REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
FOR |
I.W.T. DEESIDE LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
25 Grosvenor Road |
Wrexham |
LL11 1BT |
BANKERS: |
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: |
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 £ |
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 |
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. |
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: |
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. |
for and on behalf of |
Chartered Accountants |
and Statutory Auditors |
25 Grosvenor Road |
Wrexham |
LL11 1BT |
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 |
Raw materials and consumables |
Other external expenses |
36,479,895 | 37,937,372 |
10,975,257 | 10,710,403 |
Staff costs | 4 |
Depreciation |
Other operating expenses |
4,916,714 | 4,205,514 |
OPERATING PROFIT | 5 |
Interest receivable and similar income | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
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 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 13 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Retained earnings | 15 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31st March 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31st March 2024 |
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 | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
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 |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) |
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 |
Decrease/(increase) in trade and other debtors | ( |
) |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations | ( |
) |
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 | 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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
£ | £ |
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 |
4. | EMPLOYEES AND DIRECTORS |
31.3.24 | 31.3.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.3.24 | 31.3.23 |
Production | 66 | 65 |
Other | 3 | 3 |
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 |
Profit on disposal of fixed assets | ( |
) |
Auditors remuneration |
Taxation compliance services |
Other non- audit services |
Foreign exchange differences | ( |
) |
Operating lease rentals: property |
Operating lease rentals: plant & machinery |
6. | INTEREST RECEIVABLE AND SIMILAR INCOME |
31.3.24 | 31.3.23 |
£ | £ |
Deposit account interest |
Corporation tax interest |
VAT interest |
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 |
Deferred tax: |
Origination and reversal of |
timing differences |
Impact of change in tax rate | - | (6,303 | ) |
Total deferred tax | ( |
) |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
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 |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
COST |
At 1st April 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31st March 2024 |
DEPRECIATION |
At 1st April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
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 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31st March 2024 |
DEPRECIATION |
At 1st April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
10. | STOCKS |
31.3.24 | 31.3.23 |
£ | £ |
Raw materials & consumables |
Finished goods |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Corporation tax |
VAT |
Deferred tax asset |
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 |
Amounts owed to group undertakings |
Social security and other taxes |
Other creditors |
Accrued expenses |
13. | PROVISIONS FOR LIABILITIES |
31.3.24 |
£ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1st April 2023 | ( |
) |
Movement in the year due to: |
- changes in tax allowances | 26,583 |
- changes in tax rate |
Balance at 31st March 2024 |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
value: | £ | £ |
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 |
Profit for the year |
Dividends | ( |
) |
At 31st March 2024 |
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. |