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REGISTERED NUMBER: 05256372 (England and Wales)










Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 30 April 2024

for

Westfield International Limited

Westfield International Limited (Registered number: 05256372)






Contents of the Consolidated Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 18


Westfield International Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: S J Ollier
Mrs J J Ollier
Mrs J Holding
T J J Ollier





SECRETARY: Mrs J J Ollier





REGISTERED OFFICE: Pentaxia Limited
Alfreton Road
Derby
Derbyshire
DE21 4AG





REGISTERED NUMBER: 05256372 (England and Wales)





AUDITORS: Bourne & Co
Statutory Auditors
6 Lichfield Street
Burton-on-Trent
Staffordshire
DE14 3RD

Westfield International Limited (Registered number: 05256372)

Group Strategic Report
for the Year Ended 30 April 2024

The directors present their strategic report of the company and the group for the year ended 30 April 2024.

PRINCIPAL ACTIVITY

Pentaxia Ltd, the ,principal trading company within the group, is a manufacturer of advanced composite tooling and component parts. The Company produces these for international organisations operating across widely diversified industry sectors, including aerospace, automotive, motorsport, defence and space.

In addition to long-term volume and repeat manufacturing activities, the Company is capable of undertaking low-volume, initial prototyping, and tooling development projects.

Our diversification across multiple industries ensures the Company is not reliant on a sole sector, ensuring greater organisational stability. Pentaxia remains highly dynamic as a world-class composite engineering company. Pentaxia also provides processing diversification with techniques for the manufacturing of advanced composite components, from traditional autoclave curing to highly specialized compression (press) moulding for which we are considered industry experts.

Our continual investment in research and development activities, ensures the Company is positioned as a leader in advanced composite manufacturing engineering.

REVIEW OF BUSINESS
The financial year 2023-2024 has been difficult for the composite industry and that is reflected in this years figures for the Group.

The high level of uncertainty in the market due to a combination of high energy prices as a result of the war in Ukraine, high inflation and political uncertainty both in the UK and the wider world has delayed much of the decision making in key markets such as automotive and aviation. This slow down has been reflected in the sales declining by £183,331 (1.7%) to £10,306,811, which is disappointing when set against the underlying inflation that has occurred during the same period.

This resulted in an Operating Loss before Taxation of £204,094. The Group continued its commitment to invest in Research and Development, but the reduction in the Tax Credits available for such work, meant that post tax losses were £299,252, compared to a profit of £177,881 in the previous year.

Towards the end of the financial year, the defence industry began to increase its purchasing in response to global uncertainty and this has produced additional opportunities for the Group towards the end of the year and into the current year.

PRINCIPAL RISKS AND UNCERTAINTIES
The global instability that is occurring in various parts of the world, produces high levels of uncertainty and rapid changes in a range of costs that impact our business. We operate rigorous budgetary control and significant modelling of potential trends that may influence the business, so that we are prepared to respond to external factors that will inevitably impact our operations.

The change of Government in the UK during 2024, will also impact the business environment, as the Government chooses a different direction of travel and tries to implement significant taxation and social changes. Such changes may also prove beneficial to our sector, but the Government is at an early stage in rolling out its proposals.

KEY PERFORMANCE INDICATORS
The Group's principal financial controls remain robust with the extensive day-to-day management of all key indicators and areas. The Senior Leadership team meet weekly to review ongoing business performance. The Group utilises a wide range of KPIs including effective cash management, focusing on profitability and growth in turnover.


Westfield International Limited (Registered number: 05256372)

Group Strategic Report
for the Year Ended 30 April 2024

DEVELOPMENT AND PERFORMANCE
The Group has continued to invest in research and development, focussing on the potential areas of increased demand. This means that we need to fully engage with our Customers to understand their next generation technological requirements. Significant achievements have been made with one particular process improvement enabling us to save on 97% electricity through new production methods.

We have also continued the development of our planning and production systems in house. This has been a significant commitment, but now enables us to plan more effectively and provides significant data sets on production performance. As we begin to exploit this capability, we expect to see much tighter quoting and cost control, improving our overall competitive position.

We are continually reviewing the potential for using the rapidly expanding AI capability that is becoming available to Groups such as ourselves. We see digital transformation as an important part of our ongoing development.

ON BEHALF OF THE BOARD:





S J Ollier - Director


23 October 2024

Westfield International Limited (Registered number: 05256372)

Report of the Directors
for the Year Ended 30 April 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 April 2024.

DIVIDENDS
No dividends will be distributed for the year ended 30 April 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

S J Ollier
Mrs J J Ollier
Mrs J Holding
T J J Ollier

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 company and the group 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 then apply them consistently;
- make judgements 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Bourne & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S J Ollier - Director


23 October 2024

Report of the Independent Auditors to the Members of
Westfield International Limited

Opinion
We have audited the financial statements of Westfield International Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 April 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; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 and 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Westfield International Limited


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 Group Strategic Report or the Report of the Directors.

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 four, 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 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.

Report of the Independent Auditors to the Members of
Westfield International Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations was as follows:

- the senior statutory auditor ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other
management, and from our commercial knowledge and experience of the sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the
financial statements or the operations of the company, including the financial reporting legislation, Companies
Act 2006, taxation legislation, anti-bribery, employment, and environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of
management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert
to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud my occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge
of suspected and alleged fraud; and
- considering the internal controls in place to mitigate the risks of fraud and non-compliance with laws and
regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of
potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Westfield International Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




David Meadows FCA (Senior Statutory Auditor)
for and on behalf of Bourne & Co
Statutory Auditors
6 Lichfield Street
Burton-on-Trent
Staffordshire
DE14 3RD

23 October 2024

Westfield International Limited (Registered number: 05256372)

Consolidated
Income Statement
for the Year Ended 30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   

TURNOVER 10,306,811 10,492,142

Cost of sales 6,578,143 6,978,984
GROSS PROFIT 3,728,668 3,513,158

Distribution costs 79,170 72,820
Administrative expenses 4,046,113 3,359,632
4,125,283 3,432,452
(396,615 ) 80,706

Other operating income 192,521 56,580
OPERATING (LOSS)/PROFIT 5 (204,094 ) 137,286


Interest payable and similar expenses 6 219,111 195,437
LOSS BEFORE TAXATION (423,205 ) (58,151 )

Tax on loss 7 (123,953 ) (236,032 )
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(299,252

)

177,881
(Loss)/profit attributable to:
Owners of the parent (299,252 ) 177,881

Westfield International Limited (Registered number: 05256372)

Consolidated
Other Comprehensive Income
for the Year Ended 30 April 2024

30.4.24 30.4.23
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (299,252 ) 177,881


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(299,252

)

177,881

Total comprehensive income attributable to:
Owners of the parent (299,252 ) 177,881

Westfield International Limited (Registered number: 05256372)

Consolidated Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 3,283,180 3,477,871
Investments 10 - -
Investment property 11 4,625,000 4,625,000
7,908,180 8,102,871

CURRENT ASSETS
Stocks 12 928,252 890,431
Debtors 13 2,238,813 2,934,842
Cash at bank 179,558 132,013
3,346,623 3,957,286
CREDITORS
Amounts falling due within one year 14 2,712,620 2,989,513
NET CURRENT ASSETS 634,003 967,773
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,542,183

9,070,644

CREDITORS
Amounts falling due after more than one
year

15

(3,051,456

)

(3,284,219

)

PROVISIONS FOR LIABILITIES 19 (941,493 ) (937,939 )
NET ASSETS 4,549,234 4,848,486

CAPITAL AND RESERVES
Called up share capital 20 200 200
Share premium 21 79,900 79,900
Restricted reserve 21 124,616 113,955
Merger reserve 21 (174,998 ) (174,998 )
Fair value reserve 21 1,097,466 1,097,466
Retained earnings 21 3,422,050 3,731,963
SHAREHOLDERS' FUNDS 4,549,234 4,848,486

The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2024 and were signed on its behalf by:





S J Ollier - Director


Westfield International Limited (Registered number: 05256372)

Company Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 17,123 20,692
Investments 10 175,198 175,198
Investment property 11 4,625,000 4,625,000
4,817,321 4,820,890

CURRENT ASSETS
Debtors 13 722,513 759,280
Cash at bank 160,001 92,955
882,514 852,235
CREDITORS
Amounts falling due within one year 14 212,458 180,405
NET CURRENT ASSETS 670,056 671,830
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,487,377

5,492,720

CREDITORS
Amounts falling due after more than one
year

15

(2,519,333

)

(2,599,327

)

PROVISIONS FOR LIABILITIES 19 (370,011 ) (370,011 )
NET ASSETS 2,598,033 2,523,382

CAPITAL AND RESERVES
Called up share capital 20 200 200
Fair value reserve 1,097,466 1,097,466
Retained earnings 1,500,367 1,425,716
SHAREHOLDERS' FUNDS 2,598,033 2,523,382

Company's profit for the financial year 74,651 128,102

The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2024 and were signed on its behalf by:





S J Ollier - Director


Westfield International Limited (Registered number: 05256372)

Consolidated Statement of Changes in Equity
for the Year Ended 30 April 2024

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 May 2022 2 3,564,327 79,900

Changes in equity
Issue of share capital 198 - -
Total comprehensive income - 167,636 -
Balance at 30 April 2023 200 3,731,963 79,900

Changes in equity
Total comprehensive income - (309,913 ) -
Balance at 30 April 2024 200 3,422,050 79,900
Fair
Restricted Merger value Total
reserve reserve reserve equity
£    £    £    £   
Balance at 1 May 2022 103,710 (174,800 ) 1,097,466 4,670,605

Changes in equity
Issue of share capital - - - 198
Total comprehensive income 10,245 - - 177,881
Share for share exchange - (198 ) - (198 )
Balance at 30 April 2023 113,955 (174,998 ) 1,097,466 4,848,486

Changes in equity
Total comprehensive income 10,661 - - (299,252 )
Balance at 30 April 2024 124,616 (174,998 ) 1,097,466 4,549,234

Westfield International Limited (Registered number: 05256372)

Company Statement of Changes in Equity
for the Year Ended 30 April 2024

Called up Fair
share Retained value Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 May 2022 2 1,297,614 1,097,466 2,395,082

Changes in equity
Profit for the year - 128,102 - 128,102
Total comprehensive income - 128,102 - 128,102
Issue of share capital 198 - - 198
Balance at 30 April 2023 200 1,425,716 1,097,466 2,523,382

Changes in equity
Profit for the year - 74,651 - 74,651
Total comprehensive income - 74,651 - 74,651
Balance at 30 April 2024 200 1,500,367 1,097,466 2,598,033

Westfield International Limited (Registered number: 05256372)

Consolidated Cash Flow Statement
for the Year Ended 30 April 2024

30.4.24 30.4.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 516,858 133,808
Interest paid (188,295 ) (127,717 )
Interest element of hire purchase payments
paid

(30,816

)

(67,720

)
Tax paid 586,505 (35,746 )
Net cash from operating activities 884,252 (97,375 )

Cash flows from investing activities
Purchase of tangible fixed assets (174,857 ) (222,598 )
Sale of tangible fixed assets - 9,002
Net cash from investing activities (174,857 ) (213,596 )

Cash flows from financing activities
New loans in year - 2,690,000
Loan repayments in year (65,901 ) (2,528,019 )
Capital repayments in year (257,343 ) (336,691 )
Amount repaid to directors - (21,513 )
Net cash from financing activities (323,244 ) (196,223 )

Increase/(decrease) in cash and cash equivalents 386,151 (507,194 )
Cash and cash equivalents at beginning of
year

2

(1,159,146

)

(651,952

)

Cash and cash equivalents at end of year 2 (772,995 ) (1,159,146 )

Westfield International Limited (Registered number: 05256372)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 April 2024

1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
30.4.24 30.4.23
£    £   
Loss before taxation (423,205 ) (58,151 )
Depreciation charges 369,001 357,314
Loss on disposal of fixed assets 336 2,125
Government grants (116,410 ) (19,215 )
Finance costs 219,111 195,437
48,833 477,510
Increase in stocks (37,821 ) (94,514 )
Decrease/(increase) in trade and other debtors 356,339 (376,072 )
Increase in trade and other creditors 149,507 126,884
Cash generated from operations 516,858 133,808

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 179,558 132,013
Bank overdrafts (952,553 ) (1,291,159 )
(772,995 ) (1,159,146 )
Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 132,013 190,988
Bank overdrafts (1,291,159 ) (842,940 )
(1,159,146 ) (651,952 )


Westfield International Limited (Registered number: 05256372)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 April 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.5.23 Cash flow At 30.4.24
£    £    £   
Net cash
Cash at bank 132,013 47,545 179,558
Bank overdrafts (1,291,159 ) 338,606 (952,553 )
(1,159,146 ) 386,151 (772,995 )
Debt
Finance leases (837,571 ) 257,343 (580,228 )
Debts falling due within 1 year (48,980 ) (14,092 ) (63,072 )
Debts falling due after 1 year (2,599,327 ) 79,994 (2,519,333 )
(3,485,878 ) 323,245 (3,162,633 )
Total (4,645,024 ) 709,396 (3,935,628 )

Westfield International Limited (Registered number: 05256372)

Notes to the Consolidated Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Westfield International Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
During the year ended 30th April 2023 Westfield International Ltd increased its equity interest in its subsidiary undertaking Pentaxia Ltd to 100% by way of a share for share exchange, consequently these financial statements are prepared using merger accounting. These financial statements are presented as consolidated financial statements and include the combined activities of Westfield International Limited and Pentaxia Limited for the period ended 30th April 2024 and comparative period ended 30th April 2023.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Tangible fixed assets are included at cost less depreciation and impairment. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property - in accordance with the property lease
Plant and machinery - 10% on a reducing balance basis
Fixtures and fittings - 10% on a reducing balance basis
Computer equipment - 20% on cost

Intangible fixed assets

Software costs are capitalised where the company obtains an ongoing right to use that software. Where such rights are conditional upon the payment of annual fees the initial costs are charged to the profit and loss account in the year of acquisition.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks of raw materials are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items on an average cost basis. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress is included at the costs of production up to the stage of completion at the balance sheet date where such costs are lower than realisable value.

Westfield International Limited (Registered number: 05256372)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is charged to the profit and loss account in the year in which it is incurred.

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Government grants
Grants received towards capital expenditure are accounted for on the accruals basis and are released to the profit and loss account to match the depreciation policy of the asset to which they relate.

Westfield International Limited (Registered number: 05256372)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements:

Work in progress valuations - management review the stage of completeness, the expected sales value, costs to complete and anticipated margins to ensure work in progress is valued at the lower of cost and net realisable value.

Stock provisions - stock provision for obsolete stocks are taken at 100% of the cost of materials ensuring they have a net realisable value of nil unless there is evidence that the materials can be utilised. Provisions require judgement to be made on any internal projects where the materials can be used for testing before provisions can be applied.

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:

Plant and equipment assets - the expected useful life of an asset along with an assessment of its residual value is considered when it is purchased to determine the depreciation policy to be applied to that asset over its useful life. The estimate of residual value is reviewed throughout the life of the asset.

4. EMPLOYEES AND DIRECTORS
30.4.24 30.4.23
£    £   
Wages and salaries 4,844,871 4,892,630
Social security costs 501,621 467,609
Other pension costs 211,411 178,695
5,557,903 5,538,934

The average number of employees during the year was as follows:
30.4.24 30.4.23

Management 55 55
Production 92 101
147 156

30.4.24 30.4.23
£    £   
Directors' remuneration 302,689 225,248
Directors' pension contributions to money purchase schemes 30,849 10,138

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

Money purchase schemes 2 1

Information regarding the highest paid director is as follows:
30.4.24 30.4.23
£    £   
Emoluments etc 191,066 116,373
Pension contributions to money purchase schemes 13,349 10,138

Westfield International Limited (Registered number: 05256372)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

5. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging:

30.4.24 30.4.23
£    £   
Hire of plant and machinery 4,276 11,493
Other operating leases 48,561 46,334
Depreciation - owned assets 171,947 202,729
Depreciation - assets on hire purchase contracts 197,265 154,585
Loss on disposal of fixed assets 336 2,125
Auditors' remuneration 19,670 13,986
Foreign exchange differences 4,894 4,242

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.4.24 30.4.23
£    £   
Bank loan interest 188,295 127,575
Interest on overdue tax - 142
Hire purchase interest 30,816 67,720
219,111 195,437

7. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
30.4.24 30.4.23
£    £   
Current tax:
Research and development tax
credit (127,507 ) (310,420 )

Deferred tax 3,554 74,388
Tax on loss (123,953 ) (236,032 )

Westfield International Limited (Registered number: 05256372)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

7. TAXATION - continued

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

30.4.24 30.4.23
£    £   
Loss before tax (423,205 ) (58,151 )
Loss multiplied by the standard rate of corporation tax in the UK of 19 %
(2023 - 19 %)

(80,409

)

(11,049

)

Effects of:
Expenses not deductible for tax purposes 8,092 8,398
Income not taxable for tax purposes - (456 )
Capital allowances in excess of depreciation - (57,106 )
Depreciation in excess of capital allowances 22,786 -
Research and development tax relief (71,461 ) (174,822 )
Other adjustments (2,961 ) (997 )
Total tax credit (123,953 ) (236,032 )

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. TANGIBLE FIXED ASSETS

Group
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 May 2023 1,361,585 3,690,850 138,298
Additions 7,783 47,728 13,907
Disposals - - -
At 30 April 2024 1,369,368 3,738,578 152,205
DEPRECIATION
At 1 May 2023 337,672 1,453,949 43,069
Charge for year 70,945 227,101 11,458
At 30 April 2024 408,617 1,681,050 54,527
NET BOOK VALUE
At 30 April 2024 960,751 2,057,528 97,678
At 30 April 2023 1,023,913 2,236,901 95,229

Westfield International Limited (Registered number: 05256372)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

9. TANGIBLE FIXED ASSETS - continued

Group

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 May 2023 27,467 435,040 5,653,240
Additions - 105,439 174,857
Disposals - (336 ) (336 )
At 30 April 2024 27,467 540,143 5,827,761
DEPRECIATION
At 1 May 2023 23,613 317,066 2,175,369
Charge for year 1,250 58,458 369,212
At 30 April 2024 24,863 375,524 2,544,581
NET BOOK VALUE
At 30 April 2024 2,604 164,619 3,283,180
At 30 April 2023 3,854 117,974 3,477,871

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 May 2023 2,263,227
Additions 47,117
At 30 April 2024 2,310,344
DEPRECIATION
At 1 May 2023 620,080
Charge for year 197,265
At 30 April 2024 817,345
NET BOOK VALUE
At 30 April 2024 1,492,999
At 30 April 2023 1,643,147

Westfield International Limited (Registered number: 05256372)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

9. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 May 2023 658 24,319 5,000 10,386 40,363
Additions 170 - - 1,998 2,168
At 30 April 2024 828 24,319 5,000 12,384 42,531
DEPRECIATION
At 1 May 2023 430 11,610 1,146 6,485 19,671
Charge for year 93 2,824 1,250 1,570 5,737
At 30 April 2024 523 14,434 2,396 8,055 25,408
NET BOOK VALUE
At 30 April 2024 305 9,885 2,604 4,329 17,123
At 30 April 2023 228 12,709 3,854 3,901 20,692

10. FIXED ASSET INVESTMENTS

Company
Unlisted
investments
£   
COST
At 1 May 2023
and 30 April 2024 175,198
NET BOOK VALUE
At 30 April 2024 175,198
At 30 April 2023 175,198

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

Subsidiaries

Pentaxia Ltd
Registered office: Pentaxia Ltd, Alfreton Road, Derby, Derbyshire, DE21 4AG
Nature of business: Manufacturing
%
Class of shares: holding
Ordinary 100.00

Westfield International Limited (Registered number: 05256372)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

10. FIXED ASSET INVESTMENTS - continued

Pentaxia Research Limited
Registered office: Pentaxia Ltd, Alfreton Road, Derby, DE21 4AG
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
30.4.24 30.4.23
£    £   
Aggregate capital and reserves 100 100


11. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 May 2023
and 30 April 2024 4,625,000
NET BOOK VALUE
At 30 April 2024 4,625,000
At 30 April 2023 4,625,000

The investment property held within Westfield International Ltd is occupied by Pentaxia Ltd and a market rent paid.

Company
Total
£   
FAIR VALUE
At 1 May 2023
and 30 April 2024 4,625,000
NET BOOK VALUE
At 30 April 2024 4,625,000
At 30 April 2023 4,625,000

Fair value at 30 April 2024 is represented by:
£   
Valuation in 2018 142,533
Valuation in 2019 195,755
Valuation in 2022 1,125,000
Cost 3,161,712
4,625,000

Westfield International Limited (Registered number: 05256372)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

11. INVESTMENT PROPERTY - continued

Company

If investment property had not been revalued it would have been included at the following historical cost:

30.4.24 30.4.23
£    £   
Cost 3,161,712 3,161,712

Investment property was valued on an open market basis on 14 April 2022 by FHP Property Consultants .

The directors consider there to have been no material change in the property valuation since 2022.

12. STOCKS

Group
30.4.24 30.4.23
£    £   
Stocks 440,569 351,178
Work-in-progress 269,619 477,728
Finished goods 218,064 61,525
928,252 890,431

13. DEBTORS

Group Company
30.4.24 30.4.23 30.4.24 30.4.23
£    £    £    £   
Amounts falling due within one year:
Trade debtors 1,783,218 2,038,335 - -
Amounts owed by group undertakings - - 700,664 740,564
Other debtors 12,000 14,112 12,000 12,000
Tax 167,172 626,170 - -
VAT - - 4,456 -
Prepayments 276,423 251,806 5,393 6,716
2,238,813 2,930,423 722,513 759,280

Amounts falling due after more than one year:
Other debtors - 4,419 - -

Aggregate amounts 2,238,813 2,934,842 722,513 759,280

Westfield International Limited (Registered number: 05256372)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.4.24 30.4.23 30.4.24 30.4.23
£    £    £    £   
Bank loans and overdrafts (see note 16) 1,015,625 1,340,139 63,072 48,980
Hire purchase contracts (see note 17) 179,472 281,358 - -
Trade creditors 351,211 628,622 26,998 -
Social security and other taxes 174,308 148,102 431 212
VAT 275,821 305,941 - 13,401
Other creditors 373,547 6,845 5,031 886
Directors' loan accounts 109,899 109,899 109,899 109,899
Accrued expenses 218,141 154,309 7,027 7,027
Deferred government grants 14,596 14,298 - -
2,712,620 2,989,513 212,458 180,405

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
30.4.24 30.4.23 30.4.24 30.4.23
£    £    £    £   
Bank loans (see note 16) 2,519,333 2,599,327 2,519,333 2,599,327
Hire purchase contracts (see note 17) 400,756 556,213 - -
Deferred government grants 131,367 128,679 - -
3,051,456 3,284,219 2,519,333 2,599,327

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
30.4.24 30.4.23 30.4.24 30.4.23
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 952,553 1,291,159 - -
Bank loans < 1 yr 63,072 48,980 63,072 48,980
1,015,625 1,340,139 63,072 48,980
Amounts falling due between one and two years:
Bank loans - 1-2 years 68,066 49,902 68,066 49,902
Amounts falling due between two and five years:
Bank loans - 2-5 years 238,274 173,781 238,274 173,781
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 2,212,993 2,375,644 2,212,993 2,375,644

Westfield International Limited (Registered number: 05256372)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
30.4.24 30.4.23
£    £   
Gross obligations repayable:
Within one year 225,151 333,711
Between one and five years 434,049 619,023
659,200 952,734

Finance charges repayable:
Within one year 45,679 52,353
Between one and five years 33,293 62,810
78,972 115,163

Net obligations repayable:
Within one year 179,472 281,358
Between one and five years 400,756 556,213
580,228 837,571

Group
Non-cancellable operating leases
30.4.24 30.4.23
£    £   
Within one year 48,864 131,618
Between one and five years 35,234 89,040
84,098 220,658

Company
Non-cancellable operating leases
30.4.24 30.4.23
£    £   
Within one year 12,615 12,615
Between one and five years 11,563 24,178
24,178 36,793

Westfield International Limited (Registered number: 05256372)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

18. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
30.4.24 30.4.23 30.4.24 30.4.23
£    £    £    £   
Bank overdraft 952,553 1,291,159 - -
Bank loans 2,582,405 2,648,307 2,582,405 2,648,307
3,534,958 3,939,466 2,582,405 2,648,307

The company has entered into several cross company guarantees in respect of loans taken out by the company and its subsidiary company Pentaxia Ltd and these loans are secured via a fixed and floating charge over the company's investment property.

19. PROVISIONS FOR LIABILITIES

Group Company
30.4.24 30.4.23 30.4.24 30.4.23
£    £    £    £   
Deferred tax
Accelerated capital allowances 4,189 4,189 4,189 4,189
Other timing differences 365,822 365,822 365,822 365,822
Deferred tax 571,482 567,928 - -
941,493 937,939 370,011 370,011

Group
Deferred
tax
£   
Balance at 1 May 2023 937,939
Provided during year 3,554
Balance at 30 April 2024 941,493

Company
Deferred
tax
£   
Balance at 1 May 2023 370,011
Balance at 30 April 2024 370,011

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £    £   
200 Ordinary £1 200 200

Westfield International Limited (Registered number: 05256372)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

21. RESERVES

Group
Retained Share Restricted
earnings premium reserve
£    £    £   

At 1 May 2023 3,731,963 79,900 113,955
Deficit for the year (299,252 )
Grant transfer (10,661 ) - 10,661
At 30 April 2024 3,422,050 79,900 124,616

Group
Fair
Merger value
reserve reserve Totals
£    £    £   

At 1 May 2023 (174,998 ) 1,097,466 4,848,286
Deficit for the year (299,252 )
At 30 April 2024 (174,998 ) 1,097,466 4,549,034

Company
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 May 2023 1,425,716 1,097,466 2,523,182
Profit for the year 74,651 74,651
At 30 April 2024 1,500,367 1,097,466 2,597,833