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COMPANY REGISTRATION NUMBER: 12117427
EASTWOOD GROUP (HUDDERSFIELD) LIMITED
FINANCIAL STATEMENTS
31 March 2024
EASTWOOD GROUP (HUDDERSFIELD) LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
Contents
Pages
Officers and professional advisers 1
Strategic report 2 to 3
Directors' report 4 to 5
Independent auditor's report to the members 6 to 8
Consolidated statement of comprehensive income 9
Consolidated statement of financial position 10
Balance sheet 11
Consolidated statement of changes in equity 12
Statement of changes in shareholders funds 13
Consolidated statement of cash flows 14
Notes to the financial statements 15 to 29
EASTWOOD GROUP (HUDDERSFIELD) LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
J Eastwood
I G Sheppard
K J Wynard
Registered office
Phoenix Mills
Leeds Road
Huddersfield
HD1 6NG
Auditor
Wheawill & Sudworth Limited
Chartered Accountants & statutory auditor
35 Westgate
Huddersfield
HD1 1PA
EASTWOOD GROUP (HUDDERSFIELD) LIMITED
STRATEGIC REPORT
YEAR ENDED 31 MARCH 2024
The Group Company was formed as a parent and holding company for W S Westin Group Ltd and Eastwood Financial Group Ltd. These two companies had been under common control for many years with this restructuring providing a combined group with increased strength and common aims. The acquisition took place on 1 June 2020. The Group is committed to provide ongoing employment in subsidiary companies and growing teams where appropriate. Specific and relevant Strategic Statements are available within the accounts of W S Westin Group Ltd and Eastwood Financial Group Ltd. W S Westin Group Limited and subsidiaries The principal activities of the Group in the year under review were those of domestic kitchen extraction hood manufacturing, sale and distribution to trade customers through W S Westin Ltd., the provision of electro-mechanical services and goods through Westin Drives Ltd., precision engineering services through Westin Engineering Ltd., sourcing marine pumps, spares and pump repair services through Westin Pumps Ltd and food manufacturing through DVF Products Ltd. W S Westin Ltd experienced a more challenging year as the general market dropped following post-covid boost to kitchen sales. However, margins have improved and efficiencies realised within production ensuring desired results. Export sales have grown again this year and distribution channels are being explored into different countries. Westin have taken sole UK distribution of Sirius cooker hoods, an Italian manufacturer who Westin have partnered with for many years and produce quality mid-range product. This offering will support existing customers with lower budget projects and provide sales opportunities with new customers. Westin Engineering continues development outside the servicing of group engineering companies with the capital investment in specialist CNC machinery and skilled staff supporting this. We are starting to benefit from focused production work with a strong presence in general service engineering projects. Westin Drives has experienced further growth this year particularly with sales of replacement product and technical services. Prior capital investment and development of a skilled workforce has repositioned this business to provide quality service and product to an increasing, high-quality customer base. We continue to explore opportunities to further extend services offered. Westin Pumps has again enjoyed growth since acquisition with the experienced team being complemented with new members to meet demand and ensure continued development. The new trading style did not have any adverse effect to existing customers and marketing of the brand appears to be working well. DVF Products Ltd is an established non-meat food production site and is attracting new partnerships, developing product as well as manufacturing. Turnover during the year has increased significantly with a high-volume contract and additional lines being added. The Group has continued to invest in further development of the main site in Huddersfield with work under way to complete showrooms for Westin and Sirius brands. The Group's strategy is to grow income organically and explore opportunities with small niche engineering and repair companies where appropriate. Eastwood Financial Group Limited and subsidiaries The principal activities of the Group in the year under review were those of providing insurance broking services through Eastwood & Partners Ltd (trading as Eastwood Insurance Brokers) and Eastwood Private Clients Ltd, independent financial advice through Eastwood Financial Services Ltd, health & safety support through E&P Risk Services Ltd, and credit insurance services through Credit Risk Management Ltd. The results for the year and financial position for the Group are as shown in the annexed financial statements. We continue to experience growth overall and believe through our current strategy investing in our teams, maintaining market leading service and where possible the specific targeting of SME's and individuals as clients, we will achieve further growth and presence.
This report was approved by the board of directors on 18 December 2024 and signed on behalf of the board by:
I G Sheppard
Director
Registered office:
Phoenix Mills
Leeds Road
Huddersfield
HD1 6NG
EASTWOOD GROUP (HUDDERSFIELD) LIMITED
DIRECTORS' REPORT
YEAR ENDED 31 MARCH 2024
The directors present their report and the financial statements of the group for the year ended 31 March 2024 .
Directors
The directors who served the company during the year were as follows:
J Eastwood
I G Sheppard
K J Wynard
Dividends
Particulars of recommended dividends are detailed in note 14 to the financial statements.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' 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 the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 18 December 2024 and signed on behalf of the board by:
I G Sheppard
Director
Registered office:
Phoenix Mills
Leeds Road
Huddersfield
HD1 6NG
EASTWOOD GROUP (HUDDERSFIELD) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EASTWOOD GROUP (HUDDERSFIELD) LIMITED
YEAR ENDED 31 MARCH 2024
Opinion
We have audited the financial statements of Eastwood Group (Huddersfield) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, balance sheet, consolidated statement of changes in equity, statement of changes in shareholders funds, consolidated statement of cash flows and the related notes, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 March 2024 and of the group's loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the 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 the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which 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 directors' responsibilities statement, 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Obtained an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework; Assessment of the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur; Ensured whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations; and Gained clear understanding of the entity’s current activities, the scope of its authorisation and confirmed the effectiveness of its control environment where the entity is a regulated entity. 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 group's 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 and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - 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. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. 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.
D M Butterworth
(Senior Statutory Auditor)
For and on behalf of
Wheawill & Sudworth Limited
Chartered Accountants & statutory auditor
35 Westgate
Huddersfield
HD1 1PA
18 December 2024
EASTWOOD GROUP (HUDDERSFIELD) LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 31 MARCH 2024
2024
2023
Note
£
£
Turnover
4
19,821,630
18,234,890
Cost of sales
( 5,613,286)
( 4,970,129)
-------------
-------------
Gross profit
14,208,344
13,264,761
Distribution costs
( 1,060,661)
( 878,594)
Administrative expenses
( 12,935,060)
( 11,615,902)
Other operating income
5
1,803
1,785
-------------
-------------
Operating profit
6
214,426
772,050
Loss on financial assets at fair value through profit or loss
( 723)
Income from other fixed asset investments
10
6,860
Other interest receivable and similar income
11
48,836
26,292
Interest payable and similar expenses
12
( 218,019)
( 188,705)
-------------
-------------
Profit before taxation
52,103
608,914
Tax on profit
13
( 4,031)
( 162,353)
------------
------------
Profit for the financial year
48,072
446,561
------------
------------
------------
------------
Total comprehensive income for the year
48,072
446,561
------------
------------
Loss for the financial year attributable to:
The owners of the parent company
( 31,504)
275,955
Non-controlling interests
79,576
170,606
------------
------------
48,072
446,561
------------
------------
Total comprehensive income for the year attributable to:
The owners of the parent company
60,377
307,948
Non-controlling interests
( 12,305)
138,613
------------
------------
48,072
446,561
------------
------------
All the activities of the group are from continuing operations.
EASTWOOD GROUP (HUDDERSFIELD) LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
15
3,128,037
3,282,733
Tangible assets
16
5,096,427
5,185,223
Investments
17
98,000
98,000
------------
------------
8,322,464
8,565,956
Current assets
Stocks
18
1,379,870
1,543,117
Debtors
19
3,049,573
2,560,971
Cash at bank and in hand
500,045
628,270
------------
------------
4,929,488
4,732,358
Creditors: amounts falling due within one year
20
( 6,134,249)
( 5,560,378)
------------
------------
Net current liabilities
( 1,204,761)
( 828,020)
------------
------------
Total assets less current liabilities
7,117,703
7,737,936
Creditors: amounts falling due after more than one year
21
( 1,106,055)
( 1,488,682)
Provisions
23
( 178,937)
( 252,290)
------------
------------
Net assets
5,832,711
5,996,964
------------
------------
Capital and reserves
Called up share capital
27
1,000
1,000
Share premium account
28
5,773,820
5,773,820
Profit and loss account
28
( 765,559)
( 701,936)
------------
------------
Equity attributable to the owners of the parent company
5,009,261
5,072,884
Non-controlling interests
823,450
924,080
------------
------------
5,832,711
5,996,964
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 18 December 2024 , and are signed on behalf of the board by:
I G Sheppard
Director
Company registration number: 12117427
EASTWOOD GROUP (HUDDERSFIELD) LIMITED
BALANCE SHEET
31 March 2024
2024
2023
Note
£
£
Fixed assets
Investments
17
5,853,913
5,853,913
Current assets
Debtors
19
5
3
Cash at bank and in hand
913
914
------------
------------
918
917
Creditors: amounts falling due within one year
20
( 80,011)
( 80,010)
------------
------------
Net current liabilities
( 79,093)
( 79,093)
------------
------------
Net assets
5,774,820
5,774,820
------------
------------
Capital and reserves
Called up share capital
27
1,000
1,000
Share premium account
28
5,773,820
5,773,820
------------
------------
Shareholders funds
5,774,820
5,774,820
------------
------------
The profit for the financial year of the parent company was £ 124,000 (2023: £ 124,000 ).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 18 December 2024 , and are signed on behalf of the board by:
I G Sheppard
Director
Company registration number: 12117427
EASTWOOD GROUP (HUDDERSFIELD) LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 31 MARCH 2024
Called up share capital
Share premium account
Profit and loss account
Equity attributable to the owners of the parent company
Non-controlling interests
Total
£
£
£
£
£
£
At 1 April 2022
1,000
5,773,820
( 885,884)
4,888,936
786,628
5,675,564
Profit for the year
275,955
275,955
170,606
446,561
Other comprehensive income for the year:
Transfer from minority interests
31,993
31,993
( 31,993)
------------
------------
------------
------------
------------
------------
Total comprehensive income for the year
307,948
307,948
138,613
446,561
Dividends paid and payable
14
( 124,000)
( 124,000)
( 69,500)
( 193,500)
Cancellation of subscribed capital
( 53)
( 53)
Acquisition of subsidiary with minority interest
59,554
59,554
Disposal of subsidiary with minority interest
8,838
8,838
------------
------------
------------
------------
------------
------------
Total investments by and distributions to owners
( 124,000)
( 124,000)
( 1,161)
( 125,161)
At 31 March 2023
1,000
5,773,820
( 701,936)
5,072,884
924,080
5,996,964
Loss for the year
( 31,504)
( 31,504)
79,576
48,072
Other comprehensive income for the year:
Transfer from minority interests
91,881
91,881
( 91,881)
------------
------------
------------
------------
------------
------------
Total comprehensive income for the year
60,377
60,377
( 12,305)
48,072
Dividends paid and payable
14
( 124,000)
( 124,000)
( 69,500)
( 193,500)
Acquisition of subsidiary with minority interest
( 18,825)
( 18,825)
------------
------------
------------
------------
------------
------------
Total investments by and distributions to owners
( 124,000)
( 124,000)
( 88,325)
( 212,325)
------------
------------
------------
------------
------------
------------
At 31 March 2024
1,000
5,773,820
( 765,559)
5,009,261
823,450
5,832,711
------------
------------
------------
------------
------------
------------
EASTWOOD GROUP (HUDDERSFIELD) LIMITED
STATEMENT OF CHANGES IN SHAREHOLDERS FUNDS
YEAR ENDED 31 MARCH 2024
Called up share capital
Share premium account
Profit and loss account
Total
£
£
£
£
At 1 April 2022
1,000
5,773,820
5,774,820
Profit for the year
124,000
124,000
------------
------------
------------
------------
Total comprehensive income for the year
124,000
124,000
Dividends paid and payable
14
( 124,000)
( 124,000)
------------
------------
------------
------------
Total investments by and distributions to owners
( 124,000)
( 124,000)
At 31 March 2023
1,000
5,773,820
5,774,820
Profit for the year
124,000
124,000
------------
------------
------------
------------
Total comprehensive income for the year
124,000
124,000
Dividends paid and payable
14
( 124,000)
( 124,000)
------------
------------
------------
------------
Total investments by and distributions to owners
( 124,000)
( 124,000)
------------
------------
------------
------------
At 31 March 2024
1,000
5,773,820
5,774,820
------------
------------
------------
------------
EASTWOOD GROUP (HUDDERSFIELD) LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
YEAR ENDED 31 MARCH 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
48,072
446,561
Adjustments for:
Depreciation of tangible assets
485,411
463,979
Amortisation of intangible assets
226,246
209,000
Government grant income
( 1,803)
( 1,785)
Income from other fixed asset investments
( 6,860)
Other interest receivable and similar income
( 48,836)
( 26,292)
Interest payable and similar expenses
218,019
188,705
Gains on disposal of tangible assets
( 6,973)
( 1,001)
Tax on profit
4,031
162,353
Changes in:
Stocks
163,247
( 217,246)
Trade and other debtors
( 488,602)
312,519
Trade and other creditors
639,840
12,979
------------
------------
Cash generated from operations
1,231,792
1,549,772
Interest paid
( 218,019)
( 188,705)
Interest received
48,836
26,292
Tax paid
( 74,266)
( 47,040)
------------
------------
Net cash from operating activities
988,343
1,340,319
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 145,192)
( 574,021)
Proceeds from sale of tangible assets
7,166
68,306
Acquisition of subsidiaries
( 90,450)
( 53,919)
Purchases of other investments
( 49,000)
Dividends received
6,860
------------
------------
Net cash used in investing activities
( 221,616)
( 608,634)
------------
------------
Cash flows from financing activities
Repayments of borrowings
( 493,070)
( 559,002)
Government grant income
1,803
1,785
Payments of finance lease liabilities
( 210,185)
( 214,499)
Dividends paid
( 124,000)
( 124,000)
Dividends paid to minority interests in subsidiaries
( 69,500)
( 69,500)
------------
------------
Net cash used in financing activities
( 894,952)
( 965,216)
------------
------------
Net decrease in cash and cash equivalents
( 128,225)
( 233,531)
Cash and cash equivalents at beginning of year
628,270
861,801
------------
------------
Cash and cash equivalents at end of year
500,045
628,270
------------
------------
EASTWOOD GROUP (HUDDERSFIELD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Phoenix Mills, Leeds Road, Huddersfield, HD1 6NG.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of the Group and all of its subsidiary undertakings. The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes. For subsidiaries with non-conterminous financial year ends, management accounts have been used to assist in the preparation of the consolidated financial statements. The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not included its individual statement of comprehensive income .
Non-controlling interests
Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity. Minority interests consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination.
The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the minority interests are determined on the basis of existing ownership interests and do not reflect the possible exercise or conversion of options or convertible instruments.
Judgements and key sources of estimation uncertainty
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 .
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in 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:
Land and buildings
-
1% straight line
Plant and machinery
-
at varying rates on cost
Fixtures and fittings
-
25% Reducing balance or 10% Straight line
Motor vehicles
-
15% or 25% Straight line
Equipment
-
20% or 25% Straight line
Improvements to property
-
10% 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.
Investments in associates
Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.
Investments in joint ventures
Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 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.
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 stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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 balance sheet 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 as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
13,375,347
12,683,244
Rendering of services
6,446,283
5,551,646
-------------
-------------
19,821,630
18,234,890
-------------
-------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
2024
2023
£
£
Government grant income
1,803
1,785
------------
------------
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Amortisation of intangible assets
226,246
209,000
Depreciation of tangible assets
485,410
463,979
Gains on disposal of tangible assets
( 6,973)
( 1,001)
Impairment of trade debtors
629
17,052
Research and development expenditure written off
4,253
5,307
Foreign exchange differences
10,145
27,021
------------
------------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
10,000
10,000
------------
------------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2024
2023
No.
No.
Total staff
229
210
------------
------------
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
7,701,702
6,959,089
Social security costs
608,409
593,989
Other pension costs
443,966
281,693
------------
------------
8,754,077
7,834,771
------------
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
299,631
276,786
Company contributions to defined contribution pension plans
10,623
9,897
------------
------------
310,254
286,683
------------
------------
The number of directors who accrued benefits under company pension plans was as follows:
2024
2023
No.
No.
Defined contribution plans
2
2
------------
------------
Remuneration of the highest paid director in respect of qualifying services:
2024
2023
£
£
Aggregate remuneration
120,616
101,551
------------
------------
10. Income from other fixed asset investments
2024
2023
£
£
Income from other fixed asset investments
6,860
------------
------------
11. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
168
Interest on bank deposits
48,836
26,124
------------
------------
48,836
26,292
------------
------------
12. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
176,931
133,707
Interest on obligations under finance leases and hire purchase contracts
27,586
27,380
Other interest payable and similar charges
13,502
27,618
------------
------------
218,019
188,705
------------
------------
13. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax income
132,386
112,341
Adjustments in respect of prior periods
( 55,002)
------------
------------
Total current tax
77,384
112,341
------------
------------
Deferred tax:
Origination and reversal of timing differences
( 73,353)
50,012
------------
------------
Tax on profit
4,031
162,353
------------
------------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 19 %).
2024
2023
£
£
Profit on ordinary activities before taxation
52,103
608,914
------------
------------
Profit on ordinary activities by rate of tax
13,026
115,694
Adjustment to tax charge in respect of prior periods
( 55,002)
( 920)
Effect of expenses not deductible for tax purposes
66,443
47,521
Effect of capital allowances and depreciation
12,661
6,860
Effect of revenue exempt from tax
( 1,715)
Effect of different UK tax rates on some earnings
(440)
56,466
Utilisation of tax losses
( 52,849)
( 70,255)
Unused tax losses
70,145
50,143
Rounding on tax charge
2,095
R & D tax allowances
( 48,238)
( 45,251)
------------
------------
Tax on profit
4,031
162,353
------------
------------
14. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
193,500
193,500
------------
------------
15. Intangible assets
Group
Goodwill
£
Cost
At 1 April 2023
3,886,765
Acquisitions through business combinations
80,623
Disposals of previously acquired businesses
( 9,073)
------------
At 31 March 2024
3,958,315
------------
Amortisation
At 1 April 2023
604,032
Charge for the year
226,246
------------
At 31 March 2024
830,278
------------
Carrying amount
At 31 March 2024
3,128,037
------------
At 31 March 2023
3,282,733
------------
The company has no intangible assets.
The goodwill includes £1,515,000 which does not arise on consolidation. The directors undertook an impairment review of this goodwill at 31 March 2024. No provision was deemed necessary based on the forecast profitability and cash generation from the underlying client bases. In addition, no amortisation charge has been made as the directors consider none to be required given other revenue expenditure incurred in maintaining and developing the client bases. A further amount of goodwill amounting to £296,409 which does not arise on consolidation has been amortised at 5% per annum which the directors consider to be adequate. The goodwill arising on consolidation amounts to £2,146,906 (2023: £2,075,356). This is £1,627,238 (2023 :£1,627,238) as a result of the combination of the Eastwood Financial Group Limited and its subsidiaries and the W S Westin Group Limited and its subsidiaries and an amount of £519,668 (2023: £448,118) being the goodwill arising on the combination of group members within the Eastwood Financial Group Limited and W S Westin Group Limited sub-groups. This goodwill has been amortised at 10% per annum which the directors consider to be adequate.
16. Tangible assets
Group
Land and buildings
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Improvements to property
Total
£
£
£
£
£
£
Cost
At 1 Apr 2023
3,003,013
1,722,935
426,798
193,465
1,003,618
6,349,829
Additions
1,942
139,060
50,967
201,359
3,480
396,808
Disposals
( 32,961)
( 32,961)
------------
------------
------------
------------
------------
------------
At 31 Mar 2024
3,004,955
1,861,995
477,765
361,863
1,007,098
6,713,676
------------
------------
------------
------------
------------
------------
Depreciation
At 1 Apr 2023
95,170
568,707
201,420
100,548
198,761
1,164,606
Charge for the year
36,296
226,871
67,088
49,661
105,495
485,411
Disposals
( 32,768)
( 32,768)
------------
------------
------------
------------
------------
------------
At 31 Mar 2024
131,466
795,578
268,508
117,441
304,256
1,617,249
------------
------------
------------
------------
------------
------------
Carrying amount
At 31 Mar 2024
2,873,489
1,066,417
209,257
244,422
702,842
5,096,427
------------
------------
------------
------------
------------
------------
At 31 Mar 2023
2,907,843
1,154,228
225,378
92,917
804,857
5,185,223
------------
------------
------------
------------
------------
------------
The company has no tangible assets.
Tangible assets held at valuation
A freehold property was valued on an expected market value basis in 1999 at £250,000 by the directors. The transitional provisions of FRS 102 are being adopted and no further revaluations have been included in the accounts. All properties are used for trading purposes by group or related undertakings incorporated in the consolidated accounts and as such are classified as tangible fixed assets.
In respect of tangible assets held at valuation, aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Group
Land and buildings
£
At 31 March 2024
Aggregate cost
2,796,913
Aggregate depreciation
(80,428)
------------
Carrying value
2,716,485
------------
At 31 March 2023
Aggregate cost
2,796,913
Aggregate depreciation
(55,738)
------------
Carrying value
2,741,175
------------
17. Investments
Group
Other investments other than loans
£
Cost
At 1 April 2023 and 31 March 2024
98,000
------------
Impairment
At 1 April 2023 and 31 March 2024
------------
Carrying amount
At 1 April 2023 and 31 March 2024
98,000
------------
At 31 March 2023
98,000
------------
Company
Shares in group undertakings
£
Cost
At 1 April 2023 and 31 March 2024
5,853,913
------------
Impairment
At 1 April 2023 and 31 March 2024
------------
Carrying amount
At 1 April 2023 and 31 March 2024
5,853,913
------------
At 31 March 2023
5,853,913
------------
The directors carry out an annual impairment review of the carrying value of all investments. In their opinion no impairment provision was required at 31 March 2024.
Subsidiaries, associates and other investments
Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Eastwood Financial Group Limited
Ordinary
100
Eastwood Financial Services Limited
Ordinary
80
Eastwood Wealth Management Limited
Ordinary
100
Eastwood and Partners Limited
Ordinary
50.5
Eastwood Private Clients Limited
Ordinary
50.5
E&P Risk Services Limited
Ordinary
50.5
Eastwood & Partners (Sheffield) Limited
Ordinary
50.5
Credit Risk Management Limited
Ordinary
80
W S Westin Group Limited
Ordinary
92.5
W S Westin Limited
Ordinary
92.5
Westin Drives Limited
Ordinary
92.5
DVF Products Limited
Ordinary
92.5
Westin Pumps Limited
Ordinary
92.5
LEM Precision Engineering Limited
Ordinary
92.5
Westin Engineering Limited
Ordinary
92.5
Huddersfield Engineering Services Limited
Ordinary
92.5
Somac Limited
Ordinary
92.5
The financial statements of the following subsidiaries have not been audited on an individual company basis, as advantage has been taken of the exemption to audit under 479A of the Companies Act 2006:- Eastwood Financial Group Limited - company number 06311457 E&P Risk Services Limited - company number 06913222 Eastwood Private Clients Limited - company number 10436141 Credit Risk Management Limited - company number 02223390 LEM Precision Engineering Limited - company number 12336775 The financial statements of the following subsidiaries have not been audited on an individual company basis as they are dormant and advantage has been taken of the exemption to audit under 480 of the Companies Act 2006:- Eastwood & Partners (Sheffield) Limited Huddersfield Engineering Services Limited Somac Limited
18. Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
1,261,283
1,431,184
Work in progress
118,587
111,933
------------
------------
------------
------------
1,379,870
1,543,117
------------
------------
------------
------------
19. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
2,271,931
1,989,256
Prepayments and accrued income
724,788
494,945
Directors loan account
8,082
5
3
Other debtors
44,772
76,770
------------
------------
------------
------------
3,049,573
2,560,971
5
3
------------
------------
------------
------------
20. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
2,005,117
1,592,228
Trade creditors
2,007,043
1,491,904
Amounts owed to group undertakings
80,011
80,010
Accruals and deferred income
535,172
500,173
Corporation tax
164,062
160,944
Social security and other taxes
442,045
375,635
Obligations under finance leases and hire purchase contracts
186,810
192,345
Director loan accounts
6,475
Other creditors
794,000
1,240,674
------------
------------
------------
------------
6,134,249
5,560,378
80,011
80,010
------------
------------
------------
------------
Bank loans and overdrafts amounting to £2,005,117 at 31 March 2024 (2023: £1,592,228) are secured by charges on the assets of various group companies.
Obligations under finance leases and hire purchase contracts amounting to £186,810 at 31 March 2024 (2023: £192,345) are secured on the assets to which they relate.
21. Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
896,272
1,325,865
Obligations under finance leases and hire purchase contracts
209,783
162,817
------------
------------
------------
------------
1,106,055
1,488,682
------------
------------
------------
------------
Bank loans and overdrafts amounting to £896,272 at 31 March 2024 (2023: £1,325,865) are secured by charges on the assets of various group companies.
Obligations under finance leases and hire purchase contracts amounting to £209,783 at 31 March 2024 (2023: £162,817) are secured on the assets to which they relate.
Included within creditors: amounts falling due after more than one year is an amount of £241,203 (2023: £298,720) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
22. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
214,718
215,658
Later than 1 year and not later than 5 years
250,779
179,527
------------
------------
------------
------------
465,497
395,185
Less: future finance charges
( 68,904)
( 40,023)
------------
------------
------------
------------
Present value of minimum lease payments
396,593
355,162
------------
------------
------------
------------
23. Provisions
Group
Deferred tax (note 24)
£
At 1 April 2023
252,290
Additions
( 72,781)
Charge against provision
( 572)
------------
At 31 March 2024
178,937
------------
The company does not have any provisions.
24. Deferred tax
The deferred tax included in the balance sheet is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 23)
178,937
252,290
------------
------------
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
196,440
237,432
Unused tax losses
( 59,349)
( 17,800)
Property gain rolled over
41,846
32,658
------------
------------
------------
------------
178,937
252,290
------------
------------
------------
------------
25. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution pension plans was £ 252,140 (2023: £ 244,347 ).
26. Government grants
The amounts recognised in the financial statements for government grants are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Recognised in creditors:
Deferred government grants due within one year
12,591
14,394
------------
------------
------------
------------
Recognised in other operating income:
Government grants released to profit or loss
1,803
1,785
------------
------------
------------
------------
27. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 0.01 each
100,000
1,000
100,000
1,000
------------
------------
------------
------------
28. Reserves
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs . Profit and loss account - This reserve records retained earnings and accumulated losses.
29. Analysis of changes in net debt
At 1 Apr 2023
Cash flows
At 31 Mar 2024
£
£
£
Cash at bank and in hand
628,270
(128,225)
500,045
Debt due within one year
(1,791,048)
(400,879)
(2,191,927)
Debt due after one year
(1,488,682)
382,627
(1,106,055)
------------
------------
------------
( 2,651,460)
( 146,477)
( 2,797,937)
------------
------------
------------
30. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
27,010
58,683
19,516
Later than 1 year and not later than 5 years
6,751
21,908
3,339
------------
------------
------------
------------
33,761
80,591
22,855
------------
------------
------------
------------
31. Directors' advances, credits and guarantees
During the year £27,058 was advanced and £12,505 was repaid by directors with £8,082 owing from the directors (2023: £6,475 owing to the directors)at the balance sheet date, being unsecured and repayable on demand.
32. Related party transactions
Group
At the balance sheet date, the group owed £411,250 (2023: £495,000) to non-group companies under common control. The loans bear interest at a commercial rate, are unsecured and repayable on demand.
Company
The company has taken advantage of the provisions of FRS102 to not disclose transactions with other group companies.
33. Controlling party
The ultimate controlling party is Mr J Eastwood .