REGISTERED NUMBER: 00288166 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
WILLIAM SMITH (WAKEFIELD) LIMITED |
REGISTERED NUMBER: 00288166 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
WILLIAM SMITH (WAKEFIELD) LIMITED |
WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Profit and Loss Account | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 17 |
WILLIAM SMITH (WAKEFIELD) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
First Floor, Unit 12 |
Pennine Business Park |
Longbow Close, Bradley |
Huddersfield |
West Yorkshire |
HD2 1GQ |
WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their strategic report of the company and the group for the year ended 31 March 2024. |
REVIEW OF BUSINESS |
The group has seen an increase in its turnover for the year ended 31st March 2024. The increase in |
business was mainly due to the increase in coal and coke imports to the UK and increases in train operating services. |
The gross profit level for the year is up from £5,256 to £6,948k for the year to 31 March 2024 |
resulting from an increase in the margins on coal and coke sales. The net trading profit is however reduced from £2,657k to £2,118k as a result of challenging operating conditions. |
The reputation of the group as the UK's leading specialist train operating company continues. |
The company's engineering works continue to be focused on the maintenance and upkeep of its own fleet of locomotives and rolling stock. Turnover from third party engineering contracts tends to be relatively low, due to the high demand placed on the engineering facilities by the company and group itself. |
Projected turnover is difficult to establish due to the contract nature of the industry, however, the directors are confident that the company will remain profitable in the upcoming years.despite the challenges of increased labour costs. |
ON BEHALF OF THE BOARD: |
WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of farming, coal merchants and rail operations. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 March 2024 will be £ 70,000 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
AUDITORS |
The auditors, Walter Dawson and Son, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WILLIAM SMITH (WAKEFIELD) LIMITED |
Opinion |
We have audited the financial statements of William Smith (Wakefield) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Profit and Loss Account, 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 March 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WILLIAM SMITH (WAKEFIELD) LIMITED |
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. |
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 three, 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 |
WILLIAM SMITH (WAKEFIELD) 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 approach to identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- we identified the laws and regulations applicable to the company through discussion with directors and other management, and form our commercial knowledge and experience of the sector; |
- we focussed on specific laws and regulations which 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; |
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
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 as to where they considered there was a susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 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 overide 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 set out in note 2 and where 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; |
- reading the minutes of meetings of those charged with governance; |
- enquiring of management as to actual and potential litigation and claims; and |
- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware 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 |
WILLIAM SMITH (WAKEFIELD) LIMITED |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
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. |
for and on behalf of |
Chartered Accountants |
First Floor, Unit 12 |
Pennine Business Park |
Longbow Close, Bradley |
Huddersfield |
West Yorkshire |
HD2 1GQ |
WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166) |
CONSOLIDATED |
PROFIT AND LOSS ACCOUNT |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
TURNOVER |
Group and share of associates | 29,788,573 | 25,085,568 |
Less: |
Share of associates' turnover | (3,159,415 | ) | (3,762,688 | ) |
GROUP TURNOVER | 26,629,158 | 21,322,880 |
Cost of sales | 19,680,722 | 16,066,790 |
GROSS PROFIT | 6,948,436 | 5,256,090 |
Distribution costs | 1,387,125 | 716,738 |
Administrative expenses | 3,683,459 | 1,436,518 |
5,070,584 | 2,153,256 |
1,877,852 | 3,102,834 |
Other operating income | 16,198 | 13,600 |
GROUP OPERATING PROFIT | 4 | 1,894,050 | 3,116,434 |
Share of operating profit in |
Associates | 176,814 | 296,358 |
Interest receivable and similar income | 269,986 | 70,311 |
2,340,850 | 3,483,103 |
Amounts written off investments | 5 | 100 | - |
PROFIT BEFORE TAXATION | 2,340,750 | 3,483,103 |
Tax on profit | 6 | 222,647 | 825,170 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 2,039,780 | 2,524,975 |
Non-controlling interests | 78,323 | 132,958 |
2,118,103 | 2,657,933 |
WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 2,118,103 | 2,657,933 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
2,118,103 |
2,657,933 |
Total comprehensive income attributable to: |
Owners of the parent | 2,039,780 | 2,524,975 |
Non-controlling interests | 78,323 | 132,958 |
2,118,103 | 2,657,933 |
WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166) |
CONSOLIDATED BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 40,000 | 40,000 |
Tangible assets | 10 | 4,290,733 | 3,904,488 |
Investments | 11 |
Interest in associate | 1,754,391 | 1,577,577 |
Other investments | 5,581 | 5,581 |
Investment property | 12 | 850,000 | 850,000 |
6,940,705 | 6,377,646 |
CURRENT ASSETS |
Debtors | 13 | 2,857,017 | 7,932,306 |
Cash at bank | 8,426,547 | 7,106,274 |
11,283,564 | 15,038,580 |
CREDITORS |
Amounts falling due within one year | 14 | 4,104,045 | 9,421,565 |
NET CURRENT ASSETS | 7,179,519 | 5,617,015 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
14,120,224 |
11,994,661 |
PROVISIONS FOR LIABILITIES | 15 | 658,986 | 581,526 |
NET ASSETS | 13,461,238 | 11,413,135 |
CAPITAL AND RESERVES |
Called up share capital | 16 | 500 | 500 |
Revaluation reserve | 285,901 | 287,337 |
Profit and loss account | 12,617,544 | 10,646,328 |
SHAREHOLDERS' FUNDS | 12,903,945 | 10,934,165 |
NON-CONTROLLING INTERESTS | 557,293 | 478,970 |
TOTAL EQUITY | 13,461,238 | 11,413,135 |
The financial statements were approved by the Board of Directors and authorised for issue on 31 December 2024 and were signed on its behalf by: |
William David Smith - Director |
WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166) |
COMPANY BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
Investment property | 12 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 15 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Profit and loss account |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 736,319 | 353,238 |
The financial statements were approved by the Board of Directors and authorised for issue on |
WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up | Profit |
share | and loss | Revaluation |
capital | account | reserve |
£ | £ | £ |
Balance at 1 April 2022 | 500 | 8,119,917 | 288,773 |
Changes in equity |
Profit for the year | - | 2,524,975 | - |
Total comprehensive income | - | 2,524,975 | - |
Realisation of revaluation reserve |
- |
1,436 |
(1,436 |
) |
Balance at 31 March 2023 | 500 | 10,646,328 | 287,337 |
Changes in equity |
Profit for the year | - | 2,039,780 | - |
Total comprehensive income | - | 2,039,780 | - |
Dividends | - | (70,000 | ) | - |
Realisation of revaluation reserve |
- |
1,436 |
(1,436 |
) |
Balance at 31 March 2024 | 500 | 12,617,544 | 285,901 |
Non-controlling | Total |
Total | interests | equity |
£ | £ | £ |
Balance at 1 April 2022 | 8,409,190 | 346,012 | 8,755,202 |
Changes in equity |
Profit for the year | 2,524,975 | 132,958 | 2,657,933 |
Total comprehensive income | 2,524,975 | 132,958 | 2,657,933 |
Balance at 31 March 2023 | 10,934,165 | 478,970 | 11,413,135 |
Changes in equity |
Profit for the year | 2,039,780 | 78,323 | 2,118,103 |
Total comprehensive income | 2,039,780 | 78,323 | 2,118,103 |
Dividends | (70,000 | ) | - | (70,000 | ) |
Balance at 31 March 2024 | 12,903,945 | 557,293 | 13,461,238 |
WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up | Profit |
share | and loss | Total |
capital | account | equity |
£ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Profit for the year | - | 353,238 | 353,238 |
Total comprehensive income | - |
Balance at 31 March 2023 |
Changes in equity |
Profit for the year | - | 736,319 | 736,319 |
Total comprehensive income | - |
Dividends | - | ( |
) | ( |
) |
Balance at 31 March 2024 |
WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,467,576 | 4,128,818 |
Tax paid | (463,307 | ) | (283,705 | ) |
Net cash from operating activities | 2,004,269 | 3,845,113 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (935,779 | ) | (975,530 | ) |
Sale of intangible fixed assets | - | 130,000 |
Interest received | 269,986 | 70,311 |
Net cash from investing activities | (665,793 | ) | (775,219 | ) |
Cash flows from financing activities |
Amount introduced by directors | 70,000 | 2 |
Amount withdrawn by directors | (18,203 | ) | - |
Movement on associates loans | - | 130,643 |
Movement on related party loans | - | (2,006,717 | ) |
Equity dividends paid | (70,000 | ) | - |
Net cash from financing activities | (18,203 | ) | (1,876,072 | ) |
Increase in cash and cash equivalents | 1,320,273 | 1,193,822 |
Cash and cash equivalents at beginning of year |
2 |
7,106,274 |
5,912,452 |
Cash and cash equivalents at end of year |
2 |
8,426,547 |
7,106,274 |
WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 2,340,750 | 3,483,103 |
Depreciation charges | 549,534 | 576,861 |
Profit on disposal of fixed assets | - | (130,000 | ) |
Finance income | (269,986 | ) | (70,311 | ) |
2,620,298 | 3,859,653 |
Decrease in trade and other debtors | 126,376 | 339,976 |
Decrease in trade and other creditors | (279,098 | ) | (70,811 | ) |
Cash generated from operations | 2,467,576 | 4,128,818 |
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 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 8,426,547 | 7,106,274 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 7,106,274 | 5,912,452 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank | 7,106,274 | 1,320,273 | 8,426,547 |
7,106,274 | 1,320,273 | 8,426,547 |
Total | 7,106,274 | 1,320,273 | 8,426,547 |
WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
William Smith (Wakefield) Limited is a |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
BASIS OF CONSOLIDATION |
The consolidated financial statements comprise the accounts of the parent company and all its subsidiaries for the year ended 31 March 2023. |
The results of subsidiaries acquired or disposed of during the year are included from the effective date of acquisition or up to the effective date of disposal. |
TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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 |
Freehold property | - |
Permanent Way | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
INVESTMENTS IN ASSOCIATES |
Investments in associate undertakings are recognised initially at cost. They are then subsequently adjusted to reflect the group's share of the total comprehensive income and equity of the associates, less any impairment. |
INVESTMENT PROPERTY |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
INCOME RECOGNITION |
Income is recognised when goods have been delivered to customers such that the risks and rewards of ownership have transferred to them. |
STOCKS AND WORK IN PROGRESS |
Stocks and work in progress have been valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of completion. |
INVESTMENTS IN SUBSIDIARIES |
Investments in subsidiaries are shown in the accounts of the parent company at cost less any amounts written off for permanent diminution in value. |
INVESTMENTS |
Investments comprise investments in quoted and unquoted equity instruments. |
The unquoted equity instruments are measured at cost. |
The quoted equity investments are measured at fair value. Changes in fair value are recognised in the profit and loss account. |
WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | - | 3,726,506 |
Social security costs | - | 360,269 |
Other pension costs | - | 261,167 |
- | 4,347,942 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Distribution and selling | - | 1 |
Production | - | 162 |
Administration | 10 | 4 |
2024 | 2023 |
£ | £ |
Directors' remuneration | - | 46,980 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets | 549,534 | 576,862 |
Profit on disposal of fixed assets | - | (130,000 | ) |
Auditors' remuneration | 27,749 | 23,550 |
5. | AMOUNTS WRITTEN OFF INVESTMENTS |
2024 | 2023 |
£ | £ |
Amounts w/o invs | 100 | - |
WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
6. | 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 | 145,187 | 522,558 |
No description | - | 43,657 |
Total current tax | 145,187 | 566,215 |
Deferred tax | 77,460 | 258,955 |
Tax on profit | 222,647 | 825,170 |
RECONCILIATION OF TOTAL TAX CHARGE INCLUDED IN PROFIT AND LOSS |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 2,340,750 | 3,483,103 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
585,188 |
661,790 |
Effects of: |
Expenses not deductible for tax purposes | - | 92 |
Income not taxable for tax purposes | - | (111 | ) |
Capital allowances in excess of depreciation | (21,532 | ) | (10,598 | ) |
Unutilised tax losses carried forward | - | 552 |
Share of operating loss (profit) in Associate | (43,727 | ) | (56,308 | ) |
Depreciation on excluded assets | - | 74,928 |
covered by available capital |
Adjustments to tax charge in respect of previous periods | (297,282 | ) | 3,943 |
Change in corporation tax rate for deferred tax | - | 107,225 |
Over Reserve | - | 43,657 |
Total tax charge | 222,647 | 825,170 |
7. | INDIVIDUAL PROFIT AND LOSS ACCOUNT |
As permitted by Section 408 of the Companies Act 2006, the Profit and Loss Account of the parent company is not presented as part of these financial statements. |
8. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Interim | 70,000 | - |
WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Tenancy |
licence |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 | 40,000 |
NET BOOK VALUE |
At 31 March 2024 | 40,000 |
At 31 March 2023 | 40,000 |
Company |
Tenancy |
licence |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
10. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Permanent | Plant and |
property | Way | machinery |
£ | £ | £ |
COST |
At 1 April 2023 | 2,105,881 | 34,232 | 10,479,196 |
Additions | - | - | 822,200 |
At 31 March 2024 | 2,105,881 | 34,232 | 11,301,396 |
DEPRECIATION |
At 1 April 2023 | 705,633 | 34,231 | 8,081,937 |
Charge for year | 48,428 | - | 446,390 |
At 31 March 2024 | 754,061 | 34,231 | 8,528,327 |
NET BOOK VALUE |
At 31 March 2024 | 1,351,820 | 1 | 2,773,069 |
At 31 March 2023 | 1,400,248 | 1 | 2,397,259 |
WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 April 2023 | 428,228 | 234,501 | 13,282,038 |
Additions | 74,929 | 38,650 | 935,779 |
At 31 March 2024 | 503,157 | 273,151 | 14,217,817 |
DEPRECIATION |
At 1 April 2023 | 373,794 | 181,955 | 9,377,550 |
Charge for year | 31,917 | 22,799 | 549,534 |
At 31 March 2024 | 405,711 | 204,754 | 9,927,084 |
NET BOOK VALUE |
At 31 March 2024 | 97,446 | 68,397 | 4,290,733 |
At 31 March 2023 | 54,434 | 52,546 | 3,904,488 |
Included in cost of land and buildings freehold land of £813,768 (2023 - £813,768) which is not depreciated. |
The cost of freehold land and buildings included above at a valuation of £1,315,364 (2023 - £1315,364) was £1,033,196 (2023 - £1,033,196) and the aggregate depreciation thereon would have been £527,990 (2023 - £527,990). |
Company |
Freehold | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
Company |
Included in cost of land and buildings is freehold land of £ 495,048 (2023 - £ 495,048 ) which is not depreciated. |
11. | FIXED ASSET INVESTMENTS |
Group |
Interest |
in | Listed |
associate | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2023 | 1,577,577 | 5,581 | 1,583,158 |
Share of profit/(loss) | 176,814 | - | 176,814 |
At 31 March 2024 | 1,754,391 | 5,581 | 1,759,972 |
NET BOOK VALUE |
At 31 March 2024 | 1,754,391 | 5,581 | 1,759,972 |
At 31 March 2023 | 1,577,577 | 5,581 | 1,583,158 |
Interest in associate |
The group's aggregate share of associates at the year end is as follows: |
2024 | 2023 |
£ | £ |
Profit before tax | 176,814 | 296,358 |
Taxation | - | - |
Profit after tax | 176,814 | 296,358 |
Share of assets |
Fixed assets | 1,060,237 | 1,136,670 |
Current assets | 1,327,272 | 1,089,888 |
Share of liabilities |
Share of liabilities due within one year | (682,842 | ) | (698,704 | ) |
Share of liabilities due after one year or more | - | - |
Share of net assets | 1,704,667 | 1,527,854 |
WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
Group |
Northern Belle (Holdings) Limited and Northern Belle Limited |
The group's share of Northern Belle (Holdings) Limited and Northern Belle Limited is as follows: |
2024 | 2023 |
£ | £ |
Turnover | 3,159,415 | 3,762,688 |
Profit before tax | 176,814 | 296,358 |
Taxation | - | - |
Profit after tax | 176,814 | 296,358 |
Share of assets |
Fixed assets | 1,060,237 | 531,393 |
Current assets | 1,327,272 | 509,523 |
Share of liabilities |
Liabilities due within one year | (682,842 | ) | (326,644 | ) |
Liabilities due after one year or more | - | - |
Share of net assets | 1,704,667 | 714,272 |
Cost or valuation at 31 March 2024 is represented by: |
Interest |
in | Listed |
associate | investments | Totals |
£ | £ | £ |
Valuation in 2023 | 1,754,391 | 5,581 | 1,759,972 |
Company |
Shares in |
group | Listed |
undertakings | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2023 |
and 31 March 2024 | 350,561 |
NET BOOK VALUE |
At 31 March 2024 | 350,561 |
At 31 March 2023 | 350,561 |
WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
11. | FIXED ASSET INVESTMENTS - continued |
Company |
Cost or valuation at 31 March 2024 is represented by: |
Shares in |
group | Listed |
undertakings | investments | Totals |
£ | £ | £ |
Valuation in 2020 | - | 5,581 | 5,581 |
Cost | 344,980 | - | 344,980 |
344,980 | 5,581 | 350,561 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
SUBSIDIARY |
Registered office: Jesson Way, Cragbank, Carnforth, Lancashire, LA5 9UR |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
12. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
and 31 March 2024 | 850,000 |
NET BOOK VALUE |
At 31 March 2024 | 850,000 |
At 31 March 2023 | 850,000 |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2023 | 850,000 |
WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
12. | INVESTMENT PROPERTY - continued |
Company |
Total |
£ |
COST OR VALUATION |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Cost or valuation at 31 March 2024 is represented by: |
£ |
Valuation in 2022 | 850,000 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 1,686,091 | 1,925,267 |
Amounts owed by group undertakings | - | 4,949,380 |
Amounts owed by related parties | 7,022 | 7,022 |
Other debtors | 742,442 | 652,140 |
Prepayments and accrued income | 421,462 | 398,497 |
2,857,017 | 7,932,306 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade creditors | 1,477,172 | 1,874,227 |
Amounts owed to group undertakings | - | 5,376,380 |
Amounts owed to related parties | 671,582 | 67,301 | - | 39,232 |
Tax | 200,710 | 518,830 |
Social security and other taxes | - | 72,107 |
VAT | 93,425 | 442,996 | 388,474 | 152,197 |
Other creditors | 1,080,439 | 520,288 |
Directors' loan accounts | 508,765 | 456,968 | 508,765 | 456,968 |
Accruals and deferred income | 71,952 | 92,468 |
4,104,045 | 9,421,565 |
WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
15. | PROVISIONS FOR LIABILITIES |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Deferred tax | 658,986 | 581,526 | 517,738 | 434,245 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2023 | 581,526 |
Utilised during year | 77,460 |
Balance at 31 March 2024 | 658,986 |
Company |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Provided during year |
Balance at 31 March 2024 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 500 | 500 |
17. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme. The assets of the pension scheme are held separately from those of the company in an independently administered fund. The pension cost represents contributions payable by the company to the fund and amounted to £Nil (2023: £261,167). Contributions totalling £Nil (2023 - £14,547) were payable to the fund at the year end and are included in creditors. |
WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
18. | RELATED PARTY DISCLOSURES |
William David Smith is also a director of The Scottish Highland Railway Company Limited, Whitehouse Farm (Staintondale) Limited and the North of England Historic Railway Trust Limited. |
The Scottish Highland Railway Company Limited provides the group with use of its rolling stocks. During the year ended 31 March 2024, the group charged £Nil (2023 - £427,000) for use of those assets. |
Debtors includes the following amounts owed by group and related companies: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
North of England Historic Railway Trust Limited |
- |
- |
7,022 |
7,022 |
The Scottish Highland Railway Company Limited |
- |
410,931 |
- |
2,083067 |
West Coast Railway Company Limited | - | - | 1,221,115 | - |
- | 410,931 | 1,228,137 | 090,089 |
Creditors falling due within one year includes the following amounts owed to group and related companies: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Whitehouse Farm (Staintondale) Limited |
- |
- |
- |
39,222 |
The Scottish Highland Railway Company Limited |
532,813 |
- |
- |
- |
Steamtown Railway Museum Limited | - | - | 245,080 | 245,080 |
St Hoggs Property Investment Co Ltd |
126,789 |
- |
North of England Historic Railway Trust Limited |
4,978 |
4.978 |
- |
- |
West Coast Railway Company Limited | - | 269,352 |
664,580 | 4,978 | 245,080 | 553,754 |
Creditors falling due within one year includes the following directors' loans: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
William David Smith and Christine Smith | 508,765 | 456,966 | 508,765 | 456,966 |
456,966 | 456,966 | 456,966 | 456,966 |
WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
The following dividends were paid to directors during the year: |
2024 | 2023 |
£ | £ |
William David Smith | 70,000 | - |
Christine Smith | - | - |
70,000 | 13,250 |
19. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is William David Smith. |