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REGISTERED NUMBER: 01206036 (England and Wales)




STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

FOR

IFOR WILLIAMS TRAILERS LIMITED

IFOR WILLIAMS TRAILERS LIMITED (REGISTERED NUMBER: 01206036)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 7

Statement of Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


IFOR WILLIAMS TRAILERS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTOR: J O Williams



SECRETARY: C A Williams



REGISTERED OFFICE: One St Peter's Square
Manchester
M2 3DE



REGISTERED NUMBER: 01206036 (England and Wales)



AUDITORS: M. D. Coxey and Co. Limited
Chartered Accountants
and Statutory Auditors
25 Grosvenor Road
Wrexham
LL11 1BT



BANKERS: HSBC Bank plc
9, Bridge Street
Llangollen
LL20 8PH

IFOR WILLIAMS TRAILERS LIMITED (REGISTERED NUMBER: 01206036)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST MARCH 2024

The board present their strategic report for the year ended 31st March 2024.

REVIEW OF BUSINESS
Ifor Williams Trailers Limited is a Welsh indigenous manufacturer of trailers and parts based in North Wales. We operate via a network of national and international Distributors, the majority of whom we have longstanding relationships with.

During the year numerous improvements were made to business and manufacturing systems, which meant we were able to better meet customer demand, sustain stock levels across our partnering distribution network and provide acceptable waiting times for customers.

The board is satisfied that a director led change management programme in after sales has strengthened operations, reaffirmed core values and refocussed business direction with further improvements planned.

The company has ended the fiscal year in a position which enables it to continue its program of asset investment which, together with continuous improvement in manufacturing operations and supply chain, will provide end customers with high quality product at best value. These planned investments will assist the business to achieve its long-term strategic goals.

As the fiscal year drew to an end, it presented challenges arising from pressures from the ongoing economic downturn with increased interest rates, and the risk of recession, impacting on consumer spending.
The board thinks that trading will be unpredictable in the immediate future, however they are positioned to provide clear guidance and take all necessary actions to cope with the challenging current climate and to steer the business through the continuing economic uncertainty.


KEY PERFORMANCE INDICATORS
The Board works closely with the business's management team and together they constantly evaluate and improve key performance indicators to support tactical and strategic business decisions.

The company's defined pension scheme is managed within the scheme rules and conforms with all relevant legislative requirements.

PRINCIPAL RISKS AND UNCERTAINTIES
The business uncertainty surrounding the ongoing economic conditions are a cause of continuing concern. Ongoing risks will be mitigated by the careful management of investment programmes to ensure that the strong foundations of the company remain in place.

The continuing commercial uncertainty resulting from global political unrest which may adversely affect trading conditions remain a key concern.


Credit Risk
Risks are assessed by the company's management based on prior experience and the company's assessment of the strength of their trading partners. The company has a background of relationship longevity with its trading partners. The process is subject to continuous reviews and reassessments.

Currency Risk
The company's currency risk remains primarily attributable to its trade debtors where customers are billed in non-functional currency.

The Board will continue to identify, monitor and manage potential risks and uncertainties to the company in order that it can continue in a position of strength.


IFOR WILLIAMS TRAILERS LIMITED (REGISTERED NUMBER: 01206036)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST MARCH 2024

SECTION 172(1) STATEMENT
To operate sustainably long term, Ifor Williams Trailers Ltd depends on the trust and confidence of its stakeholders. The company continues to build on these key relationships by putting customer needs first, investing in its employees through training and education and working in partnership with suppliers to source material at competitive prices. The company continue to be an active supporter in the local community of charitable activities and sponsorships to promote and support sport, health and wellbeing in the local area.

The Directors of Ifor Williams Trailers Ltd have acted in accordance with their duties and responsibilities codified in law, acting in good faith, promoting the success of the Company, having regard to the stakeholders and matters set out in section 172 of the Companies Act 2006.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
Suppliers

We work in a collaborative way to identify supply chain improvements and continuously seek new initiatives to strengthen quality, cost and delivery, ensuring that we maintain the same high standard of materials and services that our customers expect, at competitive prices.

Customers

We continuously strive to understand our customer requirements and look to enhance our offering through new designs and products, whilst also improving the quality of our existing products and services to achieve increased customer satisfaction.

Employees

We invest in our personnel with a focus on providing long-term employment opportunities for committed employees who share our core values, and our vision for success.

We are able to offer a wide range of employment opportunities for people with different skill sets.

The company holds regular communication meetings with employee representatives. Employees are kept informed of matters affecting the company by regular team briefings.

Environment

We are committed to undertaking all business activities in accordance with applicable legal requirements and company environmental policies.

ON BEHALF OF THE BOARD:





J O Williams - Director


16th January 2025

IFOR WILLIAMS TRAILERS LIMITED (REGISTERED NUMBER: 01206036)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31ST MARCH 2024

The director presents his report with the financial statements of the company for the year ended 31st March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of manufacture of trailers, accessories and components.

DIVIDENDS
The total distribution of dividends for the year ended 31st March 2024 will be £ 5,000,000 .

RESEARCH AND DEVELOPMENT
New product introduction
The company recognises the need to develop new products to fulfil the requirements of its customers.

To this end, the company continues to invest in R&D activities.

FUTURE DEVELOPMENTS
Our strategy remains to continually improve the company's products and services.

DIRECTOR
J O Williams held office during the whole of the period from 1st April 2023 to the date of this report.

The director shown below was in office at 31st March 2024 but did not hold any interest in the Ordinary shares of £1 each at 1st April 2023 or 31st March 2024.

J O Williams

SUBSIDIARIES
The company's subsidiary is Hipicargo Lda. The principal activity of Hipicargo Lda is the distribution of trailers. The subsidiary has had a satisfactory years trading and will continue to operate their business in Europe. There have been no events in the subsidiary since the year end which would materially affect their financial statements.

CHARITABLE DONATIONS
Charitable donations for the year amounted to £37,806 (2023: £25,931). There were no political donations.

POST BALANCE SHEET EVENTS
There have been no events since the year end which would materially affect the financial statements.

EQUAL OPPORTUNITIES AND DIVERSITY
The company procedures comply with the requirements of the Disability Discrimination Act 1995. The company has an equal opportunities policy and actively pursues equality of opportunity for all employees.

Applications for employment by disabled persons are considered fully, having regard to their particular aptitudes and abilities. In the event that any member of staff should become disabled during their employment, every effort would be made to ensure their continuing employment and training. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

EMPLOYEE INVOLVEMENT
The company holds regular communication meetings with employee representatives. Employees are kept informed of matters affecting the company by regular team briefings.

STREAMLINED ENERGY AND CARBON REPORTING
Summary

Ifor Williams Trailers Limited greenhouse gas emissions, reportable under SECR from 1st April 2023 to 31st March 2024 were 1,948 tonnes CO2e using the Location Based Methodology.

These include emissions associated with electricity, natural gas consumption, and transportation. Ifor Williams Trailers Limited total greenhouse gas emissions increased by 38% compared to 2022-23. The carbon intensity was 19.5 tonnes CO2e per £m revenue, which is a 27% increase compared to 2022-23.

IFOR WILLIAMS TRAILERS LIMITED (REGISTERED NUMBER: 01206036)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31ST MARCH 2024


Greenhouse Gas Emissions

Table 1: Greenhouse gas Emissions by Source (tonnes CO2e)


Emissions Source 2022-23 2023-24 Share (%) YoY Variance (%)
Purchased electricity 750 857 44% 14%
Fuel combustion:
Natural Gas

609

713

37%

17%
Fuel Combustion:
Transport

51

80

4%

57%
Fuel combustion:
Propane

0

297

15%

-
Total emissions
(tCO2e)

1,411

1,948

100%

38%
Revenue (£m) 91.6 99.7 9%
Intensity: (tCO2e
per £m)

15.4

19.5


27%


Table 2: Greenhouse Gas Emissions by Scope (tonnes CO2e)

Emissions Source 2022-23 2023-24 Share (%) YoY Variance (%)
Scope 1 661 1,091 56% 65%
Scope 2 688 789 40% 15%
Scope 3 63 68 4% 8%
Total emissions
(tCO2e)

1,411

1,948

100%

38%

Table 3: Energy consumption by source (kWh)

Emissions Source 2022-23 2023-24 Share (%) YoY Variance (%)
Purchased
Electricity

3,555,376

3,808,696

40%

7%
Fuel consumption:
Natural Gas

3,338,094

3,899,792

41%

17%
Fuel Combustion:
Transport

250,475

336,082

4%

34%
Fuel Combustion:
Propane

0

1,388,968

15%

-
Total consumption
(kWh)

7,143,945

9,433,539

100%

32%

Boundary, Methodology, and Exclusions

An 'operational control' approach has been used to define the Greenhouse Gas emissions boundary.

This approach captures emissions associated with the operation of all buildings such as warehouses, offices, plus company-owned and leased transport. This report covers UK operations only, as required by SECR for Non-Quoted Large Companies.

This information was collected and reported in line with the methodology set out in the UK Government's Environmental Reporting Guidelines, 2019.

Emissions have been calculated using the 2023 GHG conversion factors provided by the UK Government, and there are no material omissions from the mandatory reporting scope.

Energy Efficiency Initiatives

IFOR WILLIAMS TRAILERS LIMITED (REGISTERED NUMBER: 01206036)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31ST MARCH 2024


Ifor Williams Trailers Limited have continued to seek and progress energy efficiency measures, within both the work processes and use of work equipment. Energy efficiency measures undertaken have included the following.

- Ongoing replacement of lighting with LED lighting units.
- Full review of recycling at all Ifor Williams Trailers sites with additional recycling waste streams provided.
- Review of Mechanical Handling Equipment (MHE) to ensure fleet efficiency.
- Training and communication to ensure Environmental importance is fully understood.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he 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 company's auditors are aware of that information.

AUDITORS
The auditors, M. D. Coxey and Co. Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J O Williams - Director


16th January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
IFOR WILLIAMS TRAILERS LIMITED

Opinion
We have audited the financial statements of Ifor Williams Trailers Limited (the 'company') for the year ended 31st March 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31st March 2024 and of its 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 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 director's 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 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
IFOR WILLIAMS TRAILERS LIMITED


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 Report of the Director.

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, 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 and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page six, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
IFOR WILLIAMS TRAILERS 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 risks 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 discussions with directors and other management
- 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 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 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 accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions;

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.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
IFOR WILLIAMS TRAILERS LIMITED


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.




Anthony Lewis (Senior Statutory Auditor)
for and on behalf of M. D. Coxey and Co. Limited
Chartered Accountants
and Statutory Auditors
25 Grosvenor Road
Wrexham
LL11 1BT

16th January 2025

IFOR WILLIAMS TRAILERS LIMITED (REGISTERED NUMBER: 01206036)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31ST MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   

TURNOVER 3 99,519,126 93,782,940

Other operating income 4 2,521,882 2,545,234
102,041,008 96,328,174

Raw materials and consumables 53,274,437 56,406,437
Other external expenses 3,024,298 2,857,896
56,298,735 59,264,333
45,742,273 37,063,841

Staff costs 5 18,992,861 14,232,683
Depreciation 1,697,599 1,849,991
Other operating expenses 11,866,523 9,372,502
32,556,983 25,455,176
OPERATING PROFIT 6 13,185,290 11,608,665

Interest receivable and similar income 7 43,835 12,147
13,229,125 11,620,812

Interest payable and similar expenses 8 320,566 351,117
PROFIT BEFORE TAXATION 12,908,559 11,269,695

Tax on profit 9 3,041,838 2,034,389
PROFIT FOR THE FINANCIAL YEAR 9,866,721 9,235,306

OTHER COMPREHENSIVE INCOME
Pension liability:
Actuarial loss (305,000 ) -
Income tax relating to other comprehensive
income

76,250

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(228,750

)

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

9,637,971

9,235,306

IFOR WILLIAMS TRAILERS LIMITED (REGISTERED NUMBER: 01206036)

BALANCE SHEET
31ST MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 7,777,997 7,421,958
Investments 12 - -
7,777,997 7,421,958

CURRENT ASSETS
Stocks 13 40,102,443 44,298,377
Debtors 14 16,010,330 14,774,754
Cash at bank 17,023,290 8,375,415
73,136,063 67,448,546
CREDITORS
Amounts falling due within one year 15 33,393,409 32,463,246
NET CURRENT ASSETS 39,742,654 34,985,300
TOTAL ASSETS LESS CURRENT
LIABILITIES

47,520,651

42,407,258

PROVISIONS FOR LIABILITIES 16 (698,292 ) (527,870 )

PENSION LIABILITY 19 (305,000 ) -
NET ASSETS 46,517,359 41,879,388

CAPITAL AND RESERVES
Called up share capital 17 100,000 100,000
Retained earnings 18 46,417,359 41,779,388
SHAREHOLDERS' FUNDS 46,517,359 41,879,388

The financial statements were approved by the director and authorised for issue on 16th January 2025 and were signed by:





J O Williams - Director


IFOR WILLIAMS TRAILERS LIMITED (REGISTERED NUMBER: 01206036)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST MARCH 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st April 2022 100,000 38,544,082 38,644,082

Changes in equity
Dividends - (6,000,000 ) (6,000,000 )
Total comprehensive income - 9,235,306 9,235,306
Balance at 31st March 2023 100,000 41,779,388 41,879,388

Changes in equity
Dividends - (5,000,000 ) (5,000,000 )
Total comprehensive income - 9,637,971 9,637,971
Balance at 31st March 2024 100,000 46,417,359 46,517,359

IFOR WILLIAMS TRAILERS LIMITED (REGISTERED NUMBER: 01206036)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST MARCH 2024

31.3.24 31.3.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 18,142,185 14,472,685
Interest paid (320,566 ) (351,117 )
Tax paid (2,163,941 ) (2,991,146 )
Net cash from operating activities 15,657,678 11,130,422

Cash flows from investing activities
Purchase of tangible fixed assets (1,954,089 ) (1,440,872 )
Sale of tangible fixed assets (99,549 ) 20,017
Interest received 43,835 12,147
Net cash from investing activities (2,009,803 ) (1,408,708 )

Cash flows from financing activities
Equity dividends paid (5,000,000 ) (6,000,000 )
Net cash from financing activities (5,000,000 ) (6,000,000 )

Increase in cash and cash equivalents 8,647,875 3,721,714
Cash and cash equivalents at beginning of
year

2

8,375,415

4,653,701

Cash and cash equivalents at end of year 2 17,023,290 8,375,415

IFOR WILLIAMS TRAILERS LIMITED (REGISTERED NUMBER: 01206036)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST MARCH 2024

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

31.3.24 31.3.23
£    £   
Profit before taxation 12,908,559 11,269,695
Depreciation charges 1,682,585 1,870,009
Loss/(profit) on disposal of fixed assets 15,014 (20,018 )
(Increase)/decrease in group debtor 1,700,756 (483,784 )
Increase/(decrease) in group creditor 1,183,830 (106,640 )
Finance costs 320,566 351,117
Finance income (43,835 ) (12,147 )
17,767,475 12,868,232
Decrease in stocks 4,195,934 3,069,797
Increase in trade and other debtors (3,439,960 ) (164,449 )
Decrease in trade and other creditors (381,264 ) (1,300,895 )
Cash generated from operations 18,142,185 14,472,685

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 31st March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 17,023,290 8,375,415
Year ended 31st March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 8,375,415 4,653,701


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank 8,375,415 8,647,875 17,023,290
8,375,415 8,647,875 17,023,290
Total 8,375,415 8,647,875 17,023,290

IFOR WILLIAMS TRAILERS LIMITED (REGISTERED NUMBER: 01206036)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024

1. STATUTORY INFORMATION

Ifor Williams Trailers 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 Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with 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 under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Ifor Williams Trailers Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under section 405 of the Companies Act 2006 from the requirements to prepare consolidated financial statements due to the fact that the subsidiary undertakings are deemed immaterial (individually and collectively).

Significant judgements and estimates
In the application of the Company’s accounting policies, management is required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily available from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The key judgements and sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

- Estimated useful lives and residual values of fixed assets:
The carrying value of fixed assets are reviewed each year end for indicators of impairment triggers. If such triggers exist, management would be required to carry out a formal impairment review using a discounted cash flow model to determine their value in use on a cash-generating unit basis. The value in use calculation requires management to estimate the future cash flows expected to arise from the cash-generating unit and a sustainable discount rate in order to calculate the present value.

Depreciation of tangible and intangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during current and prior accounting periods.

- Estimated write down of stock to net realisable value:
Stock valuation has been based on an estimated useful life and residual value deemed appropriate by the directors. The estimated write down of stock to net realisable value is reviewed annually and revised as appropriate by the directors.

- Revenue recognition:
In making its judgement, management consider the detailed criteria for the recognition of revenue as set out within Section 23 of FRS 102. The directors are satisfied that the recognition point being typically when goods are delivered and legal title has passed is correct.

IFOR WILLIAMS TRAILERS LIMITED (REGISTERED NUMBER: 01206036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when risks and rewards of ownership have passed to the customer. This typically happens when goods are delivered and legal title has passed.

Turnover arising from the recharge of carriage is offset against the cost of the carriage.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - over periods up to 25 years
Plant and machinery - 10% - 50% on cost
Motor vehicles - 25% on cost

No depreciation is provided in respect of freehold land.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the financial instrument.

Cash and cash equivalents:
These comprise cash at bank and short-term highly liquid bank deposits with an original maturity of three months or less.

Debtors:
Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.

Creditors:
Creditors are not interest bearing and are stated at their nominal amount.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.


IFOR WILLIAMS TRAILERS LIMITED (REGISTERED NUMBER: 01206036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

2. ACCOUNTING POLICIES - continued
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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates pension schemes under which contributions by employees and the company are administered by trustees in funds independent from the company's assets.

The company operates a defined benefit pension scheme. The difference between the fair value of the plan assets measured in accordance with the FRS 102 fair value hierarchy, and the defined benefit obligation calculated using the projected unit method is recognised in the balance sheet as a pension asset or liability as appropriate. The carrying value of any resulting pension scheme asset is restricted to the extent that the surplus is recoverable through reduced future contributions or refunds from the scheme.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. The net interest cost, calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets, is recognised in the profit and loss account.

The company also operates a defined contribution pension scheme. Contributions payable for the year are charged to the profit and loss account.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.3.24 31.3.23
£    £   
Sale of goods 99,519,126 93,782,940
99,519,126 93,782,940

IFOR WILLIAMS TRAILERS LIMITED (REGISTERED NUMBER: 01206036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

3. TURNOVER - continued

An analysis of turnover by geographical market is given below:

31.3.24 31.3.23
£    £   
EU sales 34,721,539 30,376,997
Non-EU sales 64,797,587 63,405,943
99,519,126 93,782,940

4. OTHER OPERATING INCOME
31.3.24 31.3.23
£    £   
Management income 1,737,979 1,615,878
Sale of scrap & dross 783,903 835,418
Exchange gains - 93,938
2,521,882 2,545,234

5. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
£    £   
Wages and salaries 17,079,380 12,812,087
Social security costs 1,453,074 1,143,122
Other pension costs 460,407 277,474
18,992,861 14,232,683

The average number of employees during the year was as follows:
31.3.24 31.3.23

Production 449 388
Other 96 110
545 498

31.3.24 31.3.23
£    £   
Director's remuneration 108,165 100,553

The number of directors to whom retirement benefits were accruing was as follows:

Defined benefit schemes 1 1

IFOR WILLIAMS TRAILERS LIMITED (REGISTERED NUMBER: 01206036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.3.24 31.3.23
£    £   
Depreciation - owned assets 1,682,585 1,870,009
Loss/(profit) on disposal of fixed assets 15,014 (20,018 )
Auditors remuneration 44,250 40,250
The auditing of accounts of any associate of the company 5,500 10,100
Taxation compliance services 1,750 1,650
Other non- audit services 24,463 18,590
Foreign exchange differences 126,994 (93,938 )
Research & development expenditure 153,258 89,336
Operating lease rentals: property 1,292,465 1,291,921
Operating lease rentals: plant & machinery 515,629 402,952

7. INTEREST RECEIVABLE AND SIMILAR INCOME
31.3.24 31.3.23
£    £   
Bank interest received 11,893 -
Corporation tax interest 31,942 12,147
43,835 12,147

8. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.24 31.3.23
£    £   
Other interest 320,566 351,117

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.24 31.3.23
£    £   
Current tax:
UK corporation tax 2,795,166 1,892,360

Deferred tax:
Deferred tax 170,422 142,029
Pension liability deferred tax 76,250 -
Total deferred tax 246,672 142,029
Tax on profit 3,041,838 2,034,389

UK corporation tax has been charged at 25% (2023 - 19%).

IFOR WILLIAMS TRAILERS LIMITED (REGISTERED NUMBER: 01206036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

9. TAXATION - continued

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:

31.3.24 31.3.23
£    £   
Profit before tax 12,908,559 11,269,695
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

3,227,140

2,141,242

Effects of:
Permanent timing differences 106,997 27,395
Patent box (288,042 ) (229,833 )
RDEC (66,019 ) (34,766 )
Bad debt provision movement 385 1,723
Movement in other general provisions 10,908 1,940
Changes in tax rates - 126,688
Reclassification adjustment (25,781 ) -
Deferred tax on pension liability 76,250 -
Total tax charge 3,041,838 2,034,389

Tax effects relating to effects of other comprehensive income

31.3.24
Gross Tax Net
£    £    £   
Pension liability:
Actuarial loss (305,000 ) 76,250 (228,750 )
(305,000 ) 76,250 (228,750 )

31.3.23
Gross Tax Net
£    £    £   
Pension liability:
Actuarial loss
- - -

10. DIVIDENDS
31.3.24 31.3.23
£    £   
Interim dividends paid 5,000,000 6,000,000

IFOR WILLIAMS TRAILERS LIMITED (REGISTERED NUMBER: 01206036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

11. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1st April 2023 9,058,226 21,278,189 586,638 30,923,053
Additions 376,697 1,372,901 204,491 1,954,089
Disposals (267,670 ) (1,636,468 ) (16,826 ) (1,920,964 )
Reclassification/transfer (415,432 ) 998,836 - 583,404
At 31st March 2024 8,751,821 22,013,458 774,303 31,539,582
DEPRECIATION
At 1st April 2023 5,927,700 17,044,564 528,831 23,501,095
Charge for year 419,653 1,186,244 76,688 1,682,585
Eliminated on disposal (249,998 ) (1,619,871 ) (16,826 ) (1,886,695 )
Reclassification/transfer (283,919 ) 748,519 - 464,600
At 31st March 2024 5,813,436 17,359,456 588,693 23,761,585
NET BOOK VALUE
At 31st March 2024 2,938,385 4,654,002 185,610 7,777,997
At 31st March 2023 3,130,526 4,233,625 57,807 7,421,958

Included in cost of land and buildings is freehold land of £ 469,121 (2023 - £ 469,121 ) which is not depreciated.

12. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st April 2023
and 31st March 2024 2,808
PROVISIONS
At 1st April 2023
and 31st March 2024 2,808
NET BOOK VALUE
At 31st March 2024 -
At 31st March 2023 -

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


IFOR WILLIAMS TRAILERS LIMITED (REGISTERED NUMBER: 01206036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

12. FIXED ASSET INVESTMENTS - continued

Hipicargo Lda
Registered office: Portugal
Nature of business: Distributor of trailers
%
Class of shares: holding
Ordinary 55.00
31.12.22 31.12.22
£    £   
Aggregate capital and reserves (44,192 ) (45,355 )
Loss for the year (684 ) (702 )

13. STOCKS
31.3.24 31.3.23
£    £   
Raw materials & consumables 26,224,691 31,563,770
Finished goods 13,877,752 12,734,607
40,102,443 44,298,377

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 13,447,443 9,943,605
Amounts owed by group undertakings 1,499,453 3,200,209
Corporation tax - 503,628
Prepayments & other debtors 1,063,434 1,127,312
16,010,330 14,774,754

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 4,858,869 6,034,071
Amounts owed to group undertakings 24,064,219 22,880,389
Corporation tax 127,597 -
Social security and other taxes 387,241 284,388
VAT 343,968 1,039,392
Other creditors 230,188 200,170
Accrued expenses 3,381,327 2,024,836
33,393,409 32,463,246

16. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax
Accelerated capital allowances 717,223 556,886
Pensions timing difference (18,931 ) (29,016 )
698,292 527,870

IFOR WILLIAMS TRAILERS LIMITED (REGISTERED NUMBER: 01206036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

16. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1st April 2023 527,870
Movement in the year due to:
- changes in tax allowances 256,428
- changes in pension timing 10,085
- other timing differences (96,091 )
Balance at 31st March 2024 698,292

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
100,000 Ordinary £1 100,000 100,000

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

18. RESERVES
Retained
earnings
£   

At 1st April 2023 41,779,388
Profit for the year 9,866,721
Dividends (5,000,000 )
Actuarial loss (305,000 )
Related deferred tax 76,250
At 31st March 2024 46,417,359

19. EMPLOYEE BENEFIT OBLIGATIONS

For certain employees, the company operates a defined benefit pension scheme with assets held in a separately administered fund. The plan is administered by independent trustees who are responsible for ensuring that the plan is sufficiently funded to meet current and future obligations. The company has agreed a funding plan with the trustees. In addition, and in accordance with the actuarial valuation, the company has agreed with the trustees that it will meet the levies and expenses of the scheme.

IFOR WILLIAMS TRAILERS LIMITED (REGISTERED NUMBER: 01206036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

19. EMPLOYEE BENEFIT OBLIGATIONS - continued

The amounts recognised in the balance sheet are as follows:

Defined benefit
pension plans
31.3.24 31.3.23
£    £   
Present value of funded obligations (32,962,000 ) (33,562,000 )
Fair value of plan assets 32,657,000 35,145,000
(305,000 ) 1,583,000
Present value of unfunded obligations - -
Unrecognised surplus - (1,583,000 )
Deficit (305,000 ) -
Net liability (305,000 ) -

The amounts recognised in profit or loss are as follows:

Defined benefit
pension plans
31.3.24 31.3.23
£    £   
Current service cost - -
Net interest from net defined benefit
asset/liability

(76,000

)

(191,000

)
Past service cost - -
Interest expense on effect of asset ceiling 76,000 191,000
- -

Actual return on plan assets - -

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
31.3.24 31.3.23
£    £   
Opening defined benefit obligation 33,562,000 47,387,000
Interest cost 1,590,000 1,310,000
Actuarial losses/(gains) (1,329,000 ) (13,962,000 )
Benefits paid (861,000 ) (1,173,000 )
32,962,000 33,562,000

IFOR WILLIAMS TRAILERS LIMITED (REGISTERED NUMBER: 01206036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

19. EMPLOYEE BENEFIT OBLIGATIONS - continued

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
31.3.24 31.3.23
£    £   
Opening fair value of scheme assets 35,145,000 54,209,000
Expected return 1,666,000 1,501,000
Actuarial gains/(losses) (3,293,000 ) (19,392,000 )
Benefits paid (861,000 ) (1,173,000 )
32,657,000 35,145,000

The amounts recognised in other comprehensive income are as follows:

Defined benefit
pension plans
31.3.24 31.3.23
£    £   
Actuarial gains/(losses) (1,659,000 ) (5,430 )
Effect of changes in the amount of
irrecoverable surplus

1,659,000

5,430
- -

The major categories of scheme assets as a percentage of total scheme assets are as follows:

Defined benefit
pension plans
31.3.24 31.3.23
Bonds 40% 45%
Cash 1% 1%
LDI 37% 35%
Other assets 22% 19%
100% 100%

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

31.3.24 31.3.23
Discount rate 4.90% 4.80%
Future salary increases 3.20% 3.30%

IFOR WILLIAMS TRAILERS LIMITED (REGISTERED NUMBER: 01206036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

19. EMPLOYEE BENEFIT OBLIGATIONS - continued

The mortality assumptions used were as follows;
31.3.2431.3.23
YearsYears
Longevity at 65 for current pensioners
Men19.520.1
Women21.521.9
Longevity at 65 for future pensioners
Men20.721.4
Women22.923.4


A full actuarial valuation of the company pension scheme was carried out at 31st March 2021.The major assumptions are shown above.

The defined benefit scheme closed to future accruals with effect from 30th September 2009. The company has established a defined contribution scheme to provide benefits to new employees.

Defined contribution scheme

The pension cost charge represents contributions payable by the company and amounted to £358,827 (2023: £277,492).

Summary of pension costs

The total pension cost for the year was as follows:

31.3.2431.3.23
££

Defined benefit scheme79,85242,009
Defined contribution scheme358,827277,492
Life assurance and dependents plan21,72819,856
Pension protection-(61,883)
460,407277,474

Contributions totalling £75,724 (2023: £116,062) were payable to the defined contribution scheme at the year end and are included in creditors: amounts falling due within one year.

20. ULTIMATE PARENT COMPANY

Ifor Williams Trailers Limited is controlled by IWT Holdings Limited, a company under the ultimate control of IWT Limited. IWT Holdings Limited and IWT Limited are registered in Jersey.

J Williams, a director of Ifor Williams Trailers Limited, has a controlling interest in IWT Limited and, therefore, is the ultimate controlling party.

21. CAPITAL COMMITMENTS
31.3.24 31.3.23
£    £   
Contracted but not provided for in the
financial statements - -

IFOR WILLIAMS TRAILERS LIMITED (REGISTERED NUMBER: 01206036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

22. RELATED PARTY DISCLOSURES

During the year ended 31st March 2024 various transactions took place with group companies as follows:

31.3.24 31.3.23
£ £
Sales to group companies 17,761,746 19,341,607
Purchases from group companies 4,526,321 4,204,521
Other costs recharged to group companies 3,824,098 3,003,739
Other costs recharged from group companies 957,786 469,889

Loan interest in the sum of £320,566 was charged in the year on group loans.

As at 31st March 2023 the intercompany balances due to and from group companies was:

Included in Debtors Included in Creditors
31.3.24 31.3.23 31.3.24 31.3.23
£ £ £ £
I.W.T. Holdings Limited - 1,390,862 5,000,000 10,087,619
I.W.T. Deeside Limited - - 13,730,045 7,260,985
I.W.T. Composites Limited - - 852,544 788,306
S.A.R.L. Ifor Williams France 1,496,588 1,809,204 1,788,697 2,121,786
Ifor Williams Benelux BVBA - - 2,692,933 2,621,693
Hipicargo Lda 2,865 143 - -
1,499,453 3,200,209 24,064,219 22,880,389
Included in the above are unsecured loans totalling £15,798,143. Interest is payable at the official rate.

The total provision for doubtful debts for amounts due from group companies is £nil (2023: £76). Income of £nil (2023: £4,181) has been recognised during the year in respect of bad or doubtful debts due from group companies.

I.W.T. Deeside Limited, S.A.R.L. Ifor Williams France, Ifor Williams Benelux BVBA and I.W.T. Composites Limited are 100% subsidiaries of I.W.T. Holdings Limited.