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REGISTERED NUMBER: 04829658 (England and Wales)




STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

FOR

I.W.T. DEESIDE LIMITED

I.W.T. DEESIDE LIMITED (REGISTERED NUMBER: 04829658)






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


I.W.T. DEESIDE 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: 04829658 (England and Wales)



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



BANKERS: Bank of Scotland
One Kingsway
Cardiff
CF10 3YB

I.W.T. DEESIDE LIMITED (REGISTERED NUMBER: 04829658)

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
I.W.T Deeside 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.


I.W.T. DEESIDE LIMITED (REGISTERED NUMBER: 04829658)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST MARCH 2024

SECTION 172(1) STATEMENT
To operate sustainably long term, I.W.T Deeside 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 I.W.T Deeside 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

I.W.T. DEESIDE LIMITED (REGISTERED NUMBER: 04829658)

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 the manufacture of trailers, accessories and components.

DIVIDENDS
The total distribution of dividends for the year ended 31st March 2024 will be £ 3,500,000 .

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

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 - Deeside's greenhouse gas emissions, reportable under SECR from 1st April 2023 to 31st March 2024 were 254 tonnes CO2e.

These include emissions associated with electricity and natural gas consumption.Ifor Williams Trailers Limited - Deeside's total greenhouse gas emissions decreased by 2% compared to 2022-23. The carbon intensity was 5.52 tonnes CO2e per £m revenue, which is also decreased by 2% compared to 2022-23.

Greenhouse Gas Emissions

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


Emissions Source 2022-23 2023-24 Share (%) YoY Variance (%)
Purchased electricity 100 109 43% 9%

I.W.T. DEESIDE LIMITED (REGISTERED NUMBER: 04829658)

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

Fuel combustion:
Natural Gas

166

145

57%

-13%
Total emissions
(tCO2e)

266

254

100%

-5%
Revenue (£m) 47 46 -2%
Intensity: (tCO2e
per £m)

5.65

5.52


-2%


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

Emissions Source 2022-23 2023-24 Share (%) YoY Variance (%)
Scope 1 166 145 57% -13%
Scope 2 91 100 40% 10%
Scope 3 8 9 3% 4%
Total emissions
(tCO2e)

266

254

100%

-5%

Table 3: Energy consumption by source (kWh)

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

471,878

484,305

38%

3%
Fuel consumption:
Natural Gas

910,859

791,253

62%

-13%
Total consumption
(kWh)

1,382,737

1,275,558

100%

-8%

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-Deeside 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.


I.W.T. DEESIDE LIMITED (REGISTERED NUMBER: 04829658)

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

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
I.W.T. DEESIDE LIMITED

Opinion
We have audited the financial statements of I.W.T. Deeside 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
I.W.T. DEESIDE 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
I.W.T. DEESIDE 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
I.W.T. DEESIDE 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

I.W.T. DEESIDE LIMITED (REGISTERED NUMBER: 04829658)

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

31.3.24 31.3.23
Notes £    £    £    £   

TURNOVER 3 47,455,152 48,647,775

Raw materials and consumables 34,805,002 36,175,759
Other external expenses 1,674,893 1,761,613
36,479,895 37,937,372
10,975,257 10,710,403

Staff costs 4 2,162,889 1,804,275
Depreciation 70,305 110,002
Other operating expenses 2,683,520 2,291,237
4,916,714 4,205,514
OPERATING PROFIT 5 6,058,543 6,504,889

Interest receivable and similar income 6 126,540 15,929
PROFIT BEFORE TAXATION 6,185,083 6,520,818

Tax on profit 7 1,191,351 884,404
PROFIT FOR THE FINANCIAL YEAR 4,993,732 5,636,414

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

4,993,732

5,636,414

I.W.T. DEESIDE LIMITED (REGISTERED NUMBER: 04829658)

BALANCE SHEET
31ST MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 468,942 445,381

CURRENT ASSETS
Stocks 10 6,347,454 8,628,348
Debtors 11 22,149,679 18,200,686
Cash at bank 1,062,834 600,448
29,559,967 27,429,482
CREDITORS
Amounts falling due within one year 12 8,342,957 7,682,963
NET CURRENT ASSETS 21,217,010 19,746,519
TOTAL ASSETS LESS CURRENT
LIABILITIES

21,685,952

20,191,900

PROVISIONS FOR LIABILITIES 13 320 -
NET ASSETS 21,685,632 20,191,900

CAPITAL AND RESERVES
Called up share capital 14 1 1
Retained earnings 15 21,685,631 20,191,899
SHAREHOLDERS' FUNDS 21,685,632 20,191,900

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





J O Williams - Director


I.W.T. DEESIDE LIMITED (REGISTERED NUMBER: 04829658)

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 1 18,055,485 18,055,486

Changes in equity
Dividends - (3,500,000 ) (3,500,000 )
Total comprehensive income - 5,636,414 5,636,414
Balance at 31st March 2023 1 20,191,899 20,191,900

Changes in equity
Dividends - (3,500,000 ) (3,500,000 )
Total comprehensive income - 4,993,732 4,993,732
Balance at 31st March 2024 1 21,685,631 21,685,632

I.W.T. DEESIDE LIMITED (REGISTERED NUMBER: 04829658)

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 4,408,294 (414,327 )
Tax paid (478,580 ) (2,565,599 )
Net cash from operating activities 3,929,714 (2,979,926 )

Cash flows from investing activities
Purchase of tangible fixed assets (111,657 ) (34,235 )
Sale of tangible fixed assets 17,789 -
Interest received 126,540 15,929
Net cash from investing activities 32,672 (18,306 )

Cash flows from financing activities
Equity dividends paid (3,500,000 ) (3,500,000 )
Net cash from financing activities (3,500,000 ) (3,500,000 )

Increase/(decrease) in cash and cash equivalents 462,386 (6,498,232 )
Cash and cash equivalents at beginning of
year

2

600,448

7,098,680

Cash and cash equivalents at end of year 2 1,062,834 600,448

I.W.T. DEESIDE LIMITED (REGISTERED NUMBER: 04829658)

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 6,185,083 6,520,818
Depreciation charges 72,307 110,002
Profit on disposal of fixed assets (2,000 ) -
Decrease/(increase) in group debtors (7,947,400 ) (7,155,657 )
Increase/(decrease) in group creditors 1,581,065 819,671
Finance income (126,540 ) (15,929 )
(237,485 ) 278,905
Decrease in stocks 2,280,894 1,940,947
Decrease/(increase) in trade and other debtors 3,285,956 (2,311,685 )
Decrease in trade and other creditors (921,071 ) (322,494 )
Cash generated from operations 4,408,294 (414,327 )

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 1,062,834 600,448
Year ended 31st March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 600,448 7,098,680


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank 600,448 462,386 1,062,834
600,448 462,386 1,062,834
Total 600,448 462,386 1,062,834

I.W.T. DEESIDE LIMITED (REGISTERED NUMBER: 04829658)

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

1. STATUTORY INFORMATION

I.W.T. Deeside 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.

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.

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.

I.W.T. DEESIDE LIMITED (REGISTERED NUMBER: 04829658)

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

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - Straight line over 3 years
Plant and machinery - 10% - 20% on cost
Fixtures and fittings - 33% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

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.

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.


I.W.T. DEESIDE LIMITED (REGISTERED NUMBER: 04829658)

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

2. ACCOUNTING POLICIES - continued

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 a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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 46,239,389 47,217,791
Rendering of services 1,215,763 1,429,984
47,455,152 48,647,775

An analysis of turnover by geographical market is given below:

31.3.24 31.3.23
£    £   
Home sales 29,146,230 33,373,596
Export sales 17,093,160 13,844,195
Carriage & insurance 1,215,762 1,429,984
47,455,152 48,647,775

4. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
£    £   
Wages and salaries 1,924,942 1,628,238
Social security costs 196,954 141,621
Other pension costs 40,993 34,416
2,162,889 1,804,275

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

Production 66 65
Other 3 3
69 68

I.W.T. DEESIDE LIMITED (REGISTERED NUMBER: 04829658)

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

4. EMPLOYEES AND DIRECTORS - continued

31.3.24 31.3.23
£    £   
Director's remuneration - -

5. OPERATING PROFIT

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

31.3.24 31.3.23
£    £   
Depreciation - owned assets 72,307 110,002
Profit on disposal of fixed assets (2,000 ) -
Auditors remuneration 17,150 16,650
Taxation compliance services 1,000 950
Other non- audit services - 425
Foreign exchange differences 22,169 (66,364 )
Operating lease rentals: property 222,500 221,000
Operating lease rentals: plant & machinery 74,521 55,632

6. INTEREST RECEIVABLE AND SIMILAR INCOME
31.3.24 31.3.23
£    £   
Deposit account interest - 330
Corporation tax interest 119,581 15,599
VAT interest 6,959 -
126,540 15,929

7. 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 1,164,768 889,881

Deferred tax:
Origination and reversal of
timing differences 26,583 826
Impact of change in tax rate - (6,303 )
Total deferred tax 26,583 (5,477 )
Tax on profit 1,191,351 884,404

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

I.W.T. DEESIDE LIMITED (REGISTERED NUMBER: 04829658)

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

7. 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 6,185,083 6,520,818
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

1,546,271

1,238,955

Effects of:
Permanent timing differences 4,013 1,583
Patent box (358,887 ) (355,705 )
Movement in other general provisions (46 ) 5,865
Bad debt provision movement - 9
Tax rate change - (6,303 )
Total tax charge 1,191,351 884,404

8. DIVIDENDS
31.3.24 31.3.23
£    £   
Interim dividends paid 3,500,000 3,500,000

9. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1st April 2023 607,659 2,134,495 156,259
Additions - 88,805 5,933
Disposals (15,789 ) (1,254,982 ) (156,259 )
At 31st March 2024 591,870 968,318 5,933
DEPRECIATION
At 1st April 2023 260,928 2,039,792 156,259
Charge for year 23,127 38,722 1,678
Eliminated on disposal - (1,254,982 ) (156,259 )
At 31st March 2024 284,055 823,532 1,678
NET BOOK VALUE
At 31st March 2024 307,815 144,786 4,255
At 31st March 2023 346,731 94,703 -

I.W.T. DEESIDE LIMITED (REGISTERED NUMBER: 04829658)

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

9. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st April 2023 13,305 151,079 3,062,797
Additions - 16,919 111,657
Disposals (13,305 ) (141,397 ) (1,581,732 )
At 31st March 2024 - 26,601 1,592,722
DEPRECIATION
At 1st April 2023 13,305 147,132 2,617,416
Charge for year - 8,780 72,307
Eliminated on disposal (13,305 ) (141,397 ) (1,565,943 )
At 31st March 2024 - 14,515 1,123,780
NET BOOK VALUE
At 31st March 2024 - 12,086 468,942
At 31st March 2023 - 3,947 445,381

10. STOCKS
31.3.24 31.3.23
£    £   
Raw materials & consumables 4,945,140 7,033,967
Finished goods 1,402,314 1,594,381
6,347,454 8,628,348

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 4,690,890 7,413,369
Amounts owed by group undertakings 15,220,623 7,273,223
Other debtors 264,826 271,586
Corporation tax 1,213,197 1,899,385
VAT 760,143 1,316,860
Deferred tax asset - 26,263
22,149,679 18,200,686

Deferred tax asset
31.3.23
£   
Accelerated capital allowances 26,263

I.W.T. DEESIDE LIMITED (REGISTERED NUMBER: 04829658)

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

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 1,185,478 2,095,572
Amounts owed to group undertakings 6,412,686 4,831,621
Social security and other taxes 29,985 29,248
Other creditors 60,233 66,836
Accrued expenses 654,575 659,686
8,342,957 7,682,963

13. PROVISIONS FOR LIABILITIES
31.3.24
£   
Deferred tax
Accelerated capital allowances 320

Deferred
tax
£   
Balance at 1st April 2023 (26,263 )
Movement in the year due to:
- changes in tax allowances 26,583
- changes in tax rate
Balance at 31st March 2024 320

14. CALLED UP SHARE CAPITAL

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

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

15. RESERVES
Retained
earnings
£   

At 1st April 2023 20,191,899
Profit for the year 4,993,732
Dividends (3,500,000 )
At 31st March 2024 21,685,631

16. PENSION COMMITMENTS

Contributions totalling £9,880 (2023: £10,678) were payable to the defined contribution scheme at the year end and are included in creditors: amounts falling due within one year.

I.W.T. DEESIDE LIMITED (REGISTERED NUMBER: 04829658)

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

17. ULTIMATE PARENT COMPANY

IWT Deeside 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.

18. RELATED PARTY DISCLOSURES

During the year there were the following transactions with other group companies:

31.3.24 31.3.23
£ £
Sales to group companies 2,720,182 2,472,729
Purchases from group companies 17,761,934 19,341,607
Other costs recharged from group companies 3,484,540 3,377,010
Other costs recharged to group companies - 4,319

As at the year end the intercompany balances due within one year to and from group companies were as follows:

Included in Debtors Included in Creditors
31.3.24 31.3.23 31.3.24 31.3.23
£ £ £ £
Ifor Williams Trailers Limited 15,206,980 7,260,985 1,476,934 -
I.W.T. Composites Limited - - - 565
S.A.R.L. Ifor Williams France 13,643 12,238 1,324,752 1,110,056
Hipitecnica Lda - - - -
I.W.T. Holdings Limited - - 3,611,000 3,721,000
15,220,623 7,273,223 6,412,686 4,831,621

Ifor Williams Trailers Limited, S.A.R.L, Ifor Williams France and I.W.T. Composites Limited are subsidiaries of I.W.T. Holdings Limited. Hipicargo Lda us a subsidiary of Ifor Williams Trailers Limited.