Registration number:
WW (UK) Limited
for the Year Ended 30 April 2024
WW (UK) Limited
Contents
Company Information |
|
Strategic Report |
|
Non-financial and sustainability information |
|
Energy and carbon report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Consolidated Statement of Comprehensive Income |
|
Consolidated Statement of Financial Position |
|
Statement of Financial Position |
|
Consolidated Statement of Changes in Equity |
|
Statement of Changes in Equity |
|
Consolidated Statement of Cash Flows |
|
Notes to the Financial Statements |
WW (UK) Limited
Company Information
Directors |
D A Wooler G S Wooler P L Webb C Facey J O'Malley A Morgan A Worswick C Davidge N Borrie |
Registered office |
|
Auditors |
|
WW (UK) Limited
Strategic Report for the Year Ended 30 April 2024
The directors present their strategic report for the year ended 30 April 2024.
Principal activity
The principal activity of the group is that of office furniture wholesaler.
Fair review of the business
The results for the year ended 30 April 2025 were in line with expectations and reflect the challenging wider economic environment and market conditions which have negatively impacted business confidence and investment. Turnover for the year was £39.3m (2023: £43.1m); EBITDA was £1.8m (2023: £2.4m) and the profit before taxation was £0.9m (2023: £1.6m).
We continue to invest in our IT infrastructure to increase efficiency and invest in our product offering to ensure we continue to deliver a comprehensive range of product and services to meet our customers’ needs.
The group continues to identify and implement cost saving and efficiency initiatives which ensures we are well placed to manage both current and future economic and market conditions.
Future prospects
We are expecting challenging market conditions during 2024 is linked to the wider economic environment. In addition, we do not expect a full return to pre-pandemic working practices in the near term as hybrid working and working from home have become established practices in the public sector and some parts of the private sector. However, we remain focused on delivering an exceptional customer experience, winning new business and controlling costs and are therefore confident of achieving our objectives moving forward.
WW (UK) Limited
Strategic Report for the Year Ended 30 April 2024 (continued)
Principal risks and uncertainties
The principal risks to the group are:
Macro-economic risk: The current economic climate in the UK remains challenging with high borrowing costs continuing to negatively impact business confidence and investment. Recently announced increases to Employers National Insurance from April 2025 have not helped. This has created challenging trading conditions in our market which poses a risk to our financial performance. We are taking a wide variety of actions to win market share and ensure we continue to grow sales and earnings.
Inflation: Inflation levels have reduced significantly over the last 2 years and are now close to the Bank of England’s target of 2%. However, UK wage inflation remains stubbornly high and together with the increase in Employers National Insurance from April 2025, we expect to see some additional price inflation in the coming months. We seek to protect our customers from all forms of price inflation wherever possible but passing these cost increases through in our sell prices is sometimes unavoidable. The market for office, home office and educational furniture remains very competitive which, when combined with high inflation, can put pressure on margins.
Credit risk: This is a significant financial risk related to the Group’s trade debtors - a risk we expect to increase in 2025 driven by the challenging economic environment in the UK, our largest market. The group closely manages its credit risk exposure using a combination of credit insurance and strong credit control procedures. Any uninsured credit risk is managed by monitoring payments and account limits against agreed terms, adjusting commercial terms where needed, reviewing customer management information and maintaining a regular dialog with our customers.
Foreign exchange risk: We continue to manage our foreign exchange risk exposure by utilising a variety of hedging products for the duration of each pricing period to minimise this risk.
Key performance indicators
The group uses various KPI’s to monitor the business on a regular basis, including both financial and operational KPI’s. Financial KPI’s include sales revenues (2024: £39.3m; 2023: £43.1m; -8.8%), gross margins before distribution costs (2024: 39.9%; 2023: 37.4%; +2.5%) and after distribution costs (2024: 28.9%; 2023: 27.3%; +1.6%), trading contribution before central overheads and net margins. Management also monitors profitability by customer and product range. Operational KPI’s include availability and fill rates, returns rates, cost to serve (outbound distribution percentages), damages, product performance and warehouse performance (pick rates, picking errors, shortages etc). Management receive daily, weekly and monthly performance reports that include both financial and non financial measures.
Reconciliation of operating profit to EBITDA before exceptional items
Financial KPIs |
Unit |
2024 |
2023 |
Operating profit |
£ |
1,534,022 |
2,058,847 |
Depreciation |
£ |
204,384 |
189,099 |
Amortisation |
£ |
125,328 |
118,287 |
EBITDA before exceptional items |
£ |
1,848,606 |
2,366,233 |
WW (UK) Limited
Strategic Report for the Year Ended 30 April 2024 (continued)
Statement by the directors in performance of their statutory duties in accordance with s172(1) Companies Act 2006
The Board of Directors consider that in the decisions taken during the year ended 30 April 2024, they have acted in a way they consider, in good faith, would be most likely to promote the success of the group for the benefit of its members as a whole, having regard to (amongst other matters):
- the likely consequences of any decision in the long term;
- the interests of the group's employees;
- the need to foster the group's business relationships with suppliers, customers and others;
- the impact of the group's operations on the community and the environment;
- the desirability of the group maintaining a reputation for high standards of business conduct; and
- the need to act fairly as between members of the group.
We also have regard to other factors which we consider relevant to the decision being made. Those factors, for example, include the interests and views of our shareholders, other group companies, funding providers and other relevant stakeholders. We acknowledge that not every decision we make will necessarily result in a positive outcome for all of our stakeholders.
As is normal for large, private companies, we delegate authority for day-to-day management of the group to executives and then engage management in setting, approving and overseeing execution of the business strategy and related policies. Monitoring of this is conducted through regular business review meetings which are attended by a subset of the board of directors. Board meetings are held quarterly, and activities reviewed through the consideration and discussion of key operational, financial and strategic information, which is circulated in advance of each board meeting, and the consideration of the impact of the relevant discussions on stakeholders.
We take decisions aligned to the group's vision and values together with its strategic priorities. We ensure management operate the business in a responsible manner and with the high standards of business conduct and good governance expected for a business of our size.
Our decisions are made to have a long-term beneficial impact on the group and to contribute to the group's success. Our decisions take into account the impact of the group's operations on the community and environment, and our wider societal responsibilities.
Our employees are fundamental to the success of the group. We aim to be a responsible employer in our approach to the pay and benefits our employees receive, and the health, safety and well-being of our employees is one of our primary considerations when taking decisions.
During the year, we have held regular online and in person updates with our employees to ensure all our colleagues are updated throughout the period. We also utilise our group intranet site to share information with our employees.
Non-financial and sustainability information
Energy and carbon report
We have considered the recommendations of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD) when preparing this report. These recommendations encourage businesses to increase disclosure of climate-related information, with an emphasis on financial disclosure. WW (UK) Limited supports these recommendations and are committed to disclosing the relevant information which can be found below.
WW (UK) Limited
Strategic Report for the Year Ended 30 April 2024 (continued)
Governance
Corporate responsibility is an integral part of our values. Our corporate and social responsibility strategy includes our commitment to continually reduce the impact we have on the environment.
We are currently:
• Working closely with our suppliers and customers to source products that meet high environmental and social standards
• Implementing a carbon emissions reduction plan
• Using energy certified from 100% renewable sources
• Using cardboard shipping boxes for all orders, fully recyclable and made from 100% recycled paper
• Recycling waste wherever possible
• Actively seeking out better packaging solutions
• Reducing our use of single use plastics
• Using 100% recycled printer paper
• Recycling printer ink cartridges, electrical items and consumables
• Donating any unwanted furniture to charities
• Operating an environmental management system certified to ISO 14001
We encourage all our employees to get involved, whether that means raising money for charities, volunteering or enhancing our contribution to the environment. All our employees are entitled to devote two working days a year to supporting a volunteering project they choose.
UK energy and carbon emissions reporting |
Unit of measurement |
2024 |
2023 |
Energy consumption used to calculate emissions - for gas, electricity, transport and business travel emissions |
kWh |
|
|
Scope 1 - emissions from gas, fleet transport and company car business travel |
tCO2e |
|
|
Scope 2 - emissions from purchased electricity - location based |
tCO2e |
|
|
Scope 3 - emissions from staff vehicles used for business purposes |
tCO2e |
|
|
Total gross emissions |
tCO2e |
80.00 |
359.00 |
Intensity ratio - kgCO2e per sales revenue |
kgCO2e/rev |
0.00 |
0.01 |
199,811.00 |
204,192.01 |
Reporting Boundary, Methodology and Exclusions
We have reported on all sources of GHG emissions and energy usage, associated emissions, energy efficiency actions and energy performance for the group under the government policy Streamlined Energy & Carbon Reporting (SECR), as implemented by the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.
We have followed the 2024 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol - Corporate Standard and have used the 2024 UK Government's Conversion Factors for Company Reporting. Energy data is obtained from meter readings and fleet and business mileage data from expenses system. There are no material omissions from the mandatory reporting scope. The reporting period is May 2023 to April 2024, as per the financial statements.
WW (UK) Limited
Strategic Report for the Year Ended 30 April 2024 (continued)
Energy Efficiency Initiatives
The group is committed to year-on-year improvements in our operational energy efficiency. We are replacing petrol and diesel vehicles with electric vehicles wherever possible and ensuring we use LED lighting in all our locations (including the installation of automatic lighting to reduce the risk of lights being left on when not needed). We are commencing a new initiative to upcycle / “make good” old laptops and sell them to employees to help reduce technology waste. We recently achieved Forest Stewardship Council (FSC) certification as part of our commitment to sustainability and responsible product sourcing practices for wood and paper products. The FSC certification is a globally recognised environmental and socially responsible forestry management standard that helps uphold ethical standards in our supply chain.
Engagement with suppliers, customers and other stakeholders
Modern Slavery
A copy of our Modern Slavery Statement is publicly available and can be found by visiting our website.
WW (UK) Limited
Strategic Report for the Year Ended 30 April 2024 (continued)
Approved and authorised by the
......................................... |
WW (UK) Limited
Directors' Report for the Year Ended 30 April 2024
The directors present their report and the for the year ended 30 April 2024.
Directors of the group
The directors who held office during the year were as follows:
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved and authorised by the
......................................... |
WW (UK) Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
WW (UK) Limited
Independent Auditor's Report to the Members of WW (UK) Limited
Opinion
We have audited the financial statements of WW (UK) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024, which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Statement of Financial Position, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 30 April 2024 and of the group's profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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 group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
WW (UK) Limited
Independent Auditor's Report to the Members of WW (UK) Limited (continued)
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 9], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• |
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the directors and other management. We communicated identified laws and regulations throughout our team, and remained alert to any indications of non-compliance throughout the audit. |
WW (UK) Limited
Independent Auditor's Report to the Members of WW (UK) Limited (continued)
• |
The company is subject to laws and regulations that govern the preparation of the financial statements, including financial reporting legislation, and other companies legislation. The company is also subject to other laws and regulations where the consequences of non-compliance could have a material impact on the amounts or disclosures within the financial statements, including employment, anti-bribery, anti-money laundering and certain aspects of companies legislation. |
• |
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In any audit, there remains a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. we also: |
|
• |
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. |
• |
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. |
• |
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. |
• |
Conclude on the appropriateness of the directors use of the going concern basis of accounting
|
• |
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. |
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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 an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
WW (UK) Limited
Independent Auditor's Report to the Members of WW (UK) Limited (continued)
For and on behalf of
Plym House
3 Longbridge Road
PL6 8LT
WW (UK) Limited
Consolidated Statement of Comprehensive Income for the Year Ended 30 April 2024
Note |
2024 |
2023 |
|
Turnover |
39,314,693 |
43,097,642 |
|
Cost of sales |
(23,611,169) |
(26,988,539) |
|
Gross profit |
15,703,524 |
16,109,103 |
|
Distribution costs |
(4,325,263) |
(4,351,694) |
|
Administrative expenses |
(9,844,239) |
(9,698,562) |
|
Operating profit |
1,534,022 |
2,058,847 |
|
Loss on financial assets at fair value through profit and loss |
- |
(40,912) |
|
Income from other fixed assets investments |
- |
58,710 |
|
Other interest receivable and similar income |
- |
635 |
|
Interest payable and similar expenses |
(595,574) |
(482,929) |
|
(595,574) |
(464,496) |
||
Profit before tax |
938,448 |
1,594,351 |
|
Tax on profit |
(182,347) |
(244,864) |
|
Profit for the financial year |
756,101 |
1,349,487 |
|
|
||
Other comprehensive income |
- |
(923,443) |
|
Total comprehensive income for the year |
756,101 |
426,044 |
WW (UK) Limited
(Registration number: 02861426)
Consolidated Statement of Financial Position as at 30 April 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
2,275 |
2,275 |
|
Profit and loss account |
2,408,061 |
2,626,219 |
|
Equity attributable to owners of the company |
2,410,336 |
2,628,494 |
|
Shareholders' funds |
2,410,336 |
2,628,494 |
Approved and authorised by the
......................................... |
WW (UK) Limited
(Registration number: 02861426)
Statement of Financial Position as at 30 April 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Intangible assets |
681,797 |
688,207 |
|
Tangible assets |
448,303 |
315,326 |
|
Investments |
80,003 |
2,111,946 |
|
1,210,103 |
3,115,479 |
||
Current assets |
|||
Stocks |
5,436,486 |
5,096,966 |
|
Debtors |
7,629,294 |
8,777,694 |
|
Cash at bank and in hand |
1,001,257 |
1,326,204 |
|
14,067,037 |
15,200,864 |
||
Creditors: Amounts falling due within one year |
(12,552,620) |
(14,241,504) |
|
Net current assets |
1,514,417 |
959,360 |
|
Total assets less current liabilities |
2,724,520 |
4,074,839 |
|
Creditors: Amounts falling due after more than one year |
(245,544) |
(583,188) |
|
Provisions for liabilities |
(68,640) |
(54,841) |
|
Net assets |
2,410,336 |
3,436,810 |
|
Capital and reserves |
|||
Called up share capital |
2,275 |
2,275 |
|
Revaluation reserve |
- |
424,901 |
|
Profit and loss account |
2,408,061 |
3,009,634 |
|
Shareholders' funds |
2,410,336 |
3,436,810 |
The company made a profit after tax for the financial year of £755,744 (2023 - profit of £1,234,360).
Approved and authorised by the
......................................... |
WW (UK) Limited
Consolidated Statement of Changes in Equity for the Year Ended 30 April 2024
Equity attributable to the parent company
Share capital |
Revaluation reserve |
Profit and loss account |
Total |
Total equity |
|
At 1 May 2022 |
|
|
|
|
2,791,762 |
Profit for the year |
- |
- |
|
|
1,349,487 |
Other comprehensive income |
- |
( |
( |
( |
(923,443) |
Total comprehensive income |
- |
( |
|
|
426,044 |
Dividends |
- |
- |
( |
( |
(589,312) |
At 30 April 2023 |
2,275 |
- |
2,626,219 |
2,628,494 |
2,628,494 |
Share capital |
Revaluation reserve |
Profit and loss account |
Total |
Total equity |
|
At 1 May 2023 |
|
- |
|
|
|
Profit for the year |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
( |
Other movements on reserves |
- |
- |
(53,664) |
(53,664) |
(53,664) |
At 30 April 2024 |
|
- |
|
|
|
WW (UK) Limited
Statement of Changes in Equity for the Year Ended 30 April 2024
Share capital |
Revaluation reserve |
Profit and loss account |
Total |
|
At 1 May 2022 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
At 30 April 2023 |
2,275 |
424,901 |
3,009,634 |
3,436,810 |
Share capital |
Revaluation reserve |
Profit and loss account |
Total |
|
At 1 May 2023 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Other comprehensive income |
- |
( |
- |
( |
Total comprehensive income |
- |
( |
|
|
Dividends |
- |
- |
( |
( |
Other movements on reserves |
- |
- |
(436,722) |
(436,722) |
At 30 April 2024 |
|
- |
|
|
WW (UK) Limited
Consolidated Statement of Cash Flows for the Year Ended 30 April 2024
Note |
2024 |
2023 |
|
Cash flows from operating activities |
|||
Profit for the year |
756,101 |
1,349,487 |
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
325,534 |
307,386 |
|
Financial instrument net gains (losses) through profit and loss reserve |
(53,664) |
- |
|
Profit on disposal of tangible assets |
(6,764) |
- |
|
Finance costs |
595,574 |
497,294 |
|
Income tax expense |
182,347 |
244,864 |
|
Income from other fixed asset investments |
- |
(58,710) |
|
Other finance income |
- |
(635) |
|
Gain/loss on financial assets at fair value through profit and loss |
- |
40,912 |
|
Accrued expenses/Income |
274,260 |
272,333 |
|
2,073,388 |
2,652,931 |
||
Working capital adjustments |
|||
(Increase)/decrease in stocks |
(56,234) |
953,653 |
|
Decrease in trade debtors |
2,031,867 |
1,456,647 |
|
Decrease in trade creditors |
(1,359,023) |
(2,685,496) |
|
Cash generated from operations |
2,689,998 |
2,377,735 |
|
Income taxes paid |
(396,429) |
(234,938) |
|
Net cash flow from operating activities |
2,293,569 |
2,142,797 |
|
Cash flows from investing activities |
|||
Interest received |
- |
635 |
|
Acquisitions of tangible assets |
(324,492) |
(146,875) |
|
Proceeds from disposal of investments in joint ventures and associates |
- |
284,566 |
|
Net cash flows from investing activities |
(324,492) |
138,326 |
|
Cash flows from financing activities |
|||
Interest paid |
(595,574) |
(497,294) |
|
Proceeds from bank borrowing draw downs |
4,259,732 |
5,819,839 |
|
Repayment of bank borrowing |
(5,817,147) |
(6,673,125) |
|
Payments to finance lease creditors |
41,855 |
(17,476) |
|
Dividends paid |
(920,595) |
(589,312) |
|
Net cash flows from financing activities |
(3,031,729) |
(1,957,368) |
|
Net (decrease)/increase in cash and cash equivalents |
(1,062,652) |
323,755 |
|
Cash and cash equivalents at 1 May |
1,056,379 |
732,624 |
WW (UK) Limited
Consolidated Statement of Cash Flows for the Year Ended 30 April 2024 (continued)
Note |
2024 |
2023 |
|
Cash and cash equivalents at 30 April |
(6,273) |
1,056,379 |
WW (UK) Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Aztec 1300
Park Avenue
Aztec West
Bristol
Avon
BS32 4RX
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling which is the functional currency of the entity.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 April 2024.
WW (UK) Limited
Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)
2 |
Accounting policies (continued) |
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Statement of Comprehensive Income from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Going concern
The financial statements have been prepared on a going concern basis.
WW (UK) Limited
Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)
2 |
Accounting policies (continued) |
Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the group.
The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.
Revenue from the sale of goods is recognised on dispatch of stock when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
WW (UK) Limited
Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)
2 |
Accounting policies (continued) |
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale
proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Asset class |
Depreciation method and rate |
Leasehold land and buildings |
20% straight line |
Plant and machinery |
10% and 20% straight line |
Fixtures, Fittings and equipment |
20%, 25% and 33% straight line |
Motor vehicles |
25% straight line or over the term of the lease |
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
WW (UK) Limited
Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)
2 |
Accounting policies (continued) |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
8-10 years straight line |
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities (joint ventures).
Joint ventures are subject to revaluation based on an adjusted profit multiple generated from the Private Company Price Index. The joint venture became a wholly owned subsidiary last year.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
WW (UK) Limited
Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)
2 |
Accounting policies (continued) |
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.
Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of
stocks over its estimated selling price less costs to complete and sell is recognised as an impairment
loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
WW (UK) Limited
Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)
2 |
Accounting policies (continued) |
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.
Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Recognition and measurement
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
WW (UK) Limited
Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)
2 |
Accounting policies (continued) |
Derivatives
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
Turnover |
The analysis of the group's turnover for the year from continuing operations is as follows:
2024 |
2023 |
|
Sale of goods |
|
|
Rendering of services |
|
|
|
|
The analysis of the group's turnover for the year by market is as follows:
2024 |
2023 |
|
UK |
|
|
Europe and the rest of the world |
|
|
|
|
Operating profit |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Amortisation expense |
|
|
Foreign exchange gains |
( |
( |
Operating lease expense - property |
|
|
Profit on disposal of property, plant and equipment |
( |
- |
Impairment of trade debtors |
64,995 |
55,658 |
Income from other investments |
2024 |
2023 |
|
Gain/(loss) on hedging instrument in a fair value hedge |
- |
(40,912) |
WW (UK) Limited
Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)
Income from fixed asset investments |
2024 |
2023 |
|
Share of profits of joint ventures |
- |
58,710 |
Other interest receivable and similar income |
2024 |
2023 |
|
Other finance income |
- |
|
Interest payable and similar expenses |
2024 |
2023 |
|
Interest on bank overdrafts and borrowings |
|
|
Interest on obligations under finance leases and hire purchase contracts |
- |
|
Interest expense on other finance liabilities |
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
4,102,075 |
4,219,135 |
Social security costs |
393,414 |
383,940 |
Pension costs, defined contribution scheme |
264,969 |
175,851 |
4,760,458 |
4,778,926 |
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
2024 |
2023 |
|
Administration and support |
|
|
Sales, marketing and distribution |
|
|
|
|
WW (UK) Limited
Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)
Directors' remuneration |
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
921,963 |
630,263 |
In respect of the highest paid director:
2024 |
2023 |
|
Remuneration |
|
|
Company contributions to money purchase pension schemes |
|
|
244,486 |
198,870 |
Auditors' remuneration |
2024 |
2023 |
|
Audit of these financial statements |
17,650 |
16,000 |
Other fees to auditors |
||
All other non-audit services |
|
|
Taxation |
Tax charged/(credited) in the consolidated statement of comprehensive income
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
|
Arising from changes in tax rates and laws |
( |
|
Total deferred taxation |
|
|
Tax expense in the income statement |
|
|
WW (UK) Limited
Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)
12 |
Taxation (continued) |
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2024 |
2023 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Decrease in UK and foreign current tax from adjustment for prior periods |
( |
- |
Tax decrease from effect of capital allowances and depreciation |
- |
( |
Effect of revenues exempt from taxation |
( |
( |
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Effect of tax losses |
- |
|
Effect of foreign tax rates |
- |
( |
Tax decrease from effect of adjustment in research and development tax credit |
( |
( |
Tax decrease from other tax effects |
- |
( |
Total tax charge |
|
|
From the 1st April 2023, the corporation tax rate in the UK for the company has been 25% following a change in laws. Prior to this a rate of 19% was applicable, meaning for the prior period the average rate of tax was 19.49% on UK profits.
Deferred tax
Group and Company
Deferred tax assets and liabilities
2023 |
Liability |
Accelerated capital allowances |
|
|
WW (UK) Limited
Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)
Intangible assets |
Group
Goodwill |
Total |
|
Cost or valuation |
||
At 1 May 2023 |
|
|
Revaluation on hive-up |
( |
( |
At 30 April 2024 |
|
|
Amortisation |
||
At 1 May 2023 |
|
|
Amortisation charge |
|
|
At 30 April 2024 |
|
|
Carrying amount |
||
At 30 April 2024 |
|
|
At 30 April 2023 |
|
|
Company
Goodwill |
Total |
|
Cost or valuation |
||
At 1 May 2023 |
|
|
Additions acquired separately |
|
|
At 30 April 2024 |
|
|
Amortisation |
||
At 1 May 2023 |
|
|
Amortisation charge |
|
|
At 30 April 2024 |
|
|
Carrying amount |
||
At 30 April 2024 |
|
|
At 30 April 2023 |
|
|
WW (UK) Limited
Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)
Tangible assets |
Group |
Long leasehold property |
Fixtures and fittings |
Motor vehicles |
Total |
Cost or valuation |
||||
At 1 May 2023 |
|
|
|
|
Additions |
|
|
- |
|
Revaluation on hive-up |
- |
- |
( |
( |
Disposals |
- |
( |
- |
( |
At 30 April 2024 |
|
|
|
|
Depreciation |
||||
At 1 May 2023 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
( |
- |
( |
At 30 April 2024 |
|
|
|
|
Carrying amount |
||||
At 30 April 2024 |
|
|
|
|
At 30 April 2023 |
|
|
|
|
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
2024 |
2023 |
|
Fixture, fittings and equipment |
|
|
WW (UK) Limited
Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)
14 |
Tangible assets (continued) |
Company |
Long leasehold property |
Fixtures and fittings |
Motor vehicles |
Total |
Cost or valuation |
||||
At 1 May 2023 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
- |
( |
- |
( |
At 30 April 2024 |
|
|
|
|
Depreciation |
||||
At 1 May 2023 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
( |
- |
( |
At 30 April 2024 |
|
|
|
|
Carrying amount |
||||
At 30 April 2024 |
|
|
|
|
At 30 April 2023 |
|
|
- |
|
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
2024 |
2023 |
|
Fixture, fittings and equipment |
|
|
Investments |
Company
2024 |
2023 |
|
Investments in subsidiaries |
80,003 |
2,111,946 |
WW (UK) Limited
Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)
15 |
Investments (continued) |
Subsidiaries |
£ |
Cost or valuation |
|
At 1 May 2023 |
2,111,946 |
Disposals |
(2,031,943) |
At 30 April 2024 |
80,003 |
Provision |
|
Carrying amount |
|
At 30 April 2024 |
80,003 |
At 30 April 2023 |
2,111,946 |
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Principal activity |
|
Subsidiary undertakings |
||||
|
Same as parent England |
|
Dormant |
|
|
Same as parent England |
|
Dormant |
|
|
Same as parent England |
|
Dormant |
|
|
12 Lower Hatch Street, Dublin 2, D02 R682, Ireland Republic of Ireland |
|
Dormant |
|
On 1 July 2023 WW Office Furniture Limited, a 100% owned subsidiary, was hived up into WW (UK) Limited.
Stocks |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
Finished goods and goods for resale |
|
|
|
|
WW (UK) Limited
Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)
Debtors |
Group |
Company |
||||
Current |
Note |
2024 |
2023 |
2024 |
2023 |
Trade debtors |
6,400,296 |
8,479,509 |
6,400,296 |
7,478,428 |
|
Amounts owed by related parties |
- |
- |
- |
264,375 |
|
Other debtors |
626,703 |
550,164 |
626,704 |
550,164 |
|
Called up share capital not paid |
1,275 |
1,275 |
1,275 |
1,275 |
|
Prepayments |
424,772 |
467,217 |
424,772 |
373,432 |
|
Accrued income |
123,272 |
110,020 |
123,272 |
110,020 |
|
Income tax asset |
52,976 |
42,472 |
52,976 |
- |
|
7,629,294 |
9,650,657 |
7,629,295 |
8,777,694 |
Cash and cash equivalents |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
Cash on hand |
|
|
|
|
Cash at bank |
|
|
|
|
Short-term deposits |
- |
|
- |
|
|
|
|
|
|
Bank overdrafts |
( |
( |
( |
( |
Cash and cash equivalents in statement of cash flows |
(6,273) |
1,056,379 |
(6,273) |
868,014 |
Creditors |
Group |
Company |
||||
Note |
2024 |
2023 |
2024 |
2023 |
|
Due within one year |
|||||
Loans and borrowings |
|
|
|
|
|
Trade creditors |
|
|
|
|
|
Amounts due to related parties |
- |
- |
|
|
|
Social security and other taxes |
|
|
|
|
|
Other payables |
|
|
|
|
|
Accruals |
|
|
|
|
|
Income tax liability |
- |
217,377 |
- |
217,377 |
|
|
|
|
|
WW (UK) Limited
Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)
19 |
Creditors (continued) |
Group |
Company |
||||
Note |
2024 |
2023 |
2024 |
2023 |
|
Due after one year |
|||||
Loans and borrowings |
|
|
|
|
Loans and borrowings |
Non-current loans and borrowings
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
Bank borrowings |
|
|
|
|
Current loans and borrowings
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
Bank borrowings |
|
|
|
|
Bank overdrafts |
|
|
|
|
Finance lease liabilities |
|
|
|
|
|
|
|
|
Company
Bank borrowings
The bank overdraft is secured by a fixed and floating charge over the assets of the company. Within bank borrowings for the group is invoice financing of £4,295,528 (2023 - £5,477,240) which is secured by the group's trade debtors shown in note 17. |
The Coronavirus Business Interruption Loan benefits from a government guarantee.
|
No secured loans or borrowings exist within the group which are not directly from the company itself.
WW (UK) Limited
Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)
Provisions for liabilities |
Group
Deferred tax |
Total |
|
At 1 May 2023 |
|
|
Additional provisions |
|
|
At 30 April 2024 |
|
|
|
Company
Deferred tax |
Total |
|
At 1 May 2023 |
|
|
Additional provisions |
|
|
At 30 April 2024 |
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £264,968 (2023 - £
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
250 |
|
250 |
|
|
250 |
|
250 |
|
|
250 |
|
250 |
|
|
250 |
|
250 |
|
|
|
|
WW (UK) Limited
Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)
23 |
Share capital (continued) |
Issued and unpaid
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
1,275 |
|
1,275 |
Reserves |
Group
Profit and loss account
This reserve records retained earnings and accumulated losses.
Revaluation reserve
This reserve records revaluations of investments and these reserves are non-distributable
Obligations under leases and hire purchase contracts |
Group
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
Later than five years |
- |
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Company
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
WW (UK) Limited
Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)
Dividends |
Final dividends paid
2024 |
2023 |
|||
Final dividend of £ |
|
|
||
Final dividend of £ |
|
|
||
Final dividend of £ |
|
|
||
Final dividend of £ |
|
|
||
|
|
Analysis of changes in net debt |
Group
At 1 May 2023 |
Financing cash flows |
At 30 April 2024 |
|
Cash and cash equivalents |
|||
Cash |
1,514,569 |
(513,312) |
1,001,257 |
Overdrafts |
(458,190) |
(549,340) |
(1,007,530) |
1,056,379 |
(1,062,652) |
(6,273) |
|
Borrowings |
|||
Long term borrowings |
(583,188) |
337,644 |
(245,544) |
Short term borrowings |
(6,198,211) |
1,219,800 |
(4,978,411) |
Lease liabilities |
(6,442) |
(41,855) |
(48,297) |
(6,787,841) |
1,515,589 |
(5,272,252) |
|
|
|||
( |
|
( |
WW (UK) Limited
Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)
Related party transactions |
Transactions with directors |
2024 |
At 1 May 2023 |
Advances to director |
Repayments by director |
At 30 April 2024 |
Directors loan account 1 |
13,703 |
1,467 |
(12,428) |
2,742 |
Directors loan account 2 |
- |
- |
- |
- |
13,703 |
1,467 |
(12,428) |
2,742 |
|
2023 |
At 1 May 2022 |
Advances to director |
Repayments by director |
At 30 April 2023 |
Directors loan account 1 |
12,368 |
1,335 |
- |
13,703 |
Directors loan account 2 |
2,000 |
- |
(2,000) |
- |
14,368 |
1,335 |
(2,000) |
13,703 |
|
All transactions and balances with directors in the group occurred and exist within the company.
Financial instruments |
Group and company
Categorisation of financial instruments
2024 |
2023 |
|
Financial liabilities measured at fair value through profit or loss |
- |
|