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Registered number: 02178475
UKWS Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 30 April 2024
Contents
Page
Strategic Report 1
Directors' Report 2—3
Independent Auditor's Report 4—6
Profit and Loss Account 7
Statement of Comprehensive Income 8
Balance Sheet 9
Statement of Changes in Equity 10
Statement of Cash Flows 11
Notes to the Statement of Cash Flows 12
Notes to the Financial Statements 13—20
Page 1
Strategic Report
The directors present their strategic report for the year ended 30 April 2024.
Review of the Business
Financial Performance:
The review highlights a notable achievement in financial results despite ongoing external challenges, including the global crisis and the lingering effects of the Covid-19 pandemic. The downturn in turnover from £38.4m in 2023 to £34.3m in 2024 reflects the economic uncertainty but is presented alongside a more positive trend in gross profit (GP) margins, which increased from 18.5% to 22.2%. This margin improvement, along with a slight rise in profit before tax from £3.93m to £3.94m, suggests that UKWS Limited has managed its operational efficiencies well, despite external headwinds.
The company’s ability to navigate the volatile raw material markets, largely driven by the ongoing war in Ukraine and the associated energy crisis, further strengthens its position. The price increases in materials have benefited the company in terms of margin growth, despite the challenges posed by inflation and supply chain disruptions.
Health and Safety:
UKWS Limited’s commitment to health and safety is highlighted with the launch of the "Blueprint" initiative in 2023. This program reflects the company's dedication to fostering a culture of safety, ensuring the well-being of employees and subcontractors. With accreditations to ISO 45001 and recognition from key industry bodies such as NRFC, Construction Line, and CHAS, UKWS Limited demonstrates its industry leadership in maintaining high safety standards.
Quality Assurance:
The company emphasises its strong quality assurance practices, with accreditation to ISO 9001, reflecting its commitment to providing high-quality services. This reinforces its reputation in the industry, ensuring client confidence in its deliverables.
Sustainability and Environmental Commitment:
The review also addresses UKWS Limited's sustainability goals, which include becoming Net Zero Carbon for Scope 1 & 2 emissions by 2030 and achieving Net Zero Carbon for Scope 3 emissions by 2045. The appointment of Planet Mark as a sustainability consultant partner and the company’s continued accreditation to ISO 14001 align with these ambitious goals. This commitment is increasingly important in today's market, where environmental responsibility is a key concern for clients and stakeholders alike.
Principal Risks and Uncertainties
Market and Industry Challenges:
The review acknowledges several key risks, particularly the unpredictable raw material costs and the competitive nature of the sector. The effects of geopolitical instability, such as the war in Ukraine, continue to drive market volatility, especially with rising energy costs affecting raw material prices. These external risks are essential factors for the business to navigate, as they influence both cost structures and overall market stability.
Conclusion
Overall, the review paints a picture of a resilient and forward-thinking business. Despite external challenges such as economic volatility, material price fluctuations, and the ongoing geopolitical tensions, UKWS Limited has shown adaptability and strong performance, particularly through improved profit margins. The company's dedication to safety, quality, and sustainability underscores its long-term vision for growth and industry leadership. Its strategic goals, particularly in sustainability and operational efficiency, will likely position it well for future success, especially as it works toward its Net Zero goals.
On behalf of the board
Mr M Wall
Director
14 January 2025
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 30 April 2024.
Principal Activity
The company's principal activity continues to be that building cladding contractors.
Directors
The directors who held office during the year were as follows:
Mr J Barrett
Mr M Wall
Mr S Wall
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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 company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
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Independent Auditors
The auditors, Nuvo Audit Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr M Wall
Director
14 January 2025
Page 3
Page 4
Independent Auditor's Report
Opinion
We have audited the financial statements of UKWS Limited for the year ended 30 April 2024 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit/(loss) 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
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Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
  • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
  • the financial statements are not in agreement with the accounting records or 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 2—3, 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 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
• Enquiring of management of any known or suspected instances of fraud, as well as considering management's
assessment of the susceptibility of the financial statements to fraud.
• Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with
provisions of relevant laws and regulations described as having a direct effect on the financial statements.
• Performing substantive testing over a selection of journal entries made in the period, to address the risk of fraud
due to management override of controls. With a focus on entries made by unusual team members or entries made at
unusual times or on unusual dates.
• Performing analytical procedures to identify any unusual or unexpected relationships that may indicate an
increased risk of material misstatement as a result of fraud, or management override.
• Assessing accounting estimates which have a material impact of the year end accounts, to determine if there is
indication of management bias.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team
members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the
audit.
Our audit did not identify any key audit matters relating to the detection of irregularities including fraud. However,
despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that
material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and
that by their very nature, any such instances of fraud or irregularity likely involve collusion, forgery, intentional
misrepresentations, or the override of internal controls.
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.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Page 5
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Mr Daniel Johnson FCCA (Senior Statutory Auditor)
for and on behalf of Nuvo Audit Limited , Statutory Auditor
14 January 2025
Nuvo Audit Limited
Sterling House
Outrams Wharf
Little Eaton
Derbyshire
DE21 5EL
Page 6
Page 7
Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 3 34,370,771 38,399,806
Cost of sales (26,757,237 ) (31,308,815 )
GROSS PROFIT 7,613,534 7,090,991
Administrative expenses (3,662,910 ) (3,181,985 )
Other operating income 20,780 26,470
OPERATING PROFIT 5 3,971,404 3,935,476
(Loss)/profit on disposal of fixed assets (16,903 ) 23,254
Other interest receivable and similar income 10 41,324 10,088
Interest payable and similar charges 11 (55,245 ) (43,720 )
PROFIT BEFORE TAXATION 3,940,580 3,925,098
Tax on Profit 12 (1,002,158 ) (815,168 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 2,938,422 3,109,930
The notes on pages 12 to 20 form part of these financial statements.
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Page 8
Statement of Comprehensive Income
2024 2023
£ £
PROFIT FOR THE FINANCIAL YEAR 2,938,422 3,109,930
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 2,938,422 3,109,930
Page 8
Page 9
Balance Sheet
Registered number: 02178475
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 13 1,462,577 1,258,733
1,462,577 1,258,733
CURRENT ASSETS
Stocks 14 3,979,150 1,942,004
Debtors 15 3,066,165 2,534,946
Investments 16 1,471,238 857,415
Cash at bank and in hand 4,260,989 3,963,627
12,777,542 9,297,992
Creditors: Amounts Falling Due Within One Year 17 (5,409,887 ) (4,230,941 )
NET CURRENT ASSETS (LIABILITIES) 7,367,655 5,067,051
TOTAL ASSETS LESS CURRENT LIABILITIES 8,830,232 6,325,784
Creditors: Amounts Falling Due After More Than One Year 18 (842,488 ) (872,975 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 21 (245,134 ) (241,891 )
NET ASSETS 7,742,610 5,210,918
CAPITAL AND RESERVES
Called up share capital 22 100 100
Profit and Loss Account 7,742,510 5,210,818
SHAREHOLDERS' FUNDS 7,742,610 5,210,918
On behalf of the board
Mr M Wall
Director
14 January 2025
The notes on pages 12 to 20 form part of these financial statements.
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Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 May 2022 100 2,265,974 2,266,074
Profit for the year and total comprehensive income - 3,109,930 3,109,930
Dividends paid - (165,086) (165,086)
As at 30 April 2023 and 1 May 2023 100 5,210,818 5,210,918
Profit for the year and total comprehensive income - 2,938,422 2,938,422
Dividends paid - (406,730) (406,730)
As at 30 April 2024 100 7,742,510 7,742,610
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Page 11
Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 2,619,889 5,259,162
Interest paid (55,245 ) (43,720 )
Tax (paid)/refunded (781,945 ) 93,236
Net cash generated from operating activities 1,782,699 5,308,678
Cash flows from investing activities
Purchase of tangible assets (80,631 ) (640,798 )
Proceeds from disposal of tangible assets 61,533 93,212
Purchase of current asset investments (613,823 ) (857,415 )
Interest received 41,324 10,088
Net cash used in investing activities (591,597 ) (1,394,913 )
Cash flows from financing activities
Equity dividends paid (406,730 ) (165,086 )
Repayment of bank borrowings (83,333 ) (236,112 )
Repayment of finance leases (403,677 ) 254,338
Net cash used in financing activities (893,740 ) (146,860 )
Increase in cash and cash equivalents 297,362 3,766,905
Cash and cash equivalents at beginning of year 2 3,963,627 196,722
Cash and cash equivalents at end of year 2 4,260,989 3,963,627
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Notes to the Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2024 2023
£ £
Profit for the financial year 2,938,422 3,109,930
Adjustments for:
Tax on profit 1,002,158 815,168
Interest expense 55,245 43,720
Interest income (41,324 ) (10,088 )
Depreciation of tangible assets 287,644 246,598
Loss/(profit) on disposal of tangible assets 16,903 (23,254)
Movements in working capital:
(Increase)/decrease in stocks (2,037,146 ) 1,273,911
(Increase)/decrease in trade and other debtors (527,422 ) 6,140,781
Increase/(decrease) in trade and other creditors 925,409 (6,337,604 )
Net cash generated from operations 2,619,889 5,259,162
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 4,260,989 3,963,627
3. Analysis of changes in net funds
As at 1 May 2023 Cash flows New finance leases As at 30 April 2024
£ £ £ £
Cash at bank and in hand 3,963,627 297,362 - 4,260,989
Finance leases (811,188) 403,677 (489,293) (896,804)
Debts falling due within one year (83,333 ) - - (83,333 )
Debts falling due after more than one year (333,333) 83,333 - (250,000)
2,735,773 784,372 (489,293) 3,030,852
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Notes to the Financial Statements
1. General Information
UKWS Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02178475 . The registered office is Windmill Farm Biggin Lane Hullard Ward, Ashbourne, Derbyshire, DE6 3FN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% straight line
Plant & Machinery 20% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 15% reducing balance
Computer Equipment 33% straight line
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts 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 the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
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2.6. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Turnover
In accordance with UKSI 2008/410, schedule 1, paragraph 68, the company has not disclosed an analysis of turnover by class of business as the directors are of the opinion it would be seriously prejudicial to the interests of the company.
Analysis of turnover by geographical market is as follows:
2024 2023
£ £
United Kingdom 34,370,771 38,399,806
34,370,771 38,399,806
4. Other Operating Income
2024 2023
£ £
Other operating income 20,780 26,470
20,780 26,470
5. Operating Profit
The operating profit is stated after charging:
2024 2023
£ £
Bad debts (2,325) (9,680)
Depreciation of tangible fixed assets 287,644 246,598
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6. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 8,000 8,000
7. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 1,741,865 1,639,453
Social security costs 206,753 178,842
Other pension costs 182,868 137,456
2,131,486 1,955,751
8. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
Office and administration 38 37
38 37
9. Directors' remuneration
2024 2023
£ £
Emoluments 221,590 209,761
Company contributions to money purchase pension schemes 84,044 5,775
305,634 215,536
The number of directors to whom retirement benefits were accruing was as follows:
2024 2023
Money purchase pension schemes 3 3
Information regarding the highest paid director was as follows:
2024 2023
£ £
Emoluments 92,640 108,200
Company contributions to money purchase pension schemes 31,000 2,700
123,640 110,900
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10. Interest Receivable and Similar Income
2024 2023
£ £
Bank interest receivable 35,324 -
Other interest receivable 6,000 10,088
41,324 10,088
11. Interest Payable and Similar Charges
2024 2023
£ £
Bank loans and overdrafts 14,911 18,368
Finance charges payable under finance leases and hire purchase contracts 40,334 25,352
55,245 43,720
12. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 19.0% 998,915 684,912
Prior period adjustment - 28,012
998,915 712,924
Deferred Tax
Deferred taxation 3,243 102,244
Total tax charge for the period 1,002,158 815,168
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax 3,940,580 3,925,098
Tax on profit at 25% (UK standard rate) 985,145 765,122
Goodwill/depreciation not allowed for tax 71,911 47,907
Expenses not deductible for tax purposes 6,391 1,908
Tax losses utilised - (28,739 )
Capital allowances (64,532 ) (101,286 )
Short term timing differences 3,243 102,244
Prior period adjustment - 28,012
Total tax charge for the period 1,002,158 815,168
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13. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 May 2023 180,770 897,316 1,068,631 2,146,717
Additions 19,031 75,659 475,234 569,924
Disposals - (24,100 ) (143,478 ) (167,578 )
As at 30 April 2024 199,801 948,875 1,400,387 2,549,063
Depreciation
As at 1 May 2023 99,802 501,849 286,333 887,984
Provided during the period 12,760 84,124 190,760 287,644
Disposals - (18,397 ) (70,745 ) (89,142 )
As at 30 April 2024 112,562 567,576 406,348 1,086,486
Net Book Value
As at 30 April 2024 87,239 381,299 994,039 1,462,577
As at 1 May 2023 80,968 395,467 782,298 1,258,733
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Plant & Machinery 200,728 218,929
Motor Vehicles 983,166 762,715
1,183,894 981,644
14. Stocks
2024 2023
£ £
Stock 13,253 13,253
Work in progress 3,965,897 1,928,751
3,979,150 1,942,004
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15. Debtors
2024 2023
£ £
Due within one year
Trade debtors (2,441 ) 165,943
Amounts recoverable on contracts 854,303 525,874
Amounts owed by group undertakings 919,639 919,638
Other debtors 736,950 923,491
2,508,451 2,534,946
Due after more than one year
Amounts owed by group undertakings 207,714 -
Other debtors 350,000 -
557,714 -
3,066,165 2,534,946
16. Current Asset Investments
2024 2023
£ £
Unlisted investments 1,471,238 857,415
17. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 353,048 343,500
Trade creditors 3,704,873 2,837,429
Bank loans and overdrafts 83,333 83,333
Amounts owed to participating interests 28,437 -
Other creditors 41,612 31,650
Corporation tax 998,915 778,148
Taxation and social security 118,915 77,987
Accruals and deferred income 80,754 78,894
5,409,887 4,230,941
18. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 543,756 467,688
Bank loans 250,000 333,333
Accruals and deferred income 48,732 71,954
842,488 872,975
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19. Loans
An analysis of the maturity of loans is given below:
2024 2023
£ £
Amounts falling due within one year or on demand:
Bank loans 83,333 83,333
2024 2023
£ £
Amounts falling due between one and five years:
Bank loans 250,000 333,333
20. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 353,048 343,500
Later than one year and not later than five years 543,756 467,688
896,804 811,188
896,804 811,188
21. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 245,134 241,891
22. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
23. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 53,167 44,000
Later than one year and not later than five years 220,000 218,167
Later than five years 36,667 91,667
309,834 353,834
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24. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £182,868 (2023: £137,456).
At the balance sheet date contributions of £37,203 (2023: £8,838) were due to the fund and are included in creditors.
25. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 May 2023 Amounts advanced Amounts repaid Amounts written off As at 30 April 2024
£ £ £ £ £
Mr Matthew Wall 303,595 - 15,483 - 288,112
Mr Steven Wall 163,759 - 115,089 - 48,670
The above loans are unsecured, interest free and repayable on demand.
26. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 406,730 165,086
27. Related Party Disclosures
Peak Training Consultancy
During the year ended 30 April 2024 Peak Training Consultancy Limited a company of which Matthew Wall and Jamie Barratt are both directors' and shareholders made sales of £47,750 (2023: £4,710) to UKWS Ltd and purchases from UKWS Ltd of £6,770 (2023: £Nil).
As at 30 April 2024 Peak Training Consultancy Ltd owed UKWS Ltd £28,437 (2023: £4,710).
28. Controlling Parties
The company's immediate parent undertaking is UK Waterproofing Solutions Holding Co Limited .
The ultimate parent undertaking is UK Waterproofing Solutions Holding Co Limited (incorporated in England & Wales). Its registered office is Windmill Farm, Biggin Lane, Hulland Ward, Ashbourne, Derbyshire, DE6 3FN .
Copies of the group accounts may be obtained from the company's registered office.
The company's ultimate controlling party is Mr M Wall by virtue of their interest in the share capital of the parent company.
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