction contracts
Revenue is only recognised on a construction contract where the outcome can be estimated reliably. Revenue and costs are recognised by reference to the stage of completion of contract activity at the balance sheet date. This is measured by surveys of work performed to date. 
Contracts are only treated as construction contracts when they have been specifically negotiated for the construction of a development or property. When it is probable that the total costs on a construction contract will exceed total contract revenue, the expected loss is recognised as an expense in the profit and loss account immediately.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. 

Depreciation is provided on the following basis:

Freehold property
-
over 25 years
Plant and machinery
-
over 3 - 20 years
Motor vehicles
-
over 5 - 10 years to residual value

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'Administrative expenses' in the profit and loss account.
Assets in the course of construction are included at cost. Depreciation on these assets is not charged until they are brought into use and reclassified to freehold property.

Revaluation of tangible fixed assets
As permitted by Financial Reporting Standard 102, the company has elected not to adopt a policy of revaluation of tangible fixed assets. The company will retain the book value of land and buildings, previously revalued at 28 February 2011 as deemed cost. Under the cost model, land and buildings will not be subject to any further revaluations. 

Page 23

 
WW Martin Ltd
 

 
Notes to the financial statements
For the year ended 29 February 2024

2.Accounting policies (continued)

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

Stocks and work in progress

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 
The company recognises costs that relate to future activity on a construction contract, such as for materials or labour, as an asset in work in progress if it is probable that the costs will be recovered.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

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

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 24

 
WW Martin Ltd
 

 
Notes to the financial statements
For the year ended 29 February 2024

2.Accounting policies (continued)

 
2.13

Financial instruments

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

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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

Page 25

 
WW Martin Ltd
 

 
Notes to the financial statements
For the year ended 29 February 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)

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

 
2.14

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated profit and loss account in the same period as the related expenditure.

 
2.15

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.17

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.18

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.19

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 26

 
WW Martin Ltd
 

 
Notes to the financial statements
For the year ended 29 February 2024

2.Accounting policies (continued)

 
2.20

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 27

 
WW Martin Ltd
 

 
Notes to the financial statements
For the year ended 29 February 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year.  The nature of estimation is such though that actual outcomes could differ significantly from those estimates.
The following judgements have had the most significant impact on amounts recognised in the financial statements:
Lease commitments
The group has entered into a range of lease commitments in respect of property, plant and equipment.  The classification of these leases as either financial or operating leases requires the directors to consider whether the terms and conditions of each lease are such that the group has acquired the risks and rewards associated with the ownership of the underlying assets.
The following are the group's key sources of estimation uncertainty:
Construction contracts
As a building contractor, the group has entered into a number of construction contracts in the year. When the outcome of a construction contract can be estimated reliably, the group has recognised contract revenue and contract costs associated with the construction contract as revenue and expenses respectively by reference to the stage of completion of the contract activity at the end of the reporting period (often referred to as the percentage of completion method). 
Reliable estimation of the outcome requires reliable estimates of the stage of completion, future costs and collectability of billings. The group determines the stage of completion of a construction contract using surveys of work performed.
Taxation
A deferred tax liability has been recognised in the financial statements and is detailed in note 24.  This is based upon estimates of the availability of future taxable profits, the timing of the reversal of timing differences upon which the provision is based and the tax rates that will be in force at that time together with an assessment of the impact of future tax planning strategies. 


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Construction contracts
51,918,284
52,731,211

51,918,284
52,731,211


All turnover arose within the United Kingdom.

Page 28

 
WW Martin Ltd
 

 
Notes to the financial statements
For the year ended 29 February 2024

5.


Other operating income

2024
2023
£
£

Other operating income
7,210
4,859

Net rents receivable
5,500
1,000

CITB grant funding receivable
19,587
5,954

32,297
11,813



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
227,792
146,716


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements
60,000
24,750

Fees payable to the Company's auditors and their associates in respect of:

Other non-audit services
40,000
24,350

Page 29

 
WW Martin Ltd
 

 
Notes to the financial statements
For the year ended 29 February 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£


Wages and salaries
5,818,953
5,993,595
4,412,860
4,635,902

Social security costs
596,784
606,166
510,299
526,552

Cost of defined contribution scheme
244,811
453,588
201,621
399,022

6,660,548
7,053,349
5,124,780
5,561,476


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Employees
122
126
96
97


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
755,082
692,450

Group contributions to defined contribution pension schemes
43,950
44,126

799,032
736,576


During the year retirement benefits were accruing to 5 directors (2023 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £239,176 (2023 - £204,286).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £10,837 (2023 - £12,492).


10.


Interest receivable

2024
2023
£
£


Other interest receivable
290,078
9,279

290,078
9,279

Page 30

 
WW Martin Ltd
 

 
Notes to the financial statements
For the year ended 29 February 2024

11.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
3,289
3,905

Finance leases and hire purchase contracts
3,937
544

Other interest payable
-
100

7,226
4,549


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
679,402
-

Adjustments in respect of previous periods
87,419
184,358


766,821
184,358


Total current tax
766,821
184,358

Deferred tax


Origination and reversal of timing differences
30,393
111,922

Total deferred tax
30,393
111,922


Tax on profit
797,214
296,280
Page 31

 
WW Martin Ltd
 

 
Notes to the financial statements
For the year ended 29 February 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
3,837,061
2,589,041


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
959,265
491,918

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
29,935
79,163

Capital allowances for year in excess of depreciation
1,833
83,578

Utilisation of tax losses
-
(58,453)

Adjustments to tax charge in respect of prior periods
(34,403)
-

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
(149,413)
(253,008)

Unrelieved tax losses carried forward
-
(46,918)

Other differences leading to an increase (decrease) in the tax charge
(10,003)
-

Total tax charge for the year
797,214
296,280


Factors that may affect future tax charges

Deferred taxes have been measured using rates substantively enacted at the reporting date and reflected in these financial statements. 


13.


Dividends

29 February
28 February
2024
2023
£
£


Dividends on ordinary shares
666,250
569,000

666,250
569,000

Page 32

 
WW Martin Ltd
 

 
Notes to the financial statements
For the year ended 29 February 2024

14.


Tangible fixed assets

Group








Freehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 March 2023
1,567,241
964,645
953,265
3,485,151


Additions
-
97,239
340,467
437,706


Disposals
-
(147,739)
(127,623)
(275,362)



At 29 February 2024

1,567,241
914,145
1,166,109
3,647,495



Depreciation


At 1 March 2023
101,682
445,418
648,427
1,195,527


Charge for the year on owned assets
7,426
117,964
153,900
279,290


Disposals
-
(91,579)
(114,141)
(205,720)



At 29 February 2024

109,108
471,803
688,186
1,269,097



Net book value



At 29 February 2024
1,458,133
442,342
477,923
2,378,398



At 28 February 2023
1,465,559
519,227
304,838
2,289,624

Included in land and buildings is freehold land at deemed cost of £360,027 (2023: £360,027), historic cost of £30,145 (2023: £30,145) which is not depreciated. 
The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


29 February
28 February
2024
2023
£
£



Motor vehicles
280,075
185,604

280,075
185,604

The company has revalued its freehold property in the past which now represents deemed cost as permitted by FRS102.
The company's freehold property was independently revalued at 28 February 2011 to open market value of £508,298 by Somersby Estates Limited, who are members of the Royal Institute of Chartered Surveyors. Subsequent additions and depreciation charged on freehold land and buildings has resulted in a carrying value of £1,458,133 at 29 February 2024.

Page 33

 
WW Martin Ltd
 

 
Notes to the financial statements
For the year ended 29 February 2024

           14.Tangible fixed assets (continued)

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

29 February
28 February
2024
2023
£
£

Group


Cost
266,363
266,363

Accumulated depreciation
(110,561)
(103,135)

Net book value
155,802
163,228


Company









Freehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£

Cost or valuation


At 1 March 2023
1,567,241
188,781
362,482
2,118,504


Additions
-
2,050
208,484
210,534


Disposals
-
-
(30,838)
(30,838)



At 29 February 2024

1,567,241
190,831
540,128
2,298,200



Depreciation


At 1 March 2023
101,682
171,779
283,378
556,839


Charge for the year on owned assets
7,426
2,646
45,480
55,552


Disposals
-
-
(30,438)
(30,438)



At 29 February 2024

109,108
174,425
298,420
581,953



Net book value



At 29 February 2024
1,458,133
16,406
241,708
1,716,247



At 28 February 2023
1,465,559
17,002
79,104
1,561,665






Included in land and buildings is freehold land at deemed cost of £360,027 (2023: £360,027), historic cost of £30,145 (2023: £30,145) which is not depreciated. 
The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


Page 34

 
WW Martin Ltd
 

 
Notes to the financial statements
For the year ended 29 February 2024

           14.Tangible fixed assets (continued)

29 February
28 February
2024
2023
£
£



Motor vehicles
234,740
71,075

234,740
71,075

The company has revalued its freehold property in the past which now represents deemed cost as permitted by FRS102.
The company's freehold property was independently revalued at 28 February 2011 to open market value of £508,298 by Somersby Estates Limited, who are members of the Royal Institute of Chartered Surveyors. Subsequent additions and depreciation charged on freehold land and buildings has resulted in a carrying value of £1,458,133 at 29 February 2024.


15.


Fixed asset investments

Company








Investments in subsidiary companies

£



Cost or valuation


At 1 March 2023
200,000


Additions
201



At 29 February 2024
200,201





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

WWM Civils Limited
England (1)
Ordinary
100%
East Kent Brickwork Ltd
England (1)
Ordinary
100%
WWM Plant Hire Ltd
England (1)
Ordinary
100%
K R S Interiors Limited
England (2)
Ordinary
100%

Page 35

 
WW Martin Ltd
 

 
Notes to the financial statements
For the year ended 29 February 2024
Subsidiary undertakings (continued)

The registration office of the above companies are as follows:
(1) WWM Martin, Dane Park Road, Ramsgate, CT11 7LT 
(2) Stirling House, Culpeper Close, Medway City Estate, Rochester, ME2 4HN 
The aggregate of the share capital and reserves as at 29 February 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

WWM Civils Limited
1,385,421
814,561

East Kent Brickwork Ltd
127,414
229

WWM Plant Hire Ltd
442,139
44,183

K R S Interiors Limited
572,464
224,813


16.


Stocks

Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£

Work in progress
356,865
185,529
26,000
9,000

Goods held for resale
1,453,381
313,596
1,447,626
307,034

1,810,246
499,125
1,473,626
316,034


Page 36

 
WW Martin Ltd
 

 
Notes to the financial statements
For the year ended 29 February 2024

17.


Debtors

Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£

Due after more than one year

Other debtors
775,094
2,299
775,094
2,299

775,094
2,299
775,094
2,299


Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£

Due within one year

Trade debtors
6,224,044
1,380,392
6,012,327
1,335,191

Amounts owed by group undertakings
-
-
406,227
-

Amounts owed by companies under common control
-
8,725
-
-

Other debtors
1,590,843
2,677,230
1,096,872
2,432,690

Prepayments and accrued income
93,080
84,889
85,547
77,286

Amounts recoverable on long-term contracts
2,998,047
4,229,100
1,925,232
2,350,593

10,906,014
8,380,336
9,526,205
6,195,760



18.


Cash and cash equivalents

Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
14,357,634
11,389,486
10,951,742
10,882,786

14,357,634
11,389,486
10,951,742
10,882,786


Page 37

 
WW Martin Ltd
 

 
Notes to the financial statements
For the year ended 29 February 2024

19.


Creditors: Amounts falling due within one year

Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£

Bank loans
6,868
7,000
-
-

Payments received on account
2,404,000
755,000
2,404,000
755,000

Trade creditors
5,595,523
5,799,645
4,265,457
4,532,882

Amounts owed to group undertakings
-
-
633,557
-

Amounts owed to companies under common control
47,891
-
47,891
-

Corporation tax
679,402
13,086
285,943
-

Other taxation and social security
1,456,924
617,829
1,431,591
591,710

Obligations under finance lease and hire purchase contracts
150,811
111,462
75,191
18,190

Other creditors
652,409
402,203
552,808
305,436

Accruals and deferred income
9,594,812
7,666,107
7,839,531
7,088,223

20,588,640
15,372,332
17,535,969
13,291,441


Finance leases and hire purchase contracts are secured on the assets to which they relate.


20.


Creditors: Amounts falling due after more than one year

Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£

Bank loans
18,550
28,654
-
-

Net obligations under finance leases and hire purchase contracts
80,911
24,589
80,911
24,589

99,461
53,243
80,911
24,589


Finance leases and hire purchase contracts are secured on the assets to which they relate.

Page 38

 
WW Martin Ltd
 

 
Notes to the financial statements
For the year ended 29 February 2024

21.


Loans


Analysis of the maturity of loans is given below:


Group
29 February
Group
28 February
2024
2023
£
£

Amounts falling due within one year

Bank loans
6,868
7,000


6,868
7,000

Amounts falling due 1-2 years

Bank loans
18,550
28,654


18,550
28,654



25,418
35,654



22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£

Within one year
100,900
68,509
75,191
18,190

Between 1-5 years
130,822
49,961
80,911
24,589

231,722
118,470
156,102
42,779


23.


Deferred taxation


Group



2024


£






At beginning of year
(271,767)


Charged to profit or loss
(30,393)



At end of year
(302,160)

Page 39

 
WW Martin Ltd
 

 
Notes to the financial statements
For the year ended 29 February 2024
 
23.Deferred taxation (continued)

Company


2024


£






At beginning of year
(120,706)


Charged to profit or loss
(48,135)



At end of year
(168,841)

The provision for deferred taxation is made up as follows:

Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(302,160)
(209,588)
(168,841)
(58,527)

Tax losses carried forward
-
(62,179)
-
(62,179)

(302,160)
(271,767)
(168,841)
(120,706)


24.


Share capital

29 February
28 February
2024
2023
£
£

Company
Allotted, called up and fully paid


10,602 (2023 - 7,820) Ordinary "A" shares of £1.00 each
10,602
7,820

977 (2023 - 977) Ordinary "B" shares of £1.00 each
977
977

978 (2023 - 978) Ordinary "C" shares of £1.00 each
978
978

265 Ordinary "D" shares of £1.00 each
265
-

1,430 Ordinary "E" shares of £1.00 each
1,430
-

14,252
9,775

During the year, 2,782 Ordinary £1 A shares were issued for the consideration of £2,782. 
During the year, 265 Ordinary £1 D shares were issued for the consideration of £265.
During the year, 1,430 Ordinary £1 E shares were sisued for the consideration of £1,430. 

Page 40

 
WW Martin Ltd
 

 
Notes to the financial statements
For the year ended 29 February 2024

25.


Reserves

Share premium account

This reserve records the amount above the nominal value received for shares issued by the company.  Share premium may only be utilised to write-off any expenses incurred or commissions paid on the issue of those shares, or to pay up new shares to be allotted to members as fully paid bonus shares.

Revaluation reserve

Prior to the adoption of FRS102 the company adopted the revaluation model for the measurement of its land and buildings. This reserve records the legacy revaluation surplus recognised less the related provision for deferred tax. The amount of depreciation provided on book value which represents valuation surpluses is transferred each year by way of a reserve movement to the profit and loss account.

Capital redemption reserve

This reserve records the nominal value of shares repurchased by the company.

Profit and loss account

This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company's shareholders.


26.


Pension commitments

The group operates a money purchase scheme for its present directors. The assets of the scheme
are held separately from those of the company in an independently administered fund.
The group operates a defined contributions scheme for present employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
Contributions totalling £39,503 (2023: £33,942) were payable to the funds at the balance sheet date, and are included in creditors.


27.


Commitments under operating leases

At 29 February 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
119,783
199,080
119,083
198,555

Later than 1 year and not later than 5 years
135,148
26,305
133,573
24,030

254,931
225,385
252,656
222,585

Page 41

 
WW Martin Ltd
 

 
Notes to the financial statements
For the year ended 29 February 2024

28.


Related party transactions

During the year the company entered into transactions, in the ordinary course of business, with other related parties. Transactions entered into, and trading balances outstanding at 29 February, are as follows:


29 February
28 February
2024
2023
£
£

Amounts due from companies under common control
-
8,725
Amounts due to companies under common control
52,428
-
Purchases from a company under common control
18,727
4,050
Management charges with a company under common control
9,900
9,900
Salary paid to close family members
151,132
142,033
232,187
164,708

Key management personnel
All directors have authority and responsibility for plannng, directing and controlling the activities of the company and are considered to be key management personnel. Total remuneration in respect of these individuals is comprised of directors remuneration totalling £799,032 (2023: £736,576) and employers national insurance contributions of £91,556 (2023: £86,541). 
Total dividends paid in the year to directors totals £666,250 (2023: £569,000). 


29.


Controlling party

In the opinion of the directors, there is no overall controlling party. 

30.


Analysis of net debt




At 1 March 2023
Cash flows
At 29 February 2024
£

£

£

Cash at bank and in hand

11,389,486

2,968,148

14,357,634

Debt due after 1 year

(28,654)

10,104

(18,550)

Debt due within 1 year

(7,000)

132

(6,868)

Finance leases

(136,051)

(95,671)

(231,722)


11,217,781
2,882,713
14,100,494

Page 42