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REGISTERED NUMBER: 09760841 (England and Wales)






















Alan Wood Holdings Limited

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 August 2024






Alan Wood Holdings Limited (Registered number: 09760841)






Contents of the Consolidated Financial Statements
for the year ended 31 August 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 18


Alan Wood Holdings Limited

Company Information
for the year ended 31 August 2024







DIRECTORS: J M Saunders
M A Barwood
J A Gibson
M G Coates
J J Shores
C M Hudson
Y K Han





REGISTERED OFFICE: 341 Beverley Road
Hull
East Yorkshire
HU5 1LD





REGISTERED NUMBER: 09760841 (England and Wales)





AUDITORS: Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

Alan Wood Holdings Limited (Registered number: 09760841)

Group Strategic Report
for the year ended 31 August 2024

The directors present their strategic report of the company and the group for the year ended 31 August 2024.

REVIEW OF BUSINESS
The Group has traded well over the last 12 months and 2023/24 has been a successful year. Despite a challenging economic environment, we have continued to invest in our people, technology and offices maintaining good levels of pre-tax profits enabling us to continue in delivering our strategic goals and committing to significant business improvements.

Financial Performance

The Group reported an increase in turnover for the year of 7% from the previous year and exceeded the previous years target of £11.5m.

Culture

We continued to build on our longstanding culture to create an environment for our people to develop personally.

Our commitment to training and general support of our people has led to investment in our benefit platform. As an SME we are proud to offer a personal touch and position ourselves with benefits equivalent to large corporates.

This process strengthens our commitment to the future and succession of the business for the long term.

Our current staffing levels are 112 against 109 last year (excluding contract staff and sub-consultants).

Strategic Focus

The Board of Directors are committed to the delivery of the group's business goals and have committed to key appointments and property to assist in this. This work has allowed clear focus on sectors, geography, disciplines and people.

Alan Wood Holdings Limited (Registered number: 09760841)

Group Strategic Report
for the year ended 31 August 2024


Investment in Standards

As part of our commitment to standards we have continued to build on our ISO 14001 and ISO 9001 registrations. We have attained Level 2 BIM accreditation in accordance with ISO 19650. A significant investment in time, development of our processes and people. Along with other accreditations and commitments to other charters etc. it demonstrates our the levels of service now provided.

Looking Ahead

We continue to improve and adapt to the market place. Changing political environments and uncertainty we hope to improve going forward. We have been successful in two significant framework bids and look to strengthen our foothold in that arena.

Cash flow and debt management are proactively managed which is always a focus of the business and we continue to take swift action to protect the business from these pressures.

Our growth targets continue to develop at sustainable levels. We estimate our turnover to be over £12m although the timeline to this will be balanced by strategic opportunities and committed improvements to business processes.

ON BEHALF OF THE BOARD:





M G Coates - Director


23 December 2024

Alan Wood Holdings Limited (Registered number: 09760841)

Report of the Directors
for the year ended 31 August 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 August 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of consulting engineering.

DIVIDENDS
During the year the total distribution of dividends was £1,338,043 (2023 £1,339,090). The directors recommend that no further final dividend be paid.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 September 2023 to the date of this report.

J M Saunders
M A Barwood
J A Gibson
M G Coates
J J Shores
C M Hudson
Y K Han

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Alan Wood Holdings Limited (Registered number: 09760841)

Report of the Directors
for the year ended 31 August 2024


AUDITORS
The auditors, Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M G Coates - Director


23 December 2024

Report of the Independent Auditors to the Members of
Alan Wood Holdings Limited

Opinion
We have audited the financial statements of Alan Wood Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 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 affairs as at 31 August 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 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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Alan Wood Holdings Limited


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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page four, 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 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.

Report of the Independent Auditors to the Members of
Alan Wood Holdings Limited


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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Our 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 a Report of the Independent Auditors 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 approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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

- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

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

- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

Due to 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. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.


Report of the Independent Auditors to the Members of
Alan Wood Holdings Limited

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.




Michael Stocks ACA (Senior Statutory Auditor)
for and on behalf of Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

23 December 2024

Alan Wood Holdings Limited (Registered number: 09760841)

Consolidated Income Statement
for the year ended 31 August 2024

2024 2023
Notes £    £   

TURNOVER 3 11,721,832 11,103,674

Cost of sales 6,212,761 5,690,731
GROSS PROFIT 5,509,071 5,412,943

Administrative expenses 3,069,361 3,045,773
2,439,710 2,367,170

Other operating income 5,400 155,556
OPERATING PROFIT 5 2,445,110 2,522,726


Interest payable and similar expenses 6 20,106 26,987
PROFIT BEFORE TAXATION 2,425,004 2,495,739

Tax on profit 7 639,360 542,428
PROFIT FOR THE FINANCIAL YEAR 1,785,644 1,953,311
Profit attributable to:
Owners of the parent 1,785,644 1,953,311

Alan Wood Holdings Limited (Registered number: 09760841)

Consolidated Other Comprehensive Income
for the year ended 31 August 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,785,644 1,953,311


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,785,644

1,953,311

Total comprehensive income attributable to:
Owners of the parent 1,785,644 1,953,311

Alan Wood Holdings Limited (Registered number: 09760841)

Consolidated Balance Sheet
31 August 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 242,387 452,032
Tangible assets 11 1,645,902 1,591,323
Investments 12 - -
1,888,289 2,043,355

CURRENT ASSETS
Debtors 13 3,232,673 3,572,207
Cash at bank and in hand 1,943,504 1,564,286
5,176,177 5,136,493
CREDITORS
Amounts falling due within one year 14 1,809,364 1,961,956
NET CURRENT ASSETS 3,366,813 3,174,537
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,255,102

5,217,892

CREDITORS
Amounts falling due after more than one
year

15

(570,755

)

(479,728

)

PROVISIONS FOR LIABILITIES 19 (44,596 ) (28,244 )
NET ASSETS 4,639,751 4,709,920

CAPITAL AND RESERVES
Called up share capital 20 223,750 238,750
Share premium 21 5,000 5,000
Revaluation reserve 21 12,627 12,627
Capital redemption reserve 21 51,250 36,250
Retained earnings 21 4,347,124 4,417,293
SHAREHOLDERS' FUNDS 4,639,751 4,709,920

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2024 and were signed on its behalf by:





M G Coates - Director


Alan Wood Holdings Limited (Registered number: 09760841)

Company Balance Sheet
31 August 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 3,815,253 3,815,253
3,815,253 3,815,253

CURRENT ASSETS
Debtors 13 1,436,607 1,281,806

CREDITORS
Amounts falling due within one year 14 179,659 158,668
NET CURRENT ASSETS 1,256,948 1,123,138
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,072,201

4,938,391

CAPITAL AND RESERVES
Called up share capital 20 223,750 238,750
Share premium 21 5,000 5,000
Capital redemption reserve 21 51,250 36,250
Retained earnings 21 4,792,201 4,658,391
SHAREHOLDERS' FUNDS 5,072,201 4,938,391

Company's profit for the financial year 1,989,623 2,981,450

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2024 and were signed on its behalf by:





M G Coates - Director


Alan Wood Holdings Limited (Registered number: 09760841)

Consolidated Statement of Changes in Equity
for the year ended 31 August 2024

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 September 2022 225,000 4,191,400 -

Changes in equity
Issue of share capital 25,000 - 5,000
Purchase of own shares (11,250 ) (388,328 ) -
Dividends - (1,339,090 ) -
Total comprehensive income - 1,953,311 -
Balance at 31 August 2023 238,750 4,417,293 5,000

Changes in equity
Purchase of own shares (15,000 ) (517,770 ) -
Dividends - (1,338,043 ) -
Total comprehensive income - 1,785,644 -
Balance at 31 August 2024 223,750 4,347,124 5,000
Capital
Revaluation redemption Total
reserve reserve equity
£    £    £   
Balance at 1 September 2022 12,627 25,000 4,454,027

Changes in equity
Issue of share capital - - 30,000
Purchase of own shares - 11,250 (388,328 )
Dividends - - (1,339,090 )
Total comprehensive income - - 1,953,311
Balance at 31 August 2023 12,627 36,250 4,709,920

Changes in equity
Purchase of own shares - 15,000 (517,770 )
Dividends - - (1,338,043 )
Total comprehensive income - - 1,785,644
Balance at 31 August 2024 12,627 51,250 4,639,751

Alan Wood Holdings Limited (Registered number: 09760841)

Company Statement of Changes in Equity
for the year ended 31 August 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 September 2022 225,000 3,404,359 - 25,000 3,654,359

Changes in equity
Issue of share capital 25,000 - 5,000 - 30,000
Purchase of own shares (11,250 ) (388,328 ) - 11,250 (388,328 )
Dividends - (1,339,090 ) - - (1,339,090 )
Total comprehensive income - 2,981,450 - - 2,981,450
Balance at 31 August 2023 238,750 4,658,391 5,000 36,250 4,938,391

Changes in equity
Purchase of own shares (15,000 ) (517,770 ) - 15,000 (517,770 )
Dividends - (1,338,043 ) - - (1,338,043 )
Total comprehensive income - 1,989,623 - - 1,989,623
Balance at 31 August 2024 223,750 4,792,201 5,000 51,250 5,072,201

Alan Wood Holdings Limited (Registered number: 09760841)

Consolidated Cash Flow Statement
for the year ended 31 August 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,932,053 2,581,248
Interest paid (20,106 ) (26,987 )
Tax paid (625,905 ) (411,254 )
Net cash from operating activities 2,286,042 2,143,007

Cash flows from investing activities
Purchase of tangible fixed assets (147,429 ) (62,682 )
Net cash from investing activities (147,429 ) (62,682 )

Cash flows from financing activities
New loans in year 650,099 -
Loan repayments in year (548,321 ) (181,632 )
Capital repayments in year (5,360 ) (11,102 )
Share issue - 30,000
Share buyback (517,770 ) (388,328 )
Equity dividends paid (1,338,043 ) (1,339,090 )
Net cash from financing activities (1,759,395 ) (1,890,152 )

Increase in cash and cash equivalents 379,218 190,173
Cash and cash equivalents at
beginning of year

2

1,564,286

1,374,113

Cash and cash equivalents at end of
year

2

1,943,504

1,564,286

Alan Wood Holdings Limited (Registered number: 09760841)

Notes to the Consolidated Cash Flow Statement
for the year ended 31 August 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 2,425,004 2,495,739
Depreciation charges 302,495 329,266
Finance costs 20,106 26,987
2,747,605 2,851,992
Decrease/(increase) in trade and other debtors 339,534 (482,841 )
(Decrease)/increase in trade and other creditors (155,086 ) 212,097
Cash generated from operations 2,932,053 2,581,248

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 August 2024
31.8.24 1.9.23
£    £   
Cash and cash equivalents 1,943,504 1,564,286
Year ended 31 August 2023
31.8.23 1.9.22
£    £   
Cash and cash equivalents 1,564,286 1,374,113


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.9.23 Cash flow At 31.8.24
£    £    £   
Net cash
Cash at bank and in hand 1,564,286 379,218 1,943,504
1,564,286 379,218 1,943,504
Debt
Finance leases (5,630 ) 5,360 (270 )
Debts falling due within 1 year (49,253 ) (10,481 ) (59,734 )
Debts falling due after 1 year (479,458 ) (91,297 ) (570,755 )
(534,341 ) (96,418 ) (630,759 )
Total 1,029,945 282,800 1,312,745

Alan Wood Holdings Limited (Registered number: 09760841)

Notes to the Consolidated Financial Statements
for the year ended 31 August 2024

1. STATUTORY INFORMATION

Alan Wood Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 102 "The Financial Reporting Standard Applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

When the outcome of a transaction can be estimated reliably, turnover from the provision of engineering consultancy services is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the time cost and expenses incurred on a contract. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Goodwill
Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is 10 years and provisions are made for any impairment following annual reviews.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold property- 2% on cost
Long leasehold property- 2% on cost
Fixtures and fittings- 33% on cost, 25% on cost and 10% on cost
Motor vehicles- 25% on cost


Alan Wood Holdings Limited (Registered number: 09760841)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 August 2024

2. ACCOUNTING POLICIES - continued
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Hire purchase and leasing commitments
Assets obtained under finance leases are treated as fixed assets. The amount capitalised is the present value of the minimum lease payments payable during the lease term. Depreciation is charged to the profit and loss account in accordance with the normal depreciation policy over the shorter of the lease term and useful life of the assets.

The corresponding lease commitments are shown as liabilities. The interest element of rental obligation is charged to the profit and loss account over the period of the lease on a straight line basis.

Rentals payable under operating leases are charged to the profit and loss account over the period of the lease on a straight line basis.

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. TURNOVER

The turnover and profit on ordinary activities before taxation is wholly attributable to the company's principal activity of consulting engineering in the United Kingdom.

Alan Wood Holdings Limited (Registered number: 09760841)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 August 2024

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 5,463,159 5,023,229
Social security costs 12,377 4,046
Other pension costs 388,542 381,128
5,864,078 5,408,403

The average number of employees during the year was as follows:
2024 2023

Office staff 107 104

The average number of employees by undertakings that were proportionately consolidated during the year was 107 (2023 - 104 ) .

2024 2023
£    £   
Directors' remuneration 161,999 106,703
Directors' pension contributions to money purchase schemes 56,988 51,313

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 24,157 26,751
Depreciation - owned assets 86,430 113,201
Depreciation - assets on hire purchase contracts 6,420 6,420
Goodwill amortisation 209,645 209,645
Auditors' remuneration 5,000 5,000

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest - 18,886
Other interest 20,106 7,560
Directors loan interest - 541
20,106 26,987

Alan Wood Holdings Limited (Registered number: 09760841)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 August 2024

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 652,967 602,226
Over provision of tax in
previous periods (29,959 ) (52,643 )
Total current tax 623,008 549,583

Deferred tax 16,352 (7,155 )
Tax on profit 639,360 542,428

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 2,425,004 2,495,739
Profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 25 %)

606,251

623,935

Effects of:
Expenses not deductible for tax purposes 63,068 69,655
Super deduction claimed - (972 )
Change in tax rates - (97,547 )
Overprovision of tax charge in previous period (29,959 ) (52,643 )
Total tax charge 639,360 542,428

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


Alan Wood Holdings Limited (Registered number: 09760841)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 August 2024

9. DIVIDENDS
2024 2023
£    £   
Ordinary A shares of £1 each
Interim - 50,809
Ordinary B shares of £1 each
Interim 864,104 863,784
Ordinary C shares of £1 each
Interim 436,539 421,497
Ordinary D shares of £1 each
Interim 37,400 3,000
1,338,043 1,339,090

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 September 2023
and 31 August 2024 2,096,454
AMORTISATION
At 1 September 2023 1,644,422
Amortisation for year 209,645
At 31 August 2024 1,854,067
NET BOOK VALUE
At 31 August 2024 242,387
At 31 August 2023 452,032

Alan Wood Holdings Limited (Registered number: 09760841)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 August 2024

11. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Long and
property leasehold fittings Totals
£    £    £    £   
COST
At 1 September 2023 943,858 588,911 1,047,770 2,580,539
Additions 18,730 - 128,699 147,429
At 31 August 2024 962,588 588,911 1,176,469 2,727,968
DEPRECIATION
At 1 September 2023 79,859 62,764 846,593 989,216
Charge for year 14,655 11,681 66,514 92,850
At 31 August 2024 94,514 74,445 913,107 1,082,066
NET BOOK VALUE
At 31 August 2024 868,074 514,466 263,362 1,645,902
At 31 August 2023 863,999 526,147 201,177 1,591,323

The cost of assets held under finance leases are £7,495 (2023 £25,680) and the accumulated depreciation is £6,402 (2023 £14,422).

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakin
£   
COST
At 1 September 2023
and 31 August 2024 3,815,253
NET BOOK VALUE
At 31 August 2024 3,815,253
At 31 August 2023 3,815,253

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Alan Wood Partnership Limited
Registered office: 341 Beverley Road, Hull, HU5 1LD
Nature of business: Engineering consultancy
%
Class of shares: holding
Ordinary 100.00

Alan Wood Holdings Limited (Registered number: 09760841)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 August 2024

12. FIXED ASSET INVESTMENTS - continued

Alan Wood & Partners Limited
Registered office: 341 Beverley Road, Hull, HU5 1LD
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00


13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 1,973,297 2,036,591 - -
Amounts owed by group undertakings - - 1,436,607 1,281,806
Amounts recoverable on contract 815,359 924,424 - -
Other debtors 40,094 209,957 - -
Prepayments 403,923 401,235 - -
3,232,673 3,572,207 1,436,607 1,281,806

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 16) 59,734 49,253 - -
Hire purchase contracts (see note 17) 270 5,360 - -
Trade creditors 698,642 850,571 - -
Tax 373,008 375,905 179,659 158,668
Social security and other taxes 561,329 566,438 - -
Accrued expenses 116,381 114,429 - -
1,809,364 1,961,956 179,659 158,668

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2024 2023
£    £   
Bank loans (see note 16) 570,755 479,458
Hire purchase contracts (see note 17) - 270
570,755 479,728

Alan Wood Holdings Limited (Registered number: 09760841)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 August 2024

16. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 59,734 49,253
Amounts falling due between one and two years:
Bank loans - 1-2 years 59,734 51,844
Amounts falling due between two and five years:
Bank loans - 2-5 years 137,129 119,389
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 373,892 308,225

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 270 5,360
Between one and five years - 270
270 5,630

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 358,029 249,608
Between one and five years 465,180 223,785
In more than five years 144,000 -
967,209 473,393

Alan Wood Holdings Limited (Registered number: 09760841)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 August 2024

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank loans 630,489 528,711
Hire purchase contracts 270 5,630
630,759 534,341

The bank overdrafts, bank loans and hire purchase contracts are secured by fixed and floating charges over certain assets of the company.

19. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 44,596 28,244

Group
Deferred
tax
£   
Balance at 1 September 2023 28,244
Charge to Income Statement during year 16,352
Balance at 31 August 2024 44,596

The expected net reversal of deferred tax assets and liabilities in the next year is £22,381. This is due to the reversal of accelerated capital allowances.

Alan Wood Holdings Limited (Registered number: 09760841)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 August 2024

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number Class Nominal 2024 2023
Value £ £
100,000 Ordinary B £1 100,000 100,000
50,000 Ordinary C £1 50,000 50,000
25,000 Ordinary D £1 25,000 25,000
63,750 Ordinary E £1 48,750 63,750
223,750 238,750


Ordinary B shares have rights to vote as defined in the company's articles, they have full rights to dividends declared on this class of shares and full rights to capital distributions (including on winding-up). The shares are non-redeemable.

Ordinary C and Ordinary D shares have rights to vote. The shares have rights to dividends declared on each class of share (the Ordinary D shares have a reduced dividend right for a four year period) and rights to capital distributions (including on winding-up) but are subject to a capital hurdle amount. The shares are non-redeemable.

Ordinary E shares have no voting rights, no rights to payment of dividends and no rights on distributions.

21. RESERVES

Group
Capital
Retained Share Revaluation redemption
earnings premium reserve reserve Totals
£    £    £    £    £   

At 1 September 2023 4,417,293 5,000 12,627 36,250 4,471,170
Profit for the year 1,785,644 - - - 1,785,644
Dividends (1,338,043 ) - - - (1,338,043 )
Purchase of own shares (517,770 ) - - 15,000 (502,770 )
At 31 August 2024 4,347,124 5,000 12,627 51,250 4,416,001

Company
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 September 2023 4,658,391 5,000 36,250 4,699,641
Profit for the year 1,989,623 - - 1,989,623
Dividends (1,338,043 ) - - (1,338,043 )
Purchase of own shares (517,770 ) - 15,000 (502,770 )
At 31 August 2024 4,792,201 5,000 51,250 4,848,451

Alan Wood Holdings Limited (Registered number: 09760841)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 August 2024

21. RESERVES - continued

Retained earnings represents cumulative profits and losses net of dividends and other adjustments.

Share premium represents the premium arising on the issue of shares net of issue costs.

Revaluation reserve represents the cumulative effect of revaluations of fixed assets.

Capital redemption reserve records the nominal value of shares purchased by the company.

22. PENSION COMMITMENTS

The company operates a group personal pension scheme for the benefit of individual directors and employees.

The pension charge for the year was £388,542 (2023 £381,128). Outstanding employer contributions of £52,565 were accrued at 31st August 2024 (2023 £48,617).

23. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 100,532 -

24. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year, a total of key management personnel compensation of £ 218,987 (2023 - £ 158,016 ) was paid.

25. ULTIMATE CONTROLLING PARTY

The group is not controlled by any one party